Sturdy Print & Design Limited - Period Ending 2021-05-31
Sturdy Print & Design Limited - Period Ending 2021-05-31
Company registration number:
Sturdy Print & Design Limited
for the Year Ended 31 May 2021
Sturdy Print & Design Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Sturdy Print & Design Limited
Company Information
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Directors |
Mr N J S Sturdy Mr Simon A Sturdy Mr Stewart A Sturdy |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sturdy Print & Design Limited
for the Year Ended 31 May 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sturdy Print & Design Limited for the year ended 31 May 2021 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Sturdy Print & Design Limited, as a body, in accordance with the terms of our engagement letter dated 19 March 2020. Our work has been undertaken solely to prepare for your approval the accounts of Sturdy Print & Design Limited and state those matters that we have agreed to state to the Board of Directors of Sturdy Print & Design Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sturdy Print & Design Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Sturdy Print & Design 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 Sturdy Print & Design Limited. You consider that Sturdy Print & Design 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 Sturdy Print & Design 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.
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Chartered Accountants
St. Helens
Merseyside
WA9 1UA
Sturdy Print & Design Limited
(Registration number: 01403217)
Balance Sheet as at 31 May 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 assets |
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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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( |
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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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Capital redemption reserve |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 May 2021 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Sturdy Print & Design Limited
(Registration number: 01403217)
Balance Sheet as at 31 May 2021
These financial statements have been 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
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Director
Sturdy Print & Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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 prepared in sterling, which is the functional currency of the entity.
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 sales/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 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.
Sturdy Print & Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
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.
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:
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Asset class |
Depreciation method and rate |
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Plant and Machinery |
15% reducing balance |
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Fixtures and fittings |
15% and 25% reducing balance |
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Motor vehicles |
25% straight line |
Freehold land is not depreciated. Freehold buildings are not depreciated where the directors are of the opinion that the buildings are sufficiently well maintained to ensure that the residual values of such properties, which are appraised on the basis of prices prevailing at the times of acquisition or subsequent valuation, are not less than the carrying values and accordingly annual depreciation would not be material to the financial statements. Carrying values are reviewed for impairment annually.
The companies properties are valued every three to five years on the basis of open market values.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Sturdy Print & Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sturdy Print & Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
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Tangible assets |
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Freehold property |
Long leasehold property |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2020 |
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Additions |
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Disposals |
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( |
( |
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At 31 May 2021 |
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Depreciation |
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At 1 June 2020 |
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Charge for the year |
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Eliminated on disposal |
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- |
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( |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
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At 31 May 2020 |
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If freehold properties were sold at their revalued amount, a potential tax charge not exceeding £8,300 would arise based on current year's tax rates.
Tangible assets held at valuation
The directors consider that the value of the company's freehold properties at 31 May 2021 was not significantly different from their revalued amount.
The directors consider that the value of the company's long leasehold investment property at 31 May 2021 was not significantly different from cost.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Sturdy Print & Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
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Freehold Property |
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At 31 May 2021 |
£ |
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Aggregate cost |
542,331 |
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Aggregate depreciation |
- |
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Carrying value |
542,331 |
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Debtors |
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2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Amounts recoverable on contracts |
137,771 |
115,446 |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2021 |
2020 |
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Due within one year |
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Bank and other borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans of £48,363 (2020 - £45,158), net obligations under finance lease and hire purchase contracts of £121,193 (2020 - £134,083) which are secured.
Sturdy Print & Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Creditors: amounts falling due after more than one year
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2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans of £89,761 (2020- £141,329) and net obligations under finance lease and hire purchase contracts of £61,165 (2020 - £182,358) which are secured.
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Reserves |
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.
Profit and loss accounts - This reserve records retained earnings and accumulated losses.
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Related party transactions |
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Transactions with directors |
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2021 |
At 1 June 2020 |
Advances to directors |
Repayments by director |
At 31 May 2021 |
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Mr Simon A Sturdy |
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Mr Stewart A Sturdy |
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Sturdy Print & Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
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2020 |
At 1 June 2019 |
Advances to directors |
Repayments by director |
At 31 May 2020 |
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Mr Simon A Sturdy |
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( |
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Mr Stewart A Sturdy |
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