0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 12765140 2023-07-01 2024-05-31 12765140 2024-05-31 12765140 2023-06-30 12765140 2022-07-01 2023-06-30 12765140 2023-06-30 12765140 2022-06-30 12765140 core:PlantMachinery 2023-07-01 2024-05-31 12765140 bus:Director1 2023-07-01 2024-05-31 12765140 bus:Director2 2023-07-01 2024-05-31 12765140 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 12765140 core:PlantMachinery 2023-06-30 12765140 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 12765140 core:PlantMachinery 2024-05-31 12765140 core:WithinOneYear 2024-05-31 12765140 core:WithinOneYear 2023-06-30 12765140 core:ShareCapital 2024-05-31 12765140 core:ShareCapital 2023-06-30 12765140 core:RevaluationReserve 2024-05-31 12765140 core:RetainedEarningsAccumulatedLosses 2024-05-31 12765140 core:RetainedEarningsAccumulatedLosses 2023-06-30 12765140 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-05-31 12765140 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 12765140 core:PlantMachinery 2023-06-30 12765140 bus:SmallEntities 2023-07-01 2024-05-31 12765140 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-05-31 12765140 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-05-31 12765140 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-05-31 12765140 bus:FullAccounts 2023-07-01 2024-05-31
COMPANY REGISTRATION NUMBER: 12765140
Staffy Investments Ltd
Filleted Unaudited Financial Statements
31 May 2024
Staffy Investments Ltd
Financial Statements
Period from 1 July 2023 to 31 May 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Staffy Investments Ltd
Balance Sheet
31 May 2024
31 May 24
30 Jun 23
Note
£
£
Fixed assets
Tangible assets
4
130,712
100,439
Current assets
Debtors
5
5,400
19,800
Cash at bank and in hand
19,267
102
--------
--------
24,667
19,902
Creditors: amounts falling due within one year
6
129,640
126,959
---------
---------
Net current liabilities
104,973
107,057
---------
---------
Total assets less current liabilities
25,739
( 6,618)
Provisions
5,831
--------
-------
Net assets/(liabilities)
19,908
( 6,618)
--------
-------
Capital and reserves
Called up share capital
100
100
Fair value reserve
24,859
Profit and loss account
( 5,051)
( 6,718)
--------
-------
Shareholders funds/(deficit)
19,908
( 6,618)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the period ending 31 May 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Staffy Investments Ltd
Balance Sheet (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr P McHugh
Mrs T D McHugh
Director
Director
Company registration number: 12765140
Staffy Investments Ltd
Notes to the Financial Statements
Period from 1 July 2023 to 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 King Street, Newcastle, Staffordshire, ST5 1JE. The company registration number is 12765140 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objectives evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Tangible assets
Investment property
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 July 2023
99,310
2,083
101,393
Revaluations
30,690
30,690
---------
-------
---------
At 31 May 2024
130,000
2,083
132,083
---------
-------
---------
Depreciation
At 1 July 2023
954
954
Charge for the period
417
417
---------
-------
---------
At 31 May 2024
1,371
1,371
---------
-------
---------
Carrying amount
At 31 May 2024
130,000
712
130,712
---------
-------
---------
At 30 June 2023
99,310
1,129
100,439
---------
-------
---------
5. Debtors
31 May 24
30 Jun 23
£
£
Trade debtors
5,400
Other debtors
19,800
-------
--------
5,400
19,800
-------
--------
6. Creditors: amounts falling due within one year
31 May 24
30 Jun 23
£
£
Social security and other taxes
278
Other creditors
129,362
126,959
---------
---------
129,640
126,959
---------
---------
7. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).