Staton Young (Northgate) Limited - Period Ending 2022-05-31

Staton Young (Northgate) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 9

Staton Young (Northgate) Limited

Company Information

Directors

R L Brough M L Brough

Registered office

Derwent Business Centre Clarke Street Derby DE1 2BU

Bankers

National Westminister Bank plc 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 (Northgate) Limited
for the Year Ended 31 May 2022

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 (Northgate) Limited for the year ended 31 May 2022 as set out on pages 3 to 9 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 (Northgate) 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 (Northgate) Limited and state those matters that we have agreed to state to the Board of Directors of Staton Young (Northgate) 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 (Northgate) 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 (Northgate) 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 loss of Staton Young (Northgate) Limited. You consider that Staton Young (Northgate) 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 (Northgate) 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

22 February 2023

Staton Young (Northgate) Limited

(Registration number: 12733758)
Balance Sheet as at 31 May 2022

	Note	Year ended 31 May 2022 £	Period ended 31 May 2021 £
Fixed assets
Tangible assets	4	7,246,117	2,249,218
Investment property	5	-	605,000
		7,246,117	2,854,218
Current assets
Debtors	6	198,066	204,540
Cash at bank and in hand		150	12
		198,216	204,552
Creditors: Amounts falling due within one year	7	(1,659,627)	(1,487,138)
Net current liabilities		(1,461,411)	(1,282,586)
Total assets less current liabilities		5,784,706	1,571,632
Creditors: Amounts falling due after more than one year	7	(6,418,543)	(1,646,033)
Provisions for liabilities		-	(17,195)
Net liabilities		(633,837)	(91,596)
Capital and reserves
Called up share capital		100	100
Revaluation reserve		-	(17,195)
Profit and loss account		(633,937)	(74,501)
Total equity		(633,837)	(91,596)

Staton Young (Northgate) Limited

(Registration number: 12733758)
Balance Sheet as at 31 May 2022

For the financial year ending 31 May 2022 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 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 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 22 February 2023 and signed on its behalf by:
 

M L Brough Director

Staton Young (Northgate) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

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.

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 financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the related parties not requiring the withdrawal of their monies owed to them until sufficient funds are available.

If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

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.

Staton Young (Northgate) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Tax

The tax expense for the period comprises 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.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

Staton Young (Northgate) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

4	Tangible assets

	Properties under construction  £	Total £
Cost or valuation
At 1 June 2021	2,249,218	2,249,218
Additions	4,996,899	4,996,899
At 31 May 2022	7,246,117	7,246,117
Carrying amount
At 31 May 2022	7,246,117	7,246,117
At 31 May 2021	2,249,218	2,249,218

5	Investment properties

	Year ended 31 May 2022 £
At 1 June	605,000
Disposals	(605,000)
At 31 May	-

Staton Young (Northgate) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

6

Debtors

	Year ended 31 May 2022 £	Period ended 31 May 2021 £
Trade debtors	-	9,199
Other debtors	198,066	195,341
	198,066	204,540

7

Creditors

	Note	Year ended 31 May 2022 £	Period ended 31 May 2021 £
Due within one year
Loans and borrowings	8	-	68,738
Trade creditors		626,004	175,938
Amounts owed to group undertakings	9	1,029,668	1,236,587
Taxation and social security		-	1,925
Other creditors		3,955	3,950
		1,659,627	1,487,138
Due after one year
Loans and borrowings	8	6,418,543	1,646,033

Staton Young (Northgate) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

8	Loans and borrowings

	Year ended 31 May 2022 £	Period ended 31 May 2021 £
Non-current loans and borrowings
Bank borrowings	6,418,543	1,646,033

	Year ended 31 May 2022 £	Period ended 31 May 2021 £
Current loans and borrowings
Bank borrowings	-	68,738

Secured borrowings
Liabilities in respect of bank borrowings and other borrowings are secured by a first legal charge over the company's properties, a debenture over the company's whole assets and undertaking and an unlimited inter company composite guarantee between the company and a related company. The carrying amounts at the year end were £6,418,543 (2021 - £1,714,771).

9	Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption under FRS102 Section 1A in respect of disclosing transactions with other members of the group.