S.A.A. STAFFORDSHIRE LIMITED - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05685307 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

S.A.A. STAFFORDSHIRE LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

to

5

FIXED ASSETS

Investment property

4

832,977

832,977

CURRENT ASSETS

Debtors

5

106,177

46,425

Cash at bank

243,995

267,044

350,172

313,469

CREDITORS

Amounts falling due within one year

6

(47,069

)

(127,555

)

NET CURRENT ASSETS

303,103

185,914

TOTAL ASSETS LESS CURRENT LIABILITIES

1,136,080

1,018,891

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,135,980

1,018,791

1,136,080

1,018,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2023 and were signed on its behalf by:

A J Adams - Director

1.	STATUTORY INFORMATION

S.A.A. STAFFORDSHIRE LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

05685307

Registered office:

Chez Nous

Clewlows Bank

Stockton Brook

Stoke on Trent

Staffordshire

ST9 9LN

The principal activity of the company continued to be that of an investment property company.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Investment properties

The open market value of the investment properties has been determined by the directors, based on their experience of the market and the selling price of similar properties.

REVENUE RECOGNITION

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

INVESTMENT PROPERTY

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 January 2022

and 31 December 2022

832,977

NET BOOK VALUE

At 31 December 2022

832,977

At 31 December 2021

832,977

The directors consider the investment properties to be stated at fair value as at 31 December 2022.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

6,077

42,370

Other debtors

100

4,055

Directors' loan accounts

100,000

-

106,177

46,425

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Tax

27,489

125,077

VAT

3,602

712

Accruals and deferred income

15,978

1,766

47,069

127,555

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

A J Adams

Balance outstanding at start of year

-

57,112

Amounts advanced

100,000

-

Amounts repaid

-

(57,112

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

100,000

-

R A Adams

Balance outstanding at start of year

-

21,415

Amounts repaid

-

(21,415

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

A C Smith

Balance outstanding at start of year

-

3,880

Amounts repaid

-

(3,880

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The above directors had interest free loans during the year with no fixed repayment terms.

By virtue of the outstanding loan account balances a liability to taxation exists under Section 455 of CTA 2010 of £32,500. The loans were cleared within 9 months of the year-end and so no further provision for tax has been made.

8.	EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the Board.