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Company registration number: 08370111

Staplecote Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Staplecote Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Staplecote Limited

(Registration number: 08370111)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

35,275

43,160

Other financial assets

5

193,000

193,000

 

228,275

236,160

Current assets

 

Debtors

6

53,455

212,411

Cash at bank and in hand

 

2,636

8,779

 

56,091

221,190

Creditors: Amounts falling due within one year

7

(70,765)

(62,137)

Net current (liabilities)/assets

 

(14,674)

159,053

Total assets less current liabilities

 

213,601

395,213

Creditors: Amounts falling due after more than one year

7

(24,545)

(28,351)

Provisions for liabilities

 

Deferred tax liabilities

 

(8,819)

(10,790)

Net assets

 

180,237

356,072

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

180,227

356,062

Total equity

 

180,237

356,072

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

 

Staplecote Limited

(Registration number: 08370111)
Balance Sheet as at 30 April 2024

Approved and authorised by the director on 24 January 2025 .
 


B J B Slade
Director

   
 

Staplecote Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
22 The Parks
Minehead
Somerset
TA24 8BT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Turnover recognition

Turnover consists of profit share from Maitland Walker LLP and is recognised on an accruals basis.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

 

Staplecote Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

Straight line over lease term

Investments

Investments in unquoted businesses where fair value cannot be measured reliably is measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Other debtors comprise amounts due from Maitland Walker LLP plus amounts owed to the company by its director.

Other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method.

Creditors

Other creditors comprise amounts payable to Maitland Walker LLP, accruals for expenses payable and amounts owed to the director. Other creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Staplecote Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2023 - 2).

 

Staplecote Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

53,673

53,673

At 30 April 2024

53,673

53,673

Depreciation

At 1 May 2023

10,513

10,513

Charge for the year

7,885

7,885

At 30 April 2024

18,398

18,398

Carrying amount

At 30 April 2024

35,275

35,275

At 30 April 2023

43,160

43,160

 

Staplecote Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

193,000

193,000

At 30 April 2024

193,000

193,000

Impairment

At 1 May 2023

-

-

At 30 April 2024

-

-

Carrying amount

At 30 April 2024

193,000

193,000

At 30 April 2023

193,000

193,000

6

Debtors

Current

2024
£

2023
£

Prepayments

558

-

Other debtors

52,897

212,411

 

53,455

212,411

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

3,807

3,807

Taxation and social security

 

20,072

57,130

Accruals and deferred income

 

1,200

1,200

Other creditors

 

45,686

-

 

70,765

62,137

 

Staplecote Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

3,807

3,807

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

24,545

28,351

9

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

B J B Slade

Director's current account

145,556

166,664

(260,579)

51,641

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

B J B Slade

Director's current account

-

251,243

(105,687)

145,556