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COMPANY REGISTRATION NUMBER: 01345837
St Anns Warehouse Limited
Filleted Unaudited Financial Statements
31 December 2023
St Anns Warehouse Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
18,737
21,487
Current assets
Stocks
54,000
59,000
Debtors
6
170,279
188,436
Cash at bank and in hand
61,229
137,430
---------
---------
285,508
384,866
Creditors: amounts falling due within one year
7
89,997
132,963
---------
---------
Net current assets
195,511
251,903
---------
---------
Total assets less current liabilities
214,248
273,390
Provisions
Taxation including deferred tax
3,560
4,082
---------
---------
Net assets
210,688
269,308
---------
---------
Capital and reserves
Called up share capital
40,000
40,000
Capital redemption reserve
17,000
17,000
Profit and loss account
153,688
212,308
---------
---------
Shareholders funds
210,688
269,308
---------
---------
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.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
St Anns Warehouse Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
Mr M R Chapman
Director
Company registration number: 01345837
St Anns Warehouse Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9, Etruria Trading Estate, Basford, Stoke on Trent, ST1 5NS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and Machinery
-
15% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
10% Reducing balance and 1/3 Straight line
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
13,171
6,038
31,334
17,073
67,616
Additions
7,500
7,500
Disposals
( 7,500)
( 7,500)
--------
-------
--------
--------
--------
At 31 December 2023
13,171
6,038
31,334
17,073
67,616
--------
-------
--------
--------
--------
Depreciation
At 1 January 2023
7,799
4,592
18,362
15,376
46,129
Charge for the year
806
145
3,975
753
5,679
Disposals
( 2,929)
( 2,929)
--------
-------
--------
--------
--------
At 31 December 2023
8,605
4,737
19,408
16,129
48,879
--------
-------
--------
--------
--------
Carrying amount
At 31 December 2023
4,566
1,301
11,926
944
18,737
--------
-------
--------
--------
--------
At 31 December 2022
5,372
1,446
12,972
1,697
21,487
--------
-------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
152,161
171,899
Other debtors
18,118
16,537
---------
---------
170,279
188,436
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
46,702
75,805
Social security and other taxes
31,545
29,538
Other creditors
11,750
27,620
--------
---------
89,997
132,963
--------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
50,000
Later than 5 years
36,000
--------
--------
50,000
36,000
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs A S Chapman
( 24,775)
42,955
( 12,500)
5,680
Mr M R Chapman
( 515)
23,274
( 20,037)
2,722
--------
--------
--------
-------
( 25,290)
66,229
( 32,537)
8,402
--------
--------
--------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs A S Chapman
( 25,857)
13,582
( 12,500)
( 24,775)
Mr M R Chapman
4,781
15,602
( 20,898)
( 515)
--------
--------
--------
--------
( 21,076)
29,184
( 33,398)
( 25,290)
--------
--------
--------
--------
10. Related party transactions
Throughout the current year the company was under the control of Mr Mark Chapman and Mrs Shirley Chapman who, with members of their immediate family, collectively own all of the issued share capital. The directors' loan accounts are interest free and repayable on demand.