Company registration number 07768062 (England and Wales)
STICX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
STICX LIMITED
COMPANY INFORMATION
Directors
Mr J S Maddock
Mr C P Dermody
Company number
07768062
Registered office
4 Kelvinside
Wallasey
England
CH44 7JY
Accountants
Mitchell Charlesworth
Suite 5.1
Tempest
12 Tithebarn Street
Liverpool
L2 2DT
Bankers
NatWest
2 - 8 Church Street
Liverpool
L1 3BG
STICX LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
STICX LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
928,646
953,855
Current assets
Stocks
101,686
125,408
Debtors
5
683,175
716,087
Cash at bank and in hand
598,323
292,959
1,383,184
1,134,454
Creditors: amounts falling due within one year
6
(555,984)
(594,515)
Net current assets
827,200
539,939
Total assets less current liabilities
1,755,846
1,493,794
Creditors: amounts falling due after more than one year
7
(206,894)
(230,970)
Provisions for liabilities
8
(158,226)
(152,817)
Net assets
1,390,726
1,110,007
Capital and reserves
Called up share capital
9
30,000
30,000
Revaluation reserve
362,875
372,375
Profit and loss reserves
997,851
707,632
Total equity
1,390,726
1,110,007
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 FRS 102 1A for small entities.
STICX LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 October 2024 and are signed on its behalf by:
Mr J S Maddock
Director
Company Registration No. 07768062
STICX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
30,000
376,375
346,510
752,885
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
380,088
380,088
Dividends
-
-
(22,966)
(22,966)
Transfers
-
(4,000)
4,000
-
Balance at 31 March 2023
30,000
372,375
707,632
1,110,007
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
299,995
299,995
Dividends
-
-
(19,276)
(19,276)
Transfers
-
(9,500)
9,500
-
Balance at 31 March 2024
30,000
362,875
997,851
1,390,726
STICX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
SticX Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Kelvinside, Wallasey, England, CH44 7JY.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 modified to include the revaluation of investment property at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
1.3
Turnover
Turnover represents the sales value of contracts completed during the year together with, in the case of long term contracts, increases during the year in the certified values of those contracts, net of value added tax.
Long term contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Attributable profit on a long term contract is ascertained as the difference between turnover and related costs for that contract.
1.4
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold land and buildings
2% pa on a straight line basis
Plant and machinery
20% pa on a reducing balance basis
Fixtures, fittings & equipment
25% pa on a reducing balance basis
Computer equipment
33% pa on a straight line basis
Motor vehicles
20% pa on a reducing balance basis
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 credited or charged to profit or loss.
STICX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company 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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
1.7
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.
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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 company after deducting all of its liabilities.
STICX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
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 company’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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
STICX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.13
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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
24
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
94,462
68,633
Adjustments in respect of prior periods
11,338
Total current tax
105,800
68,633
Deferred tax
Origination and reversal of timing differences
5,409
20,714
Total tax charge
111,209
89,347
STICX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
825,000
241,652
1,066,652
Additions
21,702
21,702
At 31 March 2024
825,000
263,354
1,088,354
Depreciation and impairment
At 1 April 2023
11,000
101,797
112,797
Depreciation charged in the year
16,500
30,411
46,911
At 31 March 2024
27,500
132,208
159,708
Carrying amount
At 31 March 2024
797,500
131,146
928,646
At 31 March 2023
814,000
139,855
953,855
Land and buildings with a carrying amount of £825,000 were revalued at 22 July 2022 by Roy Backhouse MRICS of Roy Backhouse Ltd, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors confirm that the property value has not changed as at the 31 March 2024.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Cost
350,000
350,000
Accumulated depreciation
(47,833)
(40,833)
Carrying value
302,167
309,167
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
549,930
604,666
Corporation tax recoverable
13,344
Other debtors
133,245
98,077
683,175
716,087
Included within Other Debtors is £44,806 due from connected companies (2023: £7,838).
STICX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
19,711
17,798
Trade creditors
188,243
243,276
Corporation tax
94,434
68,633
Other taxation and social security
36,788
68,833
Other creditors
216,808
195,975
555,984
594,515
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
199,490
217,396
Obligations under finance leases
7,404
13,574
206,894
230,970
The bank loan of £196,800 (2023: £202,916 ) is secured against the freehold property.
In 2020 the company was granted a £50,000 government backed bounce back loan. The balance outstanding at the 31 March 2024 was £22,401 (2023: £32,278) which is secured by the Government.
During the year ended 31 March 2022, plant and equipment was purchased under finance lease. The balance outstanding as at 31 March 2024 was £13,574 (2023: £19,744) and is secured against the assets held under finance leases.
Amounts included above which fall due after five years are as follows:
Payable by instalments
140,677
156,086
STICX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
32,768
27,359
-
-
Revaluations
125,458
125,458
-
-
158,226
152,817
-
-
2024
Movements in the year:
£
Liability at 1 April 2023
152,817
Charge to profit or loss
5,409
Liability at 31 March 2024
158,226
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Alloted, called up and fully paid
30,000 Ordinary shares of £1 each
30,000
30,000
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
£17,454
£37,507
Between two and five years
£18,275
£39,663
STICX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
11
Related party transactions
Mr JS Maddock and Mr C Dermody, directors, are also directors of JoistZ Limited. The following intercompany transactions occurred during the year:
SticX Limited purchased materials from JoistZ Limited at a total value of £234,309 (2023: £336,604)
SticX Limited provided management services of £82,642 (2023: £54,049) and made recharges of costs totalling £396,650 (2023: £408,868) to JoistZ Limited during the period.
At 31 March 2024, JoistZ Limited has a balance due to SticX Limited in the sum of £44,806 (2023: £7,838) for services rendered and recharged costs.
Mr JS Maddock, director, is also a director of Lockwoods Developments Limited and Lockwoods Enterprises of Liverpool Limited.
During the year, Lockwoods Developments Limited recharged costs to SticX Limited totalling £2,997 (2023: £18,873) and SticX Limited recharged costs Lockwoods Developments Limited totalling £3,671 (2023: £nil). There were no outstanding balances at the year end.
During the year, SticX Limited recharged costs to Lockwoods Enterprises of Liverpool Limited totalling £2,776 (2023: £0). There were no outstanding balances at the year end.
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