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REGISTERED NUMBER: 04988831 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

STAINES & BRIGHTS LIMITED

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STAINES & BRIGHTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: M D Southgate
R K Willis





SECRETARY: H E Southgate





REGISTERED OFFICE: 81 Church Road
Tiptree
Essex
CO5 0HB





REGISTERED NUMBER: 04988831 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
Waterhouse Business Centre
Unit 53
2 Cromar Way
Chelmsford
Essex
CM1 2QE

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,473 19,730
Tangible assets 5 20,429 23,266
32,902 42,996

CURRENT ASSETS
Stocks 314,537 345,335
Debtors 6 6,123 9,257
Cash at bank and in hand 102,007 95,485
422,667 450,077
CREDITORS
Amounts falling due within one year 7 300,348 314,748
NET CURRENT ASSETS 122,319 135,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

155,221

178,325

CREDITORS
Amounts falling due after more than one year 8 (37,037 ) (43,102 )

PROVISIONS FOR LIABILITIES 11 (1,610 ) (1,907 )
NET ASSETS 116,574 133,316

CAPITAL AND RESERVES
Called up share capital 9,999 9,999
Retained earnings 106,575 123,317
116,574 133,316

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

BALANCE SHEET - continued
28 FEBRUARY 2023


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 23 November 2023 and were signed on its behalf by:




M D Southgate - Director



R K Willis - Director


STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Staines & Brights 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

Government Grant:
Government grants are accounted for on an accrual basis.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services supplied, net of returns, discounts and value added taxes.

Revenue is recognised when goods are delivered to the customer, such that the risks and rewards of ownership have passed to them.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - 1% on cost
Televisions & Computers - 33% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for impairment of obsolete or slow moving items.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties, transport and handling directly attributable to bringing the stock to its present location and condition.

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.


STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued
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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 125,150 4,000 129,150
AMORTISATION
At 1 March 2022 107,420 2,000 109,420
Amortisation for year 6,257 1,000 7,257
At 28 February 2023 113,677 3,000 116,677
NET BOOK VALUE
At 28 February 2023 11,473 1,000 12,473
At 28 February 2022 17,730 2,000 19,730

5. TANGIBLE FIXED ASSETS
Freehold Fixtures
land and Televisions and Motor
buildings & Computers fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022
and 28 February 2023 15,685 15,799 44,061 17,950 93,495
DEPRECIATION
At 1 March 2022 1,373 13,719 39,450 15,687 70,229
Charge for year 77 1,040 1,154 566 2,837
At 28 February 2023 1,450 14,759 40,604 16,253 73,066
NET BOOK VALUE
At 28 February 2023 14,235 1,040 3,457 1,697 20,429
At 28 February 2022 14,312 2,080 4,611 2,263 23,266

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. TANGIBLE FIXED ASSETS - continued

Included in cost of land and buildings is freehold land of £ 8,000 (2022 - £ 8,000 ) which is not depreciated.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 3,745
Other debtors 1,613 -
Prepayments 4,510 5,512
6,123 9,257

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 7,640 5,045
Trade creditors 82,882 78,976
Corporation tax - 4,565
Social security and other taxes - 679
VAT 32,056 31,100
Other creditors - 2,709
Directors' current accounts 171,724 185,094
Accrued expenses 6,046 6,580
300,348 314,748

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 37,037 43,102

Amounts falling due in more than five years:

Repayable by instalments
Bank loans >5 years payable
by instalments 14,815 23,861
14,815 23,861

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,084 -
Bank loans - less than 1 year 5,556 5,045
7,640 5,045

Amounts falling due between two and five years:
Bank loans - 2-5 years 22,222 19,241

Amounts falling due in more than five years:

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


9. LOANS - continued
2023 2022
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans >5 years payable
by instalments 14,815 23,861
14,815 23,861

The bank loan is supported and secured by the UK Government's Bounce Back Loan Scheme (BBLS). Interest is applied at a fixed rate of 2.5% and the balance is repayable over 120 months with the first payment due 12 months after inception.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 14,750 14,750
Between one and five years 11,063 25,813
25,813 40,563

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 1,610 1,907

Deferred
tax
£   
Balance at 1 March 2022 1,907
Provided during year (297 )
Balance at 28 February 2023 1,610

12. RELATED PARTY DISCLOSURES

The directors' loans to the company are on an interest free basis and repayable on demand.

At the year end, directors loans to the company amounted to £171,724 (2022: £185,094).