Standeaven Trading Limited Small abridged accounts

STANDEAVEN TRADING LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-10-01 Sage Accounts Production Advanced 2017 Update 4 - FRS xbrli:pure xbrli:shares iso4217:GBP 04526763 2016-10-01 2017-09-30 04526763 2017-09-30 04526763 2016-09-30 04526763 2015-10-01 2016-09-30 04526763 2016-09-30 04526763 core:PlantMachinery 2016-10-01 2017-09-30 04526763 bus:RegisteredOffice 2016-10-01 2017-09-30 04526763 bus:LeadAgentIfApplicable 2016-10-01 2017-09-30 04526763 bus:Director3 2016-10-01 2017-09-30 04526763 bus:Director4 2016-10-01 2017-09-30 04526763 core:WithinOneYear 2017-09-30 04526763 core:WithinOneYear 2016-09-30 04526763 core:AfterOneYear 2017-09-30 04526763 core:AfterOneYear 2016-09-30 04526763 core:ShareCapital 2017-09-30 04526763 core:ShareCapital 2016-09-30 04526763 core:SharePremium 2017-09-30 04526763 core:SharePremium 2016-09-30 04526763 core:RevaluationReserve 2017-09-30 04526763 core:RevaluationReserve 2016-09-30 04526763 core:RetainedEarningsAccumulatedLosses 2017-09-30 04526763 core:RetainedEarningsAccumulatedLosses 2016-09-30 04526763 bus:FRS102 2016-10-01 2017-09-30 04526763 bus:AuditExempt-NoAccountantsReport 2016-10-01 2017-09-30 04526763 bus:AbridgedAccounts 2016-10-01 2017-09-30 04526763 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-09-30 04526763 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30

STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Standeaven Trading Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04526763

STANDEAVEN TRADING LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 September 2017

STANDEAVEN TRADING LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2017

CONTENTS	PAGES

Officers and professional advisers	1

Abridged statement of financial position	2 to 3

Notes to the abridged financial statements	4 to 6

STANDEAVEN TRADING LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr J H Williamson (Retired 3 October 2017)
	Ms A L Smith

Registered office	Block B Gatehead Business Park
	Delph New Road
	Delph
	Oldham
	Lancs
	OL3 5DE

Accountants	Seligman Percy
	Chartered Accountants
	11 - 16 Prudential Buildings
	61 St Petersgate
	Stockport
	Cheshire
	SK1 1DH

Bankers	HSBC Bank plc
	109 Union Street
	Oldham
	Lancashire
	OL1 1RT

STANDEAVEN TRADING LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

30 September 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Tangible assets	5		2,472,438	2,484,972

CURRENT ASSETS

Debtors	190,762	212,882
Cash at bank and in hand	217	8,286
	---------	---------
	190,979	221,168

CREDITORS: amounts falling due within one year	128,825		145,618
	---------		---------
NET CURRENT ASSETS		62,154	75,550
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		2,534,592	2,560,522

CREDITORS: amounts falling due after more than one year	6		1,255,104	1,314,465

PROVISIONS

Taxation including deferred tax	393	959
	------------	------------
NET ASSETS	1,279,095	1,245,098
	------------	------------

CAPITAL AND RESERVES

Called up share capital	15,680	15,680
Share premium account	374,312	374,312
Revaluation reserve	84,853	84,853
Profit and loss account	804,250	770,253
	------------	------------
SHAREHOLDERS FUNDS	1,279,095	1,245,098
	------------	------------

These abridged 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 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 abridged statement of comprehensive income has not been delivered.

For the year ending 30 September 2017 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 abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

STANDEAVEN TRADING LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

30 September 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 29 June 2018 , and are signed on behalf of the board by:

Ms A L Smith
Director

Company registration number: 04526763

STANDEAVEN TRADING LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Block B Gatehead Business Park, Delph New Road, Delph, Oldham, Lancs, OL3 5DE.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values to their recoverable amount and to provide for future liabilities that may arise and to reclassify fixed assets as current assets. The director believes that it is appropriate for the financial statements to be prepared on a going concern basis.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts invoiced during the year.

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 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 & Machinery	-	33% 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.

Financial instruments

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 2 (2016: 2 ).

5. Tangible assets

	£
Cost
At 1 October 2016	2,510,192
Additions	4,490
	------------
At 30 September 2017	2,514,682
	------------
Depreciation
At 1 October 2016	25,220
Charge for the year	17,024
	------------
At 30 September 2017	42,244
	------------
Carrying amount
At 30 September 2017	2,472,438
	------------
At 30 September 2016	2,484,972
	------------

Tangible assets held at valuation

The investment property was valued on an open market basis by Lambert Smith Hampton Chartered Surveyors, who valued the property at £2,460,000 on 26 January 2016. The directors are of the opinion that at the year end this was a fair value. Had the investment property, included above at valuation, been determined according to the historical cost accounting rules it would have been stated at cost of £2,375,147 (2016: £2,375,147).

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

The bank loans are secured by a fixed charge and a fixed and floating charge over the freehold investment property.

7. Related party transactions

Included in other debtors is a loan of £153,129 to Clive Rainford Homes Limited, a company of which Ms A L Smith is a director. This loan is interest free and repayable on demand.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.