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Registration number: 08361688

Audrey & Stig Enterprises Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Audrey & Stig Enterprises Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 9

 

Audrey & Stig Enterprises Ltd

Company Information

Directors

Mr Ken Paisley

Mrs Audrey Paisley

Registered office

Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

 

Audrey & Stig Enterprises Ltd

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Ken Paisley

Mrs Audrey Paisley

Principal activity

The principal activity of the company is that of the sale of refreshments.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through the continued financial support of the directors and bank. The director therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result in the withdrawal of financial support by the company's directors and bank.

Small companies provision statement

This report has 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.

Approved by the Board on 21 October 2024 and signed on its behalf by:

.........................................
Mr Ken Paisley
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Audrey & Stig Enterprises Ltd
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Audrey & Stig Enterprises Ltd for the year ended 31 January 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Audrey & Stig Enterprises Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Audrey & Stig Enterprises Ltd and state those matters that we have agreed to state to the Board of Directors of Audrey & Stig Enterprises Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Audrey & Stig Enterprises Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Audrey & Stig Enterprises Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Audrey & Stig Enterprises Ltd. You consider that Audrey & Stig Enterprises Ltd 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 accounts of Audrey & Stig Enterprises Ltd. 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 accounts.

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

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

21 October 2024

 

Audrey & Stig Enterprises Ltd

(Registration number: 08361688)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

19,454

22,137

Tangible assets

6

4,544

6,254

 

23,998

28,391

Current assets

 

Stocks

7

450

550

Debtors

8

257

347

Cash at bank and in hand

 

1,069

1,077

 

1,776

1,974

Creditors: Amounts falling due within one year

9

(176,580)

(140,734)

Net current liabilities

 

(174,804)

(138,760)

Total assets less current liabilities

 

(150,806)

(110,369)

Creditors: Amounts falling due after more than one year

9

(32,702)

(38,530)

Net liabilities

 

(183,508)

(148,899)

Capital and reserves

 

Called up share capital

11

2

2

Retained earnings

(183,510)

(148,901)

Shareholders' deficit

 

(183,508)

(148,899)

For the financial year ending 31 January 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 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.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

.........................................
Mr Ken Paisley
Director

 

Audrey & Stig Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ
England

These financial statements were authorised for issue by the Board on 21 October 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.

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

Fixtures and fittings

25% reducing balance

Computer equipment

33% straight line

 

Audrey & Stig Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

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.

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.

 

Audrey & Stig Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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.

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 during the year, was 2 (2023 - 2).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,710

2,209

Amortisation expense

2,683

2,684

 

Audrey & Stig Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

26,833

26,833

At 31 January 2024

26,833

26,833

Amortisation

At 1 February 2023

4,696

4,696

Amortisation charge

2,683

2,683

At 31 January 2024

7,379

7,379

Carrying amount

At 31 January 2024

19,454

19,454

At 31 January 2023

22,137

22,137

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

14,992

14,992

At 31 January 2024

14,992

14,992

Depreciation

At 1 February 2023

8,738

8,738

Charge for the year

1,710

1,710

At 31 January 2024

10,448

10,448

Carrying amount

At 31 January 2024

4,544

4,544

At 31 January 2023

6,254

6,254

7

Stocks

2024
£

2023
£

Other inventories

450

550

 

Audrey & Stig Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Debtors

2024
£

2023
£

Prepayments

257

347

257

347

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

5,556

5,556

Trade creditors

 

101

581

Accruals and deferred income

 

720

21

Other payables

 

170,203

134,576

 

176,580

140,734

Due after one year

 

Loans and borrowings

10

32,702

38,530

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,702

38,530

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,556

5,556

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Share of £1 each

2

2

2

2