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Registration number: 09565696

Staggeringly Good Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Staggeringly Good Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Staggeringly Good Ltd

Company Information

Directors

J Ross

J M Chapman

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail and Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Staggeringly Good Ltd

(Registration number: 09565696)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

296,195

324,895

Current assets

 

Stocks

5

69,587

65,333

Debtors

6

57,477

50,116

Cash at bank and in hand

 

97,133

74,406

 

224,197

189,855

Creditors: Amounts falling due within one year

7

(132,305)

(94,754)

Net current assets

 

91,892

95,101

Total assets less current liabilities

 

388,087

419,996

Creditors: Amounts falling due after more than one year

7

(88,425)

(83,001)

Net assets

 

299,662

336,995

Capital and reserves

 

Called up share capital

11,999

11,999

Share premium reserve

490,814

490,814

Retained earnings

(203,151)

(165,818)

Shareholders' funds

 

299,662

336,995

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Staggeringly Good Ltd

(Registration number: 09565696)
Balance Sheet as at 30 April 2023

Approved and authorised by the Board on 23 April 2024 and signed on its behalf by:



 

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

J Ross

Director

 

Staggeringly Good Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Staggeringly Good Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

Computer equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Plant and machinery

10% to 33% reducing balance

Motor vehicles

25% reducing balance

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Staggeringly Good Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 16).

 

Staggeringly Good Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

2,962

37,936

15,418

438,228

494,544

Additions

13,500

486

-

139

14,125

At 30 April 2023

16,462

38,422

15,418

438,367

508,669

Depreciation

At 1 May 2022

-

14,065

9,185

146,399

169,649

Charge for the year

-

5,970

1,558

35,297

42,825

At 30 April 2023

-

20,035

10,743

181,696

212,474

Carrying amount

At 30 April 2023

16,462

18,387

4,675

256,671

296,195

At 30 April 2022

2,962

23,871

6,233

291,829

324,895

Included within the net book value of land and buildings above is £16,462 (2022 - £2,962) in respect of long leasehold land and buildings.
 

 

Staggeringly Good Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Stocks

2023
£

2022
£

Other inventories

69,587

65,333

6

Debtors

Current

2023
£

2022
£

Trade debtors

41,322

36,037

Prepayments

2,981

2,750

Other debtors

13,174

11,329

 

57,477

50,116

 

Staggeringly Good Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,167

9,167

Trade creditors

 

40,332

33,582

Taxation and social security

 

34,856

27,322

Accruals and deferred income

 

17,438

5,195

Other creditors

 

30,512

19,488

 

132,305

94,754

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

21,091

31,667

Other non-current financial liabilities

 

67,334

51,334

 

88,425

83,001

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,091

31,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,167

9,167