Stangate (UK) Ltd
Stangate (UK) Ltd
Registered number: 08597789
Unaudited Financial Statements
For The Year Ended 31 July 2017
CKRD ACCOUNTANTS LTD
194 Honeypot Lane
Stanmore
Middlesex
HA7 1EE
Stangate (UK) Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Stangate (UK) Ltd
Balance Sheet
As at
31 July 2017
Balance Sheet
Registered number:
08597789
For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 573,527 | (14,365) | |||
Page 1
Stangate (UK) Ltd
Balance Sheet (continued)
As at
31 July 2017
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Stangate (UK) Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 July 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
1.4.
Investment properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their fair value.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
5.
Tangible Assets
| Investment Properties | |
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| £ | |
| Cost | |
| As at |
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| Additions | 8,677 |
| Revaluation | 571,664 |
| As at |
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| Net Book Value | |
| As at |
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| As at |
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Page 3
Stangate (UK) Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 July 2017
6.
Stocks
| 2017 | 2016 as restated |
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| £ | £ | ||
| Stock - work in progress |
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7.
Debtors
| 2017 | 2016 as restated |
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Called up share capital not paid |
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8.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 as restated |
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other creditors |
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| Accruals and deferred income |
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9.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 as restated |
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| £ | £ | ||
| Bank loans |
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| Other creditors - Quintas Pension Scheme |
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| Amounts owed to related parties |
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The long term loans are secured by first legal charge on the fixed assets of the company.
Page 4
Stangate (UK) Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 July 2017
11.
Ultimate Controlling Party Not Known
There is no ultimate controlling party.
12.
Transition to FRS 102
FIRST YEAR ADOPTION
Transitional relief
On transition to FRS 102, the company has taken advantage of the following transitional relief:
• to use a previous GAAP valuation as deemed cost on:
- an investment property.
There is no effect to the comparative year's income statement and balance sheet upon transition to FRS 102. A reconciliation statement has therefore not been prepared.
13.
General Information
Stangate (UK) Ltd Registered number 08597789 is a limited by shares company incorporated in England & Wales. The Registered Office is UNIT 5 HURRICANE TRADING ESTATE, AVION CRESCENT, COLINDALE, LONDON, NW9 5QW.
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