Company registration number 01460444 (England and Wales)
STAYTITE (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
STAYTITE (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
A A G Black
A D R Black
K M Black
M R W Black
R Black
Secretary
R Black
Company number
01460444
Registered office
Staytite House
Coronation Road
Cressex Business Park
High Wycombe
Buckinghamshire
HP12 3RP
Auditor
Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
STAYTITE (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
STAYTITE (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 29 February 2024.

Fair review of the business

The results for the period and financial position of the business are as shown in the annexed financial statements.

Key performance indicators

The group's key financial and performance indicators during the year were as follows:

 

 

Year ended 29 February

2024

2023

Variance

 

£

£

%

Turnover

18,961,143

17,986,473

5

Operating profit

1,234,637

1,367,462

(10)

Profit before tax

1,235,001

1,359,694

(9)

Shareholders' funds

9,368,878

8,615,946

9

 

Cashflow and liquidity

Cash flow from operations was positive at £1,825,243. Liquidity remains strong with net current assets increasing to £6,906,489 (2023: £6,189,466).

Future strategy

The group's strategy is to continue to increase market share by increasing sales and profits and decrease price sensitivity through building trust. Unusual processes and unique business needs are all accomodated in our "ease of doing business".

General economic uncertainty

The group's performance is impacted by the economic conditions in the various markets that it operates in, with continued economic uncertainty, with extended shipping times, together with currency fluctuations. The group closely monitors these risks and takes appropriate action where required to minimise impact.

Competitor risks

The group has recognised competitive risks from alternative supplies. The group seeks to differentiate itself from competitors, providing premium service in addition to the supply of high quality equipment. The group constantly monitors its competitive offering and adjusts as challenges present themselves.

 

Foreign currency

The group's performance is impacted by the value of inter-company balances held in foreign currency, especially US Dollars. The group closely monitors these risks and takes necessary action where required. A significant proportion of turnover is derived from countries in the Eurozone in Euros and other currency.

 

Legal risks

The group is also aware of the risk associated with local and international legal requirements as set out by relevant legislatures from time to time throughout its international customer base. Since changes in regulation could adversely impact the business, the group monitors such changes with a view to mitigating such risks, and complying with any new regulations within the specified legal timeframes.

 

The group has established a risk and financial management frames whose primary objectives are to protect the group from events that hinder the achievement of the group's performance objectives. The objectives aim to limit undue counterpart exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.

STAYTITE (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

On behalf of the board

A D R Black
Director
23 September 2024
STAYTITE (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company was that of a group holding company. The activities of subsidiary companies continued to be that of the supply of threaded fasteners and fixings with particular emphasis on locking nuts, certain special screws and the provision of fasteners for use in industry and property rentals to other group companies.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £131,836. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A A G Black
A D R Black
K M Black
M R W Black
R Black
Auditor

In accordance with the company's articles, a resolution proposing that Richardsons be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
A D R Black
Director
23 September 2024
STAYTITE (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -

The directors are responsible 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STAYTITE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAYTITE (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Staytite (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 group and parent 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 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 group's and parent 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.

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 report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

STAYTITE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAYTITE (HOLDINGS) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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. The laws and regulations which apply are the Companies Act 2006 and FRS102. 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.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

STAYTITE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAYTITE (HOLDINGS) LIMITED
- 7 -
Alison Richardson (Senior Statutory Auditor)
For and on behalf of Richardsons
23 September 2024
Chartered Accountants
Statutory Auditor
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
STAYTITE (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
18,961,143
17,986,473
Cost of sales
(12,678,520)
(12,304,732)
Gross profit
6,282,623
5,681,741
Administrative expenses
(5,050,749)
(4,314,279)
Other operating income
2,763
-
Operating profit
4
1,234,637
1,367,462
Interest receivable and similar income
8
2,402
500
Interest payable and similar expenses
9
(2,038)
(8,268)
Profit before taxation
1,235,001
1,359,694
Tax on profit
10
(331,380)
(270,128)
Profit for the financial year
903,621
1,089,566
Profit for the financial year is attributable to:
- Owners of the parent company
862,023
1,043,635
- Non-controlling interests
41,598
45,931
903,621
1,089,566
STAYTITE (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
2024
2023
£
£
Profit for the year
903,621
1,089,566
Other comprehensive income
Tax relating to other comprehensive income
7,400
5,624
Total comprehensive income for the year
911,021
1,095,190
Total comprehensive income for the year is attributable to:
- Owners of the parent company
869,423
1,049,259
- Non-controlling interests
41,598
45,931
911,021
1,095,190
STAYTITE (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,960,355
2,847,539
Investments
13
34,782
100
2,995,137
2,847,639
Current assets
Stocks
15
5,722,705
5,079,755
Debtors
16
4,118,325
4,768,127
Cash at bank and in hand
1,174,807
490,181
11,015,837
10,338,063
Creditors: amounts falling due within one year
17
(4,109,348)
(4,148,597)
Net current assets
6,906,489
6,189,466
Total assets less current liabilities
9,901,626
9,037,105
Creditors: amounts falling due after more than one year
18
(83,560)
(48,303)
Provisions for liabilities
Deferred tax liability
21
190,581
151,847
(190,581)
(151,847)
Net assets
9,627,485
8,836,955
Capital and reserves
Called up share capital
24
35,125
35,125
Revaluation reserve
25
821,088
813,688
Capital redemption reserve
26
6,175
6,175
Profit and loss reserves
8,506,490
7,760,958
Equity attributable to owners of the parent company
9,368,878
8,615,946
Non-controlling interests
258,607
221,009
9,627,485
8,836,955
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
23 September 2024
A D R Black
Director
STAYTITE (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
112,917
160,581
Investments
13
719,233
719,233
832,150
879,814
Current assets
Debtors
16
913,630
913,547
Cash at bank and in hand
27,006
22,785
940,636
936,332
Creditors: amounts falling due within one year
17
(226,063)
(206,834)
Net current assets
714,573
729,498
Total assets less current liabilities
1,546,723
1,609,312
Creditors: amounts falling due after more than one year
18
(28,315)
(48,303)
Provisions for liabilities
Deferred tax liability
21
28,229
40,145
(28,229)
(40,145)
Net assets
1,490,179
1,520,864
Capital and reserves
Called up share capital
24
35,125
35,125
Capital redemption reserve
26
6,175
6,175
Profit and loss reserves
1,448,879
1,479,564
Total equity
1,490,179
1,520,864

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £101,151 (2023 - £145,191 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
23 September 2024
A D R Black
Director
Company registration number 01460444 (England and Wales)
STAYTITE (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 March 2022
35,125
808,064
6,175
6,843,995
7,693,359
179,078
7,872,437
Year ended 28 February 2023:
Profit for the year
-
-
-
1,043,635
1,043,635
45,931
1,089,566
Other comprehensive income:
Tax relating to other comprehensive income
-
5,624
-
-
0
5,624
-
5,624
Total comprehensive income
-
5,624
-
1,043,635
1,049,259
45,931
1,095,190
Dividends
11
-
-
-
(126,672)
(126,672)
(4,000)
(130,672)
Balance at 28 February 2023
35,125
813,688
6,175
7,760,958
8,615,946
221,009
8,836,955
Year ended 29 February 2024:
Profit for the year
-
-
-
862,023
862,023
41,598
903,621
Other comprehensive income:
Tax relating to other comprehensive income
-
7,400
-
-
0
7,400
-
7,400
Total comprehensive income
-
7,400
-
862,023
869,423
41,598
911,021
Dividends
11
-
-
-
(129,836)
(129,836)
(4,000)
(133,836)
Credit to equity for equity settled share-based payments
23
-
-
-
13,345
13,345
-
13,345
Balance at 29 February 2024
35,125
821,088
6,175
8,506,490
9,368,878
258,607
9,627,485
STAYTITE (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
35,125
6,175
1,461,045
1,502,345
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
145,191
145,191
Dividends
11
-
-
(126,672)
(126,672)
Balance at 28 February 2023
35,125
6,175
1,479,564
1,520,864
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
101,151
101,151
Dividends
11
-
-
(131,836)
(131,836)
Balance at 29 February 2024
35,125
6,175
1,448,879
1,490,179
STAYTITE (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
1,825,243
(512,653)
Interest paid
(2,038)
(8,268)
Income taxes paid
(331,996)
(324,508)
Net cash inflow/(outflow) from operating activities
1,491,209
(845,429)
Investing activities
Purchase of tangible fixed assets
(430,883)
(299,354)
Proceeds from disposal of tangible fixed assets
17,765
6,917
Proceeds from disposal of subsidiaries, net of cash disposed
(34,682)
-
Interest received
2,402
500
Net cash used in investing activities
(445,398)
(291,937)
Financing activities
Repayment of bank loans
-
(92,418)
Payment of finance leases obligations
62,881
68,290
Dividends paid to equity shareholders
(129,836)
(126,672)
Dividends paid to non-controlling interests
(4,000)
(4,000)
Net cash used in financing activities
(70,955)
(154,800)
Net increase/(decrease) in cash and cash equivalents
974,856
(1,292,166)
Cash and cash equivalents at beginning of year
199,951
1,492,117
Cash and cash equivalents at end of year
1,174,807
199,951
Relating to:
Cash at bank and in hand
1,174,807
490,181
Bank overdrafts included in creditors payable within one year
-
(290,230)
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
1
Accounting policies
Company information

Staytite (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Staytite House, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RP.

 

The group consists of Staytite (Holdings) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Staytite (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 29 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Straight line - 2%
Leasehold improvements
Straight line - 12.5%
Plant and equipment
At varying rates on cost
Fixtures and fittings
At varying rates on cost
Motor vehicles
At varying rates on cost

Land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
United Kingdom
17,593,948
16,557,671
Europe
602,176
498,601
Rest of the world
765,019
930,201
18,961,143
17,986,473
2024
2023
£
£
Other revenue
Interest income
2,402
500
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(21,169)
(15,443)
Research and development costs
4,000
-
Fees payable to the group's auditor for the audit of the group's financial statements
5,000
4,750
Depreciation of owned tangible fixed assets
318,067
253,716
Profit on disposal of tangible fixed assets
(17,765)
(6,917)
Share-based payments
13,345
-
Operating lease charges
79,637
70,371
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
4,750
Audit of the financial statements of the company's subsidiaries
21,950
21,950
26,950
26,700
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
87
77
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,929,348
2,542,048
48,500
36,915
Social security costs
293,596
253,677
5,356
3,314
Pension costs
260,114
191,133
5,301
10,321
3,483,058
2,986,858
59,157
50,550
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
372,912
329,543
Company pension contributions to defined contribution schemes
41,151
21,049
414,063
350,592
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
150,542
111,365
Company pension contributions to defined contribution schemes
28,000
3,616
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,402
500
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
7,079
Interest on finance leases and hire purchase contracts
2,038
1,189
Total finance costs
2,038
8,268
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
285,246
245,811
Deferred tax
Origination and reversal of timing differences
46,134
24,317
Total tax charge
331,380
270,128

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,235,001
1,359,694
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
308,750
258,342
Tax effect of expenses that are not deductible in determining taxable profit
3,156
269
Effect of change in corporation tax rate
(6,350)
-
Permanent capital allowances in excess of depreciation
(20,310)
(12,800)
Deferred Tax Movement
46,134
24,317
Taxation charge
331,380
270,128

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(7,400)
(5,624)
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 25 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
131,836
126,672
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2023
2,456,289
303,708
239,603
751,814
532,052
4,283,466
Additions
-
0
-
0
48,656
74,970
307,257
430,883
Disposals
-
0
-
0
-
0
(14,381)
(59,487)
(73,868)
At 29 February 2024
2,456,289
303,708
288,259
812,403
779,822
4,640,481
Depreciation and impairment
At 1 March 2023
193,550
159,867
175,736
623,577
283,197
1,435,927
Depreciation charged in the year
38,710
37,991
51,271
77,419
112,676
318,067
Eliminated in respect of disposals
-
0
-
0
-
0
(14,381)
(59,487)
(73,868)
At 29 February 2024
232,260
197,858
227,007
686,615
336,386
1,680,126
Carrying amount
At 29 February 2024
2,224,029
105,850
61,252
125,788
443,436
2,960,355
At 28 February 2023
2,262,739
143,841
63,867
128,237
248,855
2,847,539
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
12
Tangible fixed assets
(Continued)
- 26 -
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023
1,750
198,007
199,757
Additions
1,872
-
0
1,872
At 29 February 2024
3,622
198,007
201,629
Depreciation and impairment
At 1 March 2023
1,750
37,426
39,176
Depreciation charged in the year
35
49,501
49,536
At 29 February 2024
1,785
86,927
88,712
Carrying amount
At 29 February 2024
1,837
111,080
112,917
At 28 February 2023
-
0
160,581
160,581

Included in the cost of land and buildings is land of £521,835 (2023: £521,835) which is not depreciated.

 

All land and buildings are leased to group companies.

 

The cost of one of the freehold land and buildings was £983,259. However, a valuation was completed on 1 March 2018 which valued this freehold land and building at £1,850,000 (an increase in value of £866,741).

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
34,682
-
0
719,233
719,233
Unlisted investments
100
100
-
0
-
0
34,782
100
719,233
719,233
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Group
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 March 2023
-
100
100
Additions
34,682
-
34,682
At 29 February 2024
34,682
100
34,782
Carrying amount
At 29 February 2024
34,682
100
34,782
At 28 February 2023
-
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 29 February 2024
719,233
Carrying amount
At 29 February 2024
719,233
At 28 February 2023
719,233
14
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Coronation Road Limited
Staytite House Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RP
Property management
Ordinary
100.00
Portafix Limited
16/17 Stephenson Close, East Portway Industrial Estate, Andover, Hampshire, England, SP10 3RU
Provision of fasteners for industry
Ordinary
90.00
Staytite Limited
Staytite House Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RP
Provision of fasteners for industry
Ordinary
100.00
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 28 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
5,722,705
5,079,755
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,004,825
4,676,343
1,200
1,200
Corporation tax recoverable
17,130
-
0
-
0
-
0
Other debtors
4,820
2,807
-
0
-
0
Prepayments and accrued income
91,550
88,977
83
-
0
4,118,325
4,768,127
1,283
1,200
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
912,347
912,347
Total debtors
4,118,325
4,768,127
913,630
913,547

RBS Invoice Financing Ltd hold a fixed and floating charge over all the property or undertaking of one of it's subsidiary undertakings.

17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
290,230
-
0
-
0
Obligations under finance leases
20
47,611
19,987
19,988
19,987
Trade creditors
3,248,232
3,020,525
228
-
0
Amounts owed to group undertakings
-
0
-
0
141,573
166,339
Other taxation and social security
549,567
501,870
49,354
13,659
Other creditors
12,278
16,953
-
0
-
0
Accruals and deferred income
251,660
299,032
14,920
6,849
4,109,348
4,148,597
226,063
206,834
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 29 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
83,560
48,303
28,315
48,303
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
-
0
290,230
-
0
-
0
Payable within one year
-
0
290,230
-
0
-
0

The bank loans to Coronation Road Limited, a subsidiary undertaking of Staytite (Holdings) Limited are secured by a fixed and floating charge over that company's assets.

 

Staytite (Holdings) Limited, Staytite Limited and Portafix Limited have provided a guarantee to the group's bankers in respect of the loans to Coronation Road Limited.

 

This loan was settled during the year.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
47,611
19,987
19,988
19,987
In two to five years
83,560
48,303
28,315
48,303
131,171
68,290
48,303
68,290

 

STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 30 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
144,928
98,794
Revaluations
45,653
53,053
190,581
151,847
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
28,229
40,145
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
151,847
40,145
Charge/(credit) to profit or loss
38,734
(11,916)
Liability at 29 February 2024
190,581
28,229
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
260,114
191,133

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 31 -
23
Share-based payment transactions
Group
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 March 2023
-
-
-
-
Granted
3,120
-
16.15
-
Outstanding at 29 February 2024
3,120
-
16.15
-
Exercisable at 29 February 2024
2,048
-
16.15
-

The options outstanding at 29 February 2024 had an exercise price ranging from £11.99 to £20.30, and a remaining contractual life of 1 year and 10 months.

Group
Company
2024
2023
2024
2023
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
13,345
-
-
-
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
35,070
35,070
35,070
35,070
Ordinary B of £1 each
55
55
55
55
35,125
35,125
35,125
35,125

Ordinary A shares are voting shares.

Ordinary B shares are non voting shares.

25
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
813,688
808,064
-
0
-
0
Deferred tax on revaluation of tangible assets
7,400
5,624
-
-
At the end of the year
821,088
813,688
-
0
-
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 32 -
26
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
6,175
6,175
6,175
6,175
27
Financial commitments, guarantees and contingent liabilities

Guarantees

Staytite (Holdings) Limited is the parent company of Coronation Road Limited.

 

Staytite (Holdings) Limited and two of its subsidiary undertakings Staytite Limited and Portafix Limited have provided a guarantee to the group's bankers in respect of a loan to Coronation Road Limited. This loan was settled during the year.

 

Debentures & legal charge

National Westminster Bank PLC currently holds fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
59,157
50,550
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2024
2023
£
£
Group
Sales
6,000
6,000
STAYTITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 33 -
29
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
903,621
1,089,566
Adjustments for:
Taxation charged
331,380
270,128
Finance costs
2,038
8,268
Investment income
(2,402)
(500)
Gain on disposal of tangible fixed assets
(17,765)
(6,917)
Depreciation and impairment of tangible fixed assets
318,067
253,716
Equity settled share based payment expense
13,345
-
Movements in working capital:
Increase in stocks
(642,950)
(2,064,183)
Decrease/(increase) in debtors
666,932
(821,844)
Increase in creditors
252,977
759,113
Cash generated from/(absorbed by) operations
1,825,243
(512,653)
30
Analysis of changes in net funds - group
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
490,181
684,626
1,174,807
Bank overdrafts
(290,230)
290,230
-
0
199,951
974,856
1,174,807
Obligations under finance leases
(68,290)
(62,881)
(131,171)
131,661
911,975
1,043,636
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