Company Registration No. SC529712 (Scotland)
Staels Design Ltd
Unaudited accounts
for the year ended 31 March 2020
Staels Design Ltd
Unaudited accounts
Contents
Staels Design Ltd
Company Information
for the year ended 31 March 2020
Directors
Corien Staels
Max Rogmans
Albert Nicholl
Bernard Degroux
Saffier Brull
Company Number
SC529712 (Scotland)
Registered Office
Suite A, Sky Hub Skypark 1
8 Elliot Place
Glasgow
G3 8EP
Accountants
Fraser + Accountants
3 Barossa Place
Perth
Perthshire
PH1 5HG
Staels Design Ltd
Statement of financial position
as at
31 March 2020
Intangible assets
48,751
22,038
Tangible assets
19,027
3,519
Inventories
41,252
38,995
Cash at bank and in hand
87,885
279,416
Creditors: amounts falling due within one year
(44,601)
(17,564)
Net current assets
110,296
303,592
Net assets
178,074
329,149
Called up share capital
1
1
Share premium
548,826
443,228
Profit and loss account
(370,753)
(114,080)
Shareholders' funds
178,074
329,149
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2020 and were signed on its behalf by
Corien Staels
Director
Company Registration No. SC529712
Staels Design Ltd
Notes to the Accounts
for the year ended 31 March 2020
Staels Design Ltd is a private company, limited by shares, registered in Scotland, registration number SC529712. The registered office is Suite A, Sky Hub Skypark 1, 8 Elliot Place, Glasgow , G3 8EP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Other tangible fixed assets
20% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amorisation on patents will commence when the patents have been granted.
Staels Design Ltd
Notes to the Accounts
for the year ended 31 March 2020
4
Intangible fixed assets
Other
Charge for the year
6,290
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Development costs - 20% straight line
Patent costs - 10% straight line
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2019
5,630
214
2,039
7,883
Additions
21,102
2,382
3,207
26,691
At 31 March 2020
26,732
2,596
5,246
34,574
At 1 April 2019
3,027
58
1,279
4,364
Charge for the year
8,910
824
1,449
11,183
At 31 March 2020
11,937
882
2,728
15,547
At 31 March 2020
14,795
1,714
2,518
19,027
At 31 March 2019
2,603
156
760
3,519
Raw materials
41,252
38,995
Staels Design Ltd
Notes to the Accounts
for the year ended 31 March 2020
Trade debtors
4,498
1,485
Amounts due from group undertakings etc.
21,262
-
8
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
34,086
46,998
Trade creditors
3,028
7,038
Taxes and social security
(2,335)
(53,993)
Loans from directors
6,671
8,513
9
Share capital
2020
2019
Allotted, called up and fully paid:
1,059 Ordinary A shares of £0.001 each
1.05
1.05
286 Ordinary B shares of £0.001 each
0.28
0.28
10
Transactions with related parties
Included within other creditors is an amount of £6,671 (2018: £8,513) due to the director C H M Staels. This loan is unsecured, interest free and is repayable on demand.
11
Average number of employees
During the year the average number of employees was 4 (2019: 3).