Company registration number 03974884 (England and Wales)
STRONGA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
STRONGA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
STRONGA LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
116,021
141,984
Investment properties
5
350,000
350,000
466,021
491,984
Current assets
Stocks
58,775
89,860
Debtors
6
788,819
656,471
Cash at bank and in hand
76,924
29,604
924,518
775,935
Creditors: amounts falling due within one year
7
(233,487)
(169,674)
Net current assets
691,031
606,261
Total assets less current liabilities
1,157,052
1,098,245
Creditors: amounts falling due after more than one year
8
(14,100)
(24,418)
Provisions for liabilities
(40,237)
(46,490)
Net assets
1,102,715
1,027,337
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,102,714
1,027,336
Total equity
1,102,715
1,027,337
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
STRONGA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 3 December 2024
Mr R Fitzjohn
Director
Company Registration No. 03974884
STRONGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
1.1
Company information
Stronga Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Yeomans Court, Ware Road, Hertford, Hertfordshire, United Kingdom, SG13 7HJ.
1.2
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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Going concern
The director has prepared and reviewed forecasts and projections for the company and, taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, he has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concerntrue.
1.4
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
1.5
Sales of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.6
Interest income
Interest income is recognised using the effective interest method.
1.7
Tangible fixed assets
Plant and equipment, motor vehicles, fixtures and fittings and office equipment are measured at cost less accumulated depreciation and accumulated impairment losses.
STRONGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, plant and equipment, motor vehicles, fixtures and fittings and office equipment are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in profit or loss.
Depreciation has been computed to write off the cost of the plant and equipment, motor vehicles, fixtures and fittings and office equipment over their useful expected lives using the following rates:
Plant and equipment
4 years straight line
Fixtures and fittings
25 years straight line
Office equipment
3 years straight line
Motor vehicles
4 years straight line
1.8
Investment properties
Investment property is initially recognised at cost and subsequently they are measured at fair value.
At each reporting period end date, the company reviews the carrying amountt of their investment property to determine whether there is any indication of an impairment loss being suffered. If any such indication exists, the recoverable amount of the investment property is estimated to determine the extent of the impairment loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.9
Stocks
Stock has been valued at the lower of cost and the estimated selling price less costs to sell. In respect of work in progress and finished goods, costs include a relevant proportion of overheads dependant on the stage of completion.
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 the profit account. Reversals of impairment losses are also recognised in the profit and loss account.
1.10
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.
STRONGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Trade and other debtors
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.
1.12
Trade and other creditors
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.
1.13
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by 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 only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.14
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.15
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
STRONGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key judgements and sources of estimation uncertainty that have significant effect on the amounts
recognised in the financial statements are described below.
Investment properties are valued annually at fair value. Fair value is ascertained through review of comparable market data, rent levels, cash flows for the property market knowledge and expertise of the directors, no third party valuation has been considered necessary.
With the exception of the estimate described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
5
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
306,050
90,779
59,222
17,000
473,051
Additions
180
4,976
5,156
At 30 April 2024
306,050
90,959
64,198
17,000
478,207
Depreciation and impairment
At 1 May 2023
224,944
35,533
53,590
17,000
331,067
Depreciation charged in the year
24,810
3,633
2,676
31,119
At 30 April 2024
249,754
39,166
56,266
17,000
362,186
Carrying amount
At 30 April 2024
56,296
51,793
7,932
116,021
At 30 April 2023
81,106
55,246
5,632
141,984
STRONGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
350,000
Investment properties were valued on an open market value basis on 30 April 2024 by the director.
The company's investment properties are held for use in operating lease arrangements.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,038
1,906
Other debtors
780,781
224,721
788,819
226,627
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,670
10,415
Trade creditors
88,855
80,424
Corporation tax
31,424
29,570
Other taxation and social security
16,921
9,167
Other creditors
85,617
40,098
233,487
169,674
The bank loan is secured by a fixed and floating charge over the company's assets.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,100
24,418
The bank loan is secured by a fixed and floating charge over the company's assets.
STRONGA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
9
Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows:
2024
2023
£
£
6,000
10
Directors' transactions
The following advances and credits to a director subsisted during the year ended 30 April 2024.
Interest has been charged at the official rate as set out by HM Revenue & Customs. Loans were repaid in full within 9 months of the year end.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan to partnership
2.25
104,223
56,452
2,955
(6,485)
157,145
104,223
56,452
2,955
(6,485)
157,145