Registered number
01666827
Sterex Electrolysis International Limited
Unaudited Filleted Accounts
31 December 2023
Sterex Electrolysis International Limited
Registered number: 01666827
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 419,341 425,224
Current assets
Stocks 280,758 286,038
Debtors 4 448,318 403,254
Cash at bank and in hand 148,838 187,197
877,914 876,489
Creditors: amounts falling due within one year 5 (156,359) (281,580)
Net current assets 721,555 594,909
Total assets less current liabilities 1,140,896 1,020,133
Creditors: amounts falling due after more than one year 6 (7,083) (12,746)
Provisions for liabilities (18,000) (13,000)
Net assets 1,115,813 994,387
Capital and reserves
Called up share capital 140,000 140,000
Revaluation reserve 7 354,464 354,464
Profit and loss account 621,349 499,923
Shareholders' funds 1,115,813 994,387
The directors are 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 directors acknowledge their 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.
L E Cartmell
Director
Approved by the board on 22 August 2024
Sterex Electrolysis International Limited
Notes to the Accounts
for the year ended 31 December 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:
Freehold buildings 2% on a straight line basis
Plant and machinery 15% on a reducing balance basis
Fixtures and fittings 20% on a reducing balance basis
Motor vehicles 20% on a reducing balance basis
Computer equipment 25% on a reducing balance basis
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 19 19
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 January 2023 425,000 320,929 45,346 791,275
Additions - 14,082 - 14,082
Disposals - (1,347) (28,171) (29,518)
At 31 December 2023 425,000 333,664 17,175 775,839
Depreciation
At 1 January 2023 79,350 241,355 45,346 366,051
Charge for the year 6,900 13,065 - 19,965
On disposals - (1,347) (28,171) (29,518)
At 31 December 2023 86,250 253,073 17,175 356,498
Net book value
At 31 December 2023 338,750 80,591 - 419,341
At 31 December 2022 345,650 79,574 - 425,224
Freehold land and buildings: 2023 2022
£ £
Historical cost 201,600 201,600
Cumulative depreciation based on historical cost 72,960 70,528
128,640 131,072
On 31 July 2015, with the exception of motor vehicles, all of the company's fixed assets were professionally valued. Included within land and buildings is freehold land of £80,000, which is not depreciated.
4 Debtors 2023 2022
£ £
Trade debtors 69,475 28,364
Other debtors 378,843 374,890
448,318 403,254
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,000 4,992
Obligations under finance lease and hire purchase contracts 655 2,620
Trade creditors 44,497 47,348
Taxation and social security costs 65,278 97,316
Other creditors 40,929 129,304
156,359 281,580
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 7,083 12,091
Obligations under finance lease and hire purchase contracts - 655
7,083 12,746
7 Revaluation reserve 2023 2022
£ £
At 1 January 2023 354,464 354,464
At 31 December 2023 354,464 354,464
8 Related party transactions
Other debtors includes an interest free loan to Skin by Sterex Limited, a related company, amounting to £271,617 (2022: £272,486).
9 Other information
Sterex Electrolysis International Limited is a private company limited by shares and incorporated in England. Its registered office is:
174 Kings Road
Tyseley
Birmingham
B11 2AP
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