Stratfords Limited Filleted accounts for Companies House (small and micro)

STRATFORDS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00167923

Stratfords Limited

Filleted Annual Report and Financial Statements

31 January 2020

Stratfords Limited

Annual Report and Financial Statements

Year ended 31st January 2020

Contents	Page

Officers and professional advisers	1

Balance sheet	2

Statement of changes in equity	4

Notes to the annual report and financial statements	5

Stratfords Limited

Officers and Professional Advisers

The board of directors	Mrs J Broughton
	Mr P A J Croker
	Mr J A Hazel

Company secretary	Mr J A Hazel

Registered office	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

Auditor	Stephenson Smart (East Anglia) Limited
	Chartered Accountants & statutory auditor
	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

Bankers	Barclays Bank plc
	91-92 High Street
	King's Lynn
	Norfolk
	PE30 1BL

Stratfords Limited

Balance Sheet

31 January 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		603,587	606,162

Current assets

Stocks		317,603	351,741
Debtors	6	224,500	281,177
Cash at bank and in hand		191,336	3,032
		---------	---------
		733,439	635,950

Creditors: amounts falling due within one year	7	291,536		262,845
		---------		---------
Net current assets			441,903	373,105
			------------	---------
Total assets less current liabilities			1,045,490	979,267

Creditors: amounts falling due after more than one year	8		126,043	145,204

Provisions

Taxation including deferred tax	17,529	1,999
	------------	---------
Net assets	901,918	832,064
	------------	---------

Capital and reserves

Called up share capital	31,025	31,025
Share premium account	83,976	83,976
Revaluation reserve	–	4,080
Profit and loss account	786,917	712,983
	---------	---------
Shareholders funds	901,918	832,064
	---------	---------

These Annual Report and 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 comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of Annual Report and Financial Statements.

Stratfords Limited

Balance Sheet (continued)

31 January 2020

These Annual Report and Financial Statements were approved by the board of directors and authorised for issue on 23 July 2020 , and are signed on behalf of the board by:

Mrs J Broughton
Director

Company registration number: 00167923

Stratfords Limited

Statement of Changes in Equity

Year ended 31st January 2020

		Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total
		£	£	£	£	£
At 1st February 2018		31,025	83,976	138,631	425,270	678,902

Profit for the year					153,162	153,162
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	–	( 134,551)	134,551	–
		--------	--------	---------	---------	---------
Total comprehensive income for the year		–	–	( 134,551)	287,713	153,162

At 31st January 2019		31,025	83,976	4,080	712,983	832,064

Profit for the year					79,854	79,854
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	–	( 4,080)	4,080	–
		--------	--------	---------	---------	---------
Total comprehensive income for the year		–	–	( 4,080)	83,934	79,854

Dividends paid and payable		–	–	–	( 10,000)	( 10,000)
		----	----	----	--------	--------
Total investments by and distributions to owners		–	–	–	( 10,000)	( 10,000)

		--------	--------	----	---------	---------
At 31st January 2020		31,025	83,976	–	786,917	901,918
		--------	--------	----	---------	---------

Stratfords Limited

Notes to the Annual Report and Financial Statements

Year ended 31st January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ.

2. Statement of compliance

These Annual Report and 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 Annual Report and Financial Statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The Annual Report and Financial Statements are prepared in sterling, which is the functional currency of the entity. Figures are rounded to the nearest whole pound sterling.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic loves and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 7 for the carrying amount of tangible assets and note 3 for the useful economic lives for each class of assets. (ii) Taxation The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced and accrued during the year, generated through the company's principal activities in the United Kingdom. Where appropriate amounts are shown excluding value added tax. Turnover from shop sales is recognised at the point at which the goods are provided.

Corporation 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:

Freehold property	-	2% straight line
Plant & machinery	-	15% reducing balance
Fixtures & fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2019: 14 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1st February 2019	549,391	73,995	46,120	83,167	752,673
Additions	6,537	724	–	20,218	27,479
Disposals	–	( 300)	( 1,020)	–	( 1,320)
	---------	--------	--------	---------	---------
At 31st January 2020	555,928	74,419	45,100	103,385	778,832
	---------	--------	--------	---------	---------
Depreciation
At 1st February 2019	72,213	35,163	22,015	17,120	146,511
Charge for the year	3,840	5,915	3,616	16,512	29,883
Disposals	–	( 295)	( 854)	–	( 1,149)
	---------	--------	--------	---------	---------
At 31st January 2020	76,053	40,783	24,777	33,632	175,245
	---------	--------	--------	---------	---------
Carrying amount
At 31st January 2020	479,875	33,636	20,323	69,753	603,587
	---------	--------	--------	---------	---------
At 31st January 2019	477,178	38,832	24,105	66,047	606,162
	---------	--------	--------	---------	---------

Included within tangible fixed assets are investment properties included at their fair value of £360,000. This valuation was ascertained by the directors of the entity as at 31 January 2020.

The freehold properties were revalued by Geoffrey Collings & Co at £35,000 on the 22nd October 1998. The valuation was on an existing use basis for all properties.

Tangible assets held at valuation

Land and buildings at High Street, Watton and Norfolk Street, King's Lynn Norfolk were revalued in 2019 at £360,000.

6. Debtors

	2020	2019
	£	£
Trade debtors	213,908	266,958
Other debtors	10,592	14,219
	---------	---------
	224,500	281,177
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	12,300	15,040
Trade creditors	206,469	189,725
Corporation tax	4,387	–
Social security and other taxes	30,095	20,618
Other creditors	38,285	37,462
	---------	---------
	291,536	262,845
	---------	---------

The bank loans and overdrafts of £12,300 (2019: £15,040) are secured by way of mortgages and fixed and floating charges over the company assets. Included within other creditors are hire purchase balances of £7,503 (2019: £7,503), which are secured over the assets to which they relate.

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	11,662	23,321
Other creditors	114,381	121,883
	---------	---------
	126,043	145,204
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £100,000 (2019: £100,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans and overdrafts of £11,662 (2019: £23,321) are secured by way of mortgages and fixed and floating charges over the company assets. Included within other creditors are hire purchase balances of £14,381 (2019: £21,883), which are secured over the assets to which they relate.

9. Other financial commitments

Operating lease commitments not included in the balance sheet amount to £ 40,104 (2019: £ 2,674 ). Barclays Bank plc hold a Debenture including Fixed and floating charges over the undertaking and all property and assets present and future including goodwill book debts uncalled capital buildings fixtures fixed plant and machinery dated 18 July 1994.

10. Events after the end of the reporting period

On 20 March 2020 the government enforced a lockdown throughout the UK in reaction to the outbreak of COVID-19. Due to certain operations carried out by Stratfords Limited , the company is classified as a key industry.The company was able to continue much of its operations during the lockdown. At present there is no stated date for the reopening and resuming of full operations, providing uncertainty over when the company will be able to trade again at full capacity. The financial implications of this lockdown equates to a potential loss of revenue for the company, however at present it may be that the revenue especially relating to schools is just delayed until later on in the year. Whilst costs of a variable nature have fallen also, those fixed costs not supported by the governments' financial grants and schemes are still continuing. With the ongoing uncertainty regarding reopening at full capacity as at the signing date of the financial statements, no reliable estimate of the financial effect of COVID-19 can therefore be made at present.

11. Summary audit opinion

The auditor's report for the year dated 23 July 2020 was unqualified.

The senior statutory auditor was Mr Michael Andrews FCA , for and on behalf of Stephenson Smart (East Anglia) Limited .

12. Related party transactions

The company has taken advantage of the exemption within FRS 102 from disclosing transactions with members of the same group that are wholly owned. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

13. Controlling party

The ultimate controlling party is the Audrey Muriel Stratford Charitable Trust , a registered charity in England and Wales. Copies of the consolidated financial statements of the Audrey Muriel Stratford Charitable Trust may be obtained from 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ.