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Company registration number: 12473141
Staples Straw Ltd
Unaudited filleted financial statements
30 June 2023
Staples Straw Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Staples Straw Ltd
Directors and other information
Director Mr Michael Andrew Staples
Company number 12473141
Registered office Staples Farmhouse
Main Road
Stickney
Boston
PE22 8AH
Business address Staples Farmhouse
Main Road
Stickney
Boston
PE22 8AH
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Staples Straw Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Staples Straw Ltd
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Staples Straw Ltd for the year ended 30 June 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Staples Straw Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Staples Straw Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Staples Straw Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Staples Straw Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Staples Straw Ltd. You consider that Staples Straw Ltd 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 financial statements of Staples Straw Ltd. 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 financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
13 December 2023
Staples Straw Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 507,436 507,436
_______ _______
507,436 507,436
Current assets
Stocks 80,836 82,520
Debtors 6 28,071 21,427
Cash at bank and in hand 246,224 21,795
_______ _______
355,131 125,742
Creditors: amounts falling due
within one year 7 ( 438,185) ( 305,722)
_______ _______
Net current liabilities ( 83,054) ( 179,980)
_______ _______
Total assets less current liabilities 424,382 327,456
_______ _______
Net assets 424,382 327,456
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 424,282 327,356
_______ _______
Shareholders funds 424,382 327,456
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 December 2023 , and are signed on behalf of the board by:
Mr Michael Andrew Staples
Director
Company registration number: 12473141
Staples Straw Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Staples Farmhouse, Main Road, Stickney, Boston, PE22 8AH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 July 2022 and 30 June 2023 507,436 507,436
_______ _______
Depreciation
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 507,436 507,436
_______ _______
At 30 June 2022 507,436 507,436
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 27,814 20,752
Other debtors 257 675
_______ _______
28,071 21,427
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 163,050
Trade creditors 68,979 120,994
Social security and other taxes 24,913 17,943
Other creditors 344,293 3,735
_______ _______
438,185 305,722
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A Shares shares of £ 1.00 each 60 60 60 60
Ordinary B Shares shares of £ 1.00 each 40 40 40 40
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______