STANDARD_CAPITAL_LIMITED - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Standard Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Crowe U.K. LLP, 3rd Floor, The Lexicon, Mount Street, Manchester, M2 5NT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

In their assessment of going concern the directors have considered the current and developing impact on the business as a result of the COVID19 virus.

The company has not been trading and therefore the virus has had no impact.

The company is reliant on the continued financial support from the director, who has provided confirmation of such financial support for the foreseeable future. On this basis these financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence in the foreseeable future.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The director, Mr P Aslett, operates a loan account with the company. During the year, Mr P Aslett introduced funds totalling £354 to the company. As at the balance sheet date, the amount owed to Mr P Aslett totalled £4,015 (2019 - £3,661) and is included within other creditors falling due within one year.

There are no repayment terms for this loan and no interest was charged during the year.