Fred Stevens Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02818626 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

FOR

FRED STEVENS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J J Baker MBIE, DIP.FD, MBIFD

REGISTERED OFFICE:

Newmarket Road

Nailsworth

Gloucestershire

GL6

ODQ

REGISTERED NUMBER:

02818626 (England and Wales)

ACCOUNTANTS:

Randall & Payne LLP

Chartered Accountants

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

186,504

212,203

186,504

212,203

CURRENT ASSETS

Stocks

1,690

2,205

Debtors

6

30,477

25,233

Cash at bank and in hand

129,439

96,453

161,606

123,891

CREDITORS

Amounts falling due within one year

7

167,712

148,905

NET CURRENT LIABILITIES

(6,106

)

(25,014

)

TOTAL ASSETS LESS CURRENT LIABILITIES

180,398

187,189

PROVISIONS FOR LIABILITIES

18,886

20,173

NET ASSETS

161,512

167,016

CAPITAL AND RESERVES

Called up share capital

150,360

150,360

Retained earnings

11,152

16,656

SHAREHOLDERS' FUNDS

161,512

167,016

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2022 and were signed by:

J J Baker MBIE, DIP.FD, MBIFD - Director

1.	STATUTORY INFORMATION

Fred Stevens 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provision 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The director has considered the risks and issues concerning the company and it's activities and no material uncertainties that may cast significant doubt about the company's ability of the company to continue as a going concern have been identified by the directors.

Turnover

Revenue represents the invoiced value of goods sold and services provided during the period, stated net of Value Added Tax.

Revenue from the principal activity of funeral services is recognised when the service and goods have been provided and all obligations to the customers have been fulfilled, unless management has doubts as to the recoverability of fees.

Goodwill

Goodwill purchased in December 1999 is being amortised over 20 years. Because of local and family connections, well established funeral directors have traditionally attracted significant goodwill values, more recently enhanced with an increasing use of pre-paid funeral plans. The directors are of the opinion that the goodwill purchased in December 1999 has a useful economic life of over 20 years and that, since that date, the current value increasingly exceeds the net book value.

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.

Furniture and equipment

-

at varying rates on cost

Motor vehicles

-

at varying rates on cost

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 Statement of Income and Retained Earnings, 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.

Pension costs

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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Financial instruments

Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

Employees and directors

The average number of employees referred to in note 3 has been calculated in accordance with Section 411 of the Companies Act 2006. For disclosure purposes the term employee in this instance includes all persons carrying out day to day operational duties on behalf of the company and therefore covers employees, workers and directors. Inclusion in the figure above does not entitle any workers to employment benefits that would be enjoyed by an employee to which they are not ordinarily entitled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2021

and 31 August 2022

103,057

AMORTISATION

At 1 September 2021

and 31 August 2022

103,057

NET BOOK VALUE

At 31 August 2022

-

At 31 August 2021

-

5.	TANGIBLE FIXED ASSETS

Furniture

Leasehold

and

Motor

property

equipment

vehicles

Totals

£

£

£

£

COST

At 1 September 2021

and 31 August 2022

1,898

113,899

249,009

364,806

DEPRECIATION

At 1 September 2021

1,881

77,766

72,956

152,603

Charge for year

12

5,924

19,763

25,699

At 31 August 2022

1,893

83,690

92,719

178,302

NET BOOK VALUE

At 31 August 2022

5

30,209

156,290

186,504

At 31 August 2021

17

36,133

176,053

212,203

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

23,235

17,999

Prepayments

7,242

7,234

30,477

25,233

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

3,916

3,548

Social security and other taxes

3,460

3,800

Peoples Pension

477

459

Pre-paid funerals

9,450

9,450

Other creditors

39,063

39,063

Pre-paid disbursements

21,048

11,465

Directors' loan accounts

90,298

81,120

167,712

148,905

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2022 and 31 August 2021:

2022

2021

£

£

J J Baker MBIE, DIP.FD, MBIFD

Balance outstanding at start of year

(81,120

)

(73,189

)

Amounts repaid

(9,178

)

(7,931

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(90,298

)

(81,120

)

At 31 August 2022 the company owed J J Baker £90,297.76 (31 August 2021: £81,120.10). Interest is paid on the loans at between 0% and 7.75% pa; there are no fixed repayment terms.