2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC620297 2023-03-01 2024-02-29 SC620297 2024-02-29 SC620297 2023-02-28 SC620297 2022-03-01 2023-02-28 SC620297 2023-02-28 SC620297 2022-02-28 SC620297 core:PlantMachinery 2023-03-01 2024-02-29 SC620297 core:FurnitureFittings 2023-03-01 2024-02-29 SC620297 core:MotorVehicles 2023-03-01 2024-02-29 SC620297 bus:Director2 2023-03-01 2024-02-29 SC620297 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 SC620297 core:PlantMachinery 2023-02-28 SC620297 core:FurnitureFittings 2023-02-28 SC620297 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 SC620297 core:PlantMachinery 2024-02-29 SC620297 core:FurnitureFittings 2024-02-29 SC620297 core:MotorVehicles 2024-02-29 SC620297 core:WithinOneYear 2024-02-29 SC620297 core:WithinOneYear 2023-02-28 SC620297 core:AfterOneYear 2024-02-29 SC620297 core:AfterOneYear 2023-02-28 SC620297 core:ShareCapital 2024-02-29 SC620297 core:ShareCapital 2023-02-28 SC620297 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC620297 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC620297 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 SC620297 core:PlantMachinery 2023-02-28 SC620297 core:FurnitureFittings 2023-02-28 SC620297 bus:SmallEntities 2023-03-01 2024-02-29 SC620297 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC620297 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC620297 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC620297 bus:FullAccounts 2023-03-01 2024-02-29 SC620297 core:OfficeEquipment 2023-03-01 2024-02-29 SC620297 core:OfficeEquipment 2023-02-28 SC620297 core:OfficeEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: SC620297
Stay in Style Ltd.
Filleted Unaudited Financial Statements
29 February 2024
Stay in Style Ltd.
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,171,261
2,129,935
Current assets
Debtors
6
11,223
21,993
Cash at bank and in hand
5,009
8,769
--------
--------
16,232
30,762
Creditors: amounts falling due within one year
7
105,313
186,982
---------
---------
Net current liabilities
89,081
156,220
------------
------------
Total assets less current liabilities
2,082,180
1,973,715
Creditors: amounts falling due after more than one year
8
793,881
792,081
------------
------------
Net assets
1,288,299
1,181,634
------------
------------
Capital and reserves
Called up share capital
1,195,886
1,195,886
Profit and loss account
92,413
( 14,252)
------------
------------
Shareholders funds
1,288,299
1,181,634
------------
------------
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 29 February 2024 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 .
Stay in Style Ltd.
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 1 October 2024 , and are signed on behalf of the board by:
Mrs Belinda Caswell
Director
Company registration number: SC620297
Stay in Style Ltd.
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Crosshouse, The Cross, Ceres, Cupar, Fife, KY15 5NE.
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.
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.
Corporation 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.
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:
Property improvements
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Mar 2023
1,942,751
168,841
115,648
2,258
2,229,498
Additions
70,293
2,948
73,241
------------
---------
---------
--------
-------
------------
At 29 Feb 2024
1,942,751
168,841
115,648
70,293
5,206
2,302,739
------------
---------
---------
--------
-------
------------
Depreciation
At 1 Mar 2023
23,393
74,990
1,180
99,563
Charge for the year
3,171
10,165
17,573
1,006
31,915
------------
---------
---------
--------
-------
------------
At 29 Feb 2024
26,564
85,155
17,573
2,186
131,478
------------
---------
---------
--------
-------
------------
Carrying amount
At 29 Feb 2024
1,942,751
142,277
30,493
52,720
3,020
2,171,261
------------
---------
---------
--------
-------
------------
At 28 Feb 2023
1,942,751
145,448
40,658
1,078
2,129,935
------------
---------
---------
--------
-------
------------
6. Debtors
2024
2023
£
£
Other debtors
11,223
21,993
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
64,007
83,323
Corporation tax
7,862
Social security and other taxes
8,273
Other creditors
25,171
103,659
---------
---------
105,313
186,982
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
744,413
792,081
Other creditors
49,468
---------
---------
793,881
792,081
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £525,528 (2023: £225,128) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date
9. Directors' advances, credits and guarantees
At the end of the year the company was due to pay the directors £11,034 (2023 - £101,451).