ACCOUNTS - Final Accounts


Caseware UK (AP4) 2018.0.196 2018.0.1962019-03-312019-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-04-0165016022018-04-012019-03-3165016022017-04-012018-03-3165016022019-03-3165016022018-03-316501602 c:Director1 2018-04-012019-03-316501602 c:Director2 2018-04-012019-03-316501602 d:MotorVehicles 2018-04-012019-03-316501602 d:MotorVehicles 2019-03-316501602 d:MotorVehicles 2018-03-316501602 d:MotorVehicles d:OwnedOrFreeholdAssets 2018-04-012019-03-316501602 d:FurnitureFittings 2018-04-012019-03-316501602 d:FurnitureFittings 2019-03-316501602 d:FurnitureFittings 2018-03-316501602 d:FurnitureFittings d:OwnedOrFreeholdAssets 2018-04-012019-03-316501602 d:OwnedOrFreeholdAssets 2018-04-012019-03-316501602 d:Goodwill 2018-04-012019-03-316501602 d:Goodwill 2019-03-316501602 d:Goodwill 2018-03-316501602 d:CurrentFinancialInstruments 2019-03-316501602 d:CurrentFinancialInstruments 2018-03-316501602 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-316501602 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-316501602 d:ShareCapital 2019-03-316501602 d:ShareCapital 2018-03-316501602 d:RetainedEarningsAccumulatedLosses 2019-03-316501602 d:RetainedEarningsAccumulatedLosses 2018-03-316501602 d:AcceleratedTaxDepreciationDeferredTax 2019-03-316501602 d:AcceleratedTaxDepreciationDeferredTax 2018-03-316501602 c:FRS102 2018-04-012019-03-316501602 c:AuditExempt-NoAccountantsReport 2018-04-012019-03-316501602 c:FullAccounts 2018-04-012019-03-316501602 c:PrivateLimitedCompanyLtd 2018-04-012019-03-316501602 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-04-012019-03-316501602 2 2018-04-012019-03-31iso4217:GBPxbrli:pure
Registered number: 6501602









STOVE SOLUTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2019

 
STOVE SOLUTIONS LIMITED
REGISTERED NUMBER: 6501602

BALANCE SHEET
AS AT 31 MARCH 2019

2019
2018
Note
£
£

Fixed assets
  

Intangible assets
 4 
30,000
36,000

Tangible assets
 5 
10,520
15,044

  
40,520
51,044

Current assets
  

Stocks
  
69,721
65,464

Debtors: amounts falling due within one year
 6 
13,147
55,359

Cash at bank and in hand
 7 
123,697
68,804

  
206,565
189,627

Creditors: amounts falling due within one year
 8 
(47,510)
(52,205)

Net current assets
  
 
 
159,055
 
 
137,422

Total assets less current liabilities
  
199,575
188,466

Provisions for liabilities
  

Deferred tax
 9 
(1,999)
(2,858)

  
 
 
(1,999)
 
 
(2,858)

Net assets
  
197,576
185,608


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
197,476
185,508

  
197,576
185,608


Page 1

 
STOVE SOLUTIONS LIMITED
REGISTERED NUMBER: 6501602

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2019.




................................................
S J Keeble
................................................
Miss S J Tungate
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
STOVE SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

1.


General information

Stove Solutions Limited is a private company limited by shares, incorporated in England and Wales, with a company registration number of 06501602. The address of the registered office is Anglia House, 6 Central Avenue, St Andrews Business Park, Thorpe St Andrew, Norwich, NR7 0HR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
STOVE SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
5%
Straight line

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance basis
Fixtures & fittings
-
25%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
STOVE SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

Page 5

 
STOVE SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2018 - 4).

Page 6

 
STOVE SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2018
120,000



At 31 March 2019

120,000



Amortisation


At 1 April 2018
84,000


Charge for the year
6,000



At 31 March 2019

90,000



Net book value



At 31 March 2019
30,000



At 31 March 2018
36,000


5.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 April 2018
24,600
7,872
32,472


Disposals
(8,025)
-
(8,025)



At 31 March 2019

16,575
7,872
24,447



Depreciation


At 1 April 2018
11,060
6,368
17,428


Charge for the year on owned assets
3,384
369
3,753


Disposals
(7,254)
-
(7,254)



At 31 March 2019

7,190
6,737
13,927



Net book value



At 31 March 2019
9,385
1,135
10,520



At 31 March 2018
13,540
1,504
15,044

Page 7

 
STOVE SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

6.


Debtors

2019
2018
£
£


Trade debtors
12,759
54,988

Prepayments and accrued income
388
371

13,147
55,359



7.


Cash and cash equivalents

2019
2018
£
£

Cash at bank and in hand
123,697
68,804



8.


Creditors: Amounts falling due within one year

2019
2018
£
£

Trade creditors
7,392
8,814

Corporation tax
16,568
22,447

Other taxation and social security
8,062
10,392

Other creditors
12,638
7,802

Accruals and deferred income
2,850
2,750

47,510
52,205



9.


Deferred taxation




2019


£






At beginning of year
(2,858)


Charged to profit or loss
859



At end of year
(1,999)

The provision for deferred taxation is made up as follows:

2019
2018
£
£


Accelerated capital allowances
(1,999)
(2,858)

Page 8

 
STOVE SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £453 (2018 - £220). Contributions totalling £78 (2018 - £39) were payable to the fund at the balance sheet date


Page 9