Company Registration No. SC529712 (Scotland)
Staels Design Ltd
Unaudited accounts
for the year ended 31 March 2021
Staels Design Ltd
Unaudited accounts
Contents
Staels Design Ltd
Company Information
for the year ended 31 March 2021
Directors
Corien Staels
Albert Nicholl
Bernard Degroux
Saffier Brull
Company Number
SC529712 (Scotland)
Registered Office
Clyde Offices
2nd Floor 48 West George Street
Glasgow
G2 1BP
Accountants
Fraser + Accountants
3 Barossa Place
Perth
Perthshire
PH1 5HG
Staels Design Ltd
Statement of financial position
as at
31 March 2021
Intangible assets
57,491
48,751
Tangible assets
11,627
19,027
Inventories
20,018
41,252
Cash at bank and in hand
289,062
87,885
Creditors: amounts falling due within one year
(56,889)
(44,601)
Net current assets
450,776
110,296
Total assets less current liabilities
519,894
178,074
Creditors: amounts falling due after more than one year
(396,000)
-
Net assets
123,894
178,074
Called up share capital
1
1
Share premium
548,826
548,826
Profit and loss account
(424,933)
(370,753)
Shareholders' funds
123,894
178,074
For the year ending 31 March 2021 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 15 July 2021 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 2021
Staels Design Ltd is a private company, limited by shares, registered in Scotland, registration number SC529712. The registered office is Clyde Offices, 2nd Floor 48 West George Street , Glasgow, G2 1BP.
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 2021
4
Intangible fixed assets
Other
Charge for the year
7,960
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 2020
26,732
2,596
5,246
34,574
Additions
3,989
-
-
3,989
At 31 March 2021
30,721
2,570
5,246
38,537
At 1 April 2020
11,937
882
2,728
15,547
Charge for the year
9,090
824
1,449
11,363
At 31 March 2021
21,027
1,706
4,177
26,910
At 31 March 2021
9,694
864
1,069
11,627
At 31 March 2020
14,795
1,714
2,518
19,027
Staels Design Ltd
Notes to the Accounts
for the year ended 31 March 2021
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
7,060
4,498
Amounts due from group undertakings etc.
190,085
21,262
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
41,499
34,086
Trade creditors
13,667
3,028
Taxes and social security
(10,160)
(2,335)
Loans from directors
6,671
6,671
8
Creditors: amounts falling due after more than one year
2021
2020
Other creditors
396,000
-
Convertible Loan Notes
The convertible loan note issued during the year is considered to be a
hybrid financial instrument comprising a financial liability (loan) and
an embedded derivative (share option). At the date of issue both
elements were included in the balance sheet as liabilities and held at
fair value. The fair value of the loan element was estimated using the
prevailing market interest rate for similar non convertible debt.
Subsequently the loan element was accounted for at amortised cost.
On conversion of the loan note to equity, the difference between the
nominal value of the equity issued and the contracted conversion
price is credited to the share premium account.
9
Share capital
2021
2020
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
Average number of employees
During the year the average number of employees was 0 (2020: 4).