Geoff Steven & Sons Limited - Period Ending 2013-12-31

Registration number: 07443222

Geoff Steven & Sons Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

Paul S Axcell Chartered Accountants
10 Springfield
Ovington
Prudhoe
Northumberland
NE42 6EH

Geoff Steven & Sons Limited
(Registration number: 07443222)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Intangible fixed assets					32,759			49,139
Tangible fixed assets					667,324			683,940
					700,083			733,079
Current assets
Stocks					50,708			55,472
Debtors					35,649			39,235
Cash at bank and in hand					1,942			2,462
					88,299			97,169
Creditors: Amounts falling due within one year					(234,903)			(253,576)
Net current liabilities					(146,604)			(156,407)
Total assets less current liabilities					553,479			576,672
Creditors: Amounts falling due after more than one year					(500,000)			(533,728)
Provisions for liabilities					(11,713)			(6,846)
Net assets					41,766			36,098
Capital and reserves
Called up share capital		4			3,000			3,000
Profit and loss account					38,766			33,098
Shareholders' funds					41,766			36,098

For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 19 August 2014 and signed on its behalf by:

.........................................
MTF Steven
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Geoff Steven & Sons Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Optical equipment	10% straight line
Office equipment	25% straight line
Fixtures and fittings	10% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Geoff Steven & Sons Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2013		81,899			715,586			797,485
Additions		-			299			299
At 31 December 2013		81,899			715,885			797,784
Depreciation
At 1 January 2013		32,760			31,646			64,406
Charge for the year		16,380			16,915			33,295
At 31 December 2013		49,140			48,561			97,701
Net book value
At 31 December 2013		32,759			667,324			700,083
At 31 December 2012		49,139			683,940			733,079

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2013 £			2012 £
After more than five years not by instalments		500,000			500,000

Creditors due after more than five years

Preference shares issued on 21st September 2012 redeemable on or before 31st December 2099.
 

Page 3

Geoff Steven & Sons Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		3,000			3,000			3,000			3,000

Redeemable preference shares

The Preference Shares are redeemable at the option of the company between 21 September 2013 and 31 December 2099. They are redeemable at £1 per share and carry no voting rights.

5	Related party transactions

Directors' advances and credits

	2013 Advance/ Credit £	2013 Repaid £	2012 Advance/ Credit £	2012 Repaid £
MTF Steven
During the year the director occasionally paid for personal items on his company credit card and drew petrol on a company credit account. All such items were repaid via his director's loan account on receipt of the monthly statements	5,109	5,109	5,335	5,335
TG Steven
During the year the director occasionally paid for personal items on his company credit card and drew petrol on a company credit account. All such items were repaid via his director's loan account on receipt of the monthly statements	6,723	6,723	7,712	7,712
CG Steven
During the year the director occasionally paid for personal items on his company credit card and drew petrol on a company credit account. All such items were repaid via his director's loan account on receipt of the monthly statements	5,277	5,277	4,636	4,366

Page 4