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REGISTERED NUMBER: 02684412 (England and Wales)

















Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 30 June 2023

for

Stortford Interiors (UK) Limited

Stortford Interiors (UK) Limited (Registered number: 02684412)

Contents of the Financial Statements
For The Year Ended 30 June 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Stortford Interiors (UK) Limited

Company Information
For The Year Ended 30 June 2023







DIRECTORS: S F Shearing
S Harvey
J J Sheehan



REGISTERED OFFICE: Stortford House
231 London Road
Bishops Stortford
Hertfordshire
CM23 3LA



REGISTERED NUMBER: 02684412 (England and Wales)



AUDITORS: Giess Wallis Crisp LLP
Registered Auditor
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET



BANKERS: HSBC
34 Broad Walk
Harlow
Essex
CM20 1JD

Stortford Interiors (UK) Limited (Registered number: 02684412)

Strategic Report
For The Year Ended 30 June 2023


The directors present their strategic report for the year ended 30 June 2023.

REVIEW OF BUSINESS
The company achieved a turnover of circa £49 million. Net profits of circa £900k were below Board expectations due to the continued challenges the business faced regarding ongoing increases in material and labour costs, a challenging client who we have worked hard throughout the year to reduce our exposure to and an increased number of projects experiencing delays and / or disruption which negatively impacted our margins.

Stortford Interiors have continued to add to its portfolio of high-quality projects with both existing and new Tier 1 clients. At the time of writing the current order book for 2023/24, 2024/25 stands at £47 million with good visibility of projects, advised by our clients, for 2023/24 and 2024/25 onwards which will bolster our order book to provide a robust and secure position to weather the market challenges ahead.

The business strategy of maintaining and building upon our relationships with our 'blue chip' clients, diversification of market sectors and product offerings has, once again, continued to be successful and will prove vital as we navigate the various uncertainties the UK construction market is generally facing.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board recognise the risks facing the business continue to evolve and at the time of writing the principal risks identified are inflation, securing turnover at the correct margin in a contracting market, persistent skilled labour shortages, staff retention and global economic uncertainty.

The Board maintain and review a Strategic Risk Register of the business to ensure the risk management strategy is fully reviewed and implemented on a monthly basis.

KEY PERFORMANCE INDICATORS
Gross Profit Margin:

June 2023: 6.58% (2022: 6.49%)

Net Profit Margin:

June 2023: 1.85% (2022: 1.87%)

Liquidity (current ratio):

June 2023: 136.02% (2022: 139.79%)

ON BEHALF OF THE BOARD:





S F Shearing - Director


20 November 2023

Stortford Interiors (UK) Limited (Registered number: 02684412)

Report of the Directors
For The Year Ended 30 June 2023


The directors present their report with the financial statements of the company for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of service providers and installers of commercial interiors.

DIVIDENDS
An interim dividend of 183.72p (192.29p) per share was paid on 30 June 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 30 June 2023 will be £736,837 (£771,194).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

S F Shearing
S Harvey
J J Sheehan

Other changes in directors holding office are as follows:

J P Nania ceased to be a director after 30 June 2023 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
Donations made during the year of £6,986 (2022: £7,123) were wholly in relation to registered charities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Report of the Directors
For The Year Ended 30 June 2023


AUDITORS
The auditors, Giess Wallis Crisp LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S F Shearing - Director


20 November 2023

Report of the Independent Auditors to the Members of
Stortford Interiors (UK) Limited


Opinion
We have audited the financial statements of Stortford Interiors (UK) Limited (the 'company') for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Stortford Interiors (UK) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the the company and the industry in which they operate, we identified the significant laws and regulations in relation to this company as being: financial reporting legislation (including Companies Act 2006) and taxation legislation (including corporation tax act 2010), and we considered the extent to which non-compliance might have a material effect on the financial statements. These laws and regulations could have a direct impact on the financial statements. As part of the planning process we evaluated the management's incentives and opportunities for fraudulent manipulation of the financial statements and concluded that the principal risk is related to the possible override of controls by management. The results of the above assessment were communicated to the engagement team during the engagement team briefing prior to the commencement of the audit field work.

Audit procedures performed in response to the potential risks relating to irregularities, fraud and non-compliance with laws and regulations comprised of:

- Enquiries of management and those charged with governance.
- Evaluation and testing of the effectiveness of internal controls via a combination of walkthrough testing and detailed controls testing.
- Testing the appropriateness of entries in the nominal ledger, including journal entries.
- Review and testing of transactions either side of the end of the reporting period.
- Analytical review of the financial statements at both planning and completion stage to identify any anomalies or unexpected movements in account balances which may be indicative of fraud.
- Inspection and examination of legal invoices and correspondence.

The results of the above audit procedures were that no instances of non-compliance with laws and regulations were identified and no instances of material fraud were identified.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. There is therefore an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISA's (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Stortford Interiors (UK) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Laurence Miles FCA (Senior Statutory Auditor)
for and on behalf of Giess Wallis Crisp LLP
Registered Auditor
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

20 November 2023

Stortford Interiors (UK) Limited (Registered number: 02684412)

Statement of Comprehensive Income
For The Year Ended 30 June 2023

2023 2022
Notes £    £   

TURNOVER 5 49,074,461 53,756,755

Cost of sales 45,846,683 50,267,705
GROSS PROFIT 3,227,778 3,489,050

Administrative expenses 2,685,276 2,776,194
542,502 712,856

Other operating income 486,077 359,728
OPERATING PROFIT 7 1,028,579 1,072,584

Interest receivable and similar income 2,686 761
1,031,265 1,073,345

Interest payable and similar expenses 8 125,267 68,518
PROFIT BEFORE TAXATION 905,998 1,004,827

Tax on profit 9 97,189 38,599
PROFIT FOR THE FINANCIAL YEAR 808,809 966,228

OTHER COMPREHENSIVE INCOME

Revaluation of freehold property (17,100 ) -
Income tax relating to other comprehensive
income

17,100

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

808,809

966,228

Stortford Interiors (UK) Limited (Registered number: 02684412)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 981,730 1,090,643
Investments 12 29,700 29,700
1,011,430 1,120,343

CURRENT ASSETS
Debtors: amounts falling due within one year 13 8,538,452 8,485,100
Debtors: amounts falling due after more than
one year

13

905,083

1,080,290
Cash at bank and in hand 3,038,000 2,095,858
12,481,535 11,661,248
CREDITORS
Amounts falling due within one year 14 8,511,133 7,569,243
NET CURRENT ASSETS 3,970,402 4,092,005
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,981,832

5,212,348

CREDITORS
Amounts falling due after more than one
year

15

(653,924

)

(962,786

)

PROVISIONS FOR LIABILITIES 19 (105,878 ) (82,404 )
NET ASSETS 4,222,030 4,167,158

CAPITAL AND RESERVES
Called up share capital 20 401,062 401,062
Share premium 21 62,219 62,219
Revaluation reserve 21 241,650 258,750
Capital redemption reserve 21 2,500 2,500
Retained earnings 21 3,514,599 3,442,627
SHAREHOLDERS' FUNDS 4,222,030 4,167,158

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





S F Shearing - Director


Stortford Interiors (UK) Limited (Registered number: 02684412)

Statement of Changes in Equity
For The Year Ended 30 June 2023

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1 July 2021 401,062 3,247,593 62,219

Changes in equity
Total comprehensive income - 966,228 -
Dividends - (771,194 ) -
Balance at 30 June 2022 401,062 3,442,627 62,219

Changes in equity
Total comprehensive income - 808,809 -
Dividends - (736,837 ) -
Balance at 30 June 2023 401,062 3,514,599 62,219
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   

Balance at 1 July 2021 258,750 2,500 3,972,124

Changes in equity
Total comprehensive income - - 966,228
Dividends - - (771,194 )
Balance at 30 June 2022 258,750 2,500 4,167,158

Changes in equity
Total comprehensive income - - 808,809
Dividends - - (736,837 )
Deferred tax (17,100 ) - (17,100 )
Balance at 30 June 2023 241,650 2,500 4,222,030

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements
For The Year Ended 30 June 2023


1. STATUTORY INFORMATION

Stortford Interiors (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Significant risks relating to estimation and judgement are detailed in note 4.

Turnover
Turnover is derived from one-off jobs and contracts. Turnover from one-off jobs is measured through an internal assessment of work carried out based on time incurred and materials utilised or percentage of completion depending on the nature of the contract.

Turnover from contracts comprises the fair value of construction carried out in the year, based on an internal assessment of work carried out. Once the outcome of a contract can be estimated reliably, margin is recognised in the Statement of Income on a stage of contract completion basis by reference to the costs incurred to date and total forecast costs on the contract as a whole. Costs include labour and attributable overheads.

Losses expected in bringing a contract to completion are recognised immediately. Where the outcome of claims is uncertain, the company only recognises revenue and the associated margin where it is probable that the client will approve the variation.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not depreciated
Improvements to property - 10% on cost
Plant and machinery - Straight line over 3 years
Fixtures and fittings - 3 to 5 years straight line basis
Motor vehicles - 20% on cost

Recognition and impairment of tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Freehold property is being recognised under the fair value model less accumulated depreciation.

The entity reviews the carrying value's of its tangible fixed assets at each reporting date, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the estimated recoverable value of the asset is used to determine the extent of the impairment loss (if any).

Grants
Grants relating to revenue are recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Government grants and training grants have been presented as other operating income in the Income Statement.
There were no government grants receivable in the current financial year.

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


3. ACCOUNTING POLICIES - continued

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.


Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as ·current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. The rate of tax substantively enacted at the balance sheet date in which the timing difference were expected to reverse was 25%.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts
Amounts recoverable on contracts at the year end are valued at the contract costs plus margin, less any foreseeable losses to date as described in the turnover accounting policy above, taking into account payments received on account to date.

Where the cost-plus margin less any foreseeable losses is in excess of payments on account, the excess is included as "amounts recoverable on contracts" under debtors in the Statement of Financial Position. Where payments on account are in excess of cost plus margin less any foreseeable losses, the excess is included as "excess payments on account" under creditors in the Statement of Financial Position.

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing these financial statements, the directors have made the following material assessment:

Amounts recoverable on contracts

Determination of the turnover and profitability of customer contracts. Factors taken into consideration are the assessment of the time to complete the project, the project performance to date, assessment of future costs to complete the contract, assessment of future payments to be received, assessment of future costs of rectification and guarantee work, impact of any variations claims.

Customer contracts' turnover and profitability values consider issues such as the project plan and performance against the plan, project completion date, contracted costs and estimate of cost rates based on known rates, factoring in likely increases in inflation or price rises, approved variations, contracted sales value.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


5. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rendering of services 49,074,461 53,756,755
49,074,461 53,756,755

All of the company's turnover originated and was delivered within the UK.

6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,539,248 5,614,954
Social security costs 646,008 596,512
Other pension costs 167,819 171,994
6,353,075 6,383,460

The average number of employees during the year was as follows:
2023 2022

Management 4 4
Administration 15 10
Direct 81 87
100 101

2023 2022
£    £   
Directors' remuneration 55,000 63,012

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of equipment 600,429 1,003,951
Depreciation - owned assets 75,453 127,222
Depreciation - assets on hire purchase contracts 41,612 66,989
Loss on disposal of fixed assets 10,136 -
Auditors' remuneration 45,000 17,266
Foreign exchange differences 409 22,169
Government grants - (14,300 )
Research & development 507,687 813,266

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


7. OPERATING PROFIT - continued

Government grants recognised relate to amounts received for the Coronavirus Job Retention Scheme (prior year only).

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 17,953 26,251
Bank loan interest 72,980 29,441
Interest on late tax 24,040 1,248
Hire purchase 10,294 11,578
125,267 68,518

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 90,815 62,848

Deferred tax 6,374 (24,249 )
Tax on profit 97,189 38,599

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 905,998 1,004,827
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

172,140

190,917

Effects of:
Expenses not deductible for tax purposes 13,178 12,524
Income not taxable for tax purposes (783 ) -
Adjustments to tax charge in respect of previous periods 1,248 (3,119 )
Group Relief (2,142 ) (1,562 )
R&D Enhanced Deduction (113,092 ) (160,161 )
Effect of rate change in calculation of deferred taxation 26,343 -
Effect of hybrid tax rate 297 -
Total tax charge 97,189 38,599

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property (17,100 ) 17,100 -


Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


9. TAXATION - continued
2022
Gross Tax Net
£    £    £   
Revaluation of freehold property

The tax effects relating to effects of other comprehensive income are solely related to the change in tax rate (25% from 19%) applied to timing differences arsing from tangible fixed assets held under the fair value model.

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 736,837 771,194

11. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 July 2022 550,000 431,506 7,608
Additions - - -
Disposals - - -
At 30 June 2023 550,000 431,506 7,608
DEPRECIATION
At 1 July 2022 - 70,199 889
Charge for year - 34,663 2,534
Eliminated on disposal - - -
At 30 June 2023 - 104,862 3,423
NET BOOK VALUE
At 30 June 2023 550,000 326,644 4,185
At 30 June 2022 550,000 361,307 6,719

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


11. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 713,806 113,660 1,816,580
Additions 18,289 - 18,289
Disposals (29,834 ) - (29,834 )
At 30 June 2023 702,261 113,660 1,805,035
DEPRECIATION
At 1 July 2022 622,646 32,203 725,937
Charge for year 59,030 20,838 117,065
Eliminated on disposal (19,697 ) - (19,697 )
At 30 June 2023 661,979 53,041 823,305
NET BOOK VALUE
At 30 June 2023 40,282 60,619 981,730
At 30 June 2022 91,160 81,457 1,090,643

Cost or valuation at 30 June 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2021 550,000 - -
Cost - 431,506 7,608
550,000 431,506 7,608

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2021 - - 550,000
Cost 702,261 113,660 1,255,035
702,261 113,660 1,805,035

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 265,000 265,000
Aggregate depreciation 66,250 60,950

Freehold property was valued on an open market basis on 25 June 2021 by Kemsley LLP .

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 135,911 113,660 249,571
Reclassification/transfer 1,262 - 1,262
At 30 June 2023 137,173 113,660 250,833
DEPRECIATION
At 1 July 2022 112,690 32,203 144,893
Charge for year 20,774 20,838 41,612
At 30 June 2023 133,464 53,041 186,505
NET BOOK VALUE
At 30 June 2023 3,709 60,619 64,328
At 30 June 2022 23,221 81,457 104,678

12. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 July 2022
and 30 June 2023 29,700
NET BOOK VALUE
At 30 June 2023 29,700
At 30 June 2022 29,700

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,125,597 2,575,339
Amounts recoverable on contract 6,557,365 5,621,510
Other debtors 24,814 24,222
Directors' current accounts 20,136 18,989
VAT 333,229 -
Prepayments and accrued income 477,311 245,040
8,538,452 8,485,100

Amounts falling due after more than one year:
Amounts recoverable on contract 905,083 1,080,290

Aggregate amounts 9,443,535 9,565,390

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 266,682 266,667
Hire purchase contracts (see note 17) 41,785 42,051
Trade creditors 5,425,491 4,904,517
Amounts owed to group undertakings 10,000 10,180
Tax 92,064 138,988
Social security and other taxes 567,717 696,180
VAT - 73,391
Other creditors 1,889,882 1,268,553
Directors' current accounts - 10,000
Accrued expenses 217,512 158,716
8,511,133 7,569,243

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 16) 600,001 866,667
Hire purchase contracts (see note 17) 53,923 96,119
653,924 962,786

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 15 -
Bank loans 266,667 266,667
266,682 266,667

Amounts falling due between one and two years:
Bank loans - 1-2 years 255,556 266,667

Amounts falling due between two and five years:
Bank loans - 2-5 years 344,445 522,222

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable after
more than five years - 77,778
- 77,778

The bank loans and overdraft facilities are secured by way of a debenture including a fixed charge over all present freehold and leasehold property; First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future.

Bank loans bear an interest rate of 3.99% APR over base.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 41,785 42,051
Between one and five years 53,923 96,119
95,708 138,170

Non-cancellable operating leases
2023 2022
£    £   
Within one year 43,500 45,000
Between one and five years - 22,500
43,500 67,500

The total expense during the period in respect of non-cancellable operating leases was £66,000 (2022: £45,000). These commitments relate to two rented premises with break clauses dated 31/12/2023 and June 2024.

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 15 -
Bank loans 866,668 1,133,334
Hire purchase contracts 95,708 138,170
962,391 1,271,504

Hire purchase liabilities are all secured on the assets concerned.
Bank loans are secured as described in note 16.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 105,878 82,404

Deferred
tax
£   
Balance at 1 July 2022 82,404
Charge to Statement of Comprehensive Income during year 6,374
Fair value asset rate change 17,100
Balance at 30 June 2023 105,878

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
401,062 Ordinary £1 401,062 401,062

21. RESERVES
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 July 2022 3,442,627 62,219 258,750 2,500 3,766,096
Profit for the year 808,809 808,809
Dividends (736,837 ) (736,837 )
Deferred tax - - (17,100 ) - (17,100 )
At 30 June 2023 3,514,599 62,219 241,650 2,500 3,820,968

22. ULTIMATE CONTROLLING PARTY AND ULTIMATE PARENT COMPANY

The ultimate parent company is Stortford Holdings Ltd, a company registered in England and Wales whose registered office address is Stortford House, 231 London Road, Bishops Stortford, Hertfordshire, CM23 3LA. This entity is the only group in which consolidated accounts are drawn up and are available at the UK Registrar.

The Directors consider there to be no one single controlling party.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
J P Nania
Balance outstanding at start of year 3,853 (41,948 )
Amounts advanced 190,483 149,246
Amounts repaid (194,336 ) (103,445 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,853

S F Shearing
Balance outstanding at start of year (5,000 ) (10,000 )
Amounts advanced 147,500 125,000
Amounts repaid (142,500 ) (120,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (5,000 )

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S Harvey
Balance outstanding at start of year 15,136 10,136
Amounts advanced 147,500 125,000
Amounts repaid (142,500 ) (120,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,136 15,136

J J Sheehan
Balance outstanding at start of year (5,000 ) (10,000 )
Amounts advanced 147,500 125,000
Amounts repaid (142,500 ) (120,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (5,000 )

All directors loans were provided on the basis that they were repayable on demand and interest free.

Guarantees

Each of the Directors: James Nania, James Sheehan, Steve Harvey and Scott Shearing have entered into personal guarantee's with HSBC to the value of £20,000 that are in existence at the year end. These guarantee's are in respect of the recovery loan.

24. RELATED PARTY DISCLOSURES

During the prior year the company traded with Arcade Tiling Ltd, being a company under common control by the virtue of the fact that both companies are controlled by Stortford Holdings Ltd. All transactions were at an arms length basis. The entity was divested from the group on 26/11/2021. Transactions up to this date are as disclosed below.

Jun - 2023 Jun-2022
Trade Sales £NIL £99,533
Trade Purchases £NIL £557,578
Trade Debtors £NIL £NIL
Trade Creditors £NIL £NIL
Inter-company Debtor £NIL £NIL