STACEY (EUROPE) LTD Filleted accounts for Companies House (small and micro)

STACEY (EUROPE) LTD - Company Information

false false false false false false false false false true false false false false false false false 2016-11-01 Sage Accounts Production Advanced 2018 - FRS xbrli:pure xbrli:shares iso4217:GBP 02626937 2016-11-01 2017-10-31 02626937 2017-10-31 02626937 2016-10-31 02626937 2015-11-01 2016-10-31 02626937 2016-10-31 02626937 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-11-01 2017-10-31 02626937 core:PlantMachinery 2016-11-01 2017-10-31 02626937 core:FurnitureFittings 2016-11-01 2017-10-31 02626937 core:MotorVehicles 2016-11-01 2017-10-31 02626937 bus:Director1 2016-11-01 2017-10-31 02626937 core:WithinOneYear 2017-10-31 02626937 core:WithinOneYear 2016-10-31 02626937 core:NetGoodwill 2016-10-31 02626937 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-10-31 02626937 core:NetGoodwill 2017-10-31 02626937 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-10-31 02626937 core:LandBuildings 2016-10-31 02626937 core:PlantMachinery 2016-10-31 02626937 core:FurnitureFittings 2016-10-31 02626937 core:MotorVehicles 2016-10-31 02626937 core:LandBuildings 2017-10-31 02626937 core:PlantMachinery 2017-10-31 02626937 core:FurnitureFittings 2017-10-31 02626937 core:MotorVehicles 2017-10-31 02626937 core:NetGoodwill 2016-11-01 2017-10-31 02626937 core:LandBuildings 2016-11-01 2017-10-31 02626937 core:ShareCapital 2017-10-31 02626937 core:ShareCapital 2016-10-31 02626937 core:CapitalRedemptionReserve 2017-10-31 02626937 core:CapitalRedemptionReserve 2016-10-31 02626937 core:RetainedEarningsAccumulatedLosses 2017-10-31 02626937 core:RetainedEarningsAccumulatedLosses 2016-10-31 02626937 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-10-31 02626937 core:LandBuildings 2016-10-31 02626937 core:PlantMachinery 2016-10-31 02626937 core:FurnitureFittings 2016-10-31 02626937 bus:SmallEntities 2016-11-01 2017-10-31 02626937 bus:AuditExemptWithAccountantsReport 2016-11-01 2017-10-31 02626937 bus:FullAccounts 2016-11-01 2017-10-31 02626937 bus:SmallCompaniesRegimeForAccounts 2016-11-01 2017-10-31 02626937 bus:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31 02626937 core:LandBuildings core:LongLeaseholdAssets 2016-11-01 2017-10-31 02626937 1 2017-10-31 02626937 1 2016-10-31 02626937 core:ComputerEquipment 2016-11-01 2017-10-31 02626937 core:ComputerEquipment 2016-10-31 02626937 core:ComputerEquipment 2017-10-31 02626937 1 2016-11-01 2017-10-31

COMPANY REGISTRATION NUMBER: 02626937

STACEY (EUROPE) LTD

Filleted Unaudited Financial Statements

31 October 2017

STACEY (EUROPE) LTD

Financial Statements

Year ended 31 October 2017

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 8

STACEY (EUROPE) LTD

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	4,570	5,901
Tangible assets	6	56,860	64,613
		--------	--------
		61,430	70,514

Current assets

Stocks		640,285	955,315
Debtors	7	509,353	912,135
Cash at bank and in hand		63,796	82,393
		------------	------------
		1,213,434	1,949,843

Creditors: amounts falling due within one year	8	( 690,528)		( 821,878)
		------------		------------
Net current assets			522,906	1,127,965
			---------	------------
Total assets less current liabilities			584,336	1,198,479

Provisions

Taxation including deferred tax	( 5,322)	( 9,160)
	---------	------------
Net assets	( 579,014)	( 1,189,319)
	---------	------------

Capital and reserves

Called up share capital	64	64
Capital redemption reserve	36	36
Profit and loss account	578,914	1,189,219
	---------	------------
Shareholders funds	579,014	1,189,319
	---------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 October 2017 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

STACEY (EUROPE) LTD

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 18 July 2018 , and are signed on behalf of the board by:

C Foddy

Director

Company registration number: 02626937

STACEY (EUROPE) LTD

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B Lancaster Fields, Crewe Gate Industrial Estate, Crewe, Cheshire, CW1 6FF. The principal activity of the company during the year was that of a manufacturer of cable assemblies for the electronics, security and communication industries.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future.

Judgements and key sources of estimation uncertainty

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	Fully amortised
Patent costs	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research and development expenditure is written off in the year in which it is incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	Straight line over the life of the lease
Plant & Machinery	-	10% straight line
Fixtures & Fittings	-	20% straight line
Motor vehicles	-	25% straight line
Computer Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2016: 25 ).

5. Intangible assets

	Goodwill	Patents	Total
	£	£	£
Cost
At 1 November 2016	76,165	20,740	96,905
Additions	–	367	367
	--------	--------	--------
At 31 October 2017	76,165	21,107	97,272
	--------	--------	--------
Amortisation
At 1 November 2016	76,165	14,839	91,004
Charge for the year	–	1,698	1,698
	--------	--------	--------
At 31 October 2017	76,165	16,537	92,702
	--------	--------	--------
Carrying amount
At 31 October 2017	–	4,570	4,570
	--------	--------	--------
At 31 October 2016	–	5,901	5,901
	--------	--------	--------

6. Tangible assets

	Leasehold Property	Plant and machinery	Fixtures & Fittings and equipment	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 Nov 2016	41,450	265,979	56,079	18,693	73,456	455,657
Additions	–	–	–	–	14,000	14,000
	--------	---------	--------	--------	--------	---------
At 31 Oct 2017	41,450	265,979	56,079	18,693	87,456	469,657
	--------	---------	--------	--------	--------	---------
Depreciation
At 1 Nov 2016	23,020	224,591	54,094	18,693	70,646	391,044
Charge for the year	2,812	12,103	1,496	–	5,342	21,753
	--------	---------	--------	--------	--------	---------
At 31 Oct 2017	25,832	236,694	55,590	18,693	75,988	412,797
	--------	---------	--------	--------	--------	---------
Carrying amount
At 31 Oct 2017	15,618	29,285	489	–	11,468	56,860
	--------	---------	--------	--------	--------	---------
At 31 Oct 2016	18,430	41,388	1,985	–	2,810	64,613
	--------	---------	--------	--------	--------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	272,335	653,026
Prepayments and accrued income	15,981	16,480
Amounts owed by connected companies	1,488	1,808
Other debtors	219,549	240,821
	---------	---------
	509,353	912,135
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	104,921	193,769
Amounts owed to group undertakings	433,922	466,691
Accruals and deferred income	102,250	105,327
Social security and other taxes	40,563	47,195
Other creditors	8,872	8,896
	---------	---------
	690,528	821,878
	---------	---------

9. Guarantees and other financial commitments

The amount of commitments, guarantees and contingencies is £52,800 (2016: £52,800).

10. Going concern

The accounts have been prepared on the going concern basis. The directors have reviewed the current trading activity of the company and believe it to be reasonable that the company will trade for the foreseeable future.

11. Contingencies

As a consequence of tax planning in a previous accounting period, the company received and paid Accelerated Payment Notices. This has been treated as recoverable PAYE and NI but should this tax be due, PAYE & NI will be chargeable and additional amounts may be payable, although the amount which may be finally payable or repayable cannot yet be quantified.

12. Events after the end of the reporting period

There were no significant events up to 18 July 2018, being the date of approval of the financial statements by the Board.

13. Ultimate parent company

The company is a wholly owned subsidiary of Fodsta Limited , a company incorporated in England and Wales.