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COMPANY REGISTRATION NUMBER: 08739709
STS Commercial Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
STS Commercial Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
STS Commercial Limited
Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CLAY SHAW THOMAS LTD
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
12 September 2024
STS Commercial Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
59,828
89,741
Tangible assets
6
50,842
35,740
---------
---------
110,670
125,481
Current assets
Debtors
7
1,420,645
682,905
Cash at bank and in hand
418,367
558,309
------------
------------
1,839,012
1,241,214
Creditors: amounts falling due within one year
8
444,197
274,531
------------
------------
Net current assets
1,394,815
966,683
------------
------------
Total assets less current liabilities
1,505,485
1,092,164
Provisions
12,710
6,791
------------
------------
Net assets
1,492,775
1,085,373
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,492,675
1,085,273
------------
------------
Shareholders funds
1,492,775
1,085,373
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
STS Commercial Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Mr G P Carpenter
Director
Company registration number: 08739709
STS Commercial Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8a Dunraven Place, Bridgend, CF31 1JD, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
20% straight line
Fixtures and fittings
-
15% reducing balance
Equipment
-
33 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
149,567
---------
Amortisation
At 1 January 2023
59,826
Charge for the year
29,913
---------
At 31 December 2023
89,739
---------
Carrying amount
At 31 December 2023
59,828
---------
At 31 December 2022
89,741
---------
Goodwill arose on the transfer of trade and assets following the acquisition of Sano Marketing Limited and Totale Ops Limited in January 2021.
6. Tangible assets
Short leasehold property improvements
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
3,128
44,229
66,712
114,069
Additions
21,182
6,914
28,096
--------
--------
--------
---------
At 31 December 2023
24,310
44,229
73,626
142,165
--------
--------
--------
---------
Depreciation
At 1 January 2023
504
26,320
51,505
78,329
Charge for the year
77
2,685
10,232
12,994
--------
--------
--------
---------
At 31 December 2023
581
29,005
61,737
91,323
--------
--------
--------
---------
Carrying amount
At 31 December 2023
23,729
15,224
11,889
50,842
--------
--------
--------
---------
At 31 December 2022
2,624
17,909
15,207
35,740
--------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
21,933
12,527
Amounts owed by group undertakings and undertakings in which the company has a participating interest
63,323
51,447
Other debtors
1,335,389
618,931
------------
---------
1,420,645
682,905
------------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,145
21,806
Social security and other taxes
424,292
246,309
Loan - Debt Information Limited
624
Loan - Cozi Limited
5,101
Other creditors
5,659
5,792
---------
---------
444,197
274,531
---------
---------
9. Directors' advances, credit and guarantees
The following amount due to / from the directors:
Mr W E Sinclair Mr G P Carpenter
£ £
Balance due from the director at 1 January 2023 341,354 272,008
Monies drawn 251,136 346,426
Monies introduced (42,312) (42,312)
Interest 9,303 9,620
--------- ---------
Balance due from the director at 31 December 2023 559,481 585,742
--------- ---------
There are no fixed terms of repayment and interest is being charged at a rate of 2.25%.
10. Related party transactions
The company has taken exemption, under the small company regime, from disclosing related party transactions which are considered immaterial, or conducted under normal market conditions.