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Sage Accounts Production 21.0 - FRS102_2021
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1
2023-01-01
2023-12-31
Company registration number:
06615799
Stockholding Solutions Limited
Filleted financial statements
31 December 2023
Stockholding Solutions Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Stockholding Solutions Limited
Directors and other information
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Directors |
Mr Gary Neil Matthews |
(Resigned 19 December 2023) |
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Mr Nicholas Warren Lang |
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Mr Eamonn Shaun Prescott |
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Mr Nicholas Norman Walters |
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Mr David Corbett Glenister |
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Mr Garry Dell |
(Appointed 10 March 2023) |
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Mrs Katie Courtney-Jones |
(Appointed 31 August 2023) |
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Company number |
06615799 |
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Registered office |
Greendale House |
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Whitestone Business Park |
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Whitestone |
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Hereford |
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HR1 3SE |
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Business address |
Greendale House |
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Whitestone Business Park |
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Whitestone |
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Hereford |
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HR1 3SE |
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Auditor |
Forshaws Accountants Limited |
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Crossens Way Business Park |
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Crossens Way |
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Southport |
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PR9 9LY |
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Stockholding Solutions Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Stockholding Solutions Limited
Statement of financial position
31 December 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
|
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Tangible assets |
|
6 |
25,154 |
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|
30,737 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
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25,154 |
|
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30,737 |
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Current assets |
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Debtors |
|
7 |
18,354 |
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14,884 |
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Cash at bank and in hand |
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|
4,640 |
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|
20,010 |
|
|
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|
_______ |
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|
_______ |
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22,994 |
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|
34,894 |
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Creditors: amounts falling due |
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|
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|
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|
within one year |
|
8 |
(
8,777) |
|
|
|
(
30,633) |
|
|
|
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|
_______ |
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|
_______ |
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Net current assets |
|
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14,217 |
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|
4,261 |
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|
_______ |
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_______ |
Total assets less current liabilities |
|
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39,371 |
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34,998 |
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Creditors: amounts falling due |
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|
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|
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after more than one year |
|
9 |
|
|
(
17,462) |
|
|
|
(
23,016) |
|
|
|
|
|
|
|
|
|
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Provisions for liabilities |
|
10 |
|
|
(
4,986) |
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(
1,808) |
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|
|
|
|
|
|
|
|
|
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|
_______ |
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|
_______ |
Net assets |
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16,923 |
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|
10,174 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
13 |
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|
100 |
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|
100 |
Profit and loss account |
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16,823 |
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|
|
10,074 |
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|
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|
_______ |
|
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|
_______ |
Shareholders funds |
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16,923 |
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10,174 |
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_______ |
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_______ |
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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.
These financial statements were approved by the
board of directors
and authorised for issue on
09 September 2024
, and are signed on behalf of the board by:
Mr Nicholas Warren Lang
Director
Company registration number:
06615799
Stockholding Solutions 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 United Kingdom. The address of the registered office is Greendale House, Whitestone Business Park, Whitestone, Hereford, HR1 3SE.
The principal activity of the company is the sale of carpets.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income,. 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
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Motor vehicles |
- |
16.67% straight line |
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Computer equipment |
- |
33.33% straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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, an impairment provision is made. Prior impairments are also reviewed for possible reversal at each reporting date. 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 are largely independent of the cash inflows from other assets or groups of assets.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
6.
Tangible assets
|
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Motor vehicles |
Computer equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 January 2023 and 31 December 2023 |
33,494 |
13,630 |
47,124 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 January 2023 |
2,757 |
13,630 |
16,387 |
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Charge for the year |
5,583 |
- |
5,583 |
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|
|
|
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|
_______ |
_______ |
_______ |
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At 31 December 2023 |
8,340 |
13,630 |
21,970 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 December 2023 |
25,154 |
- |
25,154 |
|
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_______ |
_______ |
_______ |
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At 31 December 2022 |
30,737 |
- |
30,737 |
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_______ |
_______ |
_______ |
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Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
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Motor vehicles |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
At 31 December 2023 |
25,154 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 December 2022 |
30,737 |
|
|
|
|
|
|
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|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
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7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
2,376 |
8,587 |
|
Amounts owed by group undertakings |
|
7,364 |
- |
|
Other debtors |
|
8,614 |
6,297 |
|
|
|
_______ |
_______ |
|
|
|
18,354 |
14,884 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
722 |
44 |
|
Amounts owed to parent company |
|
- |
24,456 |
|
Other creditors |
|
8,055 |
6,133 |
|
|
|
_______ |
_______ |
|
|
|
8,777 |
30,633 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
17,462 |
23,016 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Provisions
|
|
Deferred tax (note 11) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 January 2023 |
1,808 |
1,808 |
|
|
|
|
Additions |
544 |
544 |
|
|
|
|
Unused losses |
2,634 |
2,634 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 December 2023 |
4,986 |
4,986 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 10) |
|
4,986 |
1,808 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
6,288 |
5,745 |
|
Unused tax losses |
|
(
1,302) |
(
3,937) |
|
|
|
_______ |
_______ |
|
|
|
4,986 |
1,808 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Financial instruments at fair value
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties. Further details are shown in note 3.
13.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
14.
Summary audit opinion
The auditor's report for the year dated
09 September 2024
was unqualified.
The senior statutory auditor was
Andrew Goddard
for and on behalf of
Forshaws Accountants Limited
15.
Controlling party
The company is controlled by its holding company, Greendale Carpets and Floorings Limited, which owns 100% of its share capital. Greendale Carpets and Floorings Limited is not under the control of any single party.