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Registration number: 02987678

Stewart Superior Europe Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Stewart Superior Europe Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Stewart Superior Europe Limited

Company Information

Directors

Mr G Betts

Stewart Superior Corporation

Mrs E P Ward

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Stewart Superior Europe Limited

(Registration number: 02987678)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,034

4,837

Investments

5

107

107

 

3,141

4,944

Current assets

 

Stocks

6

457,452

493,731

Debtors

7

656,423

664,905

Cash at bank and in hand

 

39,148

108,086

 

1,153,023

1,266,722

Creditors: Amounts falling due within one year

8

(695,232)

(805,022)

Net current assets

 

457,791

461,700

Total assets less current liabilities

 

460,932

466,644

Creditors: Amounts falling due after more than one year

8

(50,000)

(100,000)

Net assets

 

410,932

366,644

Capital and reserves

 

Called up share capital

660

660

Capital redemption reserve

157,545

157,545

Retained earnings

252,727

208,439

Shareholders' funds

 

410,932

366,644

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

 

Stewart Superior Europe Limited

(Registration number: 02987678)
Balance Sheet as at 31 May 2024

.........................................
Mr G Betts
Director

.........................................
Mrs E P Ward
Director

 

Stewart Superior Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
England

The principal place of business is:
Suite 3, James House
Mere Park, Dedmere Road
Marlow
Bucks
SL7 1FJ

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Stewart Superior Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20-25% straight line

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Stewart Superior Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Trade debtors are recognised at the transaction price.

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stock. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Stewart Superior Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

7,110

125,052

132,162

Disposals

-

(22,153)

(22,153)

At 31 May 2024

7,110

102,899

110,009

Depreciation

At 1 June 2023

7,110

120,215

127,325

Charge for the year

-

1,803

1,803

Eliminated on disposal

-

(22,153)

(22,153)

At 31 May 2024

7,110

99,865

106,975

Carrying amount

At 31 May 2024

-

3,034

3,034

At 31 May 2023

-

4,837

4,837

5

Investments

2024
£

2023
£

Investments in subsidiaries

107

107

Subsidiaries

£

Cost or valuation

At 1 June 2023

107

Provision

Carrying amount

At 31 May 2024

107

At 31 May 2023

107

 

Stewart Superior Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

The subsidary is incorporated in Holland. The principle activity of Stewart Superior Europe B.V. is the distribution of office environment products.

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Stewart Superior Europe B.V.

Ordinary

100%

100%

6

Stocks

2024
£

2023
£

Other inventories

457,452

493,731

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

320,684

353,488

Amounts owed by related parties

11

144,131

164,404

Prepayments

 

9,822

10,652

Other debtors

 

181,786

136,361

   

656,423

664,905

 

Stewart Superior Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

50,000

50,000

Trade creditors

 

243,034

328,721

Amounts owed to related parties

 

-

21,535

Taxation and social security

 

16,724

5,575

Accruals and deferred income

 

347,933

362,296

Other creditors

 

33,241

2,595

Corporation tax

 

4,300

34,300

 

695,232

805,022


Creditors due within one year includes bank loans which are secured of £50,000 (2023 - £50,000).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

50,000

100,000


Creditors due after more than one year includes bank loans which are secured of £50,000 (2023 - £100,000).

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

100,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

50,000

 

Stewart Superior Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £23,496 (2023 - £40,587).

11

Related party transactions

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

164,404

164,404

Repaid

(20,273)

(20,273)

At end of period

144,131

144,131

2023

Subsidiary
£

Total
£

At start of period

216,803

216,803

Repaid

(52,399)

(52,399)

At end of period

164,404

164,404

Terms of loans to related parties

Management charges receivable in respect of the above subsidary is £17,074 (2023: £nil). The loan is interest free and has no fixed repayment terms.