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REGISTERED NUMBER: 04988831 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

STAINES & BRIGHTS LIMITED

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STAINES & BRIGHTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: M D Southgate
R K Willis





SECRETARY: H E Southgate





REGISTERED OFFICE: 81 Church Road
Tiptree
Essex
CO5 0HB





REGISTERED NUMBER: 04988831 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
Waterhouse Business Centre
Unit 53
2 Cromar Way
Chelmsford
Essex
CM1 2QE

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,215 12,473
Tangible assets 5 42,528 20,429
47,743 32,902

CURRENT ASSETS
Stocks 340,634 314,537
Debtors 6 5,229 6,123
Cash at bank and in hand 14,755 102,007
360,618 422,667
CREDITORS
Amounts falling due within one year 7 278,745 300,348
NET CURRENT ASSETS 81,873 122,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

129,616

155,221

CREDITORS
Amounts falling due after more than one year 8 (31,481 ) (37,037 )

PROVISIONS FOR LIABILITIES 11 (7,092 ) (1,610 )
NET ASSETS 91,043 116,574

CAPITAL AND RESERVES
Called up share capital 9,999 9,999
Retained earnings 81,044 106,575
91,043 116,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

BALANCE SHEET - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:




M D Southgate - Director



R K Willis - Director


STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Staines & Brights Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services supplied, net of returns, discounts and value added taxes.

Revenue is recognised when goods are delivered to the customer, such that the risks and rewards of ownership have passed to them.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - 1% on cost
Televisions & Computers - 33% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for impairment of obsolete or slow moving items.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties, transport and handling directly attributable to bringing the stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
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.

The company has corporation tax losses of £34,050 to carry forward to set-off against future trading profits.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 125,150 4,000 129,150
AMORTISATION
At 1 March 2023 113,677 3,000 116,677
Amortisation for year 6,258 1,000 7,258
At 29 February 2024 119,935 4,000 123,935
NET BOOK VALUE
At 29 February 2024 5,215 - 5,215
At 28 February 2023 11,473 1,000 12,473

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS
Freehold Fixtures
land and Televisions and Motor
buildings & Computers fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 15,685 15,799 44,061 17,950 93,495
Additions - 2,593 6,332 18,500 27,425
Disposals - - - (17,950 ) (17,950 )
At 29 February 2024 15,685 18,392 50,393 18,500 102,970
DEPRECIATION
At 1 March 2023 1,450 14,759 40,604 16,253 73,066
Charge for year 77 1,148 2,019 385 3,629
Eliminated on disposal - - - (16,253 ) (16,253 )
At 29 February 2024 1,527 15,907 42,623 385 60,442
NET BOOK VALUE
At 29 February 2024 14,158 2,485 7,770 18,115 42,528
At 28 February 2023 14,235 1,040 3,457 1,697 20,429

Included in cost of land and buildings is freehold land of £ 8,000 (2023 - £ 8,000 ) which is not depreciated.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 1,613
Prepayments 5,229 4,510
5,229 6,123

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 5,556 7,640
Trade creditors 101,491 82,882
VAT 26,039 32,056
Directors' current accounts 140,564 171,724
Accrued expenses 5,095 6,046
278,745 300,348

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 31,481 37,037

Amounts falling due in more than five years:

Repayable by instalments
Bank loans >5 years payable
by instalments 9,259 14,815
9,259 14,815

STAINES & BRIGHTS LIMITED (REGISTERED NUMBER: 04988831)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 2,084
Bank loans - less than 1 year 5,556 5,556
5,556 7,640

Amounts falling due between two and five years:
Bank loans - 2-5 years 22,222 22,222

Amounts falling due in more than five years:

Repayable by instalments
Bank loans >5 years payable
by instalments 9,259 14,815
9,259 14,815

The bank loan is supported and secured by the UK Government's Bounce Back Loan Scheme (BBLS). Interest is applied at a fixed rate of 2.5% and the balance is repayable over 120 months with the first payment due 12 months after inception.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 11,063 14,750
Between one and five years - 11,063
11,063 25,813

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 7,092 1,610

Deferred
tax
£   
Balance at 1 March 2023 1,610
Provided during year 5,482
Balance at 29 February 2024 7,092

12. RELATED PARTY DISCLOSURES

The directors' loans to the company are on an interest free basis and repayable on demand.

At the year end, directors loans to the company amounted to £140,564 (2023: £171,724).