E C Straiton & Partners Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07097933 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

E C Straiton & Partners Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

263,356

295,894

Investment property

6

438,245

263,245

701,601

559,139

CURRENT ASSETS

Stocks

114,651

107,542

Debtors

7

1,140,955

1,163,030

Cash at bank and in hand

1,519,154

1,436,815

2,774,760

2,707,387

CREDITORS

Amounts falling due within one year

8

977,686

1,155,185

NET CURRENT ASSETS

1,797,074

1,552,202

TOTAL ASSETS LESS CURRENT LIABILITIES

2,498,675

2,111,341

CREDITORS

Amounts falling due after more than one year

9

-

(173,162

)

PROVISIONS FOR LIABILITIES

(39,938

)

(44,616

)

NET ASSETS

2,458,737

1,893,563

CAPITAL AND RESERVES

Called up share capital

580

580

Retained earnings

2,458,157

1,892,983

SHAREHOLDERS' FUNDS

2,458,737

1,893,563

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2022 and were signed on its behalf by:

S Woodcock - Director

1.	STATUTORY INFORMATION

E C Straiton & Partners Limited 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:

07097933

Registered office:

Veterinary Hospital

Cannock Road

Penkridge

Staffs

ST19 5RY

The presentation currency of the financial statements is the Pound Sterling (£).

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.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the financial statements have been prepared on a going concern basis.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, and is recognised as the company becomes entitled to consideration for those goods and services.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

The useful economic life of goodwill has been reassessed during the year and has been reduced from twenty years to ten years. The directors' believe this is a more accurate reflection of the use of goodwill.

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.

Long leasehold

-

Straight line over 20 years

Improvements to property

-

10% straight line basis

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Leasehold property is depreciated evenly over the life of the lease.

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 Profit and Loss Account, 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.

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

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 54 (2020 - 57 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

1,200,000

AMORTISATION

At 1 January 2021

and 31 December 2021

1,200,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 January 2021

152,076

15,400

383,026

Additions

-

-

28,189

Disposals

-

-

(14,337

)

At 31 December 2021

152,076

15,400

396,878

DEPRECIATION

At 1 January 2021

82,388

4,620

237,501

Charge for year

7,605

1,540

32,283

Eliminated on disposal

-

-

(1,516

)

At 31 December 2021

89,993

6,160

268,268

NET BOOK VALUE

At 31 December 2021

62,083

9,240

128,610

At 31 December 2020

69,688

10,780

145,525

Fixtures

and

Motor

Office

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2021

27,472

137,850

34,315

750,139

Additions

2,751

7,299

2,486

40,725

Disposals

-

-

-

(14,337

)

At 31 December 2021

30,223

145,149

36,801

776,527

DEPRECIATION

At 1 January 2021

14,298

94,655

20,783

454,245

Charge for year

3,185

12,624

3,205

60,442

Eliminated on disposal

-

-

-

(1,516

)

At 31 December 2021

17,483

107,279

23,988

513,171

NET BOOK VALUE

At 31 December 2021

12,740

37,870

12,813

263,356

At 31 December 2020

13,174

43,195

13,532

295,894

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

Plant and

machinery

£

COST

At 1 January 2021

and 31 December 2021

9,500

DEPRECIATION

At 1 January 2021

1,900

Charge for year

1,520

At 31 December 2021

3,420

NET BOOK VALUE

At 31 December 2021

6,080

At 31 December 2020

7,600

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

263,245

Additions

175,000

At 31 December 2021

438,245

NET BOOK VALUE

At 31 December 2021

438,245

At 31 December 2020

263,245

The director's have valued the investment property as at 31.12.2021

7.

DEBTORS

2021

2020

as restated

£

£

Amounts falling due within one year:

Trade debtors

247,240

267,162

Other debtors

893,535

895,688

1,140,775

1,162,850

Amounts falling due after more than one year:

Other debtors

180

180

Aggregate amounts

1,140,955

1,163,030

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

as restated

£

£

Hire purchase contracts

8,355

10,767

Trade creditors

168,445

226,230

Taxation and social security

469,016

593,445

Other creditors

331,870

324,743

977,686

1,155,185

Included in Other Creditors due within one year is a balance representing the liability due to the previous shareholder, Mr K Anderson, upon a purchase of own shares contract.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

as restated

£

£

Other creditors

-

173,162

Included in Other Creditors due after one year is a balance representing the liability due to the previous shareholder, Mr K Anderson, upon a purchase of own shares contract.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

as restated

£

£

Hire purchase contracts

8,355

10,767

Hire purchase liability is secured by the assets it relates too.