W & R Stephen Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC225120 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2020

for

W & R Stephen Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W Stephen

Mrs E Stephen

REGISTERED OFFICE:

16 East Street

St Combs

Fraserburgh

Aberdeenshire

AB43 8ZX

REGISTERED NUMBER:

SC225120 (Scotland)

ACCOUNTANTS:

SBP

Accountants

Glebefield House

21 Links Terrace

Peterhead

Aberdeenshire

AB42 2XA

FIXED ASSETS

Intangible assets

4

21,600

25,200

Tangible assets

5

5,669

6,874

27,269

32,074

CURRENT ASSETS

Stocks

350

500

Debtors

6

324

1,040

Cash at bank

17,449

22,544

18,123

24,084

CREDITORS

Amounts falling due within one year

7

78,563

81,925

NET CURRENT LIABILITIES

(60,440

)

(57,841

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(33,171

)

(25,767

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(33,173

)

(25,769

)

SHAREHOLDERS' FUNDS

(33,171

)

(25,767

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 9 April 2021 and were signed on its behalf by:

W Stephen - Director

1.	STATUTORY INFORMATION

W & R Stephen Ltd. is a private company, limited by shares , registered in Scotland. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Going concern note

The financial statements have been prepared on a going concern basis. The directors confirm that it is appropriate for the financial statements to have been drawn up on the going concern basis. In reaching this conclusion the directors have taken into account all relevant matters which they are aware of and have considered a future period of at least twelve months from the date on which the financial statements were approved.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 1 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

90,000

AMORTISATION

At 1 November 2019

64,800

Charge for year

3,600

At 31 October 2020

68,400

NET BOOK VALUE

At 31 October 2020

21,600

At 31 October 2019

25,200

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2019

and 31 October 2020

38,235

5,500

869

44,604

DEPRECIATION

At 1 November 2019

33,102

3,759

869

37,730

Charge for year

770

435

-

1,205

At 31 October 2020

33,872

4,194

869

38,935

NET BOOK VALUE

At 31 October 2020

4,363

1,306

-

5,669

At 31 October 2019

5,133

1,741

-

6,874

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

-

768

Other debtors

324

272

324

1,040

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade creditors

80

19

Other creditors

78,483

81,906

78,563

81,925