Stewart Greatfield Ltd - Period Ending 2019-12-31

Registration number: 11145126

Stewart Greatfield Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

Stewart Greatfield Ltd

(Registration number: 11145126)
Balance Sheet as at 31 December 2019

	Note	31 December 2019  £	31 December 2018  £
Current assets
Stocks	4	1,059,619	639,322
Debtors	5	5,358	1,579
Cash at bank and in hand		2,382	448
		1,067,359	641,349
Creditors: Amounts falling due within one year	6	(1,066,566)	(638,892)
Net assets		793	2,457
Capital and reserves
Called up share capital		1	1
Profit and loss account		792	2,456
Total equity		793	2,457

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 September 2020 and signed on its behalf by:
 

N R Stewart
Director

The notes on pages 2 to 5 form an integral part of these financial statements.
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Stewart Greatfield Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

The company's development project has been impacted by COVID. We have experienced measurable delay and cost impact during the pandemic period. However the project is now complete and on the market and we are hopeful of a sale soon.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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Stewart Greatfield Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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Stewart Greatfield Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	Year ended 31 December 2019  No.	11 January 2018 to 31 December 2018  No.
Average number of employees	2	2

4

Stocks

	31 December 2019  £	31 December 2018  £
Work in progress	1,059,619	639,322

5

Debtors

	31 December 2019  £	31 December 2018  £
Trade debtors	-	900
Other debtors	4,156	679
Prepayments	1,202	-
	5,358	1,579

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Stewart Greatfield Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

6

Creditors

Creditors: amounts falling due within one year

	Note	31 December 2019  £	31 December 2018  £
Due within one year
Loans and borrowings	7	1,042,296	633,609
Trade creditors		24,270	4,057
Accrued expenses		-	650
Corporation tax liability		-	576
		1,066,566	638,892

7

Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Directors' loan account	1,042,296	633,609

8

Related party transactions

Other transactions with directors

At the balance sheet date, the company owed the directors, E R Stewart and N R Stewart, £1,042,296 (2018 - £633,609). No interest was paid on the loan and it is repayable on demand.

9

Parent and ultimate parent undertaking

The ultimate parent is Stewart Concepts Ltd, incorporated in England.

 

10

Non adjusting events after the financial period

The worldwide outbreak of the virus COVID-19 represents a significant event since the end of the financial period. The directors have considered the impact on going concern, concluding that the going concern basis remains an appropriate basis of preparation for these financial statements. COVID-19 is considered to be a non-adjusting post balance sheet event and therefore has not been taken into account in preparing the statement of financial position as at 31 December 2019.

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