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Registration number: 03371525

Saltash Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Saltash Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Saltash Limited

Company Information

Directors

Duncan Nigel Heath

Eileen Krywyckyj

Michaela Alexandra Brayford

Company secretary

Michaela Alexandra Brayford

Registered office

DCF House
Unit 2 Chemical Lane
Stoke-On-Trent
Staffordshire
ST6 4PB

Accountants

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

Saltash Limited

(Registration number: 03371525)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

209,968

234,632

Investment property

6

733,050

672,000

Other financial assets

7

179,000

-

 

1,122,018

906,632

Current assets

 

Stocks

275,000

350,000

Debtors

8

3,695,784

3,285,154

Cash at bank and in hand

 

407,748

217,078

 

4,378,532

3,852,232

Creditors: Amounts falling due within one year

9

(2,845,857)

(2,476,114)

Net current assets

 

1,532,675

1,376,118

Total assets less current liabilities

 

2,654,693

2,282,750

Creditors: Amounts falling due after more than one year

9

(127,511)

-

Provisions for liabilities

(191,501)

(189,603)

Net assets

 

2,335,681

2,093,147

Capital and reserves

 

Called up share capital

2

2

Retained earnings

2,335,679

2,093,145

Shareholders' funds

 

2,335,681

2,093,147

For the financial year ending 30 November 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.

 

Saltash Limited

(Registration number: 03371525)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Eileen Krywyckyj
Director

 

Saltash Limited

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

1

General information

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

The address of its registered office is:
DCF House
Unit 2 Chemical Lane
Stoke-On-Trent
Staffordshire
ST6 4PB
England

These financial statements were authorised for issue by the Board on 29 August 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.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Saltash Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Long-term Leasehold Property

10% Straight Line

Plant & Machinery

20% Straight Line

Motor Vehicles

25% Straight Line

Fixtures & Fittings

15% Straight Line

Office Equipment

33% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Saltash Limited

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

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.

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Saltash Limited

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

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 by the company (including directors) during the year, was 49 (2022 - 38).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

74,181

65,820

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

53,643

229,837

177,909

461,389

Additions

-

26,627

22,890

49,517

At 30 November 2023

53,643

256,464

200,799

510,906

Depreciation

At 1 December 2022

22,864

149,584

54,309

226,757

Charge for the year

5,364

29,251

39,566

74,181

At 30 November 2023

28,228

178,835

93,875

300,938

Carrying amount

At 30 November 2023

25,415

77,629

106,924

209,968

At 30 November 2022

30,779

80,253

123,600

234,632

 

Saltash Limited

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

Included within the net book value of land and buildings above is £25,415 (2022 - £30,779) in respect of long leasehold land and buildings.
 

6

Investment properties

2023
£

At 1 December

672,000

Additions

61,050

At 30 November

733,050

There has been no valuation of investment property by an independent valuer.

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

Additions

179,000

179,000

At 30 November 2023

179,000

179,000

Impairment

Carrying amount

At 30 November 2023

179,000

179,000

8

Debtors

Current

2023
£

2022
£

Trade debtors

3,326,167

2,883,156

Prepayments

58,645

50,043

Other debtors

310,972

351,955

 

3,695,784

3,285,154

 

Saltash Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

750,480

643,387

Trade creditors

 

1,173,362

993,058

Taxation and social security

 

270,804

283,251

Accruals and deferred income

 

12,123

6,954

Other creditors

 

639,088

549,464

 

2,845,857

2,476,114

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

127,511

-

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

127,511

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

38,381

-

Other borrowings

712,099

643,387

750,480

643,387

 

Saltash Limited

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

11

Related party transactions

At the start of the year, a director owed £59,990 to the company. During the year, this director received advances of £Nil from the company and made repayments of £8,787. At the year end, owed a balance of £51,203 to the company.

At the start of the year, a director owed £31,035 to the company. During the year, this director received advances of £Nil from the company and made repayments of £9,184 . At the year end, owed a balance of £21,850 to the company.

At the start of the year, a director owed £33,167 to the company. During the year, this director recieved advances of £26,150 from the company and made repayments of £nil. At the year end, owed a balance of £59,317 to the company.

Interest at a rate of 2% was charged by the company on any overdrawn balances.