David Stagg & Associates Limited Filleted accounts for Companies House (small and micro)

DAVID STAGG & ASSOCIATES LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 03593167

David Stagg & Associates Limited

Filleted Unaudited Financial Statements

31 August 2020

David Stagg & Associates Limited

Statement of Financial Position

31 August 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	5		52,480		53,130

Current assets

Stocks		82,416	99,450
Debtors	6	590,760	592,948
Cash at bank and in hand		785,457	608,409
		------------	------------
		1,458,633	1,300,807

Creditors: amounts falling due within one year	7	499,780		236,368
		------------		------------
Net current assets			958,853		1,064,439
			------------		------------
Total assets less current liabilities			1,011,333		1,117,569
			------------		------------
Net assets			1,011,333		1,117,569
			------------		------------

Capital and reserves

Called up share capital	8	80	80
Capital redemption reserve		20	20
Profit and loss account		1,011,233	1,117,469
		------------	------------
Shareholders funds		1,011,333	1,117,569
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

David Stagg & Associates Limited

Statement of Financial Position (continued)

31 August 2020

These financial statements were approved by the board of directors and authorised for issue on 25 May 2021 , and are signed on behalf of the board by:

Mrs R Richards

Director

Company registration number: 03593167

David Stagg & Associates Limited

Notes to the Financial Statements

Year ended 31st August 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Electron House, West Hanningfield Road, Great Baddow, Chelmsford, Essex, CM2 8JT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have considered the impact of the covid-19 pandemic in their assessment of the company's ability to prepare accounts as a going concern. Because of the uncertainties surrounding the effects of the economic slowdown it is difficult to predict the impact on the company and its customers, but having taken all the factors into account, the directors are of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Improvements	-	25% straight line
Plant and Machinery	-	25% straight line
Motor Vehicles	-	25% reducing balance
IT Equipment	-	20% reducing balance

Stocks

Stocks are measured 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 the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

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.

Research and development

Research and development expenditure is written off in the period in which it is incurred.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 35 (2019: 34 ).

5. Tangible assets

	Leasehold Property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1st September 2019	27,237	19,700	140,293	36,602	223,832
Additions	–	5,978	6,750	4,914	17,642
Disposals	–	–	( 15,000)	–	( 15,000)
	--------	--------	---------	--------	---------
At 31st August 2020	27,237	25,678	132,043	41,516	226,474
	--------	--------	---------	--------	---------
Depreciation
At 1st September 2019	27,237	16,470	103,551	23,444	170,702
Charge for the year	–	1,276	9,526	2,743	13,545
Disposals	–	–	( 10,253)	–	( 10,253)
	--------	--------	---------	--------	---------
At 31st August 2020	27,237	17,746	102,824	26,187	173,994
	--------	--------	---------	--------	---------
Carrying amount
At 31st August 2020	–	7,932	29,219	15,329	52,480
	--------	--------	---------	--------	---------
At 31st August 2019	–	3,230	36,742	13,158	53,130
	--------	--------	---------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	546,648	532,088
Prepayments and accrued income	18,215	20,540
Corporation tax repayable	–	15,053
Other debtors	25,897	25,267
	---------	---------
	590,760	592,948
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	221,655	110,430
Accruals and deferred income	41,732	10,669
Corporation tax	430	–
Social security and other taxes	145,963	115,245
Director loan accounts	90,000	24
	---------	---------
	499,780	236,368
	---------	---------

8. Called up share capital

Authorised share capital

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	80	80	80	80
	----	----	----	----

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	16,375	19,750
Later than 1 year and not later than 5 years	94,000	6,583
Later than 5 years	7,833	–
	---------	--------
	118,208	26,333
	---------	--------

10. Related party transactions

At the year end the company owed the directors £90,000 (2019: £24) which is shown amongst creditors.