REGISTERED NUMBER: 02838257 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Stangs Limited |
REGISTERED NUMBER: 02838257 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Stangs Limited |
Stangs Limited (Registered number: 02838257) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Financial Statements | 17 |
Stangs Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Russell Chambers |
61a North Street |
Keighley |
West Yorkshire |
BD21 3DS |
Stangs Limited (Registered number: 02838257) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The group continues to provide sheet fed printing services to a large number of private and public companies. The group's activities are the production of a wide range of commercial print with a specialisation in packaging and greeting card production.We consider our key performance indicators to be turnover and profit. |
The directors are pleased that the group achieved its level of turnover in such challenging times. The group maintained a reasonable gross margin percentage however profit margin was adversely impacted due to external factors, resulting in a decrease in profit before tax. |
In the current year, group turnover is £13,573,018 (2023 £15,261,691) and profit before tax is £3,693 (2023 £689,159). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group manages credit risk by the use of a credit insurance policy. Each customer is assessed and an appropriate credit limit applied. Limits are reviewed on a regular basis by the directors to ensure that possible over trading with company's that may be a credit risk is minimised. |
FUTURE DEVELOPMENT |
Group strategy is to grow the business on the strength of maintaining and developing an existing customer base. Investments made in production equipment will provide the basis for further development. |
Overheads are under continuous scrutiny and the aim is to operate as efficiently as possible. |
ON BEHALF OF THE BOARD: |
Stangs Limited (Registered number: 02838257) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 April 2023 to the date of this report unless otherwise stated. |
Other changes in directors holding office are as follows: |
The beneficial interests of the directors holding office at 31 March 2024 in the shares of the company, according to the register of directors' interests, were as follows: |
31.3.24 | 1.4.23 |
Ordinary shares of £1 each |
27,501 | 27,501 |
4,999 | 4,999 |
6,024 | 6,024 |
6,024 | 6,024 |
6,024 | 6,024 |
These directors did not hold any non-beneficial interests in the shares of the company. |
On the 01.07.2024 M J Lammas was appointed as director. |
DISCLOSURE IN THE STRATEGIC REPORT |
Information relating to the review of the business, the principal risks and uncertainties facing the business, and the future development of the business are disclosed via the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Stangs Limited (Registered number: 02838257) |
Report of the Directors |
for the Year Ended 31 March 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Stirk Lambert & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Stangs Limited |
Opinion |
We have audited the financial statements of Stangs Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Stangs Limited |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Stangs Limited |
Auditors' 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 a Report of the Auditors 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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities |
and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other |
management, and from our commercial knowledge and experience of the sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to |
instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of |
actual, suspected and alleged fraud and |
- considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of |
potential bias; |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims and |
- reviewing correspondence with HMRC and relevant regulators |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Stangs Limited |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Russell Chambers |
61a North Street |
Keighley |
West Yorkshire |
BD21 3DS |
Stangs Limited (Registered number: 02838257) |
Consolidated |
Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 4 | 13,573,018 | 15,261,691 |
Cost of sales | (10,578,688 | ) | (11,309,737 | ) |
GROSS PROFIT | 2,994,330 | 3,951,954 |
Administrative expenses | (3,156,840 | ) | (3,302,007 | ) |
OPERATING (LOSS)/PROFIT | 6 | (162,510 | ) | 649,947 |
Interest receivable and similar income | 166,203 | 39,210 |
PROFIT BEFORE TAXATION | 3,693 | 689,157 |
Tax on profit | 8 | 28,719 | (173,154 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 32,412 | 516,003 |
Stangs Limited (Registered number: 02838257) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 32,412 | 516,003 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
32,412 |
516,003 |
Total comprehensive income attributable to: |
Owners of the parent | 32,412 | 516,003 |
Stangs Limited (Registered number: 02838257) |
Consolidated Statement of Financial Position |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 4,420,372 | 4,669,284 |
Investments | 11 | - | - |
4,420,372 | 4,669,284 |
CURRENT ASSETS |
Stocks | 12 | 1,421,385 | 2,021,846 |
Debtors | 13 | 2,449,998 | 3,370,852 |
Cash at bank and in hand | 5,171,017 | 3,790,916 |
9,042,400 | 9,183,614 |
CREDITORS |
Amounts falling due within one year | 14 | (4,332,865 | ) | (4,714,683 | ) |
NET CURRENT ASSETS | 4,709,535 | 4,468,931 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
9,129,907 |
9,138,215 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(33,000 |
) |
(45,000 |
) |
PROVISIONS FOR LIABILITIES | 17 | (497,074 | ) | (525,794 | ) |
NET ASSETS | 8,599,833 | 8,567,421 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 56,596 | 56,596 |
Share premium | 19 | 393,904 | 393,904 |
Capital redemption reserve | 19 | 250,000 | 250,000 |
Retained earnings | 19 | 7,899,333 | 7,866,921 |
SHAREHOLDERS' FUNDS | 8,599,833 | 8,567,421 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by: |
K Chapman - Director |
Stangs Limited (Registered number: 02838257) |
Company Statement of Financial Position |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 112,794 | 246,212 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Stangs Limited (Registered number: 02838257) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 56,596 | 7,350,918 | 393,904 | 250,000 | 8,051,418 |
Changes in equity |
Total comprehensive income | - | 516,003 | - | - | 516,003 |
Balance at 31 March 2023 | 56,596 | 7,866,921 | 393,904 | 250,000 | 8,567,421 |
Changes in equity |
Total comprehensive income | - | 32,412 | - | - | 32,412 |
Balance at 31 March 2024 | 56,596 | 7,899,333 | 393,904 | 250,000 | 8,599,833 |
Stangs Limited (Registered number: 02838257) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2024 |
Stangs Limited (Registered number: 02838257) |
Consolidated Statement of Cash Flows |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,669,760 | 1,052,044 |
Net cash from operating activities | 1,669,760 | 1,052,044 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (446,362 | ) | (1,628,559 | ) |
Sale of tangible fixed assets | 2,500 | 500 |
Interest received | 166,203 | 39,215 |
Net cash from investing activities | (277,659 | ) | (1,588,844 | ) |
Cash flows from financing activities |
Increase in HP contracts | (12,000 | ) | 57,000 |
Net cash from financing activities | (12,000 | ) | 57,000 |
Increase/(decrease) in cash and cash equivalents | 1,380,101 | (479,800 | ) |
Cash and cash equivalents at beginning of year |
2 |
3,790,916 |
4,270,716 |
Cash and cash equivalents at end of year | 2 | 5,171,017 | 3,790,916 |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 3,693 | 689,157 |
Depreciation charges | 695,272 | 610,775 |
Profit on disposal of fixed assets | (2,499 | ) | (500 | ) |
Finance income | (166,203 | ) | (39,210 | ) |
530,263 | 1,260,222 |
Decrease in stocks | 600,461 | 48,850 |
Decrease in trade and other debtors | 920,854 | 458,054 |
Decrease in trade and other creditors | (381,818 | ) | (715,082 | ) |
Cash generated from operations | 1,669,760 | 1,052,044 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 5,171,017 | 3,790,916 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 3,790,916 | 4,270,716 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,790,916 | 1,380,101 | 5,171,017 |
3,790,916 | 1,380,101 | 5,171,017 |
Debt |
Finance leases | (57,000 | ) | 12,000 | (45,000 | ) |
(57,000 | ) | 12,000 | (45,000 | ) |
Total | 3,733,916 | 1,392,101 | 5,126,017 |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Stangs Limited is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements consolidate the financial statements of Stangs Limited and all its subsidiary undertakings drawn up to 31 March each year. |
The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.The estimates and assumption that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities are dealt with via other accounting policies being: |
Depreciation |
Stock write down. |
Deferred Taxation |
Turnover |
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. |
Revenue from the rendering of services is measured by reference to the stage of completion of the service |
transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the |
outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant & machinery | - |
Fixtures & fittings | - |
Computer equipment | - |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised and depreciated in the same manner as other assets. The related obligations, net of future finance charges, are included in creditors. |
Rents payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
The company's investments in share capital of subsidiary companies is stated at original cost less any related impairment. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Sale of goods | 13,573,018 | 15,261,691 |
13,573,018 | 15,261,691 |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 3,948,909 | 3,802,723 |
Social security costs | 129,299 | 151,446 |
Other pension costs | 99,163 | 97,494 |
4,177,371 | 4,051,663 |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Administration | 14 | 14 |
Production | 99 | 97 |
Selling and distribution | 9 | 9 |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration | 590,391 | 588,949 |
Directors' pension contributions to money purchase schemes | 20,628 | 20,628 |
Information regarding the highest paid director is as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Emoluments etc | 80,000 | 80,000 |
6. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery | 70,400 | 72,596 |
Depreciation - owned assets | 695,273 | 610,776 |
Profit on disposal of fixed assets | (2,499 | ) | (500 | ) |
Auditors' remuneration | 29,540 | 24,365 |
7. | EXCEPTIONAL ITEMS |
31.3.24 | 31.3.23 |
£ | £ |
Exceptional items | (8,084 | ) | - |
The exceptional item relates to a fraudulent payment not covered under our insurance. |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | (28,719 | ) | 173,154 |
Tax on profit | (28,719 | ) | 173,154 |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax | 3,693 | 689,157 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
923 |
130,940 |
Effects of: |
Expenses not deductible for tax purposes | 1,332 | 5,751 |
Capital allowances in excess of depreciation | (23,900 | ) | (314,471 | ) |
Utilisation of tax losses | 21,645 | 173,154 |
Deferred taxation | (28,719 | ) | 177,780 |
Total tax (credit)/charge | (28,719 | ) | 173,154 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant & |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2023 | 1,255,392 | 134,542 | 10,608,303 |
Additions | - | - | 335,972 |
Disposals | - | - | (154,776 | ) |
At 31 March 2024 | 1,255,392 | 134,542 | 10,789,499 |
DEPRECIATION |
At 1 April 2023 | 175,755 | 134,541 | 7,103,050 |
Charge for year | 25,108 | - | 623,805 |
Eliminated on disposal | - | - | (154,776 | ) |
At 31 March 2024 | 200,863 | 134,541 | 7,572,079 |
NET BOOK VALUE |
At 31 March 2024 | 1,054,529 | 1 | 3,217,420 |
At 31 March 2023 | 1,079,637 | 1 | 3,505,253 |
Fixtures | Computer |
& fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 305,234 | 474,550 | 12,778,021 |
Additions | 48,212 | 62,178 | 446,362 |
Disposals | (22,910 | ) | (101,413 | ) | (279,099 | ) |
At 31 March 2024 | 330,536 | 435,315 | 12,945,284 |
DEPRECIATION |
At 1 April 2023 | 246,148 | 449,243 | 8,108,737 |
Charge for year | 25,504 | 20,856 | 695,273 |
Eliminated on disposal | (22,910 | ) | (101,412 | ) | (279,098 | ) |
At 31 March 2024 | 248,742 | 368,687 | 8,524,912 |
NET BOOK VALUE |
At 31 March 2024 | 81,794 | 66,628 | 4,420,372 |
At 31 March 2023 | 59,086 | 25,307 | 4,669,284 |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Fixtures |
property | & fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Collisons Limited was acquired for £1. No provision considered necessary by the directors. |
12. | STOCKS |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Stocks | 728,670 | 994,696 |
Work-in-progress | 307,144 | 699,694 |
Finished goods | 385,571 | 327,456 |
1,421,385 | 2,021,846 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade debtors | 2,162,208 | 2,876,567 |
Due from group undertakings | - | - |
VAT | 16,902 | 5,648 |
Prepayments & accrued income | 270,888 | 488,637 |
2,449,998 | 3,370,852 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Hire purchase contracts (see note 16) | 12,000 | 12,000 |
Trade creditors | 1,618,976 | 1,943,296 |
Social security & other taxes | 74,682 | 91,867 |
VAT | 177,488 | 234,125 |
Other creditors | 819,654 | 769,047 |
Directors' current accounts | 1,203,154 | 1,203,154 |
Accrued expenses | 426,911 | 461,194 |
4,332,865 | 4,714,683 |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Included in other creditors is a loan of £621,749 (2023 £621,749) provided by certain directors of the company. The loan is interest free. |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts (see note 16) | 33,000 | 45,000 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year | 12,000 | 12,000 |
Between one and five years | 33,000 | 45,000 |
45,000 | 57,000 |
Group |
Non-cancellable operating | leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year | 65,213 | 65,213 |
Between one and five years | 103,254 | 168,468 |
168,467 | 233,681 |
17. | PROVISIONS FOR LIABILITIES |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Deferred tax | 717,570 | 746,711 |
Losses | (220,496 | ) | (220,917 | ) |
497,074 | 525,794 |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 525,794 |
Provided during year | (28,720 | ) |
Balance at 31 March 2024 | 497,074 |
Deferred tax arises as a result of accelerated capital allowances. |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 56,596 | 56,596 |
19. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 7,866,921 | 393,904 | 250,000 | 8,510,825 |
Profit for the year | 32,412 | 32,412 |
At 31 March 2024 | 7,899,333 | 393,904 | 250,000 | 8,543,237 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2023 | 3,484,017 |
Profit for the year |
At 31 March 2024 | 3,596,811 |
All reserves are attributable to the owners of the parent company. |
20. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the fund and amounted to £165,489 (2023 £151,063). |
There were no outstanding or prepaid contributions at either the beginning or end of the financial year. |
Stangs Limited (Registered number: 02838257) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
21. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 51,950 |
22. | CONTROL RELATIONSHIPS |
K. Chapman, director and shareholder, is considered to be the controlling party. |