Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Holding company to other group companiesfalsetruetruetruetruetruefalse42023-01-014truefalse 07031665 2023-01-01 2023-12-31 07031665 2022-01-01 2022-12-31 07031665 2023-12-31 07031665 2022-12-31 07031665 2022-01-01 07031665 c:CompanySecretary1 2023-01-01 2023-12-31 07031665 c:Director1 2023-01-01 2023-12-31 07031665 c:Director2 2023-01-01 2023-12-31 07031665 c:Director3 2023-01-01 2023-12-31 07031665 c:Director4 2023-01-01 2023-12-31 07031665 c:Director4 2023-12-31 07031665 c:RegisteredOffice 2023-01-01 2023-12-31 07031665 d:ComputerEquipment 2023-01-01 2023-12-31 07031665 d:ComputerEquipment 2023-12-31 07031665 d:ComputerEquipment 2022-12-31 07031665 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07031665 d:ComputerSoftware 2023-12-31 07031665 d:ComputerSoftware 2022-12-31 07031665 d:CurrentFinancialInstruments 2023-12-31 07031665 d:CurrentFinancialInstruments 2022-12-31 07031665 d:Non-currentFinancialInstruments 2023-12-31 07031665 d:Non-currentFinancialInstruments 2022-12-31 07031665 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07031665 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07031665 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07031665 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07031665 d:UKTax 2023-01-01 2023-12-31 07031665 d:UKTax 2022-01-01 2022-12-31 07031665 d:ShareCapital 2023-12-31 07031665 d:ShareCapital 2022-12-31 07031665 d:ShareCapital 2022-01-01 07031665 d:SharePremium 2023-12-31 07031665 d:SharePremium 2022-12-31 07031665 d:SharePremium 2022-01-01 07031665 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07031665 d:RetainedEarningsAccumulatedLosses 2023-12-31 07031665 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07031665 d:RetainedEarningsAccumulatedLosses 2022-12-31 07031665 d:RetainedEarningsAccumulatedLosses 2022-01-01 07031665 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07031665 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07031665 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07031665 c:OrdinaryShareClass1 2023-12-31 07031665 c:OrdinaryShareClass1 2022-12-31 07031665 c:OrdinaryShareClass2 2023-01-01 2023-12-31 07031665 c:OrdinaryShareClass2 2023-12-31 07031665 c:OrdinaryShareClass2 2022-12-31 07031665 c:OrdinaryShareClass3 2023-01-01 2023-12-31 07031665 c:OrdinaryShareClass3 2023-12-31 07031665 c:OrdinaryShareClass3 2022-12-31 07031665 c:OrdinaryShareClass4 2023-01-01 2023-12-31 07031665 c:OrdinaryShareClass4 2023-12-31 07031665 c:OrdinaryShareClass4 2022-12-31 07031665 c:OrdinaryShareClass5 2023-01-01 2023-12-31 07031665 c:OrdinaryShareClass5 2023-12-31 07031665 c:OrdinaryShareClass5 2022-12-31 07031665 c:FRS102 2023-01-01 2023-12-31 07031665 c:Audited 2023-01-01 2023-12-31 07031665 c:FullAccounts 2023-01-01 2023-12-31 07031665 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07031665 d:Subsidiary1 2023-01-01 2023-12-31 07031665 d:Subsidiary1 1 2023-01-01 2023-12-31 07031665 d:Subsidiary2 2023-01-01 2023-12-31 07031665 d:Subsidiary2 1 2023-01-01 2023-12-31 07031665 d:Subsidiary3 2023-01-01 2023-12-31 07031665 d:Subsidiary3 1 2023-01-01 2023-12-31 07031665 d:Subsidiary4 2023-01-01 2023-12-31 07031665 d:Subsidiary4 1 2023-01-01 2023-12-31 07031665 d:Subsidiary5 2023-01-01 2023-12-31 07031665 d:Subsidiary5 1 2023-01-01 2023-12-31 07031665 d:Subsidiary6 2023-01-01 2023-12-31 07031665 d:Subsidiary6 1 2023-01-01 2023-12-31 07031665 d:Subsidiary7 2023-01-01 2023-12-31 07031665 d:Subsidiary7 1 2023-01-01 2023-12-31 07031665 d:Subsidiary8 2023-01-01 2023-12-31 07031665 d:Subsidiary8 1 2023-01-01 2023-12-31 07031665 6 2023-01-01 2023-12-31 07031665 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07031665










STAMFORD HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
STAMFORD HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D P Firmager 
P D Firmager 
J A Hall 
N I Monger (resigned 24 November 2023)




Company secretary
P D Firmager



Registered number
07031665



Registered office
Units 3 J,K,L,M
Hudson Road

Saxby Road Industrial Estate

Melton Mowbray

Leicestershire

LE13 1BS




Independent auditor
MHA
Chartered Accountants & Statutory Auditor

11 Merus Court

Meridian Business Park

Leicester

LE19 1RJ





 
STAMFORD HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Profit and Loss Account
 
9
Balance Sheet
 
10 - 11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 25


 
STAMFORD HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report on the Company for the year ended 31 December 2023.
The principal activity of the Company is to act as a holding company to other group companies. The Group companies at the end of the accounting year include Truframe Trade Frames Limited, Truframe Trade Centres Limited, Solihull Trade Frames Limited, Energiframe Limited, Truframe Glass Solutions Limited, Truframe Limited, Truframe Aluminium Limited and Truframe Composite Doors Limited.

Business review
 
The Company received dividends in the year of £349,717 (2022 - £nil) and paid out dividends of £1,521,700 (2022 - £4,355,354).
The Company continues to act as a holding company to other group companies.

Principal risks and uncertainties
 
The directors consider effective risk management to be key to the future success of the Company and continually monitor systems and structure in order to measure, and limit risk. A key control is the day-to-day supervision of the business by the directors.
The business may be affected by fluctuations in the price and supply of key materials driven by the current economic climate although purchasing practices seek to mitigate this risk where possible.
The Company's principal activity of acting as a holding company to other group companies has not been negatively impacted by the current economic cliamte. 
After reviewing the Company's forecasts and projections, the director has 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 information.
No known additional bad debts have been identified relating to 2023.
Please refer to the basis of preparation of financial statements accounting policy at note 2.1 for further information.

Financial key performance indicators
 
Since the principal activity of the Company is to act as a holding company, there are no financial performance indicators.

Other key performance indicators
 
Since the principal activity of the Company is to act as a holding company, there are no non-financial performance indicators.

Page 1

 
STAMFORD HOLDINGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board and signed on its behalf.





................................................
P D Firmager
Director

Date: 18 September 2024

Page 2

 
STAMFORD HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £366,485 (2022 - £9,086).

During the year, dividends amounting to £1,521,700 (2022 - £4,355,354) were recommended by the directors.

Directors

The directors who served during the year were:

D P Firmager 
P D Firmager 
J A Hall 
N I Monger (resigned 24 November 2023)

Future developments

The directors are confident that with continued investment and strong customer relationships, further growth can be achieved in the coming year.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
STAMFORD HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the board and signed on its behalf.
 





................................................
P D Firmager
Director

Date: 18 September 2024

Units 3 J,K,L,M
Hudson Road
Saxby Road Industrial Estate
Melton Mowbray
Leicestershire
LE13 1BS

Page 4

 
STAMFORD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAMFORD HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Stamford Holdings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
STAMFORD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAMFORD HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
STAMFORD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAMFORD HOLDINGS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management and those charged with governance around actual, potential or suspected litigation and claims, non-compliance with applicable laws and regulations and fraud;
Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 7

 
STAMFORD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STAMFORD HOLDINGS LIMITED (CONTINUED)





Shelley Harvey (FCCA) (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Chartered Accountants
Statutory Auditor
  
Leicester
United Kingdom

Date:
 
MHA is the trading name of MacIntyre Hudson LLP a limited liability partnership registered in England and Wales (registered number OC312313). 
18 September 2024
Page 8

 
STAMFORD HOLDINGS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(102,938)
(118,761)

Other operating income
 4 
126,000
110,000

Operating profit/(loss)
 5 
23,062
(8,761)

Income from other fixed asset investments
 8 
349,717
-

Amounts written off investments
  
-
(100)

Profit/(loss) before tax
  
372,779
(8,861)

Tax on profit/(loss)
 9 
(6,294)
17,947

Profit for the financial year
  
366,485
9,086

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 13 to 25 form part of these financial statements.

Page 9

 
STAMFORD HOLDINGS LIMITED
REGISTERED NUMBER: 07031665

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 10 
142,899
142,899

Tangible assets
 11 
3,166
7,617

Investments
 12 
1,129,158
1,129,158

  
1,275,223
1,279,674

Current assets
  

Debtors: amounts falling due within one year
 13 
15,969
1,509,255

Cash at bank and in hand
 14 
5,728
3,686

  
21,697
1,512,941

Creditors: amounts falling due within one year
 15 
(436,819)
(660,351)

Net current (liabilities)/assets
  
 
 
(415,122)
 
 
852,590

Total assets less current liabilities
  
860,101
2,132,264

Creditors: amounts falling due after more than one year
 16 
-
(120,000)

Provisions for liabilities
  

Deferred tax
 17 
(17,542)
(14,490)

  
 
 
(17,542)
 
 
(14,490)

Net assets
  
842,559
1,997,774


Capital and reserves
  

Called up share capital 
 18 
23,784
23,784

Share premium account
  
63,947
63,947

Profit and loss account
  
754,828
1,910,043

  
842,559
1,997,774


Page 10

 
STAMFORD HOLDINGS LIMITED
REGISTERED NUMBER: 07031665
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P D Firmager
Director

Date: 18 September 2024

The notes on pages 13 to 25 form part of these financial statements.

Page 11

 
STAMFORD HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
23,784
63,947
6,256,311
6,344,042


Comprehensive income for the year

Profit for the year
-
-
9,086
9,086

Dividends: Equity capital
-
-
(4,355,354)
(4,355,354)



At 1 January 2023
23,784
63,947
1,910,043
1,997,774


Comprehensive income for the year

Profit for the year
-
-
366,485
366,485

Dividends: Equity capital
-
-
(1,521,700)
(1,521,700)


At 31 December 2023
23,784
63,947
754,828
842,559


The notes on pages 13 to 25 form part of these financial statements.

Share premium account
Includes the premium attached to the new shares issued in the current and previous periods.
Profit and loss account
Includes all current and prior year retained profits and losses. All amounts are distributable.

Page 12

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Stamford Holdings Limited is a private company, limited by shares, domiciled in England and Wales, registration number 07031665. The registered office is Unit 3 J,K,L,M, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS.
The principal activity of the Company during the year continued to be that of a holding company to other group companies. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The Company's functional and presentational currency is British Pound Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

Truframe Limited, a group subsidiary, has confirmed their intention to support Stamford Holdings Limited for a period of at least 12 months from the signing of the financial statements. Based on this support and the continued profitability and working capital of Truframe Limited, the directors consider that the Company has the ability to continue as a going concern for at least the next 12 months and therefore these financial statements are prepared on a going concern basis.

 
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Aether Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Unit 3 J,K,L,M, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS.

Page 13

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Profit and Loss Account during the period in which they are incurred.

Page 14

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
50%
straight line per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
Page 15

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

third parties, loans to related parties and investments in ordinary shares. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. 
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. 
(ii) Useful economic lives of intangible fixed assets
The directors consider the useful economic life of the goodwill included within these financial statements to be 7 years. The useful economic life and residual value are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and the economic utilisation of the business. Intangible assets under construction are not amortised until the date they are brought into use.
(iii) Impairment of debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers facts including the current credit rating of the debtor, the ageing profile of debtors and historical experience.


4.


Other operating income

2023
2022
£
£

Management charges received
126,000
110,000

126,000
110,000



5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
4,451
1,756

Loss on sale of fixed asset investments
-
100

Page 17

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
6,600
5,885

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs were as follows:





The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management
4
4


8.


Income from investments

2023
2022
£
£





Dividends received
349,717
-

349,717
-


Page 18

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
3,242
-

Deferred tax


Origination and reversal of timing differences (note 17)
3,052
(17,947)


Tax on profit/(loss)
6,294
(17,947)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
372,779
(8,861)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
93,195
(1,684)

Effects of:


Expenses not deductible for tax purposes
-
3,163

Capital allowances for year in excess of depreciation
(3,052)
(5,494)

Non-taxable income
(87,429)
(19)

Other differences leading to an increase in the tax charge
528
-

Group relief
-
4,034

Deferred tax charge
3,052
(17,947)

Total tax charge for the year
6,294
(17,947)

Page 19

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

From 1 April 2023, the Corporation Tax main rate increased to 25% for profits over £250,000. A small profits rate has also been introduced for profits of £50,000 and less, charging Corporation Tax at 19%. Profits between £50,000 and £250,000 willl be taxed at the main rate by reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.
There are no further factors that may affect future tax changes.


10.


Intangible assets




Assets under construction

£



Cost


At 1 January 2023
142,899



At 31 December 2023

142,899






Net book value



At 31 December 2023
142,899



At 31 December 2022
142,899



Page 20

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
56,202



At 31 December 2023

56,202



Depreciation


At 1 January 2023
48,585


Charge for the year on owned assets
4,451



At 31 December 2023

53,036



Net book value



At 31 December 2023
3,166



At 31 December 2022
7,617


12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,129,158


Additions
100


Disposals
(100)



At 31 December 2023
1,129,158




Page 21

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Truframe Trade Frames Limited
Property leasing and maintenance company.
Ordinary
100%
Truframe Limited
The manufacture and supply of UPVC window and doors.
Ordinary
100%
Truframe Trade Centres Limited
The manufacture and supply of UPVC window and doors.
Ordinary
100%
Solihull Trade Frames Limited
The manufacture and supply of UPVC window and doors.
Ordinary
100%
Truframe Composite Doors Limited
The manufacture and supply of composite doors
Ordinary
100%
Truframe Aluminium Limited
Dormant
Ordinary
100%
Energiframe Limited
Dormant
Ordinary
100%
Truframe Glass Solution Limited
Dormant
Ordinary
100%

Investment addition in the year relates to Truframe Composite Doors Limited a company incorporated on 25 April 2023.
Disposal in the year relates to Double Glazing Network Limited which was dissolved 17 January 2023.

Page 22

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,174
1,486,609

Other debtors
-
2,073

Prepayments and accrued income
14,795
20,573

15,969
1,509,255



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,728
3,686

5,728
3,686



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,296
28,802

Amounts owed to group undertakings
312,081
351,549

Corporation tax
3,242
-

Other creditors
120,200
280,000

436,819
660,351


Aldermore Bank PLC hold a debenture date 26 February 2021 over all the assets of the Company.


16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
-
120,000

-
120,000


Page 23

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Deferred taxation




2023


£






At beginning of year
14,490


Charged to profit or loss
3,052



At end of year
17,542

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
17,542
14,490

17,542
14,490


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



19,847 (2022 - 19,847) Ordinary shares of £1.00 each
19,847
19,847
1,139 (2022 - 1,139) Ordinary A shares of £1.00 each
1,139
1,139
1,139 (2022 - 1,139) Ordinary B shares of £1.00 each
1,139
1,139
553 (2022 - 553) Ordinary C shares of £1.00 each
553
553
553 (2022 - 553) Ordinary D shares of £1.00 each
553
553
553 (2022 - 553) Ordinary E shares of £1.00 each
553
553

23,784

23,784



19.


Related party transactions

The wholly owned subsidiaries of the Group are exempt from the requirements of Financial Reporting Standard 102, section 1AC.35 to disclose transactions with other members of the group.
All transactions are considered to be at arms length.
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, 1AC.35.

Page 24

 
STAMFORD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Controlling party

The ultimate parent and parent preparing the consoldiated financial statement for the smallest group of which the Company is a member is Aether Holdings Limited, a company incorporated in England and Wales. The registered office and principle place of business for which is Unit 3 J,K,L,M, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS.
The ultimate controlling party was P D Firmager by virtue of his directorship and majority shareholding of the ultimate parent company.

 
Page 25