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REGISTERED NUMBER: 02684412 (England and Wales)

















Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 30 June 2024

for

Stortford Interiors (UK) Limited

Stortford Interiors (UK) Limited (Registered number: 02684412)

Contents of the Financial Statements
For The Year Ended 30 June 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Stortford Interiors (UK) Limited

Company Information
For The Year Ended 30 June 2024







DIRECTORS: S F Shearing
S Harvey
J J Sheehan





REGISTERED OFFICE: Stortford House
231 London Road
Bishop's Stortford
Hertfordshire
CM23 3LA





REGISTERED NUMBER: 02684412 (England and Wales)





AUDITORS: LB Group Limited (Chelmsford)
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

Stortford Interiors (UK) Limited (Registered number: 02684412)

Strategic Report
For The Year Ended 30 June 2024


The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
Stortford Interiors (UK) Ltd are an architectural package contractor, who undertake a range of specialist internal finishes works on projects. We primarily focus on drywall and ceilings, joinery and washroom fit-out packages. The business is able to provide a single service solution or provide a wider multi-discipline offering.

For the financial year 23/24, the company achieved a turnover of circa £44 million (2023: £49m). Net profits before taxation of circa £1.96m (£0.9m) were in line with Board expectations and driven by improved margins on newer projects, an increase in material rebates, a net interest receivable position due to an improved cash balance and a reduction in annual insurance costs.

Stortford Interiors (UK) Ltd have continued to add to its established portfolio of high-quality projects from our deep pool of reputable new and existing Tier 1 Main Contractor clients. Our broad client base reduces over-dependency and enhances opportunity. At the time of writing the current secured order book for financial years 2024/25, 2025/26 stands at £62 million with good visibility of projects advised by our clients for 2025/26 onwards. This will further bolster our healthy order book and provide a robust and secure position to weather potential market challenges.

The business strategy of maintaining and building upon the valued relationships with our 'blue chip' clients and the appropriate operation in a diverse range of market sectors with a wide range of service specialisms has continued to be successful and will prove vital as we reinforce out strong reputation and consolidate market presence.

We follow robust client selection / exposure criteria that ensure we are not over reliant on any one client, and consequentially we have not been directly impacted by the recent administrations of a number of high-profile main contractors within the sector.

PRINCIPAL RISKS AND UNCERTAINTIES
The board recognise the risks facing the business continue to evolve and at the time of writing the principal risks identified are inflation, securing turnover at the correct margin in a competitive and complicated market, ongoing skilled labour shortages and global economic uncertainty.

Project deferment has also become a risk within the industry for a number of reasons such as protracted client decision making, borrowing costs uncertainty and the impact of the Building Safety Act etc. This has contributed to the company generating a reduced turnover from previous years in FY 23/24, however this reduction in turnover was counteracted by reducing costs & improved margins on newer projects so as not to impact the net return for the FY.

The board maintain and review a strategic risk register of the business to ensure the risk management strategy is fully reviewed and implemented on a monthly basis.


FUTURE DEVELOPMENTS
The company's strategy of agility, flexibility and working with clients and customers that value our diverse product, delivery model and can provide sustainable revenue streams will be maintained going-forward. The strategy of positioning Stortford Interiors (UK) Ltd across numerous construction sectors with a variety of Tier 1 customers has been successful and will be continued.

Noteworthy progress has been made in both our corporate social responsibility engagement and our environmental obligations. The company has a strong green roadmap and defined science based targets. The business is committed to improving its carbon footprint with a multitude of green initiatives and is PAS 2060 and Carbon Footprint ISO 14064-1 verified. A business commitment and continual improvement plan are in place to maintain momentum in this area.

The company is committed to maintaining its ongoing accreditation and is currently ISO 9001, 14001 and 45001 accredited as well as being awarded Investor in People Gold and We Invest in Wellbeing accreditation in the period.

Whilst market workload can fluctuate the business's secured pipeline and wide opportunity pool will provide it with a sound platform and enable it to grow and prosper in the coming financial years.


Stortford Interiors (UK) Limited (Registered number: 02684412)

Strategic Report
For The Year Ended 30 June 2024

KEY PERFORMANCE INDICATORS
Gross Profit Margin:

June 2024: 12.95% (2023: 6.58%)

Net Profit (Before Tax) Margin:

June 2024: 4.43% (2023: 1.85%)

Liquidity (current ratio):

June 2024: 1.38 (2023: 1.36)

ON BEHALF OF THE BOARD:





S F Shearing - Director


23 December 2024

Stortford Interiors (UK) Limited (Registered number: 02684412)

Report of the Directors
For The Year Ended 30 June 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of service providers and installers of commercial interiors.

DIVIDENDS
The total distribution of dividends for the period ended 30 June 2024 will be £1,037,000 (2023: £736,837).

FUTURE DEVELOPMENTS
Details of the businesses future developments can be found within the strategic report (page 2).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S F Shearing
S Harvey
J J Sheehan

Other changes in directors holding office are as follows:

J P Nania - resigned 17 July 2023

POLITICAL DONATIONS AND EXPENDITURE
Donations made during the year of £7,544 (2023: £6,986) were wholly in relation to registered charities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Report of the Directors
For The Year Ended 30 June 2024


AUDITORS
The auditors, LB Group Limited (Chelmsford), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S F Shearing - Director


23 December 2024

Report of the Independent Auditors to the Members of
Stortford Interiors (UK) Limited


Opinion
We have audited the financial statements of Stortford Interiors (UK) Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 30 June 2024 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Stortford Interiors (UK) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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 directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 an auditor's report 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.

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 contracting 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, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- 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.

Report of the Independent Auditors to the Members of
Stortford Interiors (UK) Limited


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

- Considering 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;

- Tested a sample of revenue recognised either side of the period end to ensure revenue had been recognised in the correct period;

- Reviewed the internal controls in place, specifically around payroll and bank transactions; and

- Assessed whether judgements and assumptions made in determining the accounting estimates around depreciation, accruals and accrued income 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 the company's legal advisors.

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.

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 an auditor's report 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.




Laurence Miles FCA (Senior Statutory Auditor)
for and on behalf of LB Group Limited (Chelmsford)
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

23 December 2024

Stortford Interiors (UK) Limited (Registered number: 02684412)

Statement of Comprehensive Income
For The Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 5 44,185,418 49,074,461

Cost of sales 38,456,976 45,846,683
GROSS PROFIT 5,728,442 3,227,778

Administrative expenses 4,275,401 2,685,276
1,453,041 542,502

Other operating income 459,885 486,077
OPERATING PROFIT 7 1,912,926 1,028,579

Interest receivable and similar income 125,486 2,686
2,038,412 1,031,265

Interest payable and similar expenses 8 80,733 125,267
PROFIT BEFORE TAXATION 1,957,679 905,998

Tax on profit 9 439,121 97,189
PROFIT FOR THE FINANCIAL YEAR 1,518,558 808,809

OTHER COMPREHENSIVE INCOME

Revaluation of freehold property 115,000 (17,100 )
Income tax relating to other comprehensive
income

(28,750

)

17,100
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

86,250

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,604,808

808,809

Stortford Interiors (UK) Limited (Registered number: 02684412)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 997,368 981,730
Investments 12 29,700 29,700
1,027,068 1,011,430

CURRENT ASSETS
Debtors: amounts falling due within one year 13 6,840,998 8,538,452
Debtors: amounts falling due after more than
one year

13

1,035,771

905,083
Cash at bank and in hand 4,763,527 3,038,000
12,640,296 12,481,535
CREDITORS
Amounts falling due within one year 14 8,437,475 8,511,133
NET CURRENT ASSETS 4,202,821 3,970,402
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,229,889

4,981,832

CREDITORS
Amounts falling due after more than one
year

15

(344,444

)

(653,924

)

PROVISIONS FOR LIABILITIES 19 (95,607 ) (105,878 )
NET ASSETS 4,789,838 4,222,030

CAPITAL AND RESERVES
Called up share capital 20 401,062 401,062
Share premium 21 62,219 62,219
Revaluation reserve 21 327,900 241,650
Capital redemption reserve 21 2,500 2,500
Retained earnings 21 3,996,157 3,514,599
SHAREHOLDERS' FUNDS 4,789,838 4,222,030

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





S F Shearing - Director


Stortford Interiors (UK) Limited (Registered number: 02684412)

Statement of Changes in Equity
For The Year Ended 30 June 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2022 401,062 3,442,627 62,219

Changes in equity
Total comprehensive income - 808,809 -
Dividends - (736,837 ) -
Balance at 30 June 2023 401,062 3,514,599 62,219

Changes in equity
Total comprehensive income - 1,518,558 -
Dividends - (1,037,000 ) -
Balance at 30 June 2024 401,062 3,996,157 62,219
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 July 2022 258,750 2,500 4,167,158

Changes in equity
Total comprehensive income - - 808,809
Dividends - - (736,837 )
Deferred tax (17,100 ) - (17,100 )
Balance at 30 June 2023 241,650 2,500 4,222,030

Changes in equity
Total comprehensive income 86,250 - 1,604,808
Dividends - - (1,037,000 )
Balance at 30 June 2024 327,900 2,500 4,789,838

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements
For The Year Ended 30 June 2024


1. STATUTORY INFORMATION

Stortford Interiors (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required 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 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.

Significant risks relating to estimation and judgement are detailed in note 4.

Going concern
At the time that the financial statements were approved, the directors had a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

The directors have considered a period of twelve months following the date of approval of the financial statements, when considering the appropriateness of the adoption of the going concern basis of preparation.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Turnover
Turnover is derived from one-off jobs and contracts. Turnover from one-off jobs is measured through an internal assessment of work carried out based on time incurred and materials utilised or percentage of completion depending on the nature of the contract.

Turnover from contracts comprises the fair value of construction carried out in the year, based on an internal assessment of work carried out. Once the outcome of a contract can be estimated reliably, margin is recognised in the Statement of Income on a stage of contract completion basis by reference to the costs incurred to date and total forecast costs on the contract as a whole. Costs include labour and attributable overheads.

Losses expected in bringing a contract to completion are recognised immediately. Where the outcome of claims is uncertain, the company only recognises revenue and the associated margin where it is probable that the client will approve the variation.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not depreciated
Improvements to property - 10% on cost
Plant and machinery - Straight line over 3 years
Fixtures and fittings - 3 to 5 years straight line basis
Motor vehicles - 20% on cost

Recognition and impairment of tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Freehold property is being recognised under the fair value model less any accumulated depreciation.

The entity reviews the carrying value's of its tangible fixed assets at each reporting date, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the estimated recoverable value of the asset is used to determine the extent of the impairment loss (if any).

Grants
Grants relating to revenue are recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Grants and training grants have been presented as other operating income in the Income Statement.

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 statement of financial position 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 trade and other receivables 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.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities, including trade and other payables, 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 receipts 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.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. The rate of tax substantively enacted at the balance sheet date in which the timing difference were expected to reverse was 25%.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Amounts recoverable on contracts
Amounts recoverable on contracts at the year end are valued at the contract costs plus margin, less any foreseeable losses to date as described in the turnover accounting policy above, taking into account payments received on account to date.

Where the cost-plus margin less any foreseeable losses is in excess of payments on account, the excess is included as "amounts recoverable on contracts" under debtors in the Statement of Financial Position. Where payments on account are in excess of cost plus margin less any foreseeable losses, the excess is included as "excess payments on account" under creditors in the Statement of Financial Position.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing these financial statements, the directors have made the following material assessment:

Amounts recoverable on contracts

Determination of the turnover and profitability of customer contracts. Factors taken into consideration are the assessment of the time to complete the project, the project performance to date, assessment of future costs to complete the contract, assessment of future payments to be received, assessment of future costs of rectification and guarantee work, impact of any variations claims.

Customer contracts' turnover and profitability values consider issues such as the project plan and performance against the plan, project completion date, contracted costs and estimate of cost rates based on known rates, factoring in likely increases in inflation or price rises, approved variations, contracted sales value.

5. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 44,185,418 49,074,461
44,185,418 49,074,461

All of the company's turnover originated and was delivered within the UK.

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,150,010 5,539,248
Social security costs 801,990 646,008
Other pension costs 176,677 167,819
8,128,677 6,353,075

The average number of employees during the year was as follows:
2024 2023

Management 3 4
Administration 15 15
Direct 84 81
102 100

2024 2023
£    £   
Directors' remuneration 1,150,849 55,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 4

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


6. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 30 June 2024 is as follows:
2024
£   
Emoluments etc 385,864

The total emoluments for the highest paid Director did not exceed the threshold in 2023 and is therefore not disclosed as a comparative.

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of equipment 1,090,555 600,429
Depreciation - owned assets 65,814 75,453
Depreciation - assets on hire purchase contracts 7,489 41,612
Loss on disposal of fixed assets 2,691 10,136
Auditors' remuneration 36,240 45,000
Foreign exchange differences (2,136 ) 409
Research & development 375,605 507,687

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 119 17,953
Bank loan interest 68,698 72,980
Interest on late tax - 24,040
Hire purchase 11,916 10,294
80,733 125,267

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 478,142 90,815

Deferred tax (39,021 ) 6,374
Tax on profit 439,121 97,189

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


9. TAXATION - continued

Reconciliation of total tax 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:

2024 2023
£    £   
Profit before tax 1,957,679 905,998
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

489,420

172,140

Effects of:
Expenses not deductible for tax purposes 18,515 13,178
Income not taxable for tax purposes - (783 )
Adjustments to tax charge in respect of previous periods 2,193 1,248
Group Relief (45 ) (2,142 )
R&D Enhanced Deduction (70,962 ) (113,092 )
Effect of rate change in calculation of deferred taxation - 26,343
Effect of hybrid tax rate - 297
Total tax charge 439,121 97,189

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of freehold property 115,000 (28,750 ) 86,250

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property (17,100 ) 17,100 -

During the prior year (2023) the tax effects relating to effects of other comprehensive income are solely related to the change in tax rate (25% from 19%) applied to timing differences arsing from tangible fixed assets held under the fair value model.There has been no such tax rate changes during the current year (2024).

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 1,037,000 736,837

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


11. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 July 2023 550,000 431,506 7,608
Additions - - 20,975
Disposals - - (3,139 )
Revaluations 115,000 - -
At 30 June 2024 665,000 431,506 25,444
DEPRECIATION
At 1 July 2023 - 104,862 3,423
Charge for year - 34,957 7,185
Eliminated on disposal - - (2,309 )
At 30 June 2024 - 139,819 8,299
NET BOOK VALUE
At 30 June 2024 665,000 291,687 17,145
At 30 June 2023 550,000 326,644 4,185

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 702,261 113,660 1,805,035
Additions 10,658 - 31,633
Disposals (10,922 ) (113,660 ) (127,721 )
Revaluations - - 115,000
At 30 June 2024 701,997 - 1,823,947
DEPRECIATION
At 1 July 2023 661,979 53,041 823,305
Charge for year 27,372 3,789 73,303
Eliminated on disposal (10,890 ) (56,830 ) (70,029 )
At 30 June 2024 678,461 - 826,579
NET BOOK VALUE
At 30 June 2024 23,536 - 997,368
At 30 June 2023 40,282 60,619 981,730

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


11. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 June 2024 is represented by:

Improvements Fixtures
Freehold to Plant and and
property property machinery fittings Totals
£    £    £    £    £   
Valuation in 2021 285,000 - - - 285,000
Valuation in 2024 115,000 - - - 115,000
Cost 265,000 431,506 25,444 701,997 1,423,947
665,000 431,506 25,444 701,997 1,823,947

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 265,000 265,000
Aggregate depreciation 71,550 66,250

Freehold property was valued on an open market basis on 17 May 2024 by Kemsley LLP (RICS) .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 137,173 113,660 250,833
Disposals - (113,660 ) (113,660 )
At 30 June 2024 137,173 - 137,173
DEPRECIATION
At 1 July 2023 133,464 53,041 186,505
Charge for year 3,700 3,789 7,489
Eliminated on disposal - (56,830 ) (56,830 )
At 30 June 2024 137,164 - 137,164
NET BOOK VALUE
At 30 June 2024 9 - 9
At 30 June 2023 3,709 60,619 64,328

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


12. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 July 2023
and 30 June 2024 29,700
NET BOOK VALUE
At 30 June 2024 29,700
At 30 June 2023 29,700

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,148,181 1,125,597
Amounts recoverable on contract 3,915,414 6,557,365
Other debtors 122,961 24,814
Directors' current accounts - 20,136
VAT 232,023 333,229
Prepayments and accrued income 422,419 477,311
6,840,998 8,538,452

Amounts falling due after more than one year:
Amounts recoverable on contract 1,035,771 905,083

Aggregate amounts 7,876,769 9,443,535

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 255,571 266,682
Hire purchase contracts (see note 17) - 41,785
Trade creditors 3,070,508 5,425,491
Amounts owed to group undertakings 9,820 10,000
Tax 478,142 92,064
Social security and other taxes 351,985 567,717
Other creditors 2,813,644 1,889,882
Accrued expenses 1,457,805 217,512
8,437,475 8,511,133

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) 344,444 600,001
Hire purchase contracts (see note 17) - 53,923
344,444 653,924

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 15 15
Bank loans 255,556 266,667
255,571 266,682

Amounts falling due between one and two years:
Bank loans - 1-2 years 133,333 255,556

Amounts falling due between two and five years:
Bank loans - 2-5 years 211,111 344,445

The bank loans and overdraft facilities are secured by way of a debenture including a fixed charge over all present freehold and leasehold property; First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future.

Bank loans bear an interest rate of 3.99% APR over base.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 41,785
Between one and five years - 53,923
- 95,708

Non-cancellable operating leases
2024 2023
£    £   
Within one year 61,870 43,500
Between one and five years 157,500 -
219,370 43,500

The total expense during the period in respect of non-cancellable operating leases was £70,500 (2023: £66,000).

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 15 15
Bank loans 600,000 866,668
Hire purchase contracts - 95,708
600,015 962,391

Hire purchase liabilities are all secured on the assets concerned.
Bank loans are secured as described in note 16.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 95,607 105,878

Deferred
tax
£   
Balance at 1 July 2023 105,878
Credit to Statement of Comprehensive Income during year (39,021 )
Fair value asset rate change
Revaluation of freehold 28,750
Balance at 30 June 2024 95,607

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
401,062 Ordinary £1 401,062 401,062

21. RESERVES
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 July 2023 3,514,599 62,219 241,650 2,500 3,820,968
Profit for the year 1,518,558 1,518,558
Dividends (1,037,000 ) (1,037,000 )
Freehold property revaluation - - 86,250 - 86,250
At 30 June 2024 3,996,157 62,219 327,900 2,500 4,388,776

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


22. ULTIMATE CONTROLLING PARTY AND ULTIMATE PARENT COMPANY

The ultimate parent company is Stortford Holdings Ltd, a company registered in England and Wales whose registered office address is Stortford House, 231 London Road, Bishops Stortford, Hertfordshire, CM23 3LA. This entity is the smallest and largest group in which consolidated accounts are drawn up and are available at the UK Registrar.

The Directors consider there to be no one single controlling party.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
J P Nania
Balance outstanding at start of year - 3,853
Amounts advanced - 190,483
Amounts repaid - (194,336 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

S F Shearing
Balance outstanding at start of year - (5,000 )
Amounts advanced - 147,500
Amounts repaid - (142,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

S Harvey
Balance outstanding at start of year 20,136 15,136
Amounts advanced - 147,500
Amounts repaid (20,136 ) (142,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 20,136

J J Sheehan
Balance outstanding at start of year - (5,000 )
Amounts advanced - 147,500
Amounts repaid - (142,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

All directors loans were provided on the basis that they were repayable on demand and interest free.

Guarantees

Each of the Directors: James Sheehan, Steve Harvey and Scott Shearing have entered into personal guarantee's with HSBC to the value of £20,000 (2023: £20,000) that are in existence at the year end. These guarantee's are in respect of the recovery loan.The exiting Director, Jim Nania, is now excluded from this guarantee arrangement.

Stortford Interiors (UK) Limited (Registered number: 02684412)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024


24. RELATED PARTY DISCLOSURES

A business motor vehicle was disposed of to an exiting director, Jim Nania in the month of July 2023.
The disposal proceeds were at a market value of the motor vehicle at the date of the transaction.