Registered number:
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
COMPANY INFORMATION
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STM GROUP HOLDINGS LTD
CONTENTS
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STM GROUP HOLDINGS LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The Director presents his Report and Financial Statements for the period ended 31 January 2023.
Over the last 12-months the STM Group has been reviewing the business structure and some historic events that have taken place. To realign the business STM Group have adjusted its prior year accounts. These adjustments have in no way effected the current trading position of the company, in fact STM Group is growing and strengthening its position in the marketplace. Over the next 12 months STM are confident there will be an even stronger more stable company with a positive financial standing.
The Director is pleased that STM Group, through careful planning and management, now appears to be emerging from this challenging period in good financial shape. The STM business model has been adapted to
address the prevailing challenges, which are expected to continue over the coming year. The primary aim, of promoting the Company profile and market reputation, will continue, with an ongoing focus on its financial performance. Financial risk Due to the nature of the industry in which the company operates, there are various financial risks which the company may be exposed to, namely, credit risk, liquidity risk and interest risk. Credit risk The company offers credit terms to its customers that allow payment after delivery of the supply of goods and services. The company prides itself on strong ongoing customer relationships and this reduces the exposure to credit risk in the majority of cases. Liquitity risk The company seeks to ensure sufficient liquidity is available to meet day-to-day operations and future potential developments by way of invoice financing arrangements that are used to provide short-term debt flexibility. Interest risk The company keeps interest rate exposure under review to ensure this is factored into any business decisions.
During the current reporting period, STM Group (UK) Ltd, the main trading subsidiary of the group, made a pre-tax profit of £302,501, which reflects an encouraging improvement on the previous year. This is a result of improved business management, combined with a focus on delivering the 5 Year Business Plan. Despite the challenging times, the business has continued to invest in people and infrastructure, whilst demonstrating admirable control over key costs. The Balance Sheet has also improved, with not only increased profit for the year but also, equally importantly, the effective management of both debt and liquidity. These improvements are, clearly, evident when compared to previous financial years.
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STM GROUP HOLDINGS LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
The group's other key performance indicator is considered to be its net assets position. This is as follows for
the last two years: 2023 2022 Net Liabilities £619,093 £763,660
This report was approved by the board and signed on its behalf.
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STM GROUP HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The director presents his report and the financial statements for the year ended 31 January 2023.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £144,567 (2022 - loss £851,930).
No dividends have been paid in the year (2021 - £Nil).
The director who served during the year was:
The group is looking to grow each year. The Director considers that the company is well positioned to keep
the ongoing uncertainty of the economic climate following Brexit minimal. The group oppertes in a highly competitive market and profit margins are constantly squeezed. The Director is therefore conscious that costs and overheads are constantly monitored to maintain a level of profitability within the group. The Director expects the way forward for growth is by building on current relationships and efficiency.
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STM GROUP HOLDINGS LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
The group is an Equal Opportunities and Diversity Aware employer, committed to promoting equality, diversity and inclusion amongst its workforce, whilst eliminating discrimination. Through its Support, Trust,Manage Vision, STM treats all employees as 'internal customers'. The STM aim is to create an inclusive environment and culture, with a diverse workforce that is representative of all sections of society, where everyone has the opportunity to fully contribute, and achieve, individual, full potential.
It is STM's policy to treat all employees (and job applicants) fairly and equally, regardless of individual sex, sexual orientation, gender re-assignment, marriage or civil partnership, pregnancy or maternity, race, colour, creed, nationality, ethnic or national origin, marital status, religion or belief, age, disability, or union membership status. STM's policy is to recruit disabled workers for those vacancies that they are able to fill. All neccessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disables poerson. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as apprropriate for their aptitudes and abilities. STM, consequently, commits to ensuring every employee is given equal opportunity in every aspect of their working role, with individual differences (and similarities) not only being embraced, but also where individual employee contribution is recognised, celebrated and valued. All STM employees will be given the necessary support and encouragement to develop individual ability and utilise unique talent. This policy to all aspects of employment, recruitment and related Terms & Conditions of Employment, including pay and benefits, training, appraisals, career development, conduct at work, disciplinary and grievance procedures, termination of employment and all other aspects of employment. the company against actions brought against them in their personal capacities. Cover is not provided where the individual has acted fraudulently or dishonestly.
There have been no significant events affecting the Group since the year end.
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STM GROUP HOLDINGS LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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STM GROUP HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STM GROUP HOLDINGS LTD
We have audited the financial statements of STM Group Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.
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STM GROUP HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STM GROUP HOLDINGS LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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STM GROUP HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STM GROUP HOLDINGS LTD (CONTINUED)
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 an Auditors' Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Obtaining an understanding of the legal and regulatory frameworks that the company operates in; • Reviewing key correspondence with regulatory authorities; • Testing for evidence of management override; • Enquiry of management to identify any instances of non-compliance with laws and regulations; • Enquiry of management around actual and potential litigation and claims; • Enquiry of management to identify any instances of known or suspected instances of fraud; • Discussing among the engagement team regarding how and where fraud might occur. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instance of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or representation.
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 Auditors' Report.
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STM GROUP HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STM GROUP HOLDINGS LTD (CONTINUED)
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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
United Kingdom
MHA is the trading name of MacIntrye Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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STM GROUP HOLDINGS LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
REGISTERED NUMBER: 11051546
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 33 form part of these financial statements.
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STM GROUP HOLDINGS LTD
REGISTERED NUMBER: 11051546
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 33 form part of these financial statements.
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STM GROUP HOLDINGS LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
STM Group Holdings Ltd is a private company limited by shares incorporated in England and Wales in the United Kingdom. The registered office of the entity is Solar House, 1st Floor, Romford Road, London, E15 4LJ. The principal activity of the company is that of the holding company.
The financial statements have been prepared for the 12 months to 31 January 2023. The comparative figures are for a 14 month period and are therefore not entirely comparable.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
applied relate to the intangible and tangible asset lives, in particular the useful economic life of the goodwill, and residual values of plant and machinery, and the recoverability of trade debtors. The director has concluded that the asset values and residual values are appropriate for plant and machinery and that trade debtors are appropriately valued.
Analysis of turnover by country of destination:
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
11.Taxation (continued)
The rate of corporation tax increased at April 2023 to 25%
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Share premium account
Profit and loss account
Statement of Changes in Equity.
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
The financial statements of the group for the period ended 31 January 2022 and have been restated to correctly include additional costs which were subject to extensive estimate and judgement.
The prior period adjustments include £1,294,529 relating to amounts brought forward at 1 December 2020 in relation to incorrectly classified transactions. This adjustment resulted in a decrease in reserves at 1 December 2020 and an increase in creditor balances at that date of £1,294,529. The profit in the period to 31 January 2022 has been adjusted by £845,487 to a loss of £851,930 due to the inclusion of additional costs. This has resulted in a decrease to the profit and loss account of £845,487 and an increase in creditors.
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £227,470 (2022 - £271,485). Contributions totaling £6,508 (2022 - £6,202) were payable to the fund at the balance sheet date and are included in creditors.
During the year, the group made advances totaling £Nil (2022 - £Nil) to Mr P B Simpson, the director, and received credits of £Nil (2022 - £Nil). Interest of £7,003 (2022 - £6,736) has been charged at commercial rates on overdrawn balances. As at 31 January 2023, Mr P B Simpson owed the group £287,136 (2022 - £280,133). The loan is unsecured and repayable on demand.
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STM GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
The group was under the control of the director, Mr P B Simpson, throughout the current year and prior period.
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