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Registration number: 04984372

Streamline Office Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Streamline Office Solutions Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

Streamline Office Solutions Limited

(Registration number: 04984372)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

63,054

71,735

Investments

5

25,000

-

 

88,054

71,735

Current assets

 

Stocks

6

53,069

90,704

Debtors

7

73,617

54,669

Cash at bank and in hand

 

15,237

41,238

 

141,923

186,611

Creditors: Amounts falling due within one year

8

(139,091)

(220,757)

Net current assets/(liabilities)

 

2,832

(34,146)

Total assets less current liabilities

 

90,886

37,589

Creditors: Amounts falling due after more than one year

8

(88,588)

(59,887)

Provisions for liabilities

(11,961)

(6,497)

Net liabilities

 

(9,663)

(28,795)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(9,763)

(28,895)

Shareholders' deficit

 

(9,663)

(28,795)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

 

Streamline Office Solutions Limited

(Registration number: 04984372)
Statement of Financial Position as at 29 February 2024 (continued)


J A Ashfield
Director

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Unit 7 Dunball Industrial Estate
Dunball
Bridgwater
Somerset
TA6 4TP

Principal activity

The principal activity of the company is the provision of office furniture and flooring, order fulfillment and picking and packing services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The Company is entitled to exemption under section 398 of the Companies Act 2006 from preparing group accounts..

Going concern

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

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

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

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

Foreign currency transactions and balances

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

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

Tax

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

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Depreciation

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

Asset class

Depreciation method and rate

Plant and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Impairment

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Borrowings

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

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

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

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

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

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

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 8).

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

121,714

42,642

164,356

Additions

391

-

391

At 29 February 2024

122,105

42,642

164,747

Depreciation

At 1 March 2023

82,759

9,862

92,621

Charge for the year

5,902

3,170

9,072

At 29 February 2024

88,661

13,032

101,693

Carrying amount

At 29 February 2024

33,444

29,610

63,054

At 28 February 2023

38,955

32,780

71,735

5

Investments

2024
£

2023
£

Investments in subsidiaries

25,000

-

Subsidiaries

£

Cost or valuation

Additions

25,000

Provision

Carrying amount

At 29 February 2024

25,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Pet HatesToys Ltd

Unit 7 Dunball Industrial Estate
Bridgwater
Somerset
England

Ordinary £1 shares

100%

0%

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

53,069

90,704

7

Debtors

2024
£

2023
£

Trade debtors

32,640

47,131

Other debtors

36,630

2,981

Prepayments

4,347

4,557

73,617

54,669

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

39,417

124,777

Trade creditors

 

38,462

52,595

Taxation and social security

 

2,403

30,877

Accruals and deferred income

 

10,504

8,013

Other creditors

 

48,305

4,495

 

139,091

220,757

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

88,588

59,887

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,949

24,111

Hire purchase contracts

26,717

35,776

Other borrowings

47,922

-

88,588

59,887

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,161

9,911

Bank overdrafts

7,093

668

Hire purchase contracts

9,059

39,587

Other borrowings

13,104

74,611

39,417

124,777

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

42,320

40,692

Later than one year and not later than five years

78,005

120,325

120,325

161,017

12

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Directors' interest free loans

2,981

5,336

(2,981)

5,336

         
       

 

 

Streamline Office Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

12

Related party transactions (continued)

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Directors' interest free loans

3,747

2,981

(3,747)

2,981