Stackright North West Limited - Period Ending 2021-12-31

STACKRIGHT NORTH WEST LIMITED - Company Information

Stackright North West Limited 08097420 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is holding company. The company rents properties to its trading subsidiary. The principal activity of its subsidiary company is that of portable accommodation manufacturers. Digita Accounts Production Advanced 6.30.9574.0 true true true true false false true 08097420 2021-01-01 2021-12-31 08097420 2021-12-31 08097420 bus:Director10 2021-12-31 08097420 bus:OrdinaryShareClass1 2021-12-31 08097420 core:AmortisationDeferredTax 2021-12-31 08097420 core:RetainedEarningsAccumulatedLosses 2021-12-31 08097420 core:ShareCapital 2021-12-31 08097420 core:CurrentFinancialInstruments 2021-12-31 08097420 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 08097420 core:CostValuation 2021-12-31 08097420 core:ProvisionsForImpairmentInvestments 2021-12-31 08097420 core:BetweenTwoFiveYears 2021-12-31 08097420 core:MoreThanFiveYears 2021-12-31 08097420 core:WithinOneYear 2021-12-31 08097420 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 08097420 core:DeferredTaxation 2021-12-31 08097420 bus:FRS102 2021-01-01 2021-12-31 08097420 bus:Audited 2021-01-01 2021-12-31 08097420 bus:FullAccounts 2021-01-01 2021-12-31 08097420 bus:RegisteredOffice 2021-01-01 2021-12-31 08097420 bus:Director10 2021-01-01 2021-12-31 08097420 bus:Director8 2021-01-01 2021-12-31 08097420 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 08097420 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 08097420 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 08097420 core:ShareCapital 2021-01-01 2021-12-31 08097420 core:LandBuildings core:LongLeaseholdAssets 2021-01-01 2021-12-31 08097420 core:LeaseholdImprovements 2021-01-01 2021-12-31 08097420 core:DeferredTaxation 2021-01-01 2021-12-31 08097420 core:Subsidiary1 2021-01-01 2021-12-31 08097420 core:UKTax 2021-01-01 2021-12-31 08097420 1 2021-01-01 2021-12-31 08097420 countries:AllCountries 2021-01-01 2021-12-31 08097420 2020-12-31 08097420 core:RetainedEarningsAccumulatedLosses 2020-12-31 08097420 core:ShareCapital 2020-12-31 08097420 core:CostValuation 2020-12-31 08097420 core:ProvisionsForImpairmentInvestments 2020-12-31 08097420 core:LandBuildings core:LongLeaseholdAssets 2020-12-31 08097420 core:DeferredTaxation 2020-12-31 08097420 2020-01-01 2020-12-31 08097420 2020-12-31 08097420 bus:OrdinaryShareClass1 2020-12-31 08097420 core:AmortisationDeferredTax 2020-12-31 08097420 core:RetainedEarningsAccumulatedLosses 2020-12-31 08097420 core:ShareCapital 2020-12-31 08097420 core:CurrentFinancialInstruments 2020-12-31 08097420 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 08097420 core:BetweenTwoFiveYears 2020-12-31 08097420 core:MoreThanFiveYears 2020-12-31 08097420 core:WithinOneYear 2020-12-31 08097420 core:LandBuildings core:LongLeaseholdAssets 2020-12-31 08097420 core:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 08097420 core:ShareCapital 2020-01-01 2020-12-31 08097420 core:Subsidiary1 2020-01-01 2020-12-31 08097420 core:UKTax 2020-01-01 2020-12-31 08097420 2019-12-31 08097420 core:RetainedEarningsAccumulatedLosses 2019-12-31 08097420 core:ShareCapital 2019-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08097420

Stackright North West Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2021

Stackright North West Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Income Statement	8
Statement of Financial Position	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 to 19

Stackright North West Limited

Company Information

Directors

J L R Cicero

A Pontiero

Registered office

Gardiners Place
West Gillibrands Ind Est
Skelmersdale
WN8 9SP

Auditor

Azets Audit Services
Chartered Accountants & Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

Stackright North West Limited

Strategic Report for the Year Ended 31 December 2021

The directors present their strategic report for the year ended 31 December 2021.

Principal activity

The company is a holding company. The company rents properties to its trading subsidiary. The principal activity of its subsidiary company is that of portable accommodation manufacturers.

Fair review of the business

The trading results of the company's financial position are shown in the attached financial statements.

Principal risks and uncertainties

The principal risks identified by the management team continue to be in relation to the management of cash resources. The company maintains adequate cash to enable the company to meet the demands of their cash flow cycle and monitor this on a frequent basis.

Approved and authorised by the Board on 20 September 2022 and signed on its behalf by:

.........................................
J L R Cicero
Director

Stackright North West Limited

Directors' Report for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors of the company

The directors who held office during the year were as follows:

J L R Cicero

A Pontiero (appointed 16 November 2021)

Future developments

No changes in the nature of the company are anticipated.

Going concern

The company currently does not trade and acts as a holding company for its subsidiary undertaking. Any working capital requirements would be met via funding from its subsidiary undertaking. The company is not forecasting to have any significant working capital requirements over the next 12 months due to its status as a non trading holding company. Given that the level of income and expenditure is largely fixed for the next twelve months, the company should be able to continue in operational existence for that period, taking into account possible changes in trading performance.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on going concern basis.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditor

Azets Audit Services Limited, trading as Azets Audit Services, were appointed auditor to the company following their acquisition of the trade of Tait Walker LLP, trading as MHA Tait Walker, on 1 May 2022.

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 20 September 2022 and signed on its behalf by:

.........................................
J L R Cicero
Director

Stackright North West Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Stackright North West Limited

Independent Auditor's Report to the Members of Stackright North West Limited

Opinion

We have audited the financial statements of Stackright North West Limited (the 'company') for the year ended 31 December 2021, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Stackright North West Limited

Independent Auditor's Report to the Members of Stackright North West Limited (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•	enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
•	reviewing financial statement disclosures and testing to support documentation; and

Stackright North West Limited

Independent Auditor's Report to the Members of Stackright North West Limited (continued)

•	auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

Because of the field in which the client operates, we identified compliance with the UK Companies Act as that most likely to have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Brian Laidlaw BA CA (Senior Statutory Auditor)
For and on behalf of
Azets Audit Services
Statutory Auditor
Chartered Accountants

Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

20 September 2022

Azets Audit Services is a trading name of Azets Audit Services Limited

Stackright North West Limited

Income Statement for the Year Ended 31 December 2021

	Note	2021 £	2020 £
Turnover	3	300,000	300,000
Administrative expenses		(63,797)	(62,047)
Operating profit	4	236,203	237,953
Other interest receivable and similar income		829	-
Interest payable and similar expenses	5	(635)	(304)
Profit before tax		236,397	237,649
Taxation	6	(60,209)	(53,389)
Profit for the financial year		176,188	184,260

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Stackright North West Limited

(Registration number: 08097420)
Statement of Financial Position as at 31 December 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	7	1,442,406	1,458,258
Investments	8	2	2
		1,442,408	1,458,260
Current assets
Debtors	9	500,000	511,509
Cash at bank and in hand		7,869	7,098
		507,869	518,607
Creditors: Amounts falling due within one year	10	(772,801)	(988,425)
Net current liabilities		(264,932)	(469,818)
Total assets less current liabilities		1,177,476	988,442
Provisions for liabilities	11	(54,032)	(41,186)
Net assets		1,123,444	947,256
Capital and reserves
Called up share capital	12	103	103
Profit and loss account	13	1,123,341	947,153
Total equity		1,123,444	947,256

Approved and authorised by the Board on 20 September 2022 and signed on its behalf by:

.........................................
J L R Cicero
Director

Stackright North West Limited

Statement of Changes in Equity for the Year Ended 31 December 2021

	Share capital £	Profit and loss account £	Total £
At 1 January 2020	103	762,893	762,996
Profit for the year	-	184,260	184,260
Total comprehensive income	-	184,260	184,260
At 31 December 2020	103	947,153	947,256

	Share capital £	Profit and loss account £	Total £
At 1 January 2021	103	947,153	947,256
Profit for the year	-	176,188	176,188
Total comprehensive income	-	176,188	176,188
At 31 December 2021	103	1,123,341	1,123,444

Stackright North West Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is Gardiners Place, West Gillibrands Ind Est, Skelmersdale, WN8 9SP.

2	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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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.

These financial statements are prepared in sterling which is the functional currency of the entity.

Summary of disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.

The Company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

Name of parent of group

These financial statements are consolidated in the financial statements of GCH Corporation Limited.

The financial statements of GCH Corporation Limited may be obtained from 2 Castle Business Village, Station Road, Hampton, Middlesex, TW112 2BX.

Group accounts not prepared

The entity has taken advantage of exemption from preparing consolidated financial statement contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under UK law.

Stackright North West Limited

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

2	Accounting policies (continued)

Going concern

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Assessing indicators of impairment - In assessing whether there have been indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.

Taxation - Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Useful economic lives of tangible assets - The annual depreciation charge is sensitive to changes in the estimated useful lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, future investments and economic utilisation. The carrying amount is £1,442,406 (2020 - £1,458,258).

Stackright North West Limited

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

	Asset class	Depreciation method and rate
	Long leasehold property	1% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.Investments inequity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stackright North West Limited

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

2	Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

	2021 £	2020 £
Sale of goods	300,000	300,000

4	Operating profit

Arrived at after charging/(crediting)

	2021 £	2020 £
Depreciation expense	15,852	15,852

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

Stackright North West Limited

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

The audit fee of £1,500 (2020 - £1,500) has been borne by Stackright Ltd on behalf of the company.

5	Interest payable and similar expenses

	2021 £	2020 £
Interest expense on other finance liabilities	635	304

Taxation

Tax charged/(credited) in the income statement

	2021 £	2020 £
Current taxation
UK corporation tax	47,363	47,483
UK corporation tax adjustment to prior periods	-	1,556
	47,363	49,039
Deferred taxation
Arising from origination and reversal of timing differences	(122)	16
Arising from changes in tax rates and laws	12,968	4,334
Total deferred taxation	12,846	4,350
Tax expense in the income statement	60,209	53,389

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2020 - higher than the standard rate of corporation tax in the UK) of 19% (2020 - 19%).

The differences are reconciled below:

	2021 £	2020 £
Profit before tax	236,397	237,649
Corporation tax at standard rate	44,916	45,153
Effect of expense not deductible in determining taxable profit (tax loss)	2,325	2,345
UK deferred tax expense relating to changes in tax rates or laws	12,968	4,335
Deferred tax expense from unrecognised temporary difference from a prior period	-	1,556
Total tax charge	60,209	53,389

In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate will increase from 19% to 25%. This new law was deemed substantively enacted on 24 May 2021 and the deferred tax balances at the year end have been calculated based on this rate.

Stackright North West Limited

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

6	Taxation (continued)

Deferred tax

Deferred tax assets and liabilities

2021	Liability £
Fixed asset timing differences	54,032

2020	Liability £
Fixed asset timing differences	41,186

7	Tangible assets

	Long leasehold land and buildings £
Cost or valuation
At 1 January 2021	1,583,645
At 31 December 2021	1,583,645
Depreciation
At 1 January 2021	125,387
Charge for the year	15,852
At 31 December 2021	141,239
Carrying amount
At 31 December 2021	1,442,406
At 31 December 2020	1,458,258

Stackright North West Limited

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

8	Investments in subsidiaries, joint ventures and associates

	2021 £	2020 £
Investments in subsidiaries	2	2

Subsidiaries	£
Cost or valuation
At 1 January 2021	2
At 31 December 2021	2
Provision
At 1 January 2021	-
At 31 December 2021	-
Carrying amount
At 31 December 2021	2
At 31 December 2020	2

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2021	2020
Subsidiary undertakings
Stackright Ltd	Gardiners Place West Gilbrands Industrial Estate Skelmersdale Lancashire WN8 9SP	Ordinary	100%	100%

Subsidiary undertakings

Stackright Ltd

The principal activity of Stackright Ltd is portable accommodation manufacturers..

Stackright North West Limited

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

Debtors

	2021 £	2020 £
Amounts owed by group undertakings	500,000	500,000
Prepayments	-	11,509
	500,000	511,509

Creditors

	2021 £	2020 £
Due within one year
Amounts owed to group undertakings	719,491	901,798
Social security and other taxes	15,000	25,396
Corporation tax liability	38,310	61,231
	772,801	988,425

11	Deferred tax and other provisions

	Deferred tax £	Total £
At 1 January 2021	41,186	41,186
Increase in existing provisions	12,846	12,846
At 31 December 2021	54,032	54,032

12	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	103	103	103	103

Stackright North West Limited

Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)

Reserves

Called up share capital

This reserve records the nominal value of share capital used.

Profit and loss account

This reserve records retained earnings and accumulated losses.

14	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2021 £	2020 £
Not later than one year	46,037	46,037
Later than one year and not later than five years	184,148	184,148
Later than five years	5,110,107	5,156,144
	5,340,292	5,386,329

The amount of non-cancellable operating lease payments recognised as an expense during the year was £46,037 (2020 - £46,037).

Operating leases - lessor

The total of future minimum lease payments is as follows:

	2021 £	2020 £
Not later than one year	300,000	300,000
	300,000	300,000

15	Parent and ultimate parent undertaking

The company's immediate parent is GCH Corporation Limited, incorporated in England & Wales.

The most senior parent entity producing publicly available financial statements is GCH Corporation Limited. These financial statements are available upon request from 2, Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.

The ultimate controlling party is Mr G F Hutchings.