Staton Young (Bars) Limited - Period Ending 2017-05-31
Staton Young (Bars) Limited - Period Ending 2017-05-31
Registration number:
Staton Young (Bars) Limited
for the Period from 5 May 2016 to 31 May 2017
Staton Young (Bars) Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
Staton Young (Bars) Limited
Company Information
Director |
M L Brough |
Registered office |
|
Bankers |
|
Accountants |
|
Page 1 |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Staton Young (Bars) Limited
for the Period Ended 31 May 2017
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 period ended 31 May 2017 as set out on pages 3 to 7 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 loss of Staton Young (Bars) Limited. You consider that Staton Young (Bars) Limited is exempt from the statutory audit requirement for the period.
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.
......................................
Millennium Way
Pride Park
Derby
DE24 8HG
Page 2 |
Staton Young (Bars) Limited
(Registration number: 10164562)
Balance Sheet as at 31 May 2017
Note |
2017 |
|
Fixed assets |
||
Tangible assets |
|
|
Current assets |
||
Stocks |
|
|
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Total assets less current liabilities |
( |
|
Provisions for liabilities |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
|
|
Profit and loss account |
( |
|
Total equity |
( |
For the financial period ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
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
.........................................
M L Brough
Director
Page 3 |
Staton Young (Bars) Limited
Notes to the Financial Statements for the Period from 5 May 2016 to 31 May 2017
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
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 (£).
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 directors. In addition this is dependent on the related parties and other creditors 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 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.
Page 4 |
Staton Young (Bars) Limited
Notes to the Financial Statements for the Period from 5 May 2016 to 31 May 2017
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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Page 5 |
Staton Young (Bars) Limited
Notes to the Financial Statements for the Period from 5 May 2016 to 31 May 2017
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 May 2017 |
|
|
Depreciation |
||
Charge for the year |
|
|
At 31 May 2017 |
|
|
Carrying amount |
||
At 31 May 2017 |
|
|
Stocks |
2017 |
|
Other inventories |
|
Debtors |
Note |
2017 |
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
|
Creditors |
Note |
2017 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
Page 6 |
Staton Young (Bars) Limited
Notes to the Financial Statements for the Period from 5 May 2016 to 31 May 2017
Share capital |
Allotted, called up and fully paid shares
31 May 2017 |
||
No. |
£ |
|
|
|
200 |
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet in respect of operating leases is £71,875.
Related party transactions |
Summary of transactions with other related parties
Page 7 |