Registered number
04686406
STS Manufacturing Limited
Unaudited Filleted Accounts
31 March 2023
STS Manufacturing Limited
Registered number: 04686406
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 126,000 144,000
Tangible assets 4 119,300 132,833
245,300 276,833
Current assets
Stocks 104,027 96,816
Debtors 5 471,932 313,489
Cash at bank and in hand 24,923 8,661
600,882 418,966
Creditors: amounts falling due within one year 6 (803,682) (612,681)
Net current liabilities (202,800) (193,715)
Total assets less current liabilities 42,500 83,118
Creditors: amounts falling due after more than one year 7 (21,735) (71,667)
Provisions for liabilities (12,330) (14,163)
Net assets/(liabilities) 8,435 (2,712)
Capital and reserves
Called up share capital 310 310
Profit and loss account 8,125 (3,022)
Shareholders' funds 8,435 (2,712)
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.
James Short
Director
Approved by the board on 14 September 2023
STS Manufacturing Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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:
Improvements to property not provided
Computer equipment 15% on written down value
Plant and machinery 15% on written down value
Fixtures, fittings, tools and equipment 20% on cost
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 2023 2022
Number Number
Average number of persons employed by the company 34 36
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 180,000
At 31 March 2023 180,000
Amortisation
At 1 April 2022 36,000
Provided during the year 18,000
At 31 March 2023 54,000
Net book value
At 31 March 2023 126,000
At 31 March 2022 144,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures and fittings Total
£ £ £ £
Cost
At 1 April 2022 77,720 313,415 2,376 393,511
Additions - 2,000 - 2,000
At 31 March 2023 77,720 315,415 2,376 395,511
Depreciation
At 1 April 2022 19,430 239,072 2,176 260,678
Charge for the year 3,886 11,617 30 15,533
At 31 March 2023 23,316 250,689 2,206 276,211
Net book value
At 31 March 2023 54,404 64,726 170 119,300
At 31 March 2022 58,290 74,343 200 132,833
5 Debtors 2023 2022
£ £
Trade debtors 422,236 261,649
Other debtors 49,696 51,840
471,932 313,489
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 101,157 93,267
Trade creditors 494,725 364,082
Taxation and social security costs 68,372 67,295
Other creditors 139,428 88,037
803,682 612,681
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,735 71,667
Finance obligations are secured by related assets.
8 Related party transactions
The directors have introduced funds to the company on a non-interest paying basis. Regular withdrawals are made against the loans.
The directors have introduced funds to the company on a non-interest paying basis. Regular withdrawals are made against the loans. At 31 March 2023 the company owed Mr and Mrs James Short £53893 (2022: £7875), Mr and Mrs Joseph Short £22457 (2022: £4350) and Mr and Mrs Tupman £nil (2022: £nil).
9 Other information
STS Manufacturing Limited is a private company limited by shares and incorporated in England. Its registered office is:
Abbotts Way
Lune Business Park
Lancaster
Lancs
LA1 5QP
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