Staunch Limited Accounts Cover
Staunch Limited
Company No. 07163978
Directors' Report and Unaudited Accounts
28 February 2023
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
A.S. Fish
J. Healey
Secretary
A.S. Fish
Registered Office
Welton Grange
Cowgate
Welton
East Yorkshire
HU15 1NB
Accountants
Stadium Welton Limited
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
The principal activity of the company during the year under review was investment and property development.
Directors
The Directors who served at any time during the year were as follows:
J. Healey
W. Wrangham
(Resigned 11 May 2023)
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
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.
We have not been instructed to carry out an audit or a review of the accounts of Staunch Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Stadium Welton Limited
Accountants
Welton Grange
Welton
Brough
HU15 1NB
09 November 2023
Staunch Limited Profit and Loss Account
for the year ended 28 February 2023
2023
2022
£
£
Turnover
351,596
135,066
Cost of Sales
(271,305)
(163,416)
Gross profit/(loss)
80,291
(28,350)
Distribution costs and selling expenses
(213)
-
Administrative expenses
(225,107)
(676,551)
Operating loss
(145,029)
(704,901)
Income from investments
(
102,786
)
-
Other interest receivable
60,146
280,004
Loss on ordinary activities before taxation
(187,669)
(424,897)
Taxation
-
32,613
Loss for the financial year after taxation
(187,669)
(392,284)
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
(187,669)
(392,284)
Total comprehensive income for the period
(187,669)
(392,284)
Staunch Limited Balance Sheet
at
28 February 2023
Company No.
07163978
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
1,2531,929
Investments
5
3,063,773
1,420,476
3,065,026
1,422,405
Current assets
Stocks
6
484,079
731,048
Debtors
7
10,633,295
4,437,216
Cash at bank and in hand
494,050
1,141,705
11,611,424
6,309,969
Creditors: Amount falling due within one year
8
(14,908,210)
(7,776,465)
Net current liabilities
(3,296,786)
(1,466,496)
Total assets less current liabilities
(231,760)
(44,091)
Net liabilities
(231,760)
(44,091)
Capital and reserves
Called up share capital
100100
Profit and loss account
10
(231,860)
(44,191)
Total equity
(231,760)
(44,091)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
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
(392,284)
(392,284)
At 28 February 2022 and 1 March 2022
100
(44,191)
(44,091)
Loss for the period
(187,669)
(187,669)
At 28 February 2023
100
(231,860)
(231,760)
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:
Welton Grange
Cowgate
Welton
East Yorkshire
HU15 1NB
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

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
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
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
Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

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 debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

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:
22
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 March 2022
32,01112,72444,735
Additions
158-158
At 28 February 2023
32,16912,72444,893
Depreciation
At 1 March 2022
30,64212,16442,806
Charge for the year
537297834
At 28 February 2023
31,17912,46143,640
Net book values
At 28 February 2023
9902631,253
At 28 February 2022
1,369
560
1,929
5
Investments
Investment in Subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 March 2022
332,225
1,088,251
1,420,476
Additions
-
2,310,186
2,310,186
Disposals
-
(666,889)
(666,889)
At 28 February 2023
332,225
2,731,548
3,063,773
Provisions/Impairment
Net book values
At 28 February 2023
332,225
2,731,548
3,063,773
At 28 February 2022
332,225
1,088,251
1,420,476
6
Stocks
2023
2022
£
£
Work in progress
484,079731,048
484,079731,048
7
Debtors
2023
2022
£
£
Trade debtors
1,2001,202
Group undertakings
4,870,6354,063,793
VAT recoverable
1,694
-
Other debtors
5,752,936
116,416
Prepayments and accrued income
6,830
255,805
10,633,2954,437,216
8
Creditors:
amounts falling due within one year
2023
2022
£
£
Trade creditors
6,459
10,784
Taxes and social security
731
12,135
Loans from directors
14,889,704
7,741,758
Other creditors
1,025
938
Accruals and deferred income
10,29110,850
14,908,2107,776,465
9
Share Capital
100 ordinary £1 shares, allocated, called up and fully paid.
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
Staunch Limited0716397828 February 202301 March 2022false09 November 2023BTCSoftware AP Solution 2023 10.4.0310.4.03071639782022-03-012023-02-28071639782023-02-2807163978bus:Director12022-03-012023-02-2807163978bus:Director22022-03-012023-02-2807163978bus:CompanySecretary12022-03-012023-02-2807163978bus:RegisteredOffice2022-03-012023-02-2807163978bus:Director32022-03-012023-02-28071639782021-03-012022-02-28071639782022-02-2807163978core:WithinOneYear2023-02-2807163978core:WithinOneYear2022-02-2807163978core:ShareCapital2023-02-2807163978core:ShareCapital2022-02-2807163978core:RetainedEarningsAccumulatedLosses2023-02-2807163978core:RetainedEarningsAccumulatedLosses2022-02-2807163978core:RetainedEarningsAccumulatedLosses2021-03-012022-02-2807163978core:ShareCapital2022-03-0107163978core:RetainedEarningsAccumulatedLosses2022-03-01071639782022-03-0107163978core:RetainedEarningsAccumulatedLosses2022-03-012023-02-2807163978countries:UnitedKingdom2022-03-012023-02-2807163978core:PlantMachinery2022-03-0107163978core:FurnitureFittingsToolsEquipment2022-03-0107163978core:PlantMachinery2022-03-012023-02-2807163978core:FurnitureFittingsToolsEquipment2022-03-012023-02-2807163978core:PlantMachinery2023-02-2807163978core:FurnitureFittingsToolsEquipment2023-02-2807163978core:CostValuation2022-03-0107163978core:AdditionsToInvestments2023-02-2807163978core:DisposalsDecreaseInInvestments2023-02-2807163978core:CostValuation2023-02-2807163978core:CostValuationcore:UnlistedNon-exchangeTraded2023-02-2807163978bus:SmallEntities2022-03-012023-02-2807163978bus:FullAccounts2022-03-012023-02-2807163978bus:AuditExempt-NoAccountantsReport2022-03-012023-02-2807163978bus:PrivateLimitedCompanyLtd2022-03-012023-02-28iso4217:GBPxbrli:pure