Strattons of Worcestershire Limited 06956999 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of a motor trader. Digita Accounts Production Advanced 6.30.9574.0 true 06956999 2022-08-01 2023-07-31 06956999 2023-07-31 06956999 bus:OrdinaryShareClass1 2023-07-31 06956999 core:RetainedEarningsAccumulatedLosses 2023-07-31 06956999 core:ShareCapital 2023-07-31 06956999 core:CurrentFinancialInstruments 2023-07-31 06956999 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 06956999 core:Non-currentFinancialInstruments 2023-07-31 06956999 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 06956999 core:FurnitureFittings 2023-07-31 06956999 core:MotorVehicles 2023-07-31 06956999 bus:SmallEntities 2022-08-01 2023-07-31 06956999 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 06956999 bus:FullAccounts 2022-08-01 2023-07-31 06956999 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 06956999 bus:RegisteredOffice 2022-08-01 2023-07-31 06956999 bus:Director1 2022-08-01 2023-07-31 06956999 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 06956999 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06956999 bus:Agent1 2022-08-01 2023-07-31 06956999 core:FurnitureFittings 2022-08-01 2023-07-31 06956999 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 06956999 core:MotorVehicles 2022-08-01 2023-07-31 06956999 countries:AllCountries 2022-08-01 2023-07-31 06956999 2022-07-31 06956999 core:FurnitureFittings 2022-07-31 06956999 core:MotorVehicles 2022-07-31 06956999 2021-08-01 2022-07-31 06956999 2022-07-31 06956999 bus:OrdinaryShareClass1 2022-07-31 06956999 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2022-07-31 06956999 core:ShareCapital core:PreviouslyStatedAmount 2022-07-31 06956999 core:CurrentFinancialInstruments 2022-07-31 06956999 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 06956999 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-07-31 06956999 core:Non-currentFinancialInstruments 2022-07-31 06956999 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 06956999 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2022-07-31 06956999 core:FurnitureFittings 2022-07-31 06956999 core:MotorVehicles 2022-07-31 06956999 core:PreviouslyStatedAmount 2022-07-31 06956999 core:PreviouslyStatedAmount 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06956999

Strattons of Worcestershire Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Strattons of Worcestershire Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Strattons of Worcestershire Limited

Company Information

Director

AD Ball

Registered office

C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Strattons of Worcestershire Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Strattons of Worcestershire Limited for the year ended 31 July 2023 as set out on pages 3 to 9 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/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Strattons of Worcestershire Limited, as a body, in accordance with the terms of our engagement letter dated 1 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of Strattons of Worcestershire Limited and state those matters that we have agreed to state to the Board of Directors of Strattons of Worcestershire Limited, 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/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-com
panies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Strattons of Worcestershire Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Strattons of Worcestershire 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 profit of Strattons of Worcestershire Limited. You consider that Strattons of Worcestershire 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 Strattons of Worcestershire 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.

......................................

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ


12 April 2024

 

Strattons of Worcestershire Limited

(Registration number: 06956999)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

24,665

5,832

Current assets

 

Stocks

6

96,073

92,950

Debtors

7

38,373

110,260

Cash at bank and in hand

 

2,943

-

 

137,389

203,210

Creditors: Amounts falling due within one year

8

(141,234)

(126,596)

Net current (liabilities)/assets

 

(3,845)

76,614

Total assets less current liabilities

 

20,820

82,446

Creditors: Amounts falling due after more than one year

8

(19,992)

(79,655)

Net assets

 

828

2,791

Capital and reserves

 

Called up share capital

9

1

1

Profit and loss account

827

2,790

Total equity

 

828

2,791

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report or the Profit and Loss Account has been taken.

Approved and authorised by the director on 11 April 2024
 

.........................................
AD Ball
Director

   
     
 

Strattons of Worcestershire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales. The company's registration number is 06956999.

The address of its registered office is:
C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
United Kingdom

The principal place of business is:
Oaklea Poolhead Lane
Earlswood
Solihull
West Midlands
B94 5ET
England

These financial statements were authorised for issue by the director on 11 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Strattons of Worcestershire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Strattons of Worcestershire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed (including the director) during the year was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

1,167

1,459

 

Strattons of Worcestershire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

12,785

-

12,785

Additions

-

20,000

20,000

At 31 July 2023

12,785

20,000

32,785

Depreciation

At 1 August 2022

6,953

-

6,953

Charge for the year

1,167

-

1,167

At 31 July 2023

8,120

-

8,120

Carrying amount

At 31 July 2023

4,665

20,000

24,665

At 31 July 2022

5,832

-

5,832

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

96,073

92,950

7

Debtors

2023
£

2022
£

Trade debtors

29,740

105,780

Other debtors

265

-

Prepayments

8,368

4,480

38,373

110,260

 

Strattons of Worcestershire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8.1

94,836

86,504

Trade creditors

 

21,883

16,420

Taxation and social security

 

-

3,923

Other creditors

 

15,670

301

Accrued expenses

 

2,805

2,500

Corporation tax liability

 

6,040

16,948

 

141,234

126,596

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8.1

19,992

79,655

8.1

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

78,118

-

Bank overdrafts

16,718

84,733

Loans from directors

-

1,771

94,836

86,504

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,992

79,655

 

Strattons of Worcestershire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Holders of the ordinary share capital have a right to vote and receive dividends.