Staytite Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01373472 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

FOR

STAYTITE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

Mr A D R Black

Mrs R Black

Mr M R W Black

SECRETARY:

Mrs R Black

REGISTERED OFFICE:

Staytite House

Coronation Road

Cressex Business Park

High Wycombe

Buckinghamshire

HP12 3RP

REGISTERED NUMBER:

01373472 (England and Wales)

AUDITORS:

Seymour Taylor Audit Limited, Statutory Auditor

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

FIXED ASSETS

Tangible assets

4

65,847

86,697

CURRENT ASSETS

Stocks

1,754,436

1,285,408

Debtors

5

1,937,196

1,488,724

Cash at bank and in hand

153,518

85,874

3,845,150

2,860,006

CREDITORS

Amounts falling due within one year

6

993,973

395,163

NET CURRENT ASSETS

2,851,177

2,464,843

TOTAL ASSETS LESS CURRENT LIABILITIES

2,917,024

2,551,540

PROVISIONS FOR LIABILITIES

6,997

-

NET ASSETS

2,910,027

2,551,540

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

2,910,025

2,551,538

SHAREHOLDERS' FUNDS

2,910,027

2,551,540

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 November 2019 and were signed on its behalf by:

Mr A D R Black - Director

1.	STATUTORY INFORMATION

Staytite Limited is a private company limited by shares and incorporated in England and Wales. The

address of the company's registered office is Staytite House, Coronation Road, Cressex Business

Park, High Wycombe, Buckinghamshire, HP12 3RP. The registered number is 01373472.

The presentation currency of these financial statements is Sterling (£), being the currency of the

primary economic market in which the entity operates (its functional currency). All amounts in these

financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out

below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of consideration received or receivable for goods provided, net

of value added tax.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the

goods have transferred to the buyer, the amount of turnover can be reliably measured, it is probable

that the economic benefits associated with the transaction will flow to the company and the costs

incurred or to be incurred in respect of the transaction can be measured reliably.

This is usually when the goods have been dispatched and legal title has passed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

straight line - 25%

Stocks

Stocks are valued 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 stock to its

present location and condition.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12

"Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either 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.

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the

income statement except to the extent that it relates to items recognised directly in equity or other

comprehensive income, in which case it is recognised directly in equity or other comprehensive

income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using

tax rates enacted or substantively enacted at the statement of financial position date, and any

adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses

in tax assessments in periods different from those in which they are recognised in the financial

statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed

asset, if and when all conditions for retaining the tax allowances have been met, are not provided for.

Deferred tax is not recognised on permanent differences arising because certain types of income or

expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are

greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related

difference, using tax rates enacted or substantively enacted at the statement of financial position date.

Deferred tax balances are not discounted.

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.

Foreign currencies

Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange

ruling at the date of the transaction. Monetary assets and liabilities at the period end denominated in a

foreign currency are translated into Sterling at the rate of exchange ruling at the statement of financial

position date. Exchange differences are taken into account when arriving at the operating profit.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for the benefit of its employees.

Contributions payable to the company's pension scheme are charged to profit or loss in the period to

which they relate.

Hire purchase and leasing commitments

Assets acquired and held under finance lease or hire purchase contracts are capitalised in the

statement of financial position. Those held under finance leases are depreciated over the shorter of the

lease term and the estimated useful life of the asset. Those held under hire purchase contracts are

depreciated over the estimated useful life of the asset.

Minimum lease payments are apportioned between the finance charge and the reduction of the

outstanding lease liability using the effective interest method. The related obligation, exclusive of

finances charges allocated to future periods, is recognised as a liability with the finance element

charged to the income statement over the relevant period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership

remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2018 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 March 2018

97,175

301,100

113,062

511,337

Additions

5,632

19,361

-

24,993

Reclassification/transfer

-

(16,090

)

16,090

-

At 28 February 2019

102,807

304,371

129,152

536,330

DEPRECIATION

At 1 March 2018

77,601

255,114

91,925

424,640

Charge for year

9,511

17,649

18,683

45,843

At 28 February 2019

87,112

272,763

110,608

470,483

NET BOOK VALUE

At 28 February 2019

15,695

31,608

18,544

65,847

At 28 February 2018

19,574

45,986

21,137

86,697

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,487,970

1,222,915

Amounts owed by group undertakings

418,122

239,939

Other debtors

31,104

25,870

1,937,196

1,488,724

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

534,179

246,205

Taxation and social security

122,934

88,694

Other creditors

336,860

60,264

993,973

395,163

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Timothy Fulker BSc FCA (Senior Statutory Auditor)

for and on behalf of Seymour Taylor Audit Limited, Statutory Auditor

9.	OTHER FINANCIAL COMMITMENTS

The company is a subsidiary undertaking of Staytite (Holdings) Limited. This company, Staytite

(Holdings) Limited and Portafix Limited have provided a guarantee to the group's bankers in respect of

a loan to Coronation Road Limited, another subsidiary undertaking of Staytite (Holdings) Limited.

10.	ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company's immediate parent company is Staytite (Holdings) Limited, a company incorporated in

the United Kingdom. The largest and smallest group in whose the financial statements the company is

consolidated as at 28 February 2019 is Staytite (Holdings) Limited.

Copies of the consolidated financial statements for Staytite (Holdings) Limited can be obtained from

the registered office address:

Staytite House

Coronation Road

Cressex Business Park

High Wycombe

Buckinghamshire

HP12 3RP