Strexor Limited 08258113 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is wholesale of vaping products and related accessories Digita Accounts Production Advanced 6.30.9574.0 true true true true 08258113 2023-01-01 2023-12-31 08258113 2023-12-31 08258113 bus:Director2 1 2023-12-31 08258113 bus:OrdinaryShareClass1 2023-12-31 08258113 bus:OrdinaryShareClass2 2023-12-31 08258113 bus:OrdinaryShareClass3 2023-12-31 08258113 core:RetainedEarningsAccumulatedLosses 2023-12-31 08258113 core:ShareCapital 2023-12-31 08258113 core:CurrentFinancialInstruments 2023-12-31 08258113 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08258113 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-12-31 08258113 core:Non-currentFinancialInstruments 2023-12-31 08258113 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08258113 core:BetweenTwoFiveYears 2023-12-31 08258113 core:WithinOneYear 2023-12-31 08258113 core:FurnitureFittingsToolsEquipment 2023-12-31 08258113 core:MotorVehicles 2023-12-31 08258113 bus:FRS102 2023-01-01 2023-12-31 08258113 bus:Audited 2023-01-01 2023-12-31 08258113 bus:FullAccounts 2023-01-01 2023-12-31 08258113 bus:RegisteredOffice 2023-01-01 2023-12-31 08258113 bus:Director1 2023-01-01 2023-12-31 08258113 bus:Director2 2023-01-01 2023-12-31 08258113 bus:Director2 1 2023-01-01 2023-12-31 08258113 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08258113 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 08258113 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 08258113 bus:Consolidated 2023-01-01 2023-12-31 08258113 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08258113 1 2023-01-01 2023-12-31 08258113 3 2023-01-01 2023-12-31 08258113 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08258113 core:ShareCapital 2023-01-01 2023-12-31 08258113 core:FurnitureFittings 2023-01-01 2023-12-31 08258113 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08258113 core:MotorVehicles 2023-01-01 2023-12-31 08258113 core:OfficeEquipment 2023-01-01 2023-12-31 08258113 core:PlantMachinery 2023-01-01 2023-12-31 08258113 core:UKTax 2023-01-01 2023-12-31 08258113 4 2023-01-01 2023-12-31 08258113 countries:EnglandWales 2023-01-01 2023-12-31 08258113 2022-12-31 08258113 bus:Director2 1 2022-12-31 08258113 core:RetainedEarningsAccumulatedLosses 2022-12-31 08258113 core:ShareCapital 2022-12-31 08258113 core:FurnitureFittingsToolsEquipment 2022-12-31 08258113 core:MotorVehicles 2022-12-31 08258113 2022-01-01 2022-12-31 08258113 2022-12-31 08258113 bus:Director2 1 2022-12-31 08258113 bus:OrdinaryShareClass1 2022-12-31 08258113 bus:OrdinaryShareClass2 2022-12-31 08258113 bus:OrdinaryShareClass3 2022-12-31 08258113 core:CurrentFinancialInstruments 2022-12-31 08258113 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08258113 core:CurrentFinancialInstruments core:WithinOneYear 2 2022-12-31 08258113 core:Non-currentFinancialInstruments 2022-12-31 08258113 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08258113 core:BetweenTwoFiveYears 2022-12-31 08258113 core:WithinOneYear 2022-12-31 08258113 core:FurnitureFittingsToolsEquipment 2022-12-31 08258113 core:MotorVehicles 2022-12-31 08258113 bus:Director2 1 2022-01-01 2022-12-31 08258113 1 2022-01-01 2022-12-31 08258113 3 2022-01-01 2022-12-31 08258113 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08258113 core:ShareCapital 2022-01-01 2022-12-31 08258113 core:UKTax 2022-01-01 2022-12-31 08258113 2021-12-31 08258113 bus:Director2 1 2021-12-31 08258113 core:RetainedEarningsAccumulatedLosses 2021-12-31 08258113 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2021-12-31 08258113 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2021-12-31 08258113 core:ShareCapital 2021-12-31 08258113 core:ShareCapital core:PreviouslyStatedAmount 2021-12-31 08258113 core:ShareCapital core:PriorPeriodIncreaseDecrease 2021-12-31 08258113 core:PreviouslyStatedAmount 2021-12-31 08258113 core:PriorPeriodIncreaseDecrease 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08258113

Strexor Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Strexor Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 21

 

Strexor Limited

Company Information

Directors

Mr Richard Michael Samson

Mr Scott Richard King

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

Auditors

Harris & Co (Accountants) Limited
Chartered Accountants and Statutory Auditor
2 Pavilion Court
600 Pavilion Drive
Northampton
Northamptonshire
NN4 7SL

 

Strexor Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is wholesale of vaping products and related accessories

Fair review of the business

In 2023 the company maintained its strong levels of trading with a significant increase within its retail business to customer offering.

Following a strategic review of the business plan by the Directors and Senior Management Team, the company heads into 2024 with positive business momentum and look forward to realising the significant investments in people, process and technology that were made in 2023.

Additionally, the company secured an larger premises to help facilitate future growth and will allow continued expansion plans, whilst ensuring that there is adequate infrastructure to grow top line revenue.

Principal risks and uncertainties

The vaping industry has always been under scrutiny for various reasons, however there is still a significant drive towards vaping being one of the best methods to quit smoking cessation. As the market keeps developing, the company expects to see a decline in the single-use products and a transition to rechargeable and re-fillable devices.

Future developments

The company expect profits and cash flow to continue to improve in 2024 as a result of the investments outlined above. Specifrically, the new premises is expected to have a significant impact on the companys trading capacity.


Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr Richard Michael Samson
Director

.........................................
Mr Scott Richard King
Director

 

Strexor 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.

Directors of the company

The directors who held office during the year were as follows:

Mr Richard Michael Samson

Mr Scott Richard King

Financial instruments

Objectives and policies

The company objective is to be known as a market leader in the supply of vaping products and to grow the business profitably and increase its top line revenue every year.

Supporting objectives are to recruit and retain talent by providing high quality jobs in an positive work environment, to expand product range and availability carefully while maintaining excellent standards of customer service and to manage risk by avoiding over-reliance on any single customer or supplier.

Price risk, credit risk, liquidity risk and cash flow risk

The company is exposed to exchange rate risk and particularly in relation to the dollar. Hedging products are kept under review but because the company does not have long term supply commitments it is able to manage this risk based on careful monitoring and use of spot rates.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr Richard Michael Samson
Director

.........................................
Mr Scott Richard King
Director

 

Strexor Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom 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 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.

 

Strexor Limited

Independent Auditor's Report to the Members of Strexor Limited

Opinion

We have audited the financial statements of Strexor Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 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 UK, including the FRC’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 director's 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 original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Strexor Limited

Independent Auditor's Report to the Members of Strexor Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [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.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Strexor Limited

Independent Auditor's Report to the Members of Strexor Limited

- The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant: Part 6 of the Tobacco and Related Products Regulations 2016,The Companies Act 2015 and 2006, UK employment legislation and UK health and safety legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

- We understood how the company is complying with those legal and regulatory frameworks by making enquiries through our review of relevant documentation.

- The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. Audit procedures performed by the engagement team included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

- As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be management override. Our audit work did not identify any instances of fraud by management override.

A further description of our responsibilities is available 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 2006. Our 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.

......................................
Phillip Harris BA BFP FCA (Senior Statutory Auditor)
For and on behalf of Harris & Co (Accountants) Limited, Statutory Auditor

2 Pavilion Court
600 Pavilion Drive
Northampton
Northamptonshire
NN4 7SL

7 August 2024

 

Strexor Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

(As restated)

2022
£

Turnover

3

19,354,253

19,528,824

Cost of sales

 

(16,177,917)

(16,530,896)

Gross profit

 

3,176,336

2,997,928

Administrative expenses

 

(1,619,671)

(1,340,693)

Other operating income

4

659

-

Operating profit

5

1,557,324

1,657,235

Other interest receivable and similar income

6

1,287

-

Interest payable and similar expenses

7

59,092

(46,229)

   

60,379

(46,229)

Profit before tax

 

1,617,703

1,611,006

Tax on profit

10

(389,393)

(300,910)

Profit for the financial year

 

1,228,310

1,310,096

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Strexor Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

(As restated)

2022
£

Profit for the year

1,228,310

1,310,096

Total comprehensive income for the year

1,228,310

1,310,096

 

Strexor Limited

(Registration number: 08258113)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

11

61,000

40,012

Current assets

 

Stocks

12

2,752,491

3,461,387

Debtors

13

4,061,857

3,266,223

Cash at bank and in hand

 

133,340

153,190

 

6,947,688

6,880,800

Creditors: Amounts falling due within one year

15

(4,603,741)

(4,318,843)

Net current assets

 

2,343,947

2,561,957

Total assets less current liabilities

 

2,404,947

2,601,969

Creditors: Amounts falling due after more than one year

15

(136,116)

(181,448)

Net assets

 

2,268,831

2,420,521

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,268,731

2,420,421

Shareholders' funds

 

2,268,831

2,420,521

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr Richard Michael Samson
Director

.........................................
Mr Scott Richard King
Director

 

Strexor Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

2,420,421

2,420,521

Profit for the year

-

1,228,310

1,228,310

Dividends

-

(1,380,000)

(1,380,000)

At 31 December 2023

100

2,268,731

2,268,831

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

2,049,525

2,049,625

Prior period adjustment

-

422,517

422,517

At 1 January 2022 (As restated)

100

2,472,042

2,472,142

Profit for the year

-

887,579

887,579

Dividends

-

(939,200)

(939,200)

At 31 December 2022

100

2,420,421

2,420,521

Prior period restatement as explained in Note 2.

 

Strexor Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

(As restated)

2022
£

Cash flows from operating activities

Profit for the year

 

1,228,310

1,310,096

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

48,345

34,243

Finance income

6

(1,287)

-

Finance costs

7

20,158

7,000

Income tax expense

10

389,393

300,910

 

1,684,919

1,652,249

Working capital adjustments

 

Decrease/(increase) in stocks

12

708,896

(696,689)

Increase in trade debtors

13

(795,634)

(1,834,662)

Increase in trade creditors

15

131,854

2,313,014

Cash generated from operations

 

1,730,035

1,433,912

Income taxes paid

10

(214,462)

(173,405)

Net cash flow from operating activities

 

1,515,573

1,260,507

Cash flows from investing activities

 

Interest received

6

1,287

-

Acquisitions of tangible assets

(69,333)

(7,620)

Net cash flows from investing activities

 

(68,046)

(7,620)

Cash flows from financing activities

 

Interest paid

7

(20,158)

(7,000)

Proceeds from bank borrowing draw downs

 

(45,332)

(334,102)

Repayment of other borrowing

 

(21,887)

157,299

Dividends paid

20

(1,380,000)

(939,200)

Net cash flows from financing activities

 

(1,467,377)

(1,123,003)

Net (decrease)/increase in cash and cash equivalents

 

(19,850)

129,884

Cash and cash equivalents at 1 January

 

153,190

23,306

Cash and cash equivalents at 31 December

 

133,340

153,190

 

Strexor Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the Board on 7 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Reclassification of comparative amounts

The financial statements have been restated to correct the treatment of other debtors in prior periods. The change has resulted in profits available for distribution at 31 December 2022 reducing after tax by £422,517.

A breakdown of the prior year impact of £422,517 is as follows:

Increase in debtors of £521,625 (DR)
Increase in creditors for corporation tax of £99,108 (CR)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Strexor Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% Straight line basis

Fixtures and fittings

20% Straight line basis

Officec equipment

20% Straight line basis

Motor Vehicles

20% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Strexor Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Strexor Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

19,354,253

19,528,824

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

659

-

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

48,345

34,243

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

1,287

-

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

20,158

7,000

Foreign exchange (losses)/gains

(79,250)

39,229

(59,092)

46,229

 

Strexor Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

704,449

656,884

Social security costs

70,151

59,345

Other short-term employee benefits

4,703

3,813

Pension costs, defined contribution scheme

29,173

10,206

Other employee expense

71,146

40,005

879,622

770,253

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Other departments

23

21

23

21

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,200

16,525

Contributions paid to money purchase schemes

172

-

18,372

16,525

10

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

(As restated)

2022
£

Current taxation

UK corporation tax

389,393

313,571

Deferred taxation

Arising from changes in tax rates and laws

-

(12,661)

Tax expense in the income statement

389,393

300,910

Deferred tax

 

Strexor Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

137,169

22,698

159,867

Additions

69,333

-

69,333

At 31 December 2023

206,502

22,698

229,200

Depreciation

At 1 January 2023

113,424

6,431

119,855

Charge for the year

43,805

4,540

48,345

At 31 December 2023

157,229

10,971

168,200

Carrying amount

At 31 December 2023

49,273

11,727

61,000

At 31 December 2022

23,745

16,267

40,012

12

Stocks

2023
£

2022
£

Other inventories

2,752,491

3,461,387

13

Debtors

Current

Note

2023
£

(As restated)

2022
£

Trade debtors

 

515,881

373,013

Other debtors

 

3,437,397

2,799,836

Prepayments

 

28,303

18,623

Gross amount due from customers for contract work

 

80,000

74,475

Corporation tax recoverable

10

276

276

   

4,061,857

3,266,223

Included in Other debtors are loans totalling £2,428,445 (2022: £1,652,876) that are expected to be repaid more than 12 months after the balance sheet date.

 

Strexor Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

14

Cash and cash equivalents

2023
£

2022
£

Cash at bank

133,340

153,190

15

Creditors

Note

2023
£

(As restated)

2022
£

Due within one year

 

Trade creditors

 

2,283,186

2,859,284

Social security and other taxes

 

249,865

207,794

Outstanding defined contribution pension costs

 

2,853

2,953

Other payables

 

1,440,408

770,941

Accrued expenses

 

3,514

7,000

Corporation tax payable

10

488,502

313,571

Directors current account

 

135,413

157,300

 

4,603,741

4,318,843

Due after one year

 

Loans and borrowings

18

136,116

181,448

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £29,173 (2022 - £10,206).

Contributions totalling £2,853 (2022 - £2,953) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A Shares of £1 each

50

50

50

50

Ordinary B Shares of £1 each

49

49

49

49

Ordinary C Shares of £1 each

1

1

1

1

100

100

100

100

 

Strexor Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

18

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

136,116

181,448

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

135,000

46,500

Later than one year and not later than five years

360,000

121,000

495,000

167,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £99,212 (2022 - £46,660).

20

Dividends

2023

2022

£

£

Interim dividend of £13,800.00 (2022 - £9,392.00) per ordinary share

1,380,000

939,200

 

 

21

Related party transactions

 

Strexor Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mr Scott Richard King

Directors current account

157,301

(22,161)

135,140

2022

At 1 January 2022
£

Other payments made to company by director
£

At 31 December 2022
£

Mr Scott Richard King

Directors current account

1

157,300

157,301