REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
Stratfords Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
Stratfords Limited |
Stratfords Limited (Registered number: 00167923) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Stratfords Limited (Registered number: 00167923) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Stratfords Limited (Registered number: 00167923) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | Statutory information |
Stratfords Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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. Figures are rounded to the nearest whole pound sterling. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of tangible assets and note 3 for the useful economic lives for each class of assets. |
(ii) Taxation |
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. |
Stratfords Limited (Registered number: 00167923) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | Accounting policies - continued |
Turnover |
The turnover shown in the profit and loss account represents amounts invoiced and accrued during the year, generated through the company's principal activities in the United Kingdom. Where appropriate amounts are shown excluding value added tax. |
Turnover from shop sales is recognised at the point at which the goods are provided. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
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. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Stratfords Limited (Registered number: 00167923) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | Employees and directors |
The average number of employees during the year was |
Stratfords Limited (Registered number: 00167923) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | Tangible fixed assets |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
Depreciation |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
Net book value |
At 31 January 2024 |
At 31 January 2023 |
Included within tangible fixed assets are investment properties included at their fair value of £360,000. This valuation was ascertained by the directors of the entity as at 31 January 2020. The directors believe this value to be appropriate as at 31 January 2024. |
The freehold properties were revalued by Geoffrey Collings & Co at £35,000 on the 22nd October 1998. The valuation was on an existing use basis for all properties. |
6. | Debtors: amounts falling due within one year |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
31.1.24 | 31.1.23 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Stratfords Limited (Registered number: 00167923) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | Creditors: amounts falling due within one year - continued |
Included within creditors are hire purchase balances of £10,185 (2023 - Nil), which are secured over the assets to which they relate. |
8. | Creditors: amounts falling due after more than one year |
31.1.24 | 31.1.23 |
£ | £ |
Hire purchase contracts |
Other creditors |
Included within creditors: amounts falling due after more than one year is an amount of £100,000 (2023 - £100,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. |
Included within creditors are hire purchase balances of £28,481 (2023 - Nil), which are secured over the assets to which they relate. |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | Other financial commitments |
Operating lease commitments not included in the balance sheet amount to £8,795 (2023 - £12,854). |
Barclays Bank plc hold a Debenture including Fixed and floating charges over the undertaking and all property and assets present and future including goodwill book debts uncalled capital buildings fixtures fixed plant and machinery dated 18 July 1994. |
11. | Related party disclosures |
The company has taken advantage of the exemption within FRS 102 from disclosing transactions with members of the same group that are wholly owned. |
No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102. |
12. | Ultimate controlling party |
The ultimate controlling party is the Audrey Muriel Stratford Charitable Trust, a registered charity in England and Wales. |
Copies of the consolidated financial statements of the Audrey Muriel Stratford Charitable Trust may be obtained from 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ. |