Company registration number 07122830 (England and Wales)
STYCHE VALLEY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
STYCHE VALLEY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STYCHE VALLEY SERVICES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,199,309
1,027,673
Current assets
Stocks
30,434
9,565
Debtors
4
191,541
190,347
Cash at bank and in hand
8,838
221,975
208,750
Creditors: amounts falling due within one year
5
(402,713)
(337,453)
Net current liabilities
(180,738)
(128,703)
Total assets less current liabilities
1,018,571
898,970
Creditors: amounts falling due after more than one year
6
(550,725)
(499,829)
Provisions for liabilities
(278,211)
(178,467)
Net assets
189,635
220,674
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
189,625
220,664
Total equity
189,635
220,674
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STYCHE VALLEY SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
Mr J P Seaton
Director
Company registration number 07122830 (England and Wales)
STYCHE VALLEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Styche Valley Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Styche Grange, Longford, Market Drayton, Shropshire, TF9 3FQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15%reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition..
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
STYCHE VALLEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.8
Government grants
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
STYCHE VALLEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2022
95,319
1,260,304
4,167
337
25,075
1,385,202
Additions
401,615
360
429
402,404
Disposals
(73,340)
(73,340)
At 31 January 2023
95,319
1,588,579
4,527
766
25,075
1,714,266
Depreciation and impairment
At 1 February 2022
6,949
338,010
2,944
337
9,290
357,530
Depreciation charged in the year
1,906
175,034
183
3,946
181,069
Eliminated in respect of disposals
(23,642)
(23,642)
At 31 January 2023
8,855
489,402
3,127
337
13,236
514,957
Carrying amount
At 31 January 2023
86,464
1,099,177
1,400
429
11,839
1,199,309
At 31 January 2022
88,371
922,294
1,223
15,785
1,027,673
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
121,991
129,099
Other debtors
69,550
61,248
191,541
190,347
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
29,452
3,938
Trade creditors
80,791
86,750
Taxation and social security
42,952
57,341
Other creditors
249,518
189,424
402,713
337,453
STYCHE VALLEY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,184
42,123
Other creditors
515,541
457,706
550,725
499,829
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
2,500
63,321
7
Directors' transactions
Dividends totalling £144,700 (2022 - £144,700) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan to directors
-
61,238
(32,162)
29,076
61,238
(32,162)
29,076