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Registered number: 07437203
STYLE ACRE TRADING LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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STYLE ACRE TRADING LIMITED
REGISTERED NUMBER: 07437203
BALANCE SHEET
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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STYLE ACRE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Style Acre Trading Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised for the sale of goods when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on the dispatch of the good), the amount of revenue can be measured reliably, it is probable that the economic benefit will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Page 2
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STYLE ACRE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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Depreciation has not been provided in respect of freehold property which is held within Style Acre Trading Limited (subsidiary company). The Group adopts a policy of fully maintaining its buildings and as such the residual value is so high and the expected useful life is so long, that the depreciation charge would be immaterial both in terms of the depreciation charged for the year and the cumulative charge to the balance sheet.
The buildings are reviewed annually for any signs of impairment by the trustees.
Items included in fixed assets are capitalised where the purchase cost exceeds £1,000, where the expenditure is deemed to add to the market value of the property.
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Cash and cash equivalents
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Cash at bank and in hand includes cash only.
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Page 3
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STYLE ACRE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
In the application of the company's accounting policies, the Directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities 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 company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The most significant estimates and assumptions which affect the carrying amount of each assets and liabilities in the accounts relates to depreciation which is covered in note 2.6.
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The average monthly number of employees, including officers, during the year was 23 (2020 - 23).
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Short-term leasehold property
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Page 4
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STYLE ACRE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
5.Tangible fixed assets (continued)
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Freehold property relates to the Banbury Support Hub (SABRe).
The Directors have considered the basis on which the SABRe building at Butchers Row should be accounted for under FRS 102. Having reviewed the rental income paid by the tenants in the building, the Directors have concluded that the building is held for the provision of social benefit and that it qualifies as Property, Plant and Equipment rather than as an Investment Property; accordingly the building’s carrying value is stated at historic cost.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Other taxation and social security
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Amounts owed to group undertakings
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Page 5
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STYLE ACRE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The other loans falling due in more than five years comprise an amount of £700,000 paid to the Company by its charitable parent, Style Acre, for the purpose of purchasing and refurbishing the SABRe building at Butchers Row in Banbury. The project was carried out by the Company as this was more tax efficient for the charitable group rather than Style Acre doing so itself.
The building is in active use and contributes to delivering Style Acre’s charitable objectives in the Banbury area. The amounts paid to the Company to finance the project are a loan, which will be repayable to Style Acre in the event of the SABRe building being disposed of or it ceases to be used to further Style Acre’s charitable objectives.
The Trustees of Style Acre have provided the Directors of the Company with a commitment that Style Acre will meet the continuing operating costs of the Company for a period of at least 12 months from the date of signing the financial statements, and will ensure that its liabilities and obligations to all parties outside of the group will continue to be met as they fall due. The scope of this commitment extends to the repayment of the loan should it fall due.
The Directors have considered whether the loan falls under the definition of a financing transaction under FRS 102, such a transaction should be stated at its present value, measured by any future payment discounted at a market rate of interest. There are no clear repayment terms or timescale for the loan; the trigger for repayment is regarded as remote given the importance of the building expanding the support we offer in Banbury. Accordingly, the Directors are of the opinion that the fair value of the loan amount to be included in the financial statement is its original monetary value.
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. During the year pension contributions charged in the Statement of Comprehensive Income amounts to £2,752 (2020: £2,962). At the balance sheet date, outstanding contributions amounts to £Nil (2020: £Nil) and are included in creditors.
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Commitments under operating leases
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At 31 March 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 6
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STYLE ACRE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Related party transactions
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During the year the company traded with its parent, Style Acre. Detailed transactions between the company and Style Acre have not been disclosed as allowed under FRS 102 Section 33.
The parent, Style Acre provide day to day executive management for Acre Housing and Acre Housing are deemed to be a related party.
During the year the following transactions took place with Acre Housing: Housing rent and leasehold charges totalling £30,809 (2020: £30,711) were charged by Style Acre Trading Limited. As at 31 March 2021 an amount of £642 was owed to Acre Housing (2020: £Nil).
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The auditor's report on the financial statements for the year ended 31 March 2021 was unqualified.
The audit report was signed on 15 October 2021 by Darren O'Connor BSc (Hons) FCCA ACA (Senior statutory auditor) on behalf of James Cowper Kreston.
Page 7
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