Company registration number 11085764 (England and Wales)
Stretton Milford Ltd
Unaudited financial statements
For the year ended 31 May 2024
Stretton Milford Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Stretton Milford Ltd
Balance sheet
As at 31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
11,402,854
11,181,137
Debtors
3
497,961
519,858
Cash at bank and in hand
2,862
16,247
11,903,677
11,717,242
Creditors: amounts falling due within one year
4
(13,388,431)
(12,928,977)
Net current liabilities
(1,484,754)
(1,211,735)
Creditors: amounts falling due after more than one year
5
(10,833)
(20,833)
Net liabilities
(1,495,587)
(1,232,568)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
(1,496,587)
(1,233,568)
Total equity
(1,495,587)
(1,232,568)
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
Mr E C Chantler
Director
Company registration number 11085764 (England and Wales)
Stretton Milford Ltd
Notes to the financial statements
For the year ended 31 May 2024
- 2 -
1
Accounting policies
Company information
Stretton Milford Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Road, Nantwich, Cheshire, CW5 6PF.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared on the going concern basis which the directors consider appropriate due to the continued financial support to the company from companies under their control.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.4
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.
1.5
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.
Stretton Milford Ltd
Notes to the financial statements (continued)
For the year ended 31 May 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,961
112,579
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
495,000
407,279
Total debtors
497,961
519,858
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
13,116
133,894
Other creditors
13,365,315
12,785,083
13,388,431
12,928,977
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,833
20,833
Stretton Milford Ltd
Notes to the financial statements (continued)
For the year ended 31 May 2024
- 4 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
A ordinary shares of £1 each
900
900
900
900
B ordinary shares of £1 each
100
100
100
100
1,000
1,000
1,000
1,000
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Interest payable on loans
2024
2023
£
£
Entities controlled by key management personnel
326,224
302,482
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities controlled by key management personnel
3,793,289
3,280,065
Entities under common control
9,563,009
9,503,009