Company registration number 09043155 (England and Wales)
STATON YOUNG (ANGLESEY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
STATON YOUNG (ANGLESEY) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
STATON YOUNG (ANGLESEY) LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF STATON YOUNG (ANGLESEY) LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Staton Young (Anglesey) Limited for the year ended 31 May 2023 which comprise, the balance sheet and the 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 https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of Staton Young (Anglesey) Limited, 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 Staton Young (Anglesey) Limited and state those matters that we have agreed to state to the board of directors of Staton Young (Anglesey) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://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 Staton Young (Anglesey) Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Staton Young (Anglesey) Limited 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 Staton Young (Anglesey) Limited. You consider that Staton Young (Anglesey) 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 financial statements of Staton Young (Anglesey) 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 financial statements.

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
30 April 2024
STATON YOUNG (ANGLESEY) LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
164,550
158,313
Investment property
5
19,935,000
19,795,000
Investments
6
100
100
20,099,650
19,953,413
Current assets
Debtors
7
2,953,263
1,320,595
Cash at bank and in hand
2,645
12,235
2,955,908
1,332,830
Creditors: amounts falling due within one year
8
(1,596,152)
(2,254,385)
Net current assets/(liabilities)
1,359,756
(921,555)
Total assets less current liabilities
21,459,406
19,031,858
Creditors: amounts falling due after more than one year
9
(8,013,362)
(6,304,865)
Provisions for liabilities
(2,906,589)
(2,841,343)
Net assets
10,539,455
9,885,650
Capital and reserves
Called up share capital
11
100
100
Fair value reserve
7,695,862
7,571,508
Profit and loss reserves
2,843,493
2,314,042
Total equity
10,539,455
9,885,650
STATON YOUNG (ANGLESEY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
M L Brough
Director
Company Registration No. 09043155
STATON YOUNG (ANGLESEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information

Staton Young (Anglesey) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Derwent Business Centre, Clarke Street, Derby, DE1 2BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

                        

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Rental and service income is recognised based on the period the charge relates to.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% straight line
Furniture, fittings and equipment
25% reducing balance
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in fair value reserve.

STATON YOUNG (ANGLESEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

STATON YOUNG (ANGLESEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STATON YOUNG (ANGLESEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

These valuations rely on a number of estimations and assumptions being made in relation to market conditions and developments.

Impairment of debtors

On a periodic basis management makes an estimation of the recoverability of debtors. Management make such estimations based on the ageing profile and historical experience and where they relate to fellow subsidiary or related party companies take into account their knowledge of these companies.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
10
4
Tangible fixed assets
Leasehold land and buildings
Furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
-
0
252,830
-
0
252,830
Additions
21,403
14,058
13,676
49,137
At 31 May 2023
21,403
266,888
13,676
301,967
Depreciation and impairment
At 1 June 2022
-
0
94,517
-
0
94,517
Depreciation charged in the year
-
0
41,475
1,425
42,900
At 31 May 2023
-
0
135,992
1,425
137,417
Carrying amount
At 31 May 2023
21,403
130,896
12,251
164,550
At 31 May 2022
-
0
158,313
-
0
158,313
STATON YOUNG (ANGLESEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
5
Investment property
2023
£
Fair value
At 1 June 2022
19,795,000
Additions
105,000
Disposals
(230,000)
Fair value adjustments
265,000
At 31 May 2023
19,935,000

Investment property comprises of £19,935,000 (2022 - £19,795,000). The directors valuations are further supported by independent valuations carried out in February, August and November 2022, which were carried out in accordance with RICS and have been considered by the directors in establishing their fair values as at 31 May 2023. In addition to this further desktop valuations have been carried out since the balance sheet date and considered as part of the directors assessment.

 

6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
51,409
52,053
Amounts owed by group undertakings
2,778,910
1,125,770
Other debtors
122,944
142,772
2,953,263
1,320,595
8
Creditors: amounts falling due within one year
2023
2022
£
£
Loans and borrowings
10
461,423
481,970
Trade creditors
464,567
923,041
Taxation and social security
502,250
725,136
Other creditors
167,912
124,238
1,596,152
2,254,385
STATON YOUNG (ANGLESEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans and borrowings
10
8,013,362
6,304,865
8,013,362
6,304,865
10
Loans and borrowings
2023
2022
£
£
Bank loans
8,474,785
6,786,835
8,474,785
6,786,835
Payable within one year
461,423
481,970
Payable after one year
8,013,362
6,304,865

Bank borrowings

 

Liabilities in respect of bank borrowings and other borrowings are secured by a first legal charge over the company's properties, a debenture over the company's whole assets and undertaking and an unlimited inter company composite guarantee between the company and a related company. The carrying amounts at the year end were £8,474,785 (2022- £6,786,835).

 

11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
12
Financial commitments, guarantees and contingent liabilities

Contingent liabilities

The company has entered into cross guarantees and debentures with its bankers to secure the liabilities of other related companies. The contingent liability as at 31 May 2023 is £1,298,621 (2022 - £1,654,183). The future outcome is dependent on the performance of individual companies concerned. However the directors do not expect any liability to crystallise.

 

There are certain items which have been financed through the holding company. The value in the holding company as at 31 May 2023 is £448,862 (2022 - £529,977). The future outcome is dependant on the performance of individual companies concerned. However the directors do not expect any liability to crystallise.

 

The company has entered into cross guarantees and debentures with a finance provided to a related company. The contingent liability as at 31 May 2023 is £1,490,000 (2022 - £1,490,000). The future outcome is dependent on the performance of the individual companies concerned. However the directors do not expect any liability to crystallise.

STATON YOUNG (ANGLESEY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
13
Operating Lease arrangements

The total amount of financial commitments not included in the balance sheet in respect of operating leases is £1,200,000 (2022 - £nil).

 

The total amount of these commitments due within one year are £50,000 (2022 - £nil) and amounts due over one year are £1,150,000 (2022 - £nil).

14
Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption under FRS 102 1A in respect of disclosing transactions with other members of the group.

 

2023-05-312022-06-01false30 April 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityM L BroughR L Broughfalsefalse090431552022-06-012023-05-31090431552023-05-31090431552022-05-3109043155core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-05-3109043155core:ComputerEquipment2023-05-3109043155core:MotorVehicles2023-05-3109043155core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-05-3109043155core:ComputerEquipment2022-05-3109043155core:MotorVehicles2022-05-3109043155core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3109043155core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3109043155core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3109043155core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3109043155core:CurrentFinancialInstruments2023-05-3109043155core:CurrentFinancialInstruments2022-05-3109043155core:Non-currentFinancialInstruments2023-05-3109043155core:Non-currentFinancialInstruments2022-05-3109043155core:ShareCapital2023-05-3109043155core:ShareCapital2022-05-3109043155core:RevaluationReserve2023-05-3109043155core:RevaluationReserve2022-05-3109043155core:RetainedEarningsAccumulatedLosses2023-05-3109043155core:RetainedEarningsAccumulatedLosses2022-05-3109043155bus:Director12022-06-012023-05-3109043155core:LandBuildingscore:LongLeaseholdAssets2022-06-012023-05-3109043155core:ComputerEquipment2022-06-012023-05-3109043155core:MotorVehicles2022-06-012023-05-31090431552021-06-012022-05-3109043155core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-05-3109043155core:ComputerEquipment2022-05-3109043155core:MotorVehicles2022-05-31090431552022-05-3109043155core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-012023-05-3109043155core:WithinOneYear2023-05-3109043155core:WithinOneYear2022-05-3109043155bus:PrivateLimitedCompanyLtd2022-06-012023-05-3109043155bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3109043155bus:FRS1022022-06-012023-05-3109043155bus:AuditExemptWithAccountantsReport2022-06-012023-05-3109043155bus:Director22022-06-012023-05-3109043155bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP