R W Stewart Limited - Period Ending 2021-12-31
R W Stewart Limited - Period Ending 2021-12-31
Registration number:
R W Stewart Limited
for the Year Ended 31 December 2021
R W Stewart Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
R W Stewart Limited
Company Information
Director |
Mr A Stewart |
Registered office |
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R W Stewart Limited
(Registration number: SC412893)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
485,620 |
449,086 |
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Shareholders' funds |
485,622 |
449,088 |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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. |
R W Stewart Limited
(Registration number: SC412893)
Balance Sheet as at 31 December 2021
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
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R W Stewart Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£).
Revenue recognition
Turnover is derived from that of freight transport supplied by the company.
Turnover is measured at the fair value of freight transport supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.
R W Stewart Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
25% reducing balance |
R W Stewart Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
R W Stewart Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
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Disposals |
( |
( |
At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
R W Stewart Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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- |
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Other creditors |
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R W Stewart Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
2 |
2 |
2 |
2 |
R W Stewart Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Related party transactions |
Summary of transactions with other related parties
During the year, the director advanced loans totalling £50,000 to the company. At the year end, the balance due to the director was £64,400 (2020 - £14,400). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with R W Stewart, a partnership controlled by A Stewart.
During the year, the company sold goods and services totalling £342,297 (2020 - £362,453) to R W Stewart . This was conducted under normal commercial terms.
The company operates a loan account with George Stewart & Son, a sole trade controlled by A Stewart.
During the year, the company sold goods and services totalling £48,824 (2020 - 29,691) to George Stewart & Sons. This was conducted under normal commercial terms.
During the year, the George Stewart & Son advanced loans totalling £7,725 to the company. At the year end, the balance due to George Stewart & Sons was £7,725 (2020 - nil). This loan is unsecured, interest free and has no fixed repayment terms.