2022-04-012023-03-312023-03-31false08720272STAYTRUE 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STAYTRUE LTD

Registered Number
08720272
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

STAYTRUE LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

LEAHY, Morgan John
SHANAHAN, John

Company Secretary

DAVENPORTS GROUP LTD

Registered Address

53 King Street
Manchester
M2 4LQ

Registered Number

08720272 (England and Wales)
STAYTRUE LTD
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6106,565172,718
106,565172,718
Current assets
Stocks296,497309,408
Debtors2,191,735641,482
Cash at bank and on hand23023,434
2,488,462974,324
Creditors amounts falling due within one year9(64,683)(84,234)
Net current assets (liabilities)2,423,779890,090
Total assets less current liabilities2,530,3441,062,808
Creditors amounts falling due after one year10(1,548,347)(328,710)
Net assets981,997734,098
Capital and reserves
Called up share capital22
Other reserves853,381853,381
Profit and loss account128,614(119,285)
Shareholders' funds981,997734,098
The financial statements were approved and authorised for issue by the Board of Directors on 29 November 2023, and are signed on its behalf by:
SHANAHAN, John
Director
Registered Company No. 08720272
STAYTRUE LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principle activity of the company is the provision of head office services.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings20
Office Equipment20
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year22
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 April 22450,534
Disposals(39,512)
At 31 March 23411,022
Depreciation and impairment
At 01 April 22277,816
Charge for year26,641
At 31 March 23304,457
Net book value
At 31 March 23106,565
At 31 March 22172,718
7.Debtors within one year

2023

2022

££
Trade debtors / trade receivables631,10282,923
Other debtors19754,401
Prepayments and accrued income2,8771,008
Total634,176138,332
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
8.Debtors after one year

2023

2022

££
Amounts owed by group undertakings 1,399,407429,220
Other debtors158,15373,930
Total1,557,560503,150
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables20,54476,259
Bank borrowings and overdrafts5,699-
Taxation and social security38,4407,975
Total64,68384,234
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts133,992128,934
Amounts owed to related parties1,414,355199,776
Total1,548,347328,710