10 30/06/2023 2023-06-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04385037 2022-07-01 2023-06-30 04385037 2023-06-30 04385037 2022-06-30 04385037 2021-07-01 2022-06-30 04385037 2022-06-30 04385037 2021-06-30 04385037 core:PlantMachinery 2022-07-01 2023-06-30 04385037 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 04385037 core:MotorVehicles 2022-07-01 2023-06-30 04385037 bus:RegisteredOffice 2022-07-01 2023-06-30 04385037 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 04385037 bus:Director1 2022-07-01 2023-06-30 04385037 bus:Director2 2022-07-01 2023-06-30 04385037 core:PlantMachinery 2022-06-30 04385037 core:FurnitureFittingsToolsEquipment 2022-06-30 04385037 core:MotorVehicles 2022-06-30 04385037 core:PlantMachinery 2023-06-30 04385037 core:FurnitureFittingsToolsEquipment 2023-06-30 04385037 core:MotorVehicles 2023-06-30 04385037 core:WithinOneYear 2023-06-30 04385037 core:WithinOneYear 2022-06-30 04385037 core:AfterOneYear 2023-06-30 04385037 core:AfterOneYear 2022-06-30 04385037 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 04385037 core:ShareCapital 2022-07-01 2023-06-30 04385037 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 04385037 core:ShareCapital 2023-06-30 04385037 core:ShareCapital 2022-06-30 04385037 core:RetainedEarningsAccumulatedLosses 2023-06-30 04385037 core:RetainedEarningsAccumulatedLosses 2022-06-30 04385037 core:ShareCapital 2021-06-30 04385037 core:RetainedEarningsAccumulatedLosses 2021-06-30 04385037 core:PlantMachinery 2022-06-30 04385037 core:FurnitureFittingsToolsEquipment 2022-06-30 04385037 core:MotorVehicles 2022-06-30 04385037 bus:Director1 2022-06-30 04385037 bus:Director1 2023-06-30 04385037 bus:Director2 2022-06-30 04385037 bus:Director2 2023-06-30 04385037 bus:Director1 2021-06-30 04385037 bus:Director1 2022-06-30 04385037 bus:Director2 2021-06-30 04385037 bus:Director2 2022-06-30 04385037 bus:Director1 2021-07-01 2022-06-30 04385037 bus:Director2 2021-07-01 2022-06-30 04385037 bus:SmallEntities 2022-07-01 2023-06-30 04385037 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 04385037 bus:FullAccounts 2022-07-01 2023-06-30 04385037 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04385037 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04385037 core:AllAssociates 2022-07-01 2023-06-30 04385037 core:AllAssociates 2021-07-01 2022-06-30 04385037 core:Associate1 2022-06-30 04385037 1 2022-07-01 2023-06-30
Company registration number: 04385037
Studrock Industrial Boilers Ltd
Unaudited filleted financial statements
30 June 2023
Studrock Industrial Boilers Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Studrock Industrial Boilers Ltd
Directors and other information
Directors Mr R.A. Buist
Mr M. Morris
Company number 04385037
Registered office Unit 51, Britannia Way
Britannia Enterprise Park
Lichfield
Staffordshire
WS14 9UY
Accountants Windsors Rybridge Ltd
9 Castle Court (2)
Castlegate Way
Dudley
West Midlands
DY1 4RH
Studrock Industrial Boilers Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 276,057 329,827
_______ _______
276,057 329,827
Current assets
Stocks 75,000 64,750
Debtors 6 290,522 270,447
Cash at bank and in hand 507,744 411,467
_______ _______
873,266 746,664
Creditors: amounts falling due
within one year 7 ( 409,641) ( 371,526)
_______ _______
Net current assets 463,625 375,138
_______ _______
Total assets less current liabilities 739,682 704,965
Creditors: amounts falling due
after more than one year 8 ( 224,634) ( 264,241)
Provisions for liabilities ( 45,840) ( 39,953)
_______ _______
Net assets 469,208 400,771
_______ _______
Capital and reserves
Called up share capital 1,134 1,132
Profit and loss account 468,074 399,639
_______ _______
Shareholders funds 469,208 400,771
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
Mr R.A. Buist
Director
Company registration number: 04385037
Studrock Industrial Boilers Ltd
Statement of changes in equity
Year ended 30 June 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2021 1,132 312,189 313,321
Profit for the year 189,950 189,950
_______ _______ _______
Total comprehensive income for the year - 189,950 189,950
Dividends paid and payable ( 102,500) ( 102,500)
_______ _______ _______
Total investments by and distributions to owners - ( 102,500) ( 102,500)
_______ _______ _______
At 30 June 2022 and 1 July 2022 1,132 399,639 400,771
Profit for the year 247,233 247,233
_______ _______ _______
Total comprehensive income for the year - 247,233 247,233
Issue of shares 2 2
Dividends paid and payable ( 178,798) ( 178,798)
_______ _______ _______
Total investments by and distributions to owners 2 ( 178,798) ( 178,796)
_______ _______ _______
At 30 June 2023 1,134 468,074 469,208
_______ _______ _______
Studrock Industrial Boilers Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 51, Britannia Way, Britannia Enterprise Park, Lichfield, Staffordshire, WS14 9UY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 9 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 56,365 32,001 412,063 500,429
Additions 24,327 1,018 - 25,345
Disposals - - ( 27,995) ( 27,995)
_______ _______ _______ _______
At 30 June 2023 80,692 33,019 384,068 497,779
_______ _______ _______ _______
Depreciation
At 1 July 2022 41,329 26,684 102,589 170,602
Charge for the year 7,226 4,081 67,808 79,115
Disposals - - ( 27,995) ( 27,995)
_______ _______ _______ _______
At 30 June 2023 48,555 30,765 142,402 221,722
_______ _______ _______ _______
Carrying amount
At 30 June 2023 32,137 2,254 241,666 276,057
_______ _______ _______ _______
At 30 June 2022 15,036 5,317 309,474 329,827
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 278,734 262,692
Prepayments 8,788 7,755
Other debtors 3,000 -
_______ _______
290,522 270,447
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans 5,556 5,556
Trade creditors 233,773 238,334
Amounts owed to group undertakings - 2,502
Corporation tax 64,219 20,104
Social security and other taxes 37,189 33,886
Other creditors 68,904 71,144
_______ _______
409,641 371,526
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 33,333 38,888
Obligations under hire purchase agreements 191,301 225,353
_______ _______
224,634 264,241
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 11,111 (2022 £ 22,222 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors due after more than 5 years relate to a bounce back loan with Barclays, which is repayable by instalments over 9 years, with interest charged at 2.50%.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R.A. Buist ( 364) 51,557 ( 52,000) ( 807)
Mr M. Morris ( 12,346) 45,029 ( 55,500) ( 22,817)
_______ _______ _______ _______
( 12,710) 96,586 ( 107,500) ( 23,624)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R.A. Buist ( 673) 62,809 ( 62,500) ( 364)
Mr M. Morris ( 1,893) 29,547 ( 40,000) ( 12,346)
_______ _______ _______ _______
( 2,566) 92,356 ( 102,500) ( 12,710)
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
SIB Group Ltd 24,000 54,000 - ( 2,502)
_______ _______ _______ _______
SIB Group Ltd holds a shareholding in Studrock Industrial Boilers Ltd . During the year SIB Group Ltd charged £24,000 in rent (2022: £24,000 rent and £30,000 administration charges) to Studrock Industrial Boilers Ltd . At the balance sheet date an amount of £0 was owed by Studrock Industrial Boilers Ltd to SIB Group Ltd (2022: £2,502).
11. Controlling party
The ultimate controlling party is Mr R.A.Buist, being the majority shareholder and director of the parent company, SIB Group Ltd.