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REGISTERED NUMBER: 03453377 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

STAPLES INVESTMENTS LIMITED

STAPLES INVESTMENTS LIMITED (REGISTERED NUMBER: 03453377)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


STAPLES INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: Mr Gary Staples
Mrs Tracy Staples





SECRETARY: Mrs Tracy Staples





REGISTERED OFFICE: 3 Jesse Terrace
Reading
Berkshire
RG1 7RS





REGISTERED NUMBER: 03453377 (England and Wales)





ACCOUNTANTS: Malcolm J. Greer FCCA, ATT
Chartered Certified Accountant
3 Jesse Terrace
Reading
Berkshire
RG1 7RS

STAPLES INVESTMENTS LIMITED (REGISTERED NUMBER: 03453377)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,079 733
Investment property 5 1,200,000 1,200,000
1,201,079 1,200,733

CURRENT ASSETS
Debtors 6 3,751 3,192
Cash at bank 40,095 33,197
43,846 36,389
CREDITORS
Amounts falling due within one year 7 500,651 487,446
NET CURRENT LIABILITIES (456,805 ) (451,057 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

744,274

749,676

PROVISIONS FOR LIABILITIES 9 116,295 116,187
NET ASSETS 627,979 633,489

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 627,879 633,389
SHAREHOLDERS' FUNDS 627,979 633,489

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

STAPLES INVESTMENTS LIMITED (REGISTERED NUMBER: 03453377)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2022


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 30 June 2022 and were signed on its behalf by:





Mr Gary Staples - Director


STAPLES INVESTMENTS LIMITED (REGISTERED NUMBER: 03453377)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Staples Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STAPLES INVESTMENTS LIMITED (REGISTERED NUMBER: 03453377)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 company after deducting all of its liabilities

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

STAPLES INVESTMENTS LIMITED (REGISTERED NUMBER: 03453377)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2021 28,768 1,285 30,053
Additions 939 - 939
At 31 March 2022 29,707 1,285 30,992
DEPRECIATION
At 1 April 2021 28,038 1,282 29,320
Charge for year 593 - 593
At 31 March 2022 28,631 1,282 29,913
NET BOOK VALUE
At 31 March 2022 1,076 3 1,079
At 31 March 2021 730 3 733

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 March 2022 1,200,000
NET BOOK VALUE
At 31 March 2022 1,200,000
At 31 March 2021 1,200,000

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2002 589,001
Valuation in 2005 360,999
Valuation in 2017 250,000
1,200,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.22 31.3.21
£    £   
Cost 589,001 589,001

The investment properties were valued on a fair open market basis on 31 March 2017 by Mr. Gary Staples, a Company Director .

STAPLES INVESTMENTS LIMITED (REGISTERED NUMBER: 03453377)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 2,700 2,700
Called up share capital not paid 100 100
Prepayments and accrued income 951 392
3,751 3,192

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts 348,329 356,681
Trade creditors 125 125
Corporation tax 4,227 2,305
Social security and other taxes 8 17
Inter company loan 140,394 118,332
Directors' current accounts 4,513 250
Accruals and deferred income 3,055 9,736
500,651 487,446

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.22 31.3.21
£    £   
Bank loans 348,329 356,681

The bank loan is secured by a series of legal mortgages over the Company's investment properties.

9. PROVISIONS FOR LIABILITIES
31.3.22 31.3.21
£    £   
Deferred tax
Deferred tax - Accelerated Capital
Allowances

205

97
Deferred tax - Revaluation of Investment
Properties

116,090

116,090
116,295 116,187

Deferred
tax
£   
Balance at 1 April 2021 116,187
Charge to Statement of Income and Retained Earnings during year 108
Balance at 31 March 2022 116,295

STAPLES INVESTMENTS LIMITED (REGISTERED NUMBER: 03453377)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

10. CALLED UP SHARE CAPITAL


Allotted and issued:
Number: Class: Nominal 31.3.22 31.3.21
value: £    £   
100 Ordinary shares £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 April 2021 633,389
Profit for the year 18,490
Dividends (24,000 )
At 31 March 2022 627,879

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £24,000 (2021 - £24,000) were paid to the directors .

Rainbow Corner (Reading) Limited, a Company in which Mr. Gary Staples is a shareholder.

During the year, the Company let a freehold property to Rainbow Corner (Reading) Limited for £32,400 (2021: £32,400).

At the year end, the Company was owed £2,700 (2021: £2,700) by Rainbow Corner (Reading) Limited.

During the year, the Company received an interest free loan from Rainbow Corner (Reading) Limited. At the year end, the balance outstanding on this loan amounted to £140,394 (2021: £118,332).