IRIS Accounts Production v24.1.0.578 04719444 Board of Directors 1.10.22 30.9.23 30.9.23 false true false false false true false Ordinary Share Capital 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh047194442022-09-30047194442023-09-30047194442022-10-012023-09-30047194442021-09-30047194442021-10-012022-09-30047194442022-09-3004719444ns15:EnglandWales2022-10-012023-09-3004719444ns14:PoundSterling2022-10-012023-09-3004719444ns10:Director12022-10-012023-09-3004719444ns10:PrivateLimitedCompanyLtd2022-10-012023-09-3004719444ns10:SmallEntities2022-10-012023-09-3004719444ns10:AuditExempt-NoAccountantsReport2022-10-012023-09-3004719444ns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3004719444ns10:SmallCompaniesRegimeForAccounts2022-10-012023-09-3004719444ns10:FullAccounts2022-10-012023-09-300471944412022-10-012023-09-3004719444ns10:OrdinaryShareClass12022-10-012023-09-3004719444ns10:Director22022-10-012023-09-3004719444ns10:RegisteredOffice2022-10-012023-09-3004719444ns5:CurrentFinancialInstruments2023-09-3004719444ns5:CurrentFinancialInstruments2022-09-3004719444ns5:Non-currentFinancialInstruments2023-09-3004719444ns5:Non-currentFinancialInstruments2022-09-3004719444ns5:ShareCapital2023-09-3004719444ns5:ShareCapital2022-09-3004719444ns5:RetainedEarningsAccumulatedLosses2023-09-3004719444ns5:RetainedEarningsAccumulatedLosses2022-09-3004719444ns5:IntangibleAssetsOtherThanGoodwill2022-10-012023-09-3004719444ns5:ComputerSoftware2022-10-012023-09-3004719444ns5:LandBuildings2022-10-012023-09-3004719444ns5:PlantMachinery2022-10-012023-09-3004719444ns5:IntangibleAssetsOtherThanGoodwill2023-09-3004719444ns5:LandBuildings2022-09-3004719444ns5:PlantMachinery2022-09-3004719444ns5:LandBuildings2023-09-3004719444ns5:PlantMachinery2023-09-3004719444ns5:LandBuildings2022-09-3004719444ns5:PlantMachinery2022-09-3004719444ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3004719444ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3004719444ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3004719444ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3004719444ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-3004719444ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-09-3004719444ns5:HirePurchaseContracts2023-09-3004719444ns5:HirePurchaseContracts2022-09-3004719444ns5:WithinOneYear2023-09-3004719444ns5:WithinOneYear2022-09-3004719444ns5:BetweenOneFiveYears2023-09-3004719444ns5:BetweenOneFiveYears2022-09-3004719444ns5:AllPeriods2023-09-3004719444ns5:AllPeriods2022-09-3004719444ns5:DeferredTaxation2022-09-3004719444ns5:DeferredTaxation2022-10-012023-09-3004719444ns5:DeferredTaxation2023-09-3004719444ns10:OrdinaryShareClass12023-09-3004719444ns5:RetainedEarningsAccumulatedLosses2022-09-3004719444ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-30
REGISTERED NUMBER: 04719444 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Storetec Services Limited

Storetec Services Limited (Registered number: 04719444)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Storetec Services Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: D Baker
N Knight





REGISTERED OFFICE: Sidings Business Park
Freightliner Road
Hull
HU3 4XA





REGISTERED NUMBER: 04719444 (England and Wales)






Storetec Services Limited (Registered number: 04719444)

Statement of Financial Position
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 185,659 -
Tangible assets 5 1,037,005 703,504
1,222,664 703,504

CURRENT ASSETS
Debtors 6 1,712,570 3,841,894
Cash at bank and in hand 1,750,077 875,072
3,462,647 4,716,966
CREDITORS
Amounts falling due within one year 7 2,080,779 1,931,993
NET CURRENT ASSETS 1,381,868 2,784,973
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,604,532

3,488,477

CREDITORS
Amounts falling due after more than one
year

8

(198,694

)

(272,446

)

PROVISIONS FOR LIABILITIES 10 (257,657 ) (140,515 )
NET ASSETS 2,148,181 3,075,516

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 2,148,081 3,075,416
SHAREHOLDERS' FUNDS 2,148,181 3,075,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Storetec Services Limited (Registered number: 04719444)

Statement of Financial Position - continued
30 September 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:





D Baker - Director


Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Storetec Services 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover represents the amounts invoiced during the year, exclusive of Value Added Tax.

Revenue from the provision of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefit will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 33% on cost and 15% on reducing balance

Impairments of fixed assets
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

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.

Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts 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.

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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 as a finance cost in profit or loss in the period it arises.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2022 - 63 ) .

Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 187,432
At 30 September 2023 187,432
AMORTISATION
Charge for year 1,773
At 30 September 2023 1,773
NET BOOK VALUE
At 30 September 2023 185,659

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 373,257 1,037,377 1,410,634
Additions 80,123 527,916 608,039
Disposals - (118,657 ) (118,657 )
At 30 September 2023 453,380 1,446,636 1,900,016
DEPRECIATION
At 1 October 2022 142,073 565,057 707,130
Charge for year 42,590 149,320 191,910
Eliminated on disposal - (36,029 ) (36,029 )
At 30 September 2023 184,663 678,348 863,011
NET BOOK VALUE
At 30 September 2023 268,717 768,288 1,037,005
At 30 September 2022 231,184 472,320 703,504

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,495,385 2,079,066
Other debtors 217,185 1,762,828
1,712,570 3,841,894

Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 73,199 108,455
Trade creditors 371,354 215,608
Taxation and social security 65,641 397,867
Other creditors 1,570,585 1,210,063
2,080,779 1,931,993

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 140,780 180,200
Other creditors 57,914 92,246
198,694 272,446

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 73,199 108,455
Between one and five years 140,780 180,200
213,979 288,655

Non-cancellable operating leases
2023 2022
£    £   
Within one year 290,632 189,210
Between one and five years 430,730 478,078
721,362 667,288

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 257,657 140,515

Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2022 140,515
Provided during year 179,642
Prior year adjustment (62,500 )
Balance at 30 September 2023 257,657

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary Share Capital 1 100 100

12. RESERVES
Retained
earnings
£   

At 1 October 2022 3,075,416
Deficit for the year (927,335 )
At 30 September 2023 2,148,081

13. RELATED PARTY DISCLOSURES

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.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Bridges Fund Management Limited