Company No:
Contents
Note | 30.04.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
|
476,638 | ||
Current assets | ||
Stocks |
|
|
Debtors | 4 |
|
Cash at bank and in hand |
|
|
664,517 | ||
Creditors: amounts falling due within one year | 5 | (
|
Net current assets | 403,418 | |
Total assets less current liabilities | 880,056 | |
Creditors: amounts falling due after more than one year | 6 | (
|
Net assets |
|
|
Capital and reserves | ||
Called-up share capital | 7 |
|
Profit and loss account |
|
|
Total shareholder's funds |
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Seven Stiles Trading Ltd (registered number:
Darren Margach
Director |
Ross Anderson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Seven Stiles Trading Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 2 Moycroft Industrial Estate, Elgin, IV30 1XZ, Scotland, United Kingdom. The principle place of business is Seven Stiles Avenue, Newport, NP19 4QR, Wales.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
The reporting period covers a 13 month period due to this being the company's first financial period.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Leasehold improvements |
|
Plant and machinery |
|
Fixtures and fittings |
|
Office equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Period from 24.04.2023 to 30.04.2024 |
|
Number | |
Monthly average number of persons employed by the Company during the period, including directors |
|
Leasehold improve- ments |
Plant and machinery | Fixtures and fittings | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 24 April 2023 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
At 30 April 2024 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 24 April 2023 |
|
|
|
|
|
||||
Charge for the financial period |
|
|
|
|
|
||||
At 30 April 2024 |
|
|
|
|
|
||||
Net book value | |||||||||
At 30 April 2024 |
|
|
|
|
|
30.04.2024 | |
£ | |
Amounts owed by Parent undertakings |
|
Amounts owed by related parties |
|
Other debtors |
|
|
30.04.2024 | |
£ | |
Bank loans (secured) |
|
Trade creditors |
|
Amounts owed to related parties |
|
Other taxation and social security |
|
Other creditors |
|
|
30.04.2024 | |
£ | |
Bank loans |
|
30.04.2024 | |
£ | |
Allotted, called-up and fully-paid | |
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
30.04.2024 | |
£ | |
within one year |
|
between one and five years |
|
after five years |
|
|
Other related party transactions
30.04.2024 | |
£ | |
Amounts owed by other related parties | 467,065 |
Amounts owed to other related parties | 8,959 |
The company has taken advantage of the exemption with FRS 102 Section 33 paragraph 33.1A, not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary of the group to which it is party to the transactions.