Registered number
04883483
Stack 'm High Limited
Filleted Accounts
31 August 2023
Stack 'm High Limited
Registered number: 04883483
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 453,665 431,976
Investments 4 325,013 -
778,678 431,976
Current assets
Stocks 1,902,859 2,023,136
Debtors 5 196,928 434,918
Cash at bank and in hand 1,087,330 1,781,010
3,187,117 4,239,064
Creditors: amounts falling due within one year 6 (132,706) (640,401)
Net current assets 3,054,411 3,598,663
Net assets 3,833,089 4,030,639
Capital and reserves
Called up share capital 100 1
Share premium 304,136 304,136
Revaluation reserve 8 23,311 -
Profit and loss account 3,505,542 3,726,502
Shareholders' funds 3,833,089 4,030,639
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Dragomir
Director
Approved by the board on 28 August 2024
Stack 'm High Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2022 426,689 67,476 494,165
Surplus on revaluation 23,311 - 23,311
At 31 August 2023 450,000 67,476 517,476
Depreciation
At 1 September 2022 - 62,189 62,189
Charge for the year - 1,622 1,622
At 31 August 2023 - 63,811 63,811
Net book value
At 31 August 2023 450,000 3,665 453,665
At 31 August 2022 426,689 5,287 431,976
4 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions - 60% stake in Stack 'm High Gmbh 340,895
Revaluation arising from foreign exchange rate movements (15,882)
At 31 August 2023 325,013
5 Debtors 2023 2022
£ £
Trade debtors 154,035 433,964
Other debtors 42,893 954
196,928 434,918
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 175,000
Trade creditors 30,575 46,883
Corporation tax - 89,705
Other taxes and social security costs 66,833 51,482
Other creditors 35,298 277,331
132,706 640,401
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans - 237,467
The company's has secured a bank loan by way of fixed deposit charge against its bank balances.
8 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 23,311 -
At 31 August 2023 23,311 -
9 Controlling party
The company is controlled by Lucky Sports International, a company incorporated in Samoa, which holds 80% of the issued share capital. Ms Y Li and Mr C Hsiang now hold 10% each of the issued share capital.
10 Other information
Stack 'm High Limited is a private company limited by shares and incorporated in England. Its registered office is:
Scots House
Scots Lane
Salisbury
Wiltshire
SP1 3TR
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