T S Stevens Ltd Filleted accounts for Companies House (small and micro)

T S STEVENS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04982416

T S Stevens Ltd

Filleted Unaudited Financial Statements

31 December 2020

T S Stevens Ltd

Financial Statements

Year ended 31st December 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

T S Stevens Ltd

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	4,500	6,000
Tangible assets	6	1,092,996	1,021,913
		------------	------------
		1,097,496	1,027,913

Current assets

Stocks		8,080	7,879
Debtors	7	253,376	213,156
Cash at bank and in hand		118,491	–
		---------	---------
		379,947	221,035

Creditors: amounts falling due within one year	8	442,958		351,367
		---------		---------
Net current liabilities			63,011	130,332
			------------	------------
Total assets less current liabilities			1,034,485	897,581

Creditors: amounts falling due after more than one year	9		220,613	229,155

Provisions

Taxation including deferred tax	205,583	179,941
	------------	---------
Net assets	608,289	488,485
	------------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	608,189	488,385
	---------	---------
Shareholders funds	608,289	488,485
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2020 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

T S Stevens Ltd

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 30 September 2021 , and are signed on behalf of the board by:

Mr T S Stevens
Director

Company registration number: 04982416

T S Stevens Ltd

Notes to the Financial Statements

Year ended 31st December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Manor Farm, Worth, Wookey, Wells, Somerset, BA5 1LW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. Goodwill Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Tenants improvements	-	15% reducing balance
Plant and machinery	-	15% reducing balance

Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1st January 2020 and 31st December 2020	30,000
	--------
Amortisation
At 1st January 2020	24,000
Charge for the year	1,500
	--------
At 31st December 2020	25,500
	--------
Carrying amount
At 31st December 2020	4,500
	--------
At 31st December 2019	6,000
	--------

6. Tangible assets

	Tenants improvements	Plant and machinery	Total
	£	£	£
Cost
At 1st January 2020	23,745	1,499,509	1,523,254
Additions	–	382,200	382,200
Disposals	–	( 293,894)	( 293,894)
	--------	------------	------------
At 31st December 2020	23,745	1,587,815	1,611,560
	--------	------------	------------
Depreciation
At 1st January 2020	11,452	489,889	501,341
Charge for the year	1,313	177,237	178,550
Disposals	–	( 161,327)	( 161,327)
	--------	------------	------------
At 31st December 2020	12,765	505,799	518,564
	--------	------------	------------
Carrying amount
At 31st December 2020	10,980	1,082,016	1,092,996
	--------	------------	------------
At 31st December 2019	12,293	1,009,620	1,021,913
	--------	------------	------------

7. Debtors

	2020	2019
	£	£
Trade debtors	246,067	146,696
Other debtors	7,309	66,460
	---------	---------
	253,376	213,156
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	13,500	15,427
Trade creditors	77,657	47,263
Corporation tax	4,059	–
Social security and other taxes	30,945	40,634
Other creditors	316,797	248,043
	---------	---------
	442,958	351,367
	---------	---------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	58,987	43,073
Other creditors	161,626	186,082
	---------	---------
	220,613	229,155
	---------	---------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions	205,583	179,941
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	205,583	191,827
Unused tax losses	–	( 11,886)
	---------	---------
	205,583	179,941
	---------	---------