Stephens and Stuarts Engineering Co Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01360450 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 December 2020

for

Stephens and Stuarts Engineering Co Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Bundy

Mrs L M Wolohan

L Bundy

SECRETARY:

Mrs L M Wolohan

REGISTERED OFFICE:

Rockingham Works

Nutwood Lane

Calmore, Totton

Southampton

SO40 3SZ

REGISTERED NUMBER:

01360450 (England and Wales)

ACCOUNTANTS:

Alan Minshall Accountants Limited

18 Whitemoor Road

Brockenhurst

Southampton

Hampshire

SO42 7QG

FIXED ASSETS

Tangible assets

4

156,651

161,643

CURRENT ASSETS

Stocks

4,000

4,000

Debtors

5

764,236

1,734,275

Cash at bank

1,876,768

1,192,134

2,645,004

2,930,409

CREDITORS

Amounts falling due within one year

6

387,716

996,772

NET CURRENT ASSETS

2,257,288

1,933,637

TOTAL ASSETS LESS CURRENT LIABILITIES

2,413,939

2,095,280

PROVISIONS FOR LIABILITIES

22,658

22,263

NET ASSETS

2,391,281

2,073,017

CAPITAL AND RESERVES

Called up share capital

18,000

18,000

Retained earnings

2,373,281

2,055,017

2,391,281

2,073,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2021 and were signed on its behalf by:

S Bundy - Director

1.	STATUTORY INFORMATION

Stephens and Stuarts Engineering Co Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of services, excluding value added tax, except in the case of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

33% on reducing balance and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2019 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

9,125

807,488

816,613

Additions

-

36,990

36,990

Disposals

-

(42,168

)

(42,168

)

At 31 December 2020

9,125

802,310

811,435

DEPRECIATION

At 1 January 2020

5,700

649,270

654,970

Charge for year

1,140

39,644

40,784

Eliminated on disposal

-

(40,970

)

(40,970

)

At 31 December 2020

6,840

647,944

654,784

NET BOOK VALUE

At 31 December 2020

2,285

154,366

156,651

At 31 December 2019

3,425

158,218

161,643

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

599,371

1,204,950

Amounts recoverable on contract

131,030

467,938

Other debtors

33,835

61,387

764,236

1,734,275

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

177,786

801,005

Taxation and social security

204,949

187,583

Other creditors

4,981

8,184

387,716

996,772

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2020 and 31 December 2019:

31.12.20

31.12.19

£

£

S Bundy

Balance outstanding at start of year

41,384

140,508

Amounts advanced

9,972

41,384

Amounts repaid

(41,384

)

(140,508

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,972

41,384

L Bundy

Balance outstanding at start of year

-

184,466

Amounts repaid

-

(184,466

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £100,000 (2019 - £175,000) were paid to the directors .