Stenner Limited 31/03/2019 iXBRL

Stenner Limited 31/03/2019 iXBRL

STENNER LIMITED - Company Information

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31/03/2019 2019-03-31 false false false false false false false false false false true false false true false false false false false false true false No description of principal activities is disclosed 2018-04-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06897173 2018-04-01 2019-03-31 06897173 2019-03-31 06897173 2018-03-31 06897173 2017-04-01 2018-03-31 06897173 2018-03-31 06897173 core:NetGoodwill 2018-04-01 2019-03-31 06897173 core:IntangibleAssetsOtherThanGoodwill 2018-04-01 2019-03-31 06897173 core:LandBuildings core:ShortLeaseholdAssets 2018-04-01 2019-03-31 06897173 core:PlantMachinery 2018-04-01 2019-03-31 06897173 core:FurnitureFittingsToolsEquipment 2018-04-01 2019-03-31 06897173 core:MotorVehicles 2018-04-01 2019-03-31 06897173 core:OnerousContractsExcludingVacantProperties 2018-04-01 2019-03-31 06897173 bus:Director3 2018-04-01 2019-03-31 06897173 core:WithinOneYear 2019-03-31 06897173 core:WithinOneYear 2018-03-31 06897173 core:NetGoodwill 2018-03-31 06897173 core:IntangibleAssetsOtherThanGoodwill 2018-03-31 06897173 core:NetGoodwill 2019-03-31 06897173 core:IntangibleAssetsOtherThanGoodwill 2019-03-31 06897173 core:LandBuildings core:ShortLeaseholdAssets 2018-03-31 06897173 core:PlantMachinery 2018-03-31 06897173 core:FurnitureFittingsToolsEquipment 2018-03-31 06897173 core:MotorVehicles 2018-03-31 06897173 core:LandBuildings core:ShortLeaseholdAssets 2019-03-31 06897173 core:PlantMachinery 2019-03-31 06897173 core:FurnitureFittingsToolsEquipment 2019-03-31 06897173 core:MotorVehicles 2019-03-31 06897173 core:ShareCapital 2019-03-31 06897173 core:ShareCapital 2018-03-31 06897173 core:RetainedEarningsAccumulatedLosses 2019-03-31 06897173 core:RetainedEarningsAccumulatedLosses 2018-03-31 06897173 core:BetweenOneFiveYears 2019-03-31 06897173 core:BetweenOneFiveYears 2018-03-31 06897173 core:MoreThanFiveYears 2019-03-31 06897173 core:IntangibleAssetsOtherThanGoodwill 2018-03-31 06897173 core:LandBuildings core:ShortLeaseholdAssets 2018-03-31 06897173 core:PlantMachinery 2018-03-31 06897173 core:FurnitureFittingsToolsEquipment 2018-03-31 06897173 core:MotorVehicles 2018-03-31 06897173 bus:SmallEntities 2018-04-01 2019-03-31 06897173 bus:AuditExemptWithAccountantsReport 2018-04-01 2019-03-31 06897173 bus:FullAccounts 2018-04-01 2019-03-31 06897173 bus:SmallCompaniesRegimeForAccounts 2018-04-01 2019-03-31 06897173 bus:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 06897173 core:ToolsEquipment 2018-04-01 2019-03-31 06897173 core:ToolsEquipment 2018-03-31 06897173 core:ToolsEquipment 2019-03-31
Company registration number: 06897173
Stenner Limited
Unaudited filleted financial statements
31 March 2019
STENNER LIMITED
Contents
Statement of financial position
Notes to the financial statements
STENNER LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 1,404 283
Tangible assets 6 173,954 186,796
_______ _______
175,358 187,079
Current assets
Stocks 194,688 185,869
Debtors 7 533,528 416,409
Cash at bank and in hand 585,906 961,341
_______ _______
1,314,122 1,563,619
Creditors: amounts falling due
within one year 8 ( 442,071) ( 793,416)
_______ _______
Net current assets 872,051 770,203
_______ _______
Total assets less current liabilities 1,047,409 957,282
Provisions for liabilities ( 12,611) -
_______ _______
Net assets 1,034,798 957,282
_______ _______
Capital and reserves
Called up share capital 90,000 90,000
Profit and loss account 9 944,798 867,282
_______ _______
Shareholders funds 1,034,798 957,282
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 October 2019 , and are signed on behalf of the board by:
Mr S Mather Mr F R Harding
Director Director
Company registration number: 06897173
STENNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 18 Hartnoll Business Centre, Tiverton, Devon, EX16 4NG.
Principal activity
The principal activity of the company is the manufacture of saw milling equipment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
Trademarks - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 20 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 30 % straight line
Motor vehicles - 20 % straight line
Dies and moulds - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2018: 27 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 April 2018 2,875 403 3,278
Additions - 1,290 1,290
_______ _______ _______
At 31 March 2019 2,875 1,693 4,568
_______ _______ _______
Amortisation
At 1 April 2018 2,875 120 2,995
Charge for the year - 169 169
_______ _______ _______
At 31 March 2019 2,875 289 3,164
_______ _______ _______
Carrying amount
At 31 March 2019 - 1,404 1,404
_______ _______ _______
At 31 March 2018 - 283 283
_______ _______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Dies and moulds Total
£ £ £ £ £ £
Cost
At 1 April 2018 130,942 64,635 65,579 42,540 3,590 307,286
Additions 28,360 739 9,182 - 1,157 39,438
_______ _______ _______ _______ _______ _______
At 31 March 2019 159,302 65,374 74,761 42,540 4,747 346,724
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2018 21,795 31,184 38,639 27,144 1,853 120,615
Charge for the year 29,929 6,390 6,824 8,333 679 52,155
_______ _______ _______ _______ _______ _______
At 31 March 2019 51,724 37,574 45,463 35,477 2,532 172,770
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2019 107,578 27,800 29,298 7,063 2,215 173,954
_______ _______ _______ _______ _______ _______
At 31 March 2018 109,147 33,451 26,940 15,396 1,737 186,671
_______ _______ _______ _______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 393,261 294,863
Other debtors 140,267 121,546
_______ _______
533,528 416,409
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 218,451 650,599
Accruals and deferred income 153,653 35,707
Social security and other taxes 38,558 46,654
Other creditors 31,409 60,456
_______ _______
442,071 793,416
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 824 5,775
Later than 5 years 587,375 -
_______ _______
588,199 5,775
_______ _______