The Staffordshire Tile And Stone Co Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07381020 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THE STAFFORDSHIRE TILE AND STONE CO

LTD

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

18,879

30,441

CURRENT ASSETS

Stocks

523,990

428,325

Debtors

5

154,714

181,072

Cash at bank and in hand

284,833

144,189

963,537

753,586

CREDITORS

Amounts falling due within one year

6

434,847

350,685

NET CURRENT ASSETS

528,690

402,901

TOTAL ASSETS LESS CURRENT LIABILITIES

547,569

433,342

CREDITORS

Amounts falling due after more than one year

7

(49,159

)

(74,583

)

PROVISIONS FOR LIABILITIES

(3,471

)

(4,548

)

NET ASSETS

494,939

354,211

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

494,839

354,111

SHAREHOLDERS' FUNDS

494,939

354,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 March 2021 and were signed by:

G Dollochin - Director

1.	STATUTORY INFORMATION

The Staffordshire Tile And Stone Co Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07381020

Registered office:

Unit 2

Baswich Business Park

Tilcon Avenue

Stafford

Staffordshire

ST18 0YL

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 the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 25% on cost, 20% on reducing balance and equally over the lease term

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

86,428

Disposals

(28,528

)

At 31 December 2020

57,900

DEPRECIATION

At 1 January 2020

55,987

Charge for year

5,399

Eliminated on disposal

(22,365

)

At 31 December 2020

39,021

NET BOOK VALUE

At 31 December 2020

18,879

At 31 December 2019

30,441

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2020

24,400

Disposals

(10,450

)

Transfer to ownership

(13,950

)

At 31 December 2020

-

DEPRECIATION

At 1 January 2020

19,305

Charge for year

(1

)

Eliminated on disposal

(7,970

)

Transfer to ownership

(11,334

)

At 31 December 2020

-

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

5,095

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

145,322

173,961

Other debtors

9,392

7,111

154,714

181,072

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

12,289

5,000

Trade creditors

212,492

201,332

Taxation and social security

135,154

77,897

Other creditors

74,912

66,456

434,847

350,685

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

49,159

9,583

Other creditors

-

65,000

49,159

74,583

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

18,721

18,721

Between one and five years

19,267

32,840

37,988

51,561