STRINGER LIMITED - Accounts to registrar (filleted) - small 18.2
STRINGER LIMITED - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| STRINGER LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| STRINGER LIMITED (REGISTERED NUMBER: 02598089) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| STRINGER LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| CHARTERED ACCOUNTANTS |
| 109 BAKER STREET |
| LONDON |
| W1U 6RP |
| STRINGER LIMITED (REGISTERED NUMBER: 02598089) |
| BALANCE SHEET |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Revaluation reserve | 10 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| STRINGER LIMITED (REGISTERED NUMBER: 02598089) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2019 |
| 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 and authorised for issue on were signed on its behalf by: |
| STRINGER LIMITED (REGISTERED NUMBER: 02598089) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| STRINGER LIMITED is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company had net current liabilities of £266,840 at 31 December 2019 and loss of £31,544 for the year end |
| 31 December 2019. The financial statements have been prepared on a going concern basis, as the Company |
| continues to enjoy the full support of the Bankers and the Shareholder. The financial statements do not include |
| any adjustments that may arise from a failure to obtain financial support. |
| Turnover |
| Turnover represents net invoiced sales based on delivery of goods and services. |
| Rent Receivable |
| Rent receivable is recognised as the company's right to receive payment as established. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| The Freehold Building was being depreciated over 25 years up to 2007. In 2008 the Property was revalued and |
| was subject to annual impairment reviews. In June 2013 the Property was again professionally revalued. The |
| Director has used this latest professional valuation and based on recent valuations of similar units by property |
| agents for the purposes of these financial statements. |
| No depreciation is provided on revalued freehold building on the grounds that this is immaterial. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Cost, in respect of products manufactured by the company, is calculated by reference to selling price less |
| appropriate margins. |
| STRINGER LIMITED (REGISTERED NUMBER: 02598089) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Tax |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
| current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
| rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
| statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
| exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated |
| in the financial statements that arise from the inclusion of income and expense in tax assessments in periods |
| different from those in which they are recognised in the financial statements. 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. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
| balance sheet date that are expected to apply to the reversal of timing differences |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognized in the profit and loss account in other |
| administrative expenses. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance |
| sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is |
| estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an |
| impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the |
| impairment loss is a revaluation decrease. |
| Provisions |
| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
| event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be |
| reliably estimated. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Debtors and creditors receivable and payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
| administrative expenses. |
| STRINGER LIMITED (REGISTERED NUMBER: 02598089) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| STRINGER LIMITED (REGISTERED NUMBER: 02598089) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 December 2019 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2008 | 282,435 | 150,786 | 25,043 |
| Valuation in 2011 | 3,509 | (150,786 | ) | (25,043 | ) |
| Valuation in 2013 | 69,986 | 9,400 | - |
| Cost | 822,211 | - | - |
| 1,178,141 | 9,400 | - |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2008 | 17,042 | 23,171 | 498,477 |
| Valuation in 2011 | - | (22,677 | ) | (194,997 | ) |
| Valuation in 2013 | - | - | 79,386 |
| Cost | - | - | 822,211 |
| 17,042 | 494 | 1,205,077 |
| The freehold property at 151-161 Tunnel Avenue was revalued by a professional valuer in June 2013, and the |
| Director has used this valuation together with recent valuations of similar units by property valuers for the |
| purposes of these financial statements. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2019 |
| Disposals | ( |
) | ( |
) |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| STRINGER LIMITED (REGISTERED NUMBER: 02598089) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 5. | STOCKS |
| 2019 | 2018 |
| £ | £ |
| Stocks |
| Work-in-progress |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 4,011 | 27,239 |
| Other creditors |
| Directors' loan accounts | 125,548 | 108,484 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans - 2-5 years |
| Bank loan more than 5 years | 138,829 | 156,027 |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loan more than 5 years | 138,829 | 156,027 |
| Interest is charged at commercial rates. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary Shares | £ 1 | 100 | 100 |
| STRINGER LIMITED (REGISTERED NUMBER: 02598089) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 10. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2019 | 666,228 |
| Deficit for the year | ( |
) | ( |
) |
| At 31 December 2019 | 634,684 |