BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the wholesale of vending machines and associated products and services. 8 August 2024 12 11 NI009586 2024-03-31 NI009586 2023-03-31 NI009586 2022-03-31 NI009586 2023-04-01 2024-03-31 NI009586 2022-04-01 2023-03-31 NI009586 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI009586 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI009586 uk-bus:AbridgedAccounts 2023-04-01 2024-03-31 NI009586 uk-core:ShareCapital 2024-03-31 NI009586 uk-core:ShareCapital 2023-03-31 NI009586 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI009586 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI009586 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI009586 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI009586 uk-bus:FRS102 2023-04-01 2024-03-31 NI009586 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-01 2024-03-31 NI009586 uk-core:Land 2023-04-01 2024-03-31 NI009586 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI009586 uk-core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI009586 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI009586 uk-bus:Audited 2023-04-01 2024-03-31 NI009586 uk-core:IntangibleAssetsOtherThanGoodwill 2023-03-31 NI009586 uk-core:IntangibleAssetsOtherThanGoodwill 2024-03-31 NI009586 uk-core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 NI009586 uk-core:CostValuation 2024-03-31 NI009586 2023-04-01 2024-03-31 NI009586 uk-bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 NI009586 uk-bus:Director2 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
Steen's Ireland Limited
 
Abridged Financial Statements
 
for the financial year ended 31 March 2024



Steen's Ireland Limited
Company Registration Number: NI009586
ABRIDGED BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 5 22,150 26,733
Tangible assets 6 376,447 428,966
Investments 7 2,388 2,388
───────── ─────────
Fixed Assets 400,985 458,087
───────── ─────────
 
Current Assets
Stocks 202,257 194,179
Debtors 161,410 141,024
Cash at bank and in hand 227,054 176,952
───────── ─────────
590,721 512,155
───────── ─────────
Creditors: amounts falling due within one year (402,894) (332,811)
───────── ─────────
Net Current Assets 187,827 179,344
───────── ─────────
Total Assets less Current Liabilities 588,812 637,431
 
Creditors:
amounts falling due after more than one year (185,813) (233,544)
 
Provisions for liabilities (78,357) (74,801)
───────── ─────────
Net Assets 324,642 329,086
═════════ ═════════
 
Capital and Reserves
Called up share capital 9,088 9,088
Retained earnings 315,554 319,998
───────── ─────────
Shareholders' Funds 324,642 329,086
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 8 August 2024 and signed on its behalf by
           
           
           
________________________________     ________________________________
John Wilson Steen     Robert Wilson Andrew Steen
Director     Director
           



Steen's Ireland Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Steen's Ireland Limited is a private company limited by shares incorporated in Northern Ireland. The registered office of the company is 92 Tullyard Road, Drumbo, Co. Down, BT27 5JW, Northern Ireland which is also the principal place of business of the company. The company registration number is NI009586.

The financial statements cover the individual entity, Steen's Ireland Limited, for the year ended 31st March 2024.

The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Consolidated accounts
The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.
 
Turnover
Turnover comprises the invoice value of goods and services supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised when substantially all the risk and rewards of ownership are transferred to the purchaser.

The risks and rewards of ownership of goods are deemed to have been transferred when the goods are delivered, or the goods are collected by the customer.
 
Intangible assets
Intangible assets are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 7 years.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 4% Straight line
  Plant and machinery - 15% Straight line
  Fixtures, fittings and equipment - 25% Straight line
  Motor vehicles - 15% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the year in which it is receivable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash at bank and in hand
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions are charged to the profit and loss account in the period in which they are incurred.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by John MacMahon & Co.
The Auditor's Report was signed by John McGinn (Senior Statutory Auditor) for and on behalf of John MacMahon & Co on 8th August 2024.
 
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2024 2023
  Number Number
 
Employees 12 11
  ═════════ ═════════
     
5. Intangible assets
   
   
  £
Cost
At 1 April 2023 32,080
  ─────────
 
At 31 March 2024 32,080
  ─────────
Amortisation
At 1 April 2023 5,347
Charge for financial year 4,583
  ─────────
At 31 March 2024 9,930
  ─────────
Net book value
At 31 March 2024 22,150
  ═════════
At 31 March 2023 26,733
  ═════════
             
6. Tangible assets
  Long Plant and Fixtures, Motor Total
  leasehold machinery fittings and vehicles  
  property   equipment    
  £ £ £ £ £
Cost
At 1 April 2023 75,636 825,355 246,229 281,078 1,428,298
Additions - 17,505 - 39,488 56,993
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 75,636 842,860 246,229 320,566 1,485,291
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2023 48,051 547,213 246,229 157,839 999,332
Charge for the financial year 3,025 79,411 - 27,076 109,512
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2024 51,076 626,624 246,229 184,915 1,108,844
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2024 24,560 216,236 - 135,651 376,447
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2023 27,585 278,142 - 123,239 428,966
  ═════════ ═════════ ═════════ ═════════ ═════════
       
7. Investments
  Group and Total
  participating  
  interests/  
  joint ventures  
Investments £ £
Cost
 
At 31 March 2024 2,388 2,388
  ───────── ─────────
Net book value
At 31 March 2024 2,388 2,388
  ═════════ ═════════
At 31 March 2023 2,388 2,388
  ═════════ ═════════
       
8. Parent company
 
Steen's Ireland Limited is the parent company and ultimate parent company of Steen's Smart Retail Limited, a company registered in the Republic of Ireland. Steen's Ireland Limited owns 100% of the share capital of Steen's Smart Retail Limited. The address of Steen's Smart Retail Limited is Unit B6 Clonlara Avenue, Baldonnell Business Park, Dublin 22, Ireland.
       
9. Related party transactions
 
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
       
10. Pension commitments
 
The company operates a defined contribution pension scheme for its employees. At the balance sheet date, there was £1,937 owed to the scheme (2023 : £2,888). This is included in creditors amounts falling due within one year.