ACCOUNTS - Final Accounts


Caseware UK (AP4) 2019.0.227 2019.0.227 2020-06-302020-06-3052019-07-01falseNo description of principal activity6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02767703 2019-07-01 2020-06-30 02767703 2018-07-01 2019-06-30 02767703 2020-06-30 02767703 2019-06-30 02767703 c:Director1 2019-07-01 2020-06-30 02767703 d:Buildings 2019-07-01 2020-06-30 02767703 d:Buildings 2020-06-30 02767703 d:Buildings 2019-06-30 02767703 d:Buildings d:OwnedOrFreeholdAssets 2019-07-01 2020-06-30 02767703 d:Buildings d:LeasedAssetsHeldAsLessee 2019-07-01 2020-06-30 02767703 d:LandBuildings 2020-06-30 02767703 d:LandBuildings 2019-06-30 02767703 d:PlantMachinery 2019-07-01 2020-06-30 02767703 d:PlantMachinery 2020-06-30 02767703 d:PlantMachinery 2019-06-30 02767703 d:PlantMachinery d:OwnedOrFreeholdAssets 2019-07-01 2020-06-30 02767703 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2019-07-01 2020-06-30 02767703 d:MotorVehicles 2019-07-01 2020-06-30 02767703 d:MotorVehicles 2020-06-30 02767703 d:MotorVehicles 2019-06-30 02767703 d:MotorVehicles d:OwnedOrFreeholdAssets 2019-07-01 2020-06-30 02767703 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2019-07-01 2020-06-30 02767703 d:FurnitureFittings 2019-07-01 2020-06-30 02767703 d:FurnitureFittings 2020-06-30 02767703 d:FurnitureFittings 2019-06-30 02767703 d:FurnitureFittings d:OwnedOrFreeholdAssets 2019-07-01 2020-06-30 02767703 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2019-07-01 2020-06-30 02767703 d:OwnedOrFreeholdAssets 2019-07-01 2020-06-30 02767703 d:LeasedAssetsHeldAsLessee 2019-07-01 2020-06-30 02767703 d:CurrentFinancialInstruments 2020-06-30 02767703 d:CurrentFinancialInstruments 2019-06-30 02767703 d:Non-currentFinancialInstruments 2020-06-30 02767703 d:Non-currentFinancialInstruments 2019-06-30 02767703 d:CurrentFinancialInstruments d:WithinOneYear 2020-06-30 02767703 d:CurrentFinancialInstruments d:WithinOneYear 2019-06-30 02767703 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-06-30 02767703 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2019-06-30 02767703 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-06-30 02767703 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2019-06-30 02767703 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2020-06-30 02767703 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-06-30 02767703 c:FRS102 2019-07-01 2020-06-30 02767703 c:AuditExempt-NoAccountantsReport 2019-07-01 2020-06-30 02767703 c:FullAccounts 2019-07-01 2020-06-30 02767703 c:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30 02767703 d:HirePurchaseContracts d:WithinOneYear 2020-06-30 02767703 d:HirePurchaseContracts d:BetweenOneFiveYears 2020-06-30 02767703 d:HirePurchaseContracts d:BetweenOneFiveYears 2019-06-30 02767703 d:AcceleratedTaxDepreciationDeferredTax 2020-06-30 02767703 d:AcceleratedTaxDepreciationDeferredTax 2019-06-30 02767703 d:HirePurchaseContracts d:WithinOneYear 2019-06-30 02767703 5 2019-07-01 2020-06-30 02767703 6 2019-07-01 2020-06-30 iso4217:GBP xbrli:pure
Registered number: 02767703









STEVEN LAYN (HOLDINGS) LIMITED

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020







































 
STEVEN LAYN (HOLDINGS) LIMITED
REGISTERED NUMBER: 02767703

BALANCE SHEET
AS AT 30 JUNE 2020

2020
2019
£
£


Fixed assets
2,293,154
2,346,260

Current assets
3,069,791
2,664,877

Creditors: amounts falling due within one year
(923,213)
(809,664)

Net current assets
 
 
2,146,578
 
 
1,855,213

Total assets less current liabilities
4,439,732
4,201,473

Creditors: amounts falling due after more than one year
(1,908,723)
(1,993,164)

Provisions for liabilities

Deferred taxation
(61,231)
-

 
 
(61,231)
 
 
-

Net assets
2,469,778
2,208,309



Capital and reserves
2,469,778
2,208,309


Page 1

 
STEVEN LAYN (HOLDINGS) LIMITED
REGISTERED NUMBER: 02767703
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2020

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 the 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 by: 




................................................
Mr S C K H Layn
Director

Date: 10 February 2021

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

1.


General information

Steven Layn (Holdings) Limited is a private company limited by shares. The company was incorporated in England and Wales with registration number 02767703. The registered office is Saxon Business Park, Littleport, Ely, Cambridgeshire, CB6 1XX.   

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 profit or loss 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.

 
2.9

Current and deferred taxation

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

 
2.10

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.

Page 5

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant & machinery
-
3, 5 and 15 years straight line with 10% residual value
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance

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 profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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 6

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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 profit or loss 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.

 
2.18

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 ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2019 - 6).

Page 7

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

4.


Exceptional items



5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 July 2019
2,450,967
115,808
200,272
6,080
2,773,127


Additions
5,333
4,058
-
-
9,391



At 30 June 2020

2,456,300
119,866
200,272
6,080
2,782,518



Depreciation


At 1 July 2019
298,564
79,963
43,583
4,997
427,107


Charge for the year on owned assets
18,346
3,747
1,732
270
24,095


Charge for the year on financed assets
-
960
37,441
-
38,401



At 30 June 2020

316,910
84,670
82,756
5,267
489,603



Net book value



At 30 June 2020
2,139,390
35,196
117,516
813
2,292,915



At 30 June 2019
2,152,403
35,845
156,689
1,083
2,346,020




The net book value of land and buildings may be further analysed as follows:


2020
2019
£
£

Freehold
2,139,390
2,152,403

2,139,390
2,152,403


Page 8

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 July 2019
240



At 30 June 2020
240





7.


Debtors

2020
2019
£
£



Trade debtors
440,280
364,291

Amounts owed by group undertakings
1,033,320
1,082,437

Amounts owed by associated undertakings
275,823
269,249

Other debtors
14,518
10,199

Prepayments and accrued income
470,054
433,263

2,233,995
2,159,439



8.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
211,924
118,083

211,924
118,083


Page 9

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

9.


Creditors: Amounts falling due within one year

2020
2019
£
£

Bank loans
100,000
100,000

Trade creditors
89,994
75,717

Retirement benefit scheme
302,783
302,783

Corporation tax
45,268
18,467

Other taxation and social security
109,440
48,894

Obligations under finance lease and hire purchase contracts
71,838
46,248

Other creditors
133,283
124,168

Accruals and deferred income
70,607
93,387

923,213
809,664



10.


Creditors: Amounts falling due after more than one year

2020
2019
£
£

Bank loans
1,775,000
1,875,000

Net obligations under finance leases and hire purchase contracts
133,723
118,164

1,908,723
1,993,164


Page 10

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

11.


Loans


Analysis of the maturity of loans is given below:


2020
2019
£
£

Amounts falling due within one year

Bank loans
100,000
100,000


100,000
100,000

Amounts falling due 1-2 years

Bank loans
400,000
400,000


400,000
400,000


Amounts falling due after more than 5 years

Bank loans
1,375,000
1,475,000

1,375,000
1,475,000

1,875,000
1,975,000



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2020
2019
£
£


Within one year
71,838
46,248

Between 1-5 years
133,724
118,164

205,562
164,412

Page 11

 
STEVEN LAYN (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

13.


Financial instruments

2020
2019
£
£

Financial assets


Financial assets measured at fair value through profit or loss
212,164
118,323




Financial assets measured at fair value through profit or loss comprise investments, cash and cash equivalents


14.


Deferred taxation




2020


£






Charged to profit or loss
(61,231)



At end of year
(61,231)

The deferred taxation balance is made up as follows:

2020
2019
£
£


Accelerated capital allowances
(61,231)
-

(61,231)
-


15.


Reserves


16.


Pension commitments

The company operates a defined contributions pension scheme. The asets of the scheme are held seperatley from those of the company in an independantly admisitered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,362 (2019 - £1,761). Contributions totalling £673 (2019 - £434) were payable to the fund at the balance sheet date.


17.


Controlling party

The company is under the control of the director.

 
Page 12