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COMPANY REGISTRATION NUMBER: 03593167
David Stagg & Associates Limited
Filleted Unaudited Financial Statements
Period ending
30 June 2024
David Stagg & Associates Limited
Statement of Financial Position
30 June 2024
30 Jun 24
31 Aug 23
Note
£
£
£
£
Fixed assets
Tangible assets
5
270,555
302,368
Current assets
Stocks
173,455
224,405
Debtors
6
1,087,057
1,360,818
Cash at bank and in hand
1,927,037
515,398
------------
------------
3,187,549
2,100,621
Creditors: amounts falling due within one year
7
1,740,330
700,858
------------
------------
Net current assets
1,447,219
1,399,763
------------
------------
Total assets less current liabilities
1,717,774
1,702,131
------------
------------
Net assets
1,717,774
1,702,131
------------
------------
Capital and reserves
Called up share capital
8
80
80
Capital redemption reserve
20
20
Profit and loss account
1,717,674
1,702,031
------------
------------
Shareholders funds
1,717,774
1,702,131
------------
------------
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 statement of income and retained earnings has not been delivered.
For the period ending 30th June 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 .
David Stagg & Associates Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mrs R Richards
Director
Company registration number: 03593167
David Stagg & Associates Limited
Notes to the Financial Statements
Period from 1st September 2023 to 30th June 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 Electron House, West Hanningfield Road, Great Baddow, Chelmsford, Essex, CM2 8JT.
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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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.
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:
Leasehold Improvements
-
25% straight line
Plant and Machinery
-
25% straight line
Motor Vehicles
-
25% reducing balance
IT Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Research and development
Research and development expenditure is written off in the period in which it is incurred.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 39 (2023: 38 ).
5. Tangible assets
Leasehold Property
Plant and machinery
Motor vehicles
IT Equipment
Total
£
£
£
£
£
Cost
At 1st September 2023
27,867
25,678
482,219
46,121
581,885
Additions
4,028
24,750
6,655
35,433
--------
--------
---------
--------
---------
At 30th June 2024
27,867
29,706
506,969
52,776
617,318
--------
--------
---------
--------
---------
Depreciation
At 1st September 2023
27,552
24,286
192,766
34,913
279,517
Charge for the period
132
4,236
60,303
2,575
67,246
--------
--------
---------
--------
---------
At 30th June 2024
27,684
28,522
253,069
37,488
346,763
--------
--------
---------
--------
---------
Carrying amount
At 30th June 2024
183
1,184
253,900
15,288
270,555
--------
--------
---------
--------
---------
At 31st August 2023
315
1,392
289,453
11,208
302,368
--------
--------
---------
--------
---------
6. Debtors
30 Jun 24
31 Aug 23
£
£
Trade debtors
781,974
891,735
Prepayments and accrued income
288,939
467,427
Other debtors
16,144
1,656
------------
------------
1,087,057
1,360,818
------------
------------
7. Creditors: amounts falling due within one year
30 Jun 24
31 Aug 23
£
£
Trade creditors
1,211,195
305,910
Accruals and deferred income
126,384
126,082
Corporation tax
73,530
60,100
Social security and other taxes
177,798
89,175
Director loan accounts
151,423
119,591
------------
---------
1,740,330
700,858
------------
---------
8. Called up share capital
Authorised share capital
30 Jun 24
31 Aug 23
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
30 Jun 24
31 Aug 23
No.
£
No.
£
Ordinary shares of £ 1 each
80
80
80
80
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
30 Jun 24
31 Aug 23
£
£
Not later than 1 year
23,500
23,500
Later than 1 year and not later than 5 years
11,750
31,333
--------
--------
35,250
54,833
--------
--------
10. Related party transactions
At the year end the company owed the directors £151,423 (2023: £119,591) which is shown amongst creditors.