IRIS Accounts Production v23.3.1.45 07967035 Board of Directors 1.5.22 30.4.23 30.4.23 17/1/2024 false true false false false true false Auditors Opinion Ordinary A shares 1.00000 Ordinary B shares 1.00000 Ordinary C shares 1.00000 857438 908874 710148 549356 607957 600792 959629 857438 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure079670352022-04-30079670352023-04-30079670352022-05-012023-04-30079670352021-04-30079670352021-05-012022-04-30079670352022-04-3007967035ns16:EnglandWales2022-05-012023-04-3007967035ns15:PoundSterling2022-05-012023-04-3007967035ns11:Director12022-05-012023-04-3007967035ns11:PrivateLimitedCompanyLtd2022-05-012023-04-3007967035ns11:SmallEntities2022-05-012023-04-3007967035ns11:Audited2022-05-012023-04-3007967035ns11:SmallCompaniesRegimeForAccounts2022-05-012023-04-3007967035ns11:FullAccounts2022-05-012023-04-300796703512022-05-012023-04-3007967035ns11:OrdinaryShareClass12022-05-012023-04-3007967035ns11:OrdinaryShareClass22022-05-012023-04-3007967035ns11:OrdinaryShareClass32022-05-012023-04-3007967035ns11:Director3432022-04-3007967035ns11:Director3432021-04-3007967035ns11:Director3432022-05-012023-04-3007967035ns11:Director3432021-05-012022-04-3007967035ns11:Director3432023-04-3007967035ns11:Director3432022-04-3007967035ns11:Director22022-05-012023-04-3007967035ns11:Director32022-05-012023-04-3007967035ns11:CompanySecretary12022-05-012023-04-3007967035ns11:RegisteredOffice2022-05-012023-04-3007967035ns6:CurrentFinancialInstruments2023-04-3007967035ns6:CurrentFinancialInstruments2022-04-3007967035ns6:Non-currentFinancialInstruments2023-04-3007967035ns6:Non-currentFinancialInstruments2022-04-3007967035ns6:ShareCapital2023-04-3007967035ns6:ShareCapital2022-04-3007967035ns6:RetainedEarningsAccumulatedLosses2023-04-3007967035ns6:RetainedEarningsAccumulatedLosses2022-04-3007967035ns6:IntangibleAssetsOtherThanGoodwill2022-05-012023-04-3007967035ns6:PatentsTrademarksLicencesConcessionsSimilar2022-05-012023-04-3007967035ns6:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-05-012023-04-3007967035ns6:PatentsTrademarksLicencesConcessionsSimilar2022-04-3007967035ns6:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-3007967035ns6:PatentsTrademarksLicencesConcessionsSimilar2023-04-3007967035ns6:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-3007967035ns6:PatentsTrademarksLicencesConcessionsSimilar2022-04-3007967035ns6:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-04-3007967035ns6:FurnitureFittings2022-04-3007967035ns6:MotorVehicles2022-04-3007967035ns6:ComputerEquipment2022-04-3007967035ns6:FurnitureFittings2022-05-012023-04-3007967035ns6:MotorVehicles2022-05-012023-04-3007967035ns6:ComputerEquipment2022-05-012023-04-3007967035ns6:FurnitureFittings2023-04-3007967035ns6:MotorVehicles2023-04-3007967035ns6:ComputerEquipment2023-04-3007967035ns6:FurnitureFittings2022-04-3007967035ns6:MotorVehicles2022-04-3007967035ns6:ComputerEquipment2022-04-3007967035ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-05-012023-04-3007967035ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2023-04-3007967035ns6:WithinOneYearns6:CurrentFinancialInstruments2023-04-3007967035ns6:WithinOneYearns6:CurrentFinancialInstruments2022-04-3007967035ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2022-04-3007967035ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2023-04-3007967035ns6:Secured2023-04-3007967035ns6:Secured2022-04-3007967035ns6:DeferredTaxation2022-04-3007967035ns6:DeferredTaxation2023-04-3007967035ns11:OrdinaryShareClass12023-04-3007967035ns11:OrdinaryShareClass22023-04-3007967035ns11:OrdinaryShareClass32023-04-3007967035ns11:Director112022-04-3007967035ns11:Director112021-04-3007967035ns11:Director112022-05-012023-04-3007967035ns11:Director112021-05-012022-04-3007967035ns11:Director112023-04-3007967035ns11:Director112022-04-30079670352ns11:Director22022-04-30079670352ns11:Director22021-04-30079670352ns11:Director22022-05-012023-04-30079670352ns11:Director22021-05-012022-04-30079670352ns11:Director22023-04-30079670352ns11:Director22022-04-300796703512022-05-012023-04-30
REGISTERED NUMBER: 07967035 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

ST&R LIMITED

ST&R LIMITED (REGISTERED NUMBER: 07967035)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ST&R LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2023







DIRECTORS: Mr J Slater
Mr S P Lomas -Resigned 13/07/2023
Mrs N Slater





SECRETARY: Mrs N Slater





REGISTERED OFFICE: Lingmell House
Water Street
Chorley
Lancashire
PR7 1EE





REGISTERED NUMBER: 07967035 (England and Wales)





AUDITORS: RFM Audit Services LLP, Statutory Auditor
120-124 Towngate
Leyland
Lancashire
PR25 2LQ

ST&R LIMITED (REGISTERED NUMBER: 07967035)

BALANCE SHEET
30 April 2023

2023 2022
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 2,460
Tangible assets 5 228,216 21,337
228,216 23,797

CURRENT ASSETS
Debtors 6 7,683,243 3,273,421
Cash at bank and in hand 623,928 886,487
8,307,171 4,159,908
CREDITORS
Amounts falling due within one year 7 1,526,712 1,067,452
NET CURRENT ASSETS 6,780,459 3,092,456
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,008,675

3,116,253

CREDITORS
Amounts falling due after more than one
year

8

(3,972,618

)

(399,087

)

PROVISIONS FOR LIABILITIES 10 (1,971,402 ) (1,756,169 )
NET ASSETS 1,064,655 960,997

CAPITAL AND RESERVES
Called up share capital 11 125 125
Retained earnings 1,064,530 960,872
SHAREHOLDERS' FUNDS 1,064,655 960,997

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 17 January 2024 and were signed on its behalf by:





Mr J Slater - Director


ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

ST&R 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. 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.

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
Significant judgements and estimates made by management in preparing these financial statements include:

- Depreciation of tangible assets
- Amortisation of intangible assets
- Calculation of Accrued Income
- Clawbacks of insurance policies

TURNOVER
Turnover represents commissions receivable after deducting the expected future clawbacks, when the company obtains the right to consideration.

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.

Branding costs are being amortised evenly over their estimated useful life of ten years.

Website Costs are being amortised evenly over their estimated useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.

Fixtures and Fittings - 20% on cost
Motor Vehicles - 20% on cost
Computer Equipment - 33% on cost

Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs.
Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

PROVISIONS
The company recognises provisions within the financial statements relating to the following:

Long Service Award
The Directors wish to acknowledge members of staff with a minimum 5 years service, and as such, a provision has been created to be paid at the discretion of the Directors to reward these employees.

Provision for clawback
This is a provision that has been calculated within the financial statements using historic cancellation rates to estimate the total cost of policies that will be cancelled and commissions due back to customers. The calculation looks at the age of policies when cancelled and divides the monetary value by the total sales of that age. This data model is continuously updated as more data becomes available.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Branding Website
costs Costs Totals
£    £    £   
COST
At 1 May 2022
and 30 April 2023 8,201 8,394 16,595
AMORTISATION
At 1 May 2022 5,741 8,394 14,135
Amortisation for year 2,460 - 2,460
At 30 April 2023 8,201 8,394 16,595
NET BOOK VALUE
At 30 April 2023 - - -
At 30 April 2022 2,460 - 2,460

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2022 41,806 - 35,240 77,046
Additions 59,940 181,081 3,470 244,491
Disposals (41,599 ) - (5,584 ) (47,183 )
At 30 April 2023 60,147 181,081 33,126 274,354
DEPRECIATION
At 1 May 2022 40,743 - 14,966 55,709
Charge for year 7,000 19,364 11,248 37,612
Eliminated on disposal (41,599 ) - (5,584 ) (47,183 )
At 30 April 2023 6,144 19,364 20,630 46,138
NET BOOK VALUE
At 30 April 2023 54,003 161,717 12,496 228,216
At 30 April 2022 1,063 - 20,274 21,337

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
Additions 181,081
At 30 April 2023 181,081
DEPRECIATION
Charge for year 19,364
At 30 April 2023 19,364
NET BOOK VALUE
At 30 April 2023 161,717

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Amounts owed by group undertakings 233,226 -
Other debtors 272,481 272,481
Directors' current accounts 1,115,206 1,013,408
Prepayments and accrued income 6,062,330 1,987,532
7,683,243 3,273,421

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Other loans 554,762 263,091
Finance leases 20,152 -
Trade creditors 129,981 107,726
Corporation tax 446,307 362,081
Social security and other taxes 52,659 39,365
Other creditors 63,082 218,470
Accruals and deferred income 259,769 76,719
1,526,712 1,067,452

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
(Unaudited)
£    £   
Other loans - 1-2 years 1,022,262 165,716
Other loans - 2-5 years 2,812,063 233,371
Finance leases 138,293 -
3,972,618 399,087

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
(Unaudited)
£    £   
Other loans 4,389,087 662,178
Hire Purchase / Finance Leases 158,446 -
4,547,533 662,178

Other loans are secured by fixed and floating charges over all the property and undertakings of the company by Triple Point Advancr Leasing PLC. This loan has a maximum facility of up to £6,000,000. Within this loan, there are covenants relating to a number of economic benchmarks and restrictions within the company. Should a covenant be breached, the lenders require repayment in full due immediately. In the year, the covenant was breached by way of Directors drawings however the lenders have acknowledged this and provided a waiver of any breaches for the period ending April 2023. Hire purchase and finance lease obligations are secured upon the assets to which the finance relates.

10. PROVISIONS FOR LIABILITIES
2023 2022
(Unaudited)
£    £   
Deferred tax 47,010 6,169

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

2023 2022
(Unaudited)
£    £   
Other provisions
Long Service Award 143,000 -
Provision for clawback 1,781,392 1,750,000
1,924,392 1,750,000

Aggregate amounts 1,971,402 1,756,169

Deferred
tax
£   
Balance at 1 May 2022 6,169
Accelerated capital allowances 40,841
Balance at 30 April 2023 47,010

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
51 Ordinary A shares £1 51 51
25 Ordinary B shares £1 25 25
49 Ordinary C shares £1 49 49
125 125

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sarah Flynn ACA (Senior Statutory Auditor)
for and on behalf of RFM Audit Services LLP, Statutory Auditor

13. CONTINGENT LIABILITIES

The company has a contingent liability relating to a HMRC determination relating to a past pension arrangement scheme that was operated. The net effect of this is approximately £177,950 that will need to be paid to HMRC and reduce profits, should HMRC uphold this decision. At this point, it is uncertain on whether the current appeal against this determination will be successful or at what point in time this will be confirmed.

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - INTEREST FREE

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

2023 2022
(Unaudited)
£    £   
Mr J Slater and Mrs N Slater
Balance outstanding at start of year 857,438 908,874
Amounts advanced 710,148 549,356
Amounts repaid (607,957 ) (600,792 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 959,629 857,438

Mr S P Lomas -Resigned 13/07/2023
Balance outstanding at start of year 155,970 152,882
Amounts advanced 165,036 157,103
Amounts repaid (165,431 ) (154,015 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 155,575 155,970

Personal guarantees have been given by Mr J Slater to L&G, Prudential, Aviva and Ageas for claw backs if the company is wound up.

15. POST BALANCE SHEET EVENTS

After the year end, the secured debt agreement with Triple Point Advancr Leasing PLC was renewed, increasing the facility up to a maximum of £7,100,000.

16. ULTIMATE CONTROLLING PARTY

The controlling party is the parent company, JST Group Ltd.
Registered office; Lingmell House, Water Street, Chorley, Lancashire, PR7 1EE
Group accounts have not been prepared by the parent company, being a small group.

17. CHANGE IN ACCOUNTING ESTIMATE

Within the period, the business changed the accounting estimate on how the clawback provision and accrued income is calculated. Recognition of the income will remain the same, however a different model is used to calculate the allowance of expected commission income that may be clawed back over the four year life of an insurance policy sold. The change in accounting estimate has been made as the data model continues to be developed with the availability of new data, giving rise to the change in estimate which the directors feel is more prudent. The adjustments result in a reduction in turnover of £4,315,494. This is made up of a reduction in accrued income relating to Non-Indemnity policies of £4,267,037 and an increase in the provision for clawback of Indemnity policies of £48,457.