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Company No: 04931651 (England and Wales)

STC TEAMWEAR LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

STC TEAMWEAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

STC TEAMWEAR LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2023
STC TEAMWEAR LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTORS Martin Barnard
Jamie Lee Warner
SECRETARY Jamie Lee Warner
REGISTERED OFFICE Gascoyne House Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
United Kingdom
COMPANY NUMBER 04931651 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
STC TEAMWEAR LIMITED

BALANCE SHEET

As at 31 October 2023
STC TEAMWEAR LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 77,941 99,850
77,941 99,850
Current assets
Stocks 5 10,319 25,732
Debtors 6 265,774 349,336
Cash at bank and in hand 21,336 504
297,429 375,572
Creditors: amounts falling due within one year 7 ( 294,657) ( 363,013)
Net current assets 2,772 12,559
Total assets less current liabilities 80,713 112,409
Creditors: amounts falling due after more than one year 8 ( 69,952) ( 71,819)
Net assets 10,761 40,590
Capital and reserves
Called-up share capital 9 400 400
Profit and loss account 10,361 40,190
Total shareholders' funds 10,761 40,590

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of STC Teamwear Limited (registered number: 04931651) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

Jamie Lee Warner
Director
STC TEAMWEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
STC TEAMWEAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

STC Teamwear Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Gascoyne House Moseleys Farm Business Centre, Fornham All Saints, Bury St Edmunds, IP28 6JY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 9

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 November 2022 64,150 75,807 139,957
Additions 0 3,317 3,317
At 31 October 2023 64,150 79,124 143,274
Accumulated depreciation
At 01 November 2022 19,425 20,682 40,107
Charge for the financial year 11,181 14,045 25,226
At 31 October 2023 30,606 34,727 65,333
Net book value
At 31 October 2023 33,544 44,397 77,941
At 31 October 2022 44,725 55,125 99,850

5. Stocks

2023 2022
£ £
Stocks 10,319 25,732

6. Debtors

2023 2022
£ £
Trade debtors 110,826 178,558
Other debtors 154,948 170,778
265,774 349,336

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 64,499 86,773
Trade creditors 134,894 159,056
Taxation and social security 20,100 43,908
Obligations under finance leases and hire purchase contracts 19,681 16,541
Other creditors 55,483 56,735
294,657 363,013

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 17,814 0
Obligations under finance leases and hire purchase contracts 52,138 71,819
69,952 71,819

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary B shares of £ 1.00 each 100 100
100 Ordinary C shares of £ 1.00 each 100 100
100 Ordinary D shares of £ 1.00 each 100 100
400 400