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REGISTERED NUMBER: 00750659 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 31st December 2021

for

G H STAFFORD & SON LIMITED

G H STAFFORD & SON LIMITED (REGISTERED NUMBER: 00750659)

Contents of the Financial Statements
for the year ended 31st December 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G H STAFFORD & SON LIMITED

Company Information
for the year ended 31st December 2021







DIRECTORS: G H Stafford
P A Stafford
C R Stafford
Mrs S M Stafford





SECRETARY: Mrs S M Stafford





REGISTERED OFFICE: Plot 1, Regal Drive
Walsall Enterprise Drive
Walsall
West Midlands
WS2 9HQ





REGISTERED NUMBER: 00750659 (England and Wales)





ACCOUNTANTS: DJH Mitten Clarke
(The practising name of
Baker (Midlands) Limited)
3rd Floor
International House
Hatherton Street
Walsall
WS4 2LA

G H STAFFORD & SON LIMITED (REGISTERED NUMBER: 00750659)

Balance Sheet
31st December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,911,975 2,913,093

CURRENT ASSETS
Stocks 1,276,370 1,818,785
Debtors 5 719,822 735,965
Cash at bank and in hand 744,779 610,488
2,740,971 3,165,238
CREDITORS
Amounts falling due within one year 6 472,546 1,020,357
NET CURRENT ASSETS 2,268,425 2,144,881
TOTAL ASSETS LESS CURRENT LIABILITIES 5,180,400 5,057,974

CREDITORS
Amounts falling due after more than one
year

7

-

(27,581

)

PROVISIONS FOR LIABILITIES (24,800 ) (24,900 )
NET ASSETS 5,155,600 5,005,493

CAPITAL AND RESERVES
Called up share capital 9 17,320 17,320
Share premium 79,680 79,680
Retained earnings 5,058,600 4,908,493
SHAREHOLDERS' FUNDS 5,155,600 5,005,493

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 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.

G H STAFFORD & SON LIMITED (REGISTERED NUMBER: 00750659)

Balance Sheet - continued
31st December 2021


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th August 2022 and were signed on its behalf by:





P A Stafford - Director


G H STAFFORD & SON LIMITED (REGISTERED NUMBER: 00750659)

Notes to the Financial Statements
for the year ended 31st December 2021


1. STATUTORY INFORMATION

G H Stafford & Son 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.The policy adopted for the recognition of turnover is as follows:

Sale of Goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably . This is usually on the dispatch of goods.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land and buildings - not depreciated
Plant and machinery etc -25% -33% on cost
Fixtures and fittings -25% -33% on cost

Freehold property is not depreciated as it is the company's policy to maintain its property in good repair and the useful life and residual value are such that depreciation would not be material. The directors perform annual impairment reviews to ensure that the recoverable amount is in excess of the carrying value.

G H STAFFORD & SON LIMITED (REGISTERED NUMBER: 00750659)

Notes to the Financial Statements - continued
for the year ended 31st December 2021


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related turnover is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to its present location and condition. The cost of finished goods and work in progress includes raw materials, direct labour and other direct costs and related production overheads (based on normal operating capacity).

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

G H STAFFORD & SON LIMITED (REGISTERED NUMBER: 00750659)

Notes to the Financial Statements - continued
for the year ended 31st December 2021


2. ACCOUNTING POLICIES - continued

Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements and defined contribution pension plans.

i. Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

ii. Defined contribution pension plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash and cash equivalents
Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with an insignificant risk of change in value.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2020 - 24 ) .

G H STAFFORD & SON LIMITED (REGISTERED NUMBER: 00750659)

Notes to the Financial Statements - continued
for the year ended 31st December 2021


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st January 2021
and 31st December 2021 2,908,624 48,156 134,173 2,396 3,093,349
DEPRECIATION
At 1st January 2021 - 48,156 131,501 599 180,256
Charge for year - - 669 449 1,118
At 31st December 2021 - 48,156 132,170 1,048 181,374
NET BOOK VALUE
At 31st December 2021 2,908,624 - 2,003 1,348 2,911,975
At 31st December 2020 2,908,624 - 2,672 1,797 2,913,093

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 641,042 641,045
Taxation 46,140 46,140
Prepayments and accrued income 32,640 48,780
719,822 735,965

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 27,581 600,862
Trade creditors 45,560 53,725
Corporation Tax 52,852 -
Social security and other taxes 47,671 148,904
Other creditors 258,540 201,635
Accruals and deferred income 40,342 15,231
472,546 1,020,357

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans - 1-2 years - 27,581

G H STAFFORD & SON LIMITED (REGISTERED NUMBER: 00750659)

Notes to the Financial Statements - continued
for the year ended 31st December 2021


8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank overdraft - 573,920
Bank loans 27,581 54,523
27,581 628,443

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
17,000 Ordinary £1 17,320 17,320