Staunch Limited Accounts Cover |
Company No. 07163978 | |||||||||
Staunch Limited Contents |
Pages | |||||||||
Company Information | 2 | ||||||||
Directors' Report | 3 | ||||||||
Accountant's Report | 4 | ||||||||
Profit and Loss Account | 5 | ||||||||
Statement of Comprehensive Income | 6 | ||||||||
Balance Sheet | 7 | ||||||||
Statement of Changes in Equity | 8 | ||||||||
Notes to the Accounts | 9 to 13 | ||||||||
Staunch Limited Company Information |
Directors | |||||||||
Secretary | |||||||||
Registered Office | |||||||||
Accountants | |||||||||
Welton Grange | |||||||||
Welton | |||||||||
Brough | |||||||||
HU15 1NB |
Staunch Limited Directors Report |
The Directors present their report and the accounts for the year ended 28 February 2023. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
(Resigned 11 May 2023) | |||||||||
Signed on behalf of the board | |||||||||
A.S. Fish | |||||||||
Company Secretary | |||||||||
09 November 2023 |
Staunch Limited Accountants Report ICAEW |
Chartered Accountant's Report to the Board of Directors of Staunch Limited on the preparation of the unaudited statutory accounts for the year ended 28 February 2023 | |||||||||
In order to assist you to fulfil your duties under the Companies Act 2006 , we have prepared for your approval the accounts of Staunch Limited for the year ended 28 February 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the Notes to the Accounts from the company's accounting records and from information and explanations you have given us. | |||||||||
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance. | |||||||||
This report is made solely to the Board of Directors of Staunch Limited, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Staunch Limited and state those matters that we have agreed to state to the Board of Directors of Staunch Limited, as a body, in this report in accordance with AAF 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Staunch Limited and its Board of Directors as a body for our work or for this report. | |||||||||
It is your duty to ensure that Staunch 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 Staunch Limited. You consider that Staunch Limited is exempt from the statutory audit requirement for the year. | |||||||||
Accountants | |||||||||
Welton Grange | |||||||||
Welton | |||||||||
Brough | |||||||||
HU15 1NB | |||||||||
Staunch Limited Profit and Loss Account |
for the year ended 28 February 2023 | ||||||||||
2023 | 2022 | |||||||||
£ | £ | |||||||||
Turnover | ||||||||||
Cost of Sales | ( | ( | ||||||||
Gross profit/(loss) | ( | |||||||||
Distribution costs and selling expenses | ( | |||||||||
Administrative expenses | ( | ( | ||||||||
Operating loss | ( | ( | ||||||||
Income from investments | ( 102,786 ) | - | ||||||||
Other interest receivable | ||||||||||
Loss on ordinary activities before taxation | ( | ( | ||||||||
Taxation | ||||||||||
Loss for the financial year after taxation | ( | ( | ||||||||
Staunch Limited Statement of Comprehensive Income |
STATEMENT OF COMPREHENSIVE INCOME | ||||||||||
for the year ended 28 February 2023 | ||||||||||
2023 | 2022 | |||||||||
£ | £ | |||||||||
Loss for the financial year after taxation | ( | ( | ||||||||
Total comprehensive income for the period | ( | ( | ||||||||
Staunch Limited Balance Sheet |
at | ||||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 4 | |||||||||
Investments | 5 | |||||||||
Current assets | ||||||||||
Stocks | 6 | |||||||||
Debtors | 7 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 8 | ( | ( | |||||||
Net current liabilities | ( | ( | ||||||||
Total assets less current liabilities | ( | ( | ||||||||
Net liabilities | ( | ( | ||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Profit and loss account | 10 | ( | ( | |||||||
Total equity | ( | ( | ||||||||
Approved by the board on 09 November 2023 | ||||||||||
And signed on its behalf by: | ||||||||||
A.S. Fish | ||||||||||
Director | ||||||||||
09 November 2023 |
Staunch Limited Statement of Changes in Equity |
for the year ended 28 February 2023 | ||||||||||||
Share Capital | Retained earnings | Total equity | ||||||||||
£ | £ | £ | ||||||||||
At 1 March 2021 | 100 | 348,093 | 348,193 | |||||||||
Loss for the period | ( | ( | ||||||||||
At 28 February 2022 and 1 March 2022 | ( | ( | ||||||||||
Loss for the period | ( | ( | ||||||||||
At 28 February 2023 | ( | ( | ||||||||||
Staunch Limited Notes to the Accounts |
for the year ended 28 February 2023 | ||||||||||||||||
1 | General information | |||||||||||||||
Staunch Limited is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||||
Its registered number is: 07163978 | ||||||||||||||||
Its registered office is: | ||||||||||||||||
2 | Accounting policies | |||||||||||||||
Turnover | ||||||||||||||||
Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue 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. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||||
Intangible fixed assets | ||||||||||||||||
Taxation | ||||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||||
Investments | ||||||||||||||||
Stocks | ||||||||||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses. | ||||||||||||||||
Trade and other debtors | ||||||||||||||||
Trade and other creditors | ||||||||||||||||
Foreign currencies | ||||||||||||||||
Provisions | ||||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||||
3 | Employees | |||||||||||||||
2023 | 2022 | |||||||||||||||
Number | Number | |||||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||||
4 | Tangible fixed assets | |||||||||||||||
Plant and machinery | Fixtures, fittings and equipment | Total | ||||||||||||||
£ | £ | £ | ||||||||||||||
Cost or revaluation | ||||||||||||||||
At 1 March 2022 | ||||||||||||||||
Additions | ||||||||||||||||
At 28 February 2023 | ||||||||||||||||
Depreciation | ||||||||||||||||
At 1 March 2022 | ||||||||||||||||
Charge for the year | ||||||||||||||||
At 28 February 2023 | ||||||||||||||||
Net book values | ||||||||||||||||
At 28 February 2023 | ||||||||||||||||
At 28 February 2022 | 1,369 | 560 | ||||||||||||||
5 | Investments | |||||||||||||||
Investment in Subsidiaries | Other investments | Total | ||||||||||||||
£ | £ | £ | ||||||||||||||
Cost or valuation | ||||||||||||||||
At 1 March 2022 | ||||||||||||||||
Additions | ||||||||||||||||
Disposals | ( | ( | ||||||||||||||
At 28 February 2023 | ||||||||||||||||
Provisions/Impairment | ||||||||||||||||
Net book values | ||||||||||||||||
At 28 February 2023 | ||||||||||||||||
At 28 February 2022 | ||||||||||||||||
6 | Stocks | |||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Work in progress | ||||||||||||||||
7 | Debtors | |||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Trade debtors | ||||||||||||||||
Group undertakings | ||||||||||||||||
VAT recoverable | ||||||||||||||||
Other debtors | ||||||||||||||||
Prepayments and accrued income | ||||||||||||||||
8 | Creditors: | |||||||||||||||
amounts falling due within one year | ||||||||||||||||
2023 | 2022 | |||||||||||||||
£ | £ | |||||||||||||||
Trade creditors | ||||||||||||||||
Taxes and social security | ||||||||||||||||
Loans from directors | ||||||||||||||||
Other creditors | ||||||||||||||||
Accruals and deferred income | ||||||||||||||||
9 | Share Capital | |||||||||||||||
10 | Reserves | |||||||||||||||