Stenner Limited 31/03/2018 iXBRL

Stenner Limited 31/03/2018 iXBRL

STENNER LIMITED - Company Information

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31/03/2018 2018-03-31 false false false false false false false false false false true false false true false false false false false false true false No description of principal activities is disclosed 2017-04-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06897173 2017-04-01 2018-03-31 06897173 2018-03-31 06897173 2017-03-31 06897173 2016-04-01 2017-03-31 06897173 2017-03-31 06897173 core:NetGoodwill 2017-04-01 2018-03-31 06897173 core:IntangibleAssetsOtherThanGoodwill 2017-04-01 2018-03-31 06897173 core:LandBuildings core:ShortLeaseholdAssets 2017-04-01 2018-03-31 06897173 core:PlantMachinery 2017-04-01 2018-03-31 06897173 core:FurnitureFittingsToolsEquipment 2017-04-01 2018-03-31 06897173 core:MotorVehicles 2017-04-01 2018-03-31 06897173 core:OnerousContractsExcludingVacantProperties 2017-04-01 2018-03-31 06897173 bus:Director3 2017-04-01 2018-03-31 06897173 core:WithinOneYear 2018-03-31 06897173 core:WithinOneYear 2017-03-31 06897173 core:NetGoodwill 2017-03-31 06897173 core:IntangibleAssetsOtherThanGoodwill 2017-03-31 06897173 core:NetGoodwill 2018-03-31 06897173 core:IntangibleAssetsOtherThanGoodwill 2018-03-31 06897173 core:PlantMachinery 2017-03-31 06897173 core:FurnitureFittingsToolsEquipment 2017-03-31 06897173 core:MotorVehicles 2017-03-31 06897173 core:LandBuildings core:ShortLeaseholdAssets 2018-03-31 06897173 core:PlantMachinery 2018-03-31 06897173 core:FurnitureFittingsToolsEquipment 2018-03-31 06897173 core:MotorVehicles 2018-03-31 06897173 core:ShareCapital 2018-03-31 06897173 core:ShareCapital 2017-03-31 06897173 core:RetainedEarningsAccumulatedLosses 2018-03-31 06897173 core:RetainedEarningsAccumulatedLosses 2017-03-31 06897173 core:BetweenOneFiveYears 2018-03-31 06897173 core:BetweenOneFiveYears 2017-03-31 06897173 core:NetGoodwill 2017-03-31 06897173 core:IntangibleAssetsOtherThanGoodwill 2017-03-31 06897173 core:PlantMachinery 2017-03-31 06897173 core:FurnitureFittingsToolsEquipment 2017-03-31 06897173 core:MotorVehicles 2017-03-31 06897173 bus:SmallEntities 2017-04-01 2018-03-31 06897173 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 06897173 bus:FullAccounts 2017-04-01 2018-03-31 06897173 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 06897173 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 06897173 core:ToolsEquipment 2017-04-01 2018-03-31 06897173 core:ToolsEquipment 2017-03-31 06897173 core:ToolsEquipment 2018-03-31
Company registration number: 06897173
Stenner Limited
Unaudited filleted financial statements
31 March 2018
STENNER LIMITED
Contents
Statement of financial position
Notes to the financial statements
STENNER LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 283 323
Tangible assets 6 186,796 78,496
_______ _______
187,079 78,819
Current assets
Stocks 185,869 302,141
Debtors 7 416,409 275,568
Cash at bank and in hand 961,341 1,103,639
_______ _______
1,563,619 1,681,348
Creditors: amounts falling due
within one year 8 ( 793,416) ( 894,438)
_______ _______
Net current assets 770,203 786,910
_______ _______
Total assets less current liabilities 957,282 865,729
_______ _______
Net assets 957,282 865,729
_______ _______
Capital and reserves
Called up share capital 90,000 90,000
Profit and loss account 9 867,282 775,729
_______ _______
Shareholders funds 957,282 865,729
_______ _______
For the year ending 31 March 2018 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.
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 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.
These financial statements were approved by the board of directors and authorised for issue on 22 November 2018 , and are signed on behalf of the board by:
Mr S Mather Mr F R Harding
Director Director
Company registration number: 06897173
STENNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 18 Hartnoll Business Centre, Tiverton, Devon, EX16 4NG.
Principal activity
The principal activity of the company is the manufacture of saw milling equipment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
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 - 20 % straight line
Trademarks - 10 % 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 are 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:
Short leasehold property - 20 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 30 % straight line
Motor vehicles - 20 % straight line
Dies and moulds - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2017: 26 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 April 2017 and 31 March 2018 2,878 400 3,278
_______ _______ _______
Amortisation
At 1 April 2017 2,875 80 2,955
Charge for the year - 40 40
_______ _______ _______
At 31 March 2018 2,875 120 2,995
_______ _______ _______
Carrying amount
At 31 March 2018 3 280 283
_______ _______ _______
At 31 March 2017 3 320 323
_______ _______ _______
6. Tangible assets
Leasehold property improvements Plant and machinery Fixtures, fittings and equipment Motor vehicles Dies and moulds Total
£ £ £ £ £ £
Cost
At 1 April 2017 - 62,372 47,451 45,390 2,680 157,893
Additions 130,942 2,263 18,253 - 910 152,368
Disposals - - - ( 2,850) - ( 2,850)
_______ _______ _______ _______ _______ _______
At 31 March 2018 130,942 64,635 65,704 42,540 3,590 307,411
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2017 - 24,937 33,700 19,553 1,207 79,397
Charge for the year 21,795 6,247 4,939 10,441 646 44,068
Disposals - - - ( 2,850) - ( 2,850)
_______ _______ _______ _______ _______ _______
At 31 March 2018 21,795 31,184 38,639 27,144 1,853 120,615
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2018 109,147 33,451 27,065 15,396 1,737 186,796
_______ _______ _______ _______ _______ _______
At 31 March 2017 - 37,435 13,751 25,837 1,473 78,496
_______ _______ _______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 294,863 211,572
Other debtors 121,546 63,996
_______ _______
416,409 275,568
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 650,599 597,507
Accruals and deferred income 35,707 125,299
Social security and other taxes 46,654 93,089
Other creditors 60,456 78,543
_______ _______
793,416 894,438
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 5,775 10,725
_______ _______