Stockley Trading Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04561550 (England and Wales)

Financial Statements for the Year Ended 31 August 2020

for

Stockley Trading Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Macgregor

REGISTERED OFFICE:

Unit N10/11

Bridge Road

Riverside Industrial Estate

Littlehampton

West Sussex

BN17 5DF

REGISTERED NUMBER:

04561550 (England and Wales)

ACCOUNTANTS:

CSL Partnership Limited

Chartered Certified Accountants

238 Station Road

Addlestone

Surrey

KT15 2PS

FIXED ASSETS

Intangible assets

4

233,750

247,500

Property, plant and equipment

5

12,261

16,606

246,011

264,106

CURRENT ASSETS

Inventories

238,900

214,935

Debtors

6

12,441

25,398

Cash at bank

87,906

8,418

339,247

248,751

CREDITORS

Amounts falling due within one year

7

(115,414

)

(134,762

)

NET CURRENT ASSETS

223,833

113,989

TOTAL ASSETS LESS CURRENT LIABILITIES

469,844

378,095

CREDITORS

Amounts falling due after more than one year

8

(46,667

)

-

PROVISIONS FOR LIABILITIES

(3,981

)

(3,155

)

NET ASSETS

419,196

374,940

CAPITAL AND RESERVES

Called up share capital

75,100

75,100

Capital redemption reserve

170,000

170,000

Retained earnings

174,096

129,840

SHAREHOLDERS' FUNDS

419,196

374,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 January 2021 and were signed by:

J Macgregor - Director

1.	STATUTORY INFORMATION

Stockley Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue is measured at fair value and represents revenues receivable under contracts net of value added tax. Where contractual obligations have been partially performed at the balance sheet date, revenue is recognised to the extent that the company has obtained the right to consideration through its performance.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2002, is being amortised over 20 years commencing in 2017.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Inventory

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2019 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

275,000

AMORTISATION

At 1 September 2019

27,500

Charge for year

13,750

At 31 August 2020

41,250

NET BOOK VALUE

At 31 August 2020

233,750

At 31 August 2019

247,500

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 September 2019

and 31 August 2020

34,455

24,442

58,897

DEPRECIATION

At 1 September 2019

27,772

14,519

42,291

Charge for year

1,855

2,490

4,345

At 31 August 2020

29,627

17,009

46,636

NET BOOK VALUE

At 31 August 2020

4,828

7,433

12,261

At 31 August 2019

6,683

9,923

16,606

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Other debtors

7,763

9,427

VAT

-

3,646

Prepayments

4,678

12,325

12,441

25,398

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans and overdrafts

3,333

-

Trade creditors

64,038

93,715

Tax

20,217

6,557

Social security and other taxes

-

1,679

VAT

3,943

-

Other creditors

910

3,698

Directors' current accounts

21,973

28,113

Accrued expenses

1,000

1,000

115,414

134,762

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

30,000

-

Bank loans more than 5 years

6,667

-

46,667

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

6,667

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.20

31.8.19

£

£

Within one year

19,300

49,300

Between one and five years

9,650

78,250

28,950

127,550

10.	RELATED PARTY DISCLOSURES

At the year end the company owed Mr J Macgregor, the sole director, £21,973 in respect of his directors' loan account (2019 - 28,113).