25 15 October 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 410,000 410,000 410,000 22,129 22,419 290 xbrli:pure xbrli:shares iso4217:GBP 02492629 2023-05-01 2024-04-30 02492629 2024-04-30 02492629 2023-04-30 02492629 2022-05-01 2023-04-30 02492629 2023-04-30 02492629 2022-04-30 02492629 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02492629 core:LandBuildings core:LongLeaseholdAssets 2023-05-01 2024-04-30 02492629 core:MotorVehicles 2023-05-01 2024-04-30 02492629 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 02492629 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 02492629 bus:OrdinaryShareClass3 2023-05-01 2024-04-30 02492629 bus:Director1 2023-05-01 2024-04-30 02492629 core:WithinOneYear 2024-04-30 02492629 core:WithinOneYear 2023-04-30 02492629 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 02492629 core:LandBuildings core:LongLeaseholdAssets 2023-04-30 02492629 core:FurnitureFittings 2023-04-30 02492629 core:MotorVehicles 2023-04-30 02492629 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 02492629 core:LandBuildings core:LongLeaseholdAssets 2024-04-30 02492629 core:FurnitureFittings 2024-04-30 02492629 core:MotorVehicles 2024-04-30 02492629 core:DeferredTaxation 2023-05-01 2024-04-30 02492629 core:FurnitureFittings 2023-05-01 2024-04-30 02492629 core:ShareCapital 2024-04-30 02492629 core:ShareCapital 2023-04-30 02492629 core:RetainedEarningsAccumulatedLosses 2024-04-30 02492629 core:RetainedEarningsAccumulatedLosses 2023-04-30 02492629 core:BetweenOneFiveYears 2024-04-30 02492629 core:BetweenOneFiveYears 2023-04-30 02492629 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 02492629 core:Non-currentFinancialInstruments 2024-04-30 02492629 core:Non-currentFinancialInstruments 2023-04-30 02492629 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02492629 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02492629 core:ProvisionsDeferredTax 2024-04-30 02492629 core:ProvisionsDeferredTax 2023-04-30 02492629 core:AfterOneYear 2023-04-30 02492629 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 02492629 core:FurnitureFittings 2023-04-30 02492629 core:MotorVehicles 2023-04-30 02492629 core:DeferredTaxation 2023-04-30 02492629 core:DeferredTaxation 2024-04-30 02492629 bus:SmallEntities 2023-05-01 2024-04-30 02492629 bus:Audited 2023-05-01 2024-04-30 02492629 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 02492629 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02492629 bus:FullAccounts 2023-05-01 2024-04-30 02492629 bus:OrdinaryShareClass1 2024-04-30 02492629 bus:OrdinaryShareClass1 2023-04-30 02492629 bus:OrdinaryShareClass2 2024-04-30 02492629 bus:OrdinaryShareClass2 2023-04-30 02492629 bus:OrdinaryShareClass3 2024-04-30 02492629 bus:OrdinaryShareClass3 2023-04-30 02492629 bus:AllOrdinaryShares 2024-04-30 02492629 bus:AllOrdinaryShares 2023-04-30
COMPANY REGISTRATION NUMBER: 02492629
Strand Hardware Limited
Filleted Financial Statements
30 April 2024
Strand Hardware Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
481,395
488,053
Investments
6
410,000
410,000
---------
---------
891,395
898,053
Current assets
Stocks
632,832
647,363
Debtors
7
1,270,120
1,023,255
Cash at bank and in hand
263,362
421,810
------------
------------
2,166,314
2,092,428
Creditors: amounts falling due within one year
8
644,745
508,142
------------
------------
Net current assets
1,521,569
1,584,286
------------
------------
Total assets less current liabilities
2,412,964
2,482,339
Provisions
9
( 290)
22,129
------------
------------
Net assets
2,413,254
2,460,210
------------
------------
Capital and reserves
Called up share capital
11
7,950
7,950
Profit and loss account
12
2,405,304
2,452,260
------------
------------
Shareholders funds
2,413,254
2,460,210
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Strand Hardware Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Ms C J Franks
Director
Company registration number: 02492629
Strand Hardware Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Strand House, Long Street, Premier Business Park, Walsall, West Midlands, WS2 9DY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Long leasehold property
-
10% straight line
Fixtures and fittings
-
10% - 25% Straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2023: 25 ).
5. Tangible assets
Freehold property
Long leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
428,958
37,051
132,299
142,194
740,502
Additions
10,474
55,990
66,464
Disposals
( 37,025)
( 37,025)
---------
--------
---------
---------
---------
At 30 April 2024
439,432
37,051
132,299
161,159
769,941
---------
--------
---------
---------
---------
Depreciation
At 1 May 2023
73,799
37,051
88,282
53,317
252,449
Charge for the year
13,683
5,560
38,452
57,695
Disposals
( 21,598)
( 21,598)
---------
--------
---------
---------
---------
At 30 April 2024
87,482
37,051
93,842
70,171
288,546
---------
--------
---------
---------
---------
Carrying amount
At 30 April 2024
351,950
38,457
90,988
481,395
---------
--------
---------
---------
---------
At 30 April 2023
355,159
44,017
88,877
488,053
---------
--------
---------
---------
---------
6. Investments
Investments
£
Cost
At 1 May 2023 and 30 April 2024
410,000
---------
Impairment
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 30 April 2024
410,000
---------
At 30 April 2023
410,000
---------
7. Debtors
2024
2023
£
£
Trade debtors
906,034
735,654
Prepayments and accrued income
31,695
24,178
Other debtors
332,391
263,423
------------
------------
1,270,120
1,023,255
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
20,000
----
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
134,078
227,781
Accruals and deferred income
219,063
107,263
Corporation tax
72,300
35,058
Social security and other taxes
155,398
131,023
Other creditors
63,906
7,017
---------
---------
644,745
508,142
---------
---------
9. Provisions
Deferred tax (note 10)
£
At 1 May 2023
22,129
Additions
( 22,419)
--------
At 30 April 2024
( 290)
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
( 290)
22,129
----
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
34,710
27,129
Provisions
( 35,000)
( 5,000)
--------
--------
(290)
22,129
--------
--------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
7,149
7,149
7,149
7,149
Ordinary B shares of £ 1 each
800
800
800
800
Ordinary C shares of £ 1 each
1
1
1
1
-------
-------
-------
-------
7,950
7,950
7,950
7,950
-------
-------
-------
-------
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
21,492
21,492
Later than 1 year and not later than 5 years
485
6,311
--------
--------
21,977
27,803
--------
--------
14. Summary audit opinion
The auditor's report dated 15 October 2024 was unqualified .
The senior statutory auditor was Philippa Miller-Hawkes BA CA ACA , for and on behalf of BSN Associates Limited .
15. Related party transactions
Portal UK Automatic Door Service and Maintenance Ltd During the year the company made net sales of £14,674 and had net purchases of £10,165 from Portal UK Automatic Door Service and Maintenance Ltd, a company in which one of the directors has an interest. At the year end there is a balance of £14,320 included within trade debtors that is owed to Strand Hardware Ltd. Diack Ltd The company did not trade with Diack Ltd during the financial year, which is a company that one of the directors has an interest. At the year end there is a balance of £20,000 included within other debtors that is owed to Strand Hardware Ltd. Automatic Access Ltd During the year the company made net sales of £11,612 and had net purchases of £nil from Automatic Access Ltd, a company in which one of the directors has an interest. At the year end there is a balance of £5,367 included within trade debtors and £20,000 included within other debtors owed to Strand Hardware Ltd. There is also an amount of £195 included within other creditors owed by Strand Hardware Ltd to Automatic Access Ltd. Locks and Fittings Ltd During the year the company made net sales of £114,788 and had net purchases of £190 from Locks and Fittings Ltd , a company in which one of the directors has an interest. At the year end there is a balance of £21,399 included within trade debtors owed to Strand Hardware Ltd. Strand Technologies Ltd During the year the company made net sales of £119,315 and had net purchases of £nil from Strand Technologies Ltd , a company in which Strand Hardware Ltd has a 45% shareholding. At the year end there is a balance of £270,050 included within trade debtors and £36,363 included within other debtors owed to Strand Hardware Ltd. Alimet Fabrications Ltd During the year the company made net sales of £62,665 and had net purchases of £20,818 from Alimet Fabrications Ltd, a company in which one of the directors has an interest. At the year end there is a balance of £56,949 included within trade debtors and £250,000 included within other debtors that is owed to Strand Hardware Ltd. Alston Property Investments Ltd The company did not trade with Alston Property Investments Ltd during the financial year, which is a company that one of the directors has an interest. At the year end there is a balance of £50,000 included within other creditors that is owed by Strand Hardware Ltd.
16. Ultimate controlling party
The ultimate controlling party is Ms C J Franks , a director and majority shareholder.