Registration number:
Star Resilianz Ltd.
|
|
Star Resilianz Ltd. trading as TRC Outdoors
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Star Resilianz Ltd. trading as TRC Outdoors
Company Information
Director |
B O'Toole |
Registered office |
|
Accountants |
|
Star Resilianz Ltd. trading as TRC Outdoors
Statement of Financial Position as at 31 December 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Profit and loss account |
(86,571) |
(94,582) |
|
Shareholders' deficit |
(86,569) |
(94,580) |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Star Resilianz Ltd. trading as TRC Outdoors
Statement of Financial Position as at 31 December 2021
Approved and authorised by the
.........................................
B O'Toole
Director
Company registration number: 08612713
Star Resilianz Ltd. trading as TRC Outdoors
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the retail of outdoor clothing and equipment.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The statement of financial position at 31 December 2021 showed a deficit of net assets of £86,569. At this date an amount of £80,598 was due to the shareholders who have confirmed they will not call for repayment until such time as the company has sufficient working capital.
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director believes the company has weathered the crisis caused by the COVID-19 pandemic and, now that restrictions in the UK have been lifted, the director's view is that the the company can return to profitability in future years.
Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when retail goods are despatched for customers.
Star Resilianz Ltd. trading as TRC Outdoors
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
33% straight line |
Office Equipment |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Star Resilianz Ltd. trading as TRC Outdoors
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
|
Cost |
|||
At 1 January 2021 |
|
|
|
At 31 December 2021 |
|
|
|
Depreciation |
|||
At 1 January 2021 |
|
|
|
Charge for the year |
- |
|
|
At 31 December 2021 |
|
|
|
Carrying amount |
|||
At 31 December 2021 |
- |
|
|
At 31 December 2020 |
- |
|
|
Stocks |
2021 |
2020 |
|
Stock |
|
|
Debtors |
2021 |
2020 |
|
Trade debtors |
|
- |
Other debtors |
|
|
|
|
Star Resilianz Ltd. trading as TRC Outdoors
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
|
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
2021 |
2020 |
|
Bank borrowings |
|
|