Staytite Limited - Accounts to registrar (filleted) - small 18.2
Staytite Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
FOR |
STAYTITE LIMITED |
STAYTITE LIMITED (REGISTERED NUMBER: 01373472) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 7 |
STAYTITE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
57 London Road |
High Wycombe |
Buckinghamshire |
HP11 1BS |
STAYTITE LIMITED (REGISTERED NUMBER: 01373472) |
STATEMENT OF FINANCIAL POSITION |
29 FEBRUARY 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
STAYTITE LIMITED (REGISTERED NUMBER: 01373472) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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 |
In light of the rapid global spread of the Coronavirus "COVID-19" in early 2020, the directors have |
reviewed and tested the assumptions used in the projections and budgets for the next twelve months. |
Following this review, the directors consider there to be little impact on the Company's ability to act as |
a going concern. |
The directors have reviewed the supply chains, key customers and the capital resources available and |
consider that the company has adequate resources in place to continue trading for the next twelve |
months. |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
STAYTITE LIMITED (REGISTERED NUMBER: 01373472) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
2. | ACCOUNTING POLICIES - continued |
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. |
STAYTITE LIMITED (REGISTERED NUMBER: 01373472) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2019 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 February 2020 |
DEPRECIATION |
At 1 March 2019 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2020 |
NET BOOK VALUE |
At 29 February 2020 |
At 28 February 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
STAYTITE LIMITED (REGISTERED NUMBER: 01373472) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. | EVENTS AFTER THE REPORTING PERIOD |
Since the reporting date, the growth of the COVID-19 pandemic across the world has led the directors |
to review and reconfirm the company's ability to continue as a going concern for at least the next |
twelve months. |
Due to the nature of the company's business model the company's ability to provide its services has |
not been significantly affected at present. |
There has been an impact on the 2020/21 performance, through impacts on both the supply chain and |
the ability to trade with customers, who are also facing difficulties at this time. However, the increased |
costs resulting from the disruption caused will, to some extent, be mitigated by using the Government's |
support measures such as the Job Retention Scheme. |
The directors have performed a detailed review of the business and the key assumptions used, and |
have applied these to various budgets and forecasts. Given the level of cash held by the company, |
high levels of reserves and the continued relationship with key customers, the directors consider that |
the company is in a position to continue as a going concern for at least the next twelve months. |
STAYTITE LIMITED (REGISTERED NUMBER: 01373472) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
11. | 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 29 February 2020 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 |