Staton Young (Bars) Limited - Period Ending 2021-05-31

Staton Young (Bars) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 8

Staton Young (Bars) Limited

Company Information

Directors

T Brough K R Goslin

Registered office

Derwent Business Centre Clarke Street Derby Derbyshire DE1 2BU

Bankers

National Westminster Bank 16 South Parade Nottingham NG1 2JX

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Staton Young (Bars) 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 Staton Young (Bars) Limited for the year ended 31 May 2021 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/
member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Staton Young (Bars) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Staton Young (Bars) Limited and state those matters that we have agreed to state to the Board of Directors of Staton Young (Bars) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Staton Young (Bars) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Staton Young (Bars) 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 Staton Young (Bars) Limited. You consider that Staton Young (Bars) 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 Staton Young (Bars) 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.

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

27 October 2021

Staton Young (Bars) Limited

(Registration number: 10164562)
Balance Sheet as at 31 May 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	5	139,151	46,153
Current assets
Stocks		4,514	-
Debtors	6	130,177	22,990
Cash at bank and in hand		32,443	30,449
		167,134	53,439
Creditors: Amounts falling due within one year	7	(341,750)	(174,237)
Net current liabilities		(174,616)	(120,798)
Net liabilities		(35,465)	(74,645)
Capital and reserves
Called up share capital	8	400	400
Profit and loss account		(35,865)	(75,045)
Total equity		(35,465)	(74,645)

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:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 and 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 Board on 27 October 2021 and signed on its behalf by:
 

......................................... T Brough Director

Staton Young (Bars) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

1	General information

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

The address of the registered office is given in the company information on page 1 of the financial statements.

The principal place of business is:
6 Friar Gate
Derby
DE1 1BU

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 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 presented in Sterling (£) and rounded to the nearest £1.

Going concern

The global pandemic known as Covid-19 is causing uncertainty throughout the UK economy and the company has been affected by this. The Company is making use of the Government support schemes and is working closely with customers and suppliers to review their plans and expected activities in the coming months.

At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy and our market sector will react over the coming year.

Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of directors, shareholders, group companies, companies under common control, and the Government support schemes.

Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.

Staton Young (Bars) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

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.

Government grants

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income.

Tax

The tax expense for the period comprises current 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.

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 balance sheet 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
Furniture, fittings and equipment	15% straight line basis

Staton Young (Bars) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2020 - 12).

4	Other exceptional items

The analysis of the company's exceptional items for the year is as follows:

	2021 £	2020 £
Other exceptional item	-	(226,433)

In 2020 the above exceptional item relates to the write off of an inter-company creditor balance in relation to amounts owed to the parent company.
 

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2020	94,484	94,484
Additions	107,170	107,170
At 31 May 2021	201,654	201,654
Depreciation
At 1 June 2020	48,331	48,331
Charge for the year year	14,172	14,172
At 31 May 2021	62,503	62,503
Carrying amount
At 31 May 2021	139,151	139,151
At 31 May 2020	46,153	46,153

Staton Young (Bars) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

6

Debtors

	Note	2021 £	2020 £
Trade debtors		6,067	458
Amounts owed by group undertakings		24,207	1,335
Other debtors		99,903	21,197
		130,177	22,990

7

Creditors

	2021 £	2020 £
Due within one year
Trade creditors	220,206	52,252
Taxation and social security	69,823	67,782
Other creditors	51,721	54,203
	341,750	174,237

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	200	200	200	200
Ordinary A shares of £1 each	190	190	190	190
Ordinary B shares of £1 each	10	10	10	10
	400	400	400	400

Staton Young (Bars) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

9	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, in respect of operating leases is £56,667 (2020 - £96,667).

	2021 £
Not later than one year	40,000
Later than one year but not later than two years	16,667
Later than two years but not later than five years	-
	56,667