Stanway Screens Limited 00488564 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is that of the manufacture of vehicle screens Digita Accounts Production Advanced 6.30.9574.0 true true 00488564 2022-12-01 2023-11-30 00488564 2023-11-30 00488564 core:RetainedEarningsAccumulatedLosses 2023-11-30 00488564 core:ShareCapital 2023-11-30 00488564 core:FinancialAssetsCostLessImpairment 2023-11-30 00488564 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 00488564 core:FurnitureFittingsToolsEquipment 2023-11-30 00488564 core:MotorVehicles 2023-11-30 00488564 bus:SmallEntities 2022-12-01 2023-11-30 00488564 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 00488564 bus:FullAccounts 2022-12-01 2023-11-30 00488564 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 00488564 bus:RegisteredOffice 2022-12-01 2023-11-30 00488564 bus:CompanySecretaryDirector1 2022-12-01 2023-11-30 00488564 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 00488564 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 00488564 core:LandBuildings 2022-12-01 2023-11-30 00488564 core:MotorVehicles 2022-12-01 2023-11-30 00488564 core:PlantMachinery 2022-12-01 2023-11-30 00488564 core:OtherRelatedParties 2022-12-01 2023-11-30 00488564 countries:EnglandWales 2022-12-01 2023-11-30 00488564 2022-11-30 00488564 core:FurnitureFittingsToolsEquipment 2022-11-30 00488564 core:MotorVehicles 2022-11-30 00488564 2021-12-01 2022-11-30 00488564 2022-11-30 00488564 core:RetainedEarningsAccumulatedLosses 2022-11-30 00488564 core:ShareCapital 2022-11-30 00488564 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 00488564 core:FurnitureFittingsToolsEquipment 2022-11-30 00488564 core:MotorVehicles 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 00488564

Prepared for the registrar

Stanway Screens Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Stanway Screens Limited

(Registration number: 00488564)
Balance Sheet as at 30 November 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

771,251

770,448

Investments

5

1,000

1,000

 

772,251

771,448

Current assets

 

Stocks

1,486,868

849,028

Debtors

6

1,268,572

1,813,906

Cash at bank and in hand

 

340,408

499,037

 

3,095,848

3,161,971

Creditors: Amounts falling due within one year

7

(1,126,699)

(1,127,862)

Net current assets

 

1,969,149

2,034,109

Total assets less current liabilities

 

2,741,400

2,805,557

Deferred tax liabilities

 

(160,885)

(166,249)

Net assets

 

2,580,515

2,639,308

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,580,415

2,639,208

Total equity

 

2,580,515

2,639,308

For the financial year ending 30 November 2023 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 


M Priest
Company secretary and director

 

Stanway Screens Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

1

General information

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

The address of its registered office is:
Oil Croft Orchard
Main Road
Bredon
Tewkesbury
Gloucestershire
GL20 7LX

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current 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.

 

Stanway Screens Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold land and buildings

Nil

Plant and machinery

10% reducing balance

Tools, fixtures, fittings and equipment

10% of cost, 10-20% reducing balance

Motor vehicles

25% reducing balance

Investments

Investments held by the company, are measured at cost less impairment where fair value cannot be measured reliably.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Stanway Screens Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 56 (2022 - 55).

 

Stanway Screens Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

4

Tangible assets

Plant, machinery, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 December 2022

2,269,104

20,334

2,289,438

Additions

87,920

-

87,920

At 30 November 2023

2,357,024

20,334

2,377,358

Depreciation

At 1 December 2022

1,502,097

16,893

1,518,990

Charge for the year

86,257

860

87,117

At 30 November 2023

1,588,354

17,753

1,606,107

Carrying amount

At 30 November 2023

768,670

2,581

771,251

At 30 November 2022

767,007

3,441

770,448

 

5

Investments held as fixed assets

Unlisted investments
£

Cost or valuation

At 1 December 2022 and at 30 November 2023

1,000

 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

1,180,998

1,667,247

Amounts owed by related parties

8

52,685

107,859

Other debtors

 

-

1,237

Prepayments

 

34,889

37,563

   

1,268,572

1,813,906

 

Stanway Screens Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

856,020

656,306

Amounts due to related parties

8

102,168

128,237

Social security and other taxes

 

68,204

188,287

Outstanding defined contribution pension costs

 

5,047

5,641

Other creditors

 

2,647

2,863

Accrued expenses

 

73,379

66,464

Corporation tax liability

19,234

80,064

 

1,126,699

1,127,862

 

8

Related party transactions

Summary of transactions with other related parties

At 30 November 2023, the company was owed £52,506 (2022: £93,179) by Stanway Real Estate Limited, a related company.

At 30 November 2022, the company owed £69,748 (2022: £99,780) to S S Holdings Limited, its parent company.

At 30 November 2023, the company was owed £179 (2022: £2,523) by one of the company directors, and owed £27,572 (2022: £28,457) to two company directors, in the form of directors' loan accounts.

No interest was charged on the above balances, and there are no fixed repayment terms.

At 30 November 2023, the company owed £4,846 to (2022: was owed £12,157) by a company director. Interest was charged on this balance at 2.25%.

 

 

9

Parent and ultimate parent undertaking

The company's immediate parent is S S Holdings Limited, incorporated in England and Wales.