Staton Young (Litchurch) Limited - Period Ending 2020-05-31
Staton Young (Litchurch) Limited - Period Ending 2020-05-31
Registration number:
Staton Young (Litchurch) Limited
for the Year Ended 31 May 2020
Staton Young (Litchurch) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Staton Young (Litchurch) Limited
Company Information
Directors |
M L Brough R L Brough |
Registered office |
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Bankers |
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Accountants |
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Staton Young (Litchurch) Limited
for the Year Ended 31 May 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Staton Young (Litchurch) Limited for the year ended 31 May 2020 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/
member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Staton Young (Litchurch) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Staton Young (Litchurch) Limited and state those matters that we have agreed to state to the Board of Directors of Staton Young (Litchurch) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-
163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Staton Young (Litchurch) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Staton Young (Litchurch) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Staton Young (Litchurch) Limited. You consider that Staton Young (Litchurch) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Staton Young (Litchurch) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Millennium Way
Pride Park
Derby
DE24 8HG
Staton Young (Litchurch) Limited
(Registration number: 10204908)
Balance Sheet as at 31 May 2020
Note |
2020 |
2019 |
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Fixed assets |
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Investment property |
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Investments |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Total equity |
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Staton Young (Litchurch) Limited
(Registration number: 10204908)
Balance Sheet as at 31 May 2020
For the financial year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Staton Young (Litchurch) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of the registered office is given in the company information on page 1 of the financial statements.
The principal place of business is:
Litchurch Plaza
Litchurch Lane
Derby
DE24 8AA
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Group accounts not prepared
Going concern
The emergence of the global pandemic known as Covid-19 has raised significant uncertainty throughout the UK economy. The Company is making use of the Government support schemes and is working closely with customers and suppliers to review their plans and expected activities in the coming months.
At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy will react over the coming year.
Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts and the value of other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of finance providers and the Government support schemes.
Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.
Staton Young (Litchurch) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised, if the revision only affects that period, or in the period of revision and future period if the revision affects both the current and future periods.
The estimates and assumptions which have risk of causing material adjustment to the carrying amount of assets and liabilities are set out below:
Valuation of investment properties
These valuations rely on a number of estimations and assumptions being made in relation to market conditions and developments.
Revenue recognition
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Rental and service income is recognised based on the period the charge relates to.
Government grants
Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.
Investment property
Staton Young (Litchurch) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2020 |
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At 1 June |
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Fair value adjustments |
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At 31 May 2020 |
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The fair values of the investment properties were reviewed by the directors at 31 May 2020. The fair values have been determined by carrying out a review of the property and investment yields in the area.
These properties were valued at £1,700,000 (2019 - £1,340,000). The directors valuations are further supported by independent valuations carried out in December 2019, which were carried out in accordance with RICS and have been considered by the directors in establishing their fair values as at 31 May 2020. In addition to this further desktop valuations have been carried out since the balance sheet date and considered as part of the directors assessment.
Staton Young (Litchurch) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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- |
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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At 31 May 2020 |
- |
Carrying amount |
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At 31 May 2020 |
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Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings |
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- |
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Other debtors |
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Creditors |
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Staton Young (Litchurch) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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- |
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2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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- |
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Secured borrowings
Liabilities in respect of bank borrowings are secured by a first legal charge over the company's properties, a debenture over the company's whole assets and undertaking and an unlimited inter company composite guarantee between the company and a related company. The carrying amount at the year end is £497,626 (2019 - £503,125).
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments in respect of operating leases not included in the balance sheet is £
The company has entered into cross guarantees and debentures with its bankers to secure the liabilities of other related companies. The contingent liability as at 31 May 2020 is £5,421,505 (2019 - £4,573,093). The future outcome is dependent on the performance of individual companies concerned. However the directors do not expect any liability to crystallise.
Staton Young (Litchurch) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 June 2019 |
Advances to directors |
Repayments by director |
At 31 May 2020 |
Interest free loan repayable on demand |
- |
( |
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- |
2019 |
At 1 June 2018 |
Advances to directors |
Repayments by director |
At 31 May 2019 |
Interest free loan repayable on demand |
- |
( |
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- |
The directors give a personal guarantee in respect of other borrowings. The carrying amount at the year end is £134,333 (2019 - £nil).
Summary of transactions with other related parties