Registered number
08698887
STS Construction Limited
Filleted Accounts
31 December 2022
STS Construction Limited
Registered number: 08698887
Balance Sheet
as at 31 December 2022 31 Dec 31 Dec
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 29,500 29,500
Tangible assets 4 128,261 145,598
157,761 175,098
Current assets
Debtors 5 840,754 735,416
Cash at bank and in hand 219,030 472,731
1,059,784 1,208,147
Creditors: amounts falling due within one year 6 (396,770) (493,850)
Net current assets 663,014 714,297
Total assets less current liabilities 820,775 889,395
Creditors: amounts falling due after more than one year 7 (299,734) (367,289)
Net assets 521,041 522,106
Capital and reserves
Called up share capital 100 100
Profit and loss account 520,941 522,006
Shareholders' funds 521,041 522,106
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Ioannou
Director
Approved by the board on 18 October 2023
STS Construction Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 8 12
3 Intangible fixed assets £
Research & development costs
Cost
At 1 January 2022 29,500
At 31 December 2022 29,500
Amortisation
At 31 December 2022 -
Net book value
At 31 December 2022 29,500
At 31 December 2021 29,500
4 Tangible fixed assets
Leasehold improvements Fixtures and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 111,299 6,637 116,957 234,893
Additions - 358 - 358
Disposals - - (51,228) (51,228)
At 31 December 2022 111,299 6,995 65,729 184,023
Depreciation
At 1 January 2022 - 3,872 85,423 89,295
Charge for the year - 1,119 16,576 17,695
On disposals - - (51,228) (51,228)
At 31 December 2022 - 4,991 50,771 55,762
Net book value
At 31 December 2022 111,299 2,004 14,958 128,261
At 31 December 2021 111,299 2,765 31,534 145,598
5 Debtors 2022 2021
£ £
Trade debtors 314,105 368,117
Amounts owed by related companies 79,458 52,058
Retentions held 187,784 206,713
Accrued income 253,183 96,000
Other debtors 6,224 12,528
840,754 735,416
6 Creditors: amounts falling due within one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 10,055 10,055
Trade creditors 211,999 311,561
Taxation and social security costs 25,288 114,709
VAT 91,529 -
Accruals 32,210 20,750
Other creditors 25,689 36,775
396,770 493,850
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 269,167 326,667
Obligations under finance lease and hire purchase contracts 30,567 40,622
299,734 367,289
8 Prior year adjustment
The comparatives for 2021 has been restated as the costs that were incorrectly stated as leasehold improvement have been correctly classified as rechargeable costs and matched with revenue. There has been no change to the reported profits for that year.
9 Other information
STS Construction Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Beauchamp Court
10 Victors Way
Barnet
EN5 5TZ
STS Construction Limited 08698887 false 2022-01-01 2022-12-31 2022-12-31 VT Final Accounts April 2022 S Ioannou No description of principal activity 08698887 2021-01-01 2021-12-31 08698887 core:WithinOneYear 2021-12-31 08698887 core:AfterOneYear 2021-12-31 08698887 core:ShareCapital 2021-12-31 08698887 core:RetainedEarningsAccumulatedLosses 2021-12-31 08698887 2022-01-01 2022-12-31 08698887 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08698887 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 08698887 bus:Director40 2022-01-01 2022-12-31 08698887 1 2022-01-01 2022-12-31 08698887 2 2022-01-01 2022-12-31 08698887 core:LandBuildings 2022-01-01 2022-12-31 08698887 core:PlantMachinery 2022-01-01 2022-12-31 08698887 core:Vehicles 2022-01-01 2022-12-31 08698887 countries:England 2022-01-01 2022-12-31 08698887 bus:FRS102 2022-01-01 2022-12-31 08698887 bus:FullAccounts 2022-01-01 2022-12-31 08698887 2022-12-31 08698887 core:WithinOneYear 2022-12-31 08698887 core:AfterOneYear 2022-12-31 08698887 core:ShareCapital 2022-12-31 08698887 core:RetainedEarningsAccumulatedLosses 2022-12-31 08698887 core:Goodwill 2022-12-31 08698887 core:LandBuildings 2022-12-31 08698887 core:PlantMachinery 2022-12-31 08698887 core:Vehicles 2022-12-31 08698887 2021-12-31 08698887 core:Goodwill 2021-12-31 08698887 core:LandBuildings 2021-12-31 08698887 core:PlantMachinery 2021-12-31 08698887 core:Vehicles 2021-12-31 iso4217:GBP xbrli:pure