IRIS Accounts Production v24.3.2.46 07967035 Board of Directors 1.5.23 30.4.24 30.4.24 true false true true false false false true false Ordinary A shares 1.00000 Ordinary B shares 1.00000 Ordinary C shares 1.00000 959629 857438 727225 710148 704593 607957 982261 959629 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079670352023-04-30079670352024-04-30079670352023-05-012024-04-30079670352022-04-30079670352022-05-012023-04-30079670352023-04-3007967035ns15:EnglandWales2023-05-012024-04-3007967035ns14:PoundSterling2023-05-012024-04-3007967035ns10:Director12023-05-012024-04-3007967035ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3007967035ns10:SmallEntities2023-05-012024-04-3007967035ns10:Audited2023-05-012024-04-3007967035ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3007967035ns10:FullAccounts2023-05-012024-04-300796703512023-05-012024-04-3007967035ns10:OrdinaryShareClass12023-05-012024-04-3007967035ns10:OrdinaryShareClass22023-05-012024-04-3007967035ns10:OrdinaryShareClass32023-05-012024-04-3007967035ns10:Director3432023-04-3007967035ns10:Director3432022-04-3007967035ns10:Director3432023-05-012024-04-3007967035ns10:Director3432022-05-012023-04-3007967035ns10:Director3432024-04-3007967035ns10:Director3432023-04-3007967035ns10:Director32023-05-012024-04-3007967035ns10:CompanySecretary12023-05-012024-04-3007967035ns10:RegisteredOffice2023-05-012024-04-3007967035ns10:Director22023-05-012024-04-3007967035ns5:CurrentFinancialInstruments2024-04-3007967035ns5:CurrentFinancialInstruments2023-04-3007967035ns5:Non-currentFinancialInstruments2024-04-3007967035ns5:Non-currentFinancialInstruments2023-04-3007967035ns5:ShareCapital2024-04-3007967035ns5:ShareCapital2023-04-3007967035ns5:RetainedEarningsAccumulatedLosses2024-04-3007967035ns5:RetainedEarningsAccumulatedLosses2023-04-3007967035ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3007967035ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-012024-04-3007967035ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-05-012024-04-3007967035ns5:OwnedAssets2023-05-012024-04-3007967035ns5:OwnedAssets2022-05-012023-04-3007967035ns5:LeasedAssets2023-05-012024-04-3007967035ns5:LeasedAssets2022-05-012023-04-3007967035ns5:PatentsTrademarksLicencesConcessionsSimilar2022-05-012023-04-3007967035112023-05-012024-04-3007967035112022-05-012023-04-3007967035ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3007967035ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-3007967035ns5:PatentsTrademarksLicencesConcessionsSimilar2024-04-3007967035ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-04-3007967035ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3007967035ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-3007967035ns5:FurnitureFittings2023-04-3007967035ns5:MotorVehicles2023-04-3007967035ns5:ComputerEquipment2023-04-3007967035ns5:FurnitureFittings2023-05-012024-04-3007967035ns5:MotorVehicles2023-05-012024-04-3007967035ns5:ComputerEquipment2023-05-012024-04-3007967035ns5:FurnitureFittings2024-04-3007967035ns5:MotorVehicles2024-04-3007967035ns5:ComputerEquipment2024-04-3007967035ns5:FurnitureFittings2023-04-3007967035ns5:MotorVehicles2023-04-3007967035ns5:ComputerEquipment2023-04-3007967035ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-3007967035ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-012024-04-3007967035ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-04-3007967035ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-3007967035ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3007967035ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3007967035ns5:Secured2024-04-3007967035ns5:Secured2023-04-3007967035ns5:DeferredTaxation2023-04-3007967035ns5:DeferredTaxation2023-05-012024-04-3007967035ns5:DeferredTaxation2024-04-3007967035ns10:OrdinaryShareClass12024-04-3007967035ns10:OrdinaryShareClass22024-04-3007967035ns10:OrdinaryShareClass32024-04-30079670351ns10:Director12023-04-30079670351ns10:Director12022-04-30079670351ns10:Director12023-05-012024-04-30079670351ns10:Director12022-05-012023-04-30079670351ns10:Director12024-04-30079670351ns10:Director12023-04-3007967035ns10:Director222023-04-3007967035ns10:Director222022-04-3007967035ns10:Director222023-05-012024-04-3007967035ns10:Director222022-05-012023-04-3007967035ns10:Director222024-04-3007967035ns10:Director222023-04-30
REGISTERED NUMBER: 07967035 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

ST&R LIMITED

ST&R LIMITED (REGISTERED NUMBER: 07967035)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Balance Sheet 10

Notes to the Financial Statements 11


ST&R LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTORS: Mr J Slater
Mrs N Slater





SECRETARY: Mrs N Slater





REGISTERED OFFICE: Lingmell House
Water Street
Chorley
Lancashire
PR7 1EE





REGISTERED NUMBER: 07967035 (England and Wales)





AUDITORS: RFM Audit Services LLP, Statutory Auditor
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD

ST&R LIMITED (REGISTERED NUMBER: 07967035)

STRATEGIC REPORT
for the Year Ended 30 April 2024

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

REVIEW OF BUSINESS
The directors are pleased with the performance of the business. The transformation of the business over the past few years has been excellent. Good organic growth, along side the remuneration flip from indemnity to non-indemnity has positioned the business in a great place to continue to provide the excellent fully advised offering it delivers for it's customers.

KEY PERFORMANCE INDICATORS
The directors monitor the business's strategic performance by reference to the following KPI's:-

% %
KPI 2024 2023
Sales
(Decline)/Growth

51.7

(0.2)
Gross Profit 36.9 31


The Board recognises the importance of accurate provisioning for clawback/cancellations and has requested that the FD/Finance Team monitor this closely on a month by month basis. The Board has also agreed to review the data annually at year end.

ON BEHALF OF THE BOARD:





Mr J Slater - Director


28 November 2024

ST&R LIMITED (REGISTERED NUMBER: 07967035)

REPORT OF THE DIRECTORS
for the Year Ended 30 April 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of insurance brokers.

DIVIDENDS
Dividends have been reported in the period of £1,439,862 (2023 - £590,000)

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

Mr J Slater
Mrs N Slater

Other changes in directors holding office are as follows:

Mr S P Lomas - resigned 13 July 2023

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). 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ST&R LIMITED (REGISTERED NUMBER: 07967035)

REPORT OF THE DIRECTORS
for the Year Ended 30 April 2024


AUDITORS
The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J Slater - Director


28 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ST&R LIMITED

Opinion
We have audited the financial statements of ST&R Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet 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 April 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ST&R 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 where 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ST&R LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below.
- 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 the director and other management, and from our commercial knowledge and experience of the insurance brokerage services 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, Financial Conduct Authority legislation, taxation legislation and data protection, 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.

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;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias and 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, relevant regulators including the Health and Safety Executive, 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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ST&R LIMITED

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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sarah Flynn FCA (Senior Statutory Auditor)
for and on behalf of RFM Audit Services LLP, Statutory Auditor
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD

28 November 2024

ST&R LIMITED (REGISTERED NUMBER: 07967035)

INCOME STATEMENT
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 9,856,629 6,496,800

Cost of sales 6,222,553 4,484,729
GROSS PROFIT 3,634,076 2,012,071

Administrative expenses 710,410 875,623
OPERATING PROFIT 4 2,923,666 1,136,448


Interest payable and similar expenses 6 606,671 271,518
PROFIT BEFORE TAXATION 2,316,995 864,930

Tax on profit 7 579,333 171,272
PROFIT FOR THE FINANCIAL YEAR 1,737,662 693,658

ST&R LIMITED (REGISTERED NUMBER: 07967035)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 189,962 228,216
189,962 228,216

CURRENT ASSETS
Debtors 10 12,541,251 7,683,243
Cash at bank and in hand 351,057 623,928
12,892,308 8,307,171
CREDITORS
Amounts falling due within one year 11 1,915,053 1,526,712
NET CURRENT ASSETS 10,977,255 6,780,459
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,167,217

7,008,675

CREDITORS
Amounts falling due after more than one
year

12

(7,652,939

)

(3,972,618

)

PROVISIONS FOR LIABILITIES 14 (2,151,823 ) (1,971,402 )
NET ASSETS 1,362,455 1,064,655

CAPITAL AND RESERVES
Called up share capital 15 125 125
Retained earnings 1,362,330 1,064,530
SHAREHOLDERS' FUNDS 1,362,455 1,064,655

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





Mr J Slater - Director


ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

ST&R 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. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Significant judgements and estimates made by management in preparing these financial statements include:

- Depreciation of tangible assets
- Amortisation of intangible assets
- Calculation of Accrued Income
- Clawbacks of insurance policies

TURNOVER
Turnover represents commissions receivable after deducting the expected future clawbacks, when the company obtains the right to consideration.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Branding costs are being amortised evenly over their estimated useful life of ten years.

Website Costs are being amortised evenly over their estimated useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.

Fixtures and Fittings - 20% on cost
Motor Vehicles - 20% on cost
Computer Equipment - 33% on cost

Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs.
Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised 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.

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

PROVISIONS
The company recognises provisions within the financial statements relating to the following:

Long Service Award
The Directors wish to acknowledge members of staff with a minimum 5 years service, and as such, a provision has been created to be paid at the discretion of the Directors to reward these employees.

Provision for clawback
This is a provision that has been calculated within the financial statements using historic cancellation rates to estimate the total cost of policies that will be cancelled and commissions due back to customers. The calculation looks at the age of policies when cancelled and divides the monetary value by the total sales of that age. This data model is continuously updated as more data becomes available.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2023 - 40 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 26,187 18,248
Depreciation - assets on finance leases 36,216 19,364
Branding costs amortisation - 2,460
Auditors Remuneration 16,000 8,160

5. EXCEPTIONAL ITEMS
2024 2023
£    £   
Exceptional items - 20,839

Exceptional items in the previous period relate to the write off of an intercompany balance.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest payable 2,225 89
Loan interest 604,446 271,429
606,671 271,518

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

7. 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 588,294 130,431

Deferred tax:
Origination and reversal of
timing differences (8,961 ) 40,841
Tax on profit 579,333 171,272

UK corporation tax has been charged at 19-25% (2023 19-25%)

8. INTANGIBLE FIXED ASSETS
Branding Website
costs Costs Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 8,201 8,394 16,595
AMORTISATION
At 1 May 2023
and 30 April 2024 8,201 8,394 16,595
NET BOOK VALUE
At 30 April 2024 - - -
At 30 April 2023 - - -

9. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 60,147 181,081 33,126 274,354
Additions 9,752 - 14,397 24,149
At 30 April 2024 69,899 181,081 47,523 298,503
DEPRECIATION
At 1 May 2023 6,144 19,364 20,630 46,138
Charge for year 13,654 36,216 12,533 62,403
At 30 April 2024 19,798 55,580 33,163 108,541
NET BOOK VALUE
At 30 April 2024 50,101 125,501 14,360 189,962
At 30 April 2023 54,003 161,717 12,496 228,216

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
At 1 May 2023
and 30 April 2024 181,081
DEPRECIATION
At 1 May 2023 19,364
Charge for year 36,216
At 30 April 2024 55,580
NET BOOK VALUE
At 30 April 2024 125,501
At 30 April 2023 161,717

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 69,688 -
Amounts owed by group undertakings 428,320 233,226
Other debtors 272,481 272,481
Directors' current accounts 982,261 1,115,206
Prepayments and accrued income 10,788,501 6,062,330
12,541,251 7,683,243

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 509,085 554,762
Finance leases 20,152 20,152
Trade creditors 211,790 129,981
Corporation tax 661,332 446,307
Social security and other taxes 51,777 52,659
Other creditors 18,462 63,082
Accruals and deferred income 442,455 259,769
1,915,053 1,526,712

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans - 1-2 years 1,043,824 1,022,262
Other loans - 2-5 years 6,490,974 2,812,063
Finance leases 118,141 138,293
7,652,939 3,972,618

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 8,043,883 4,389,087
Hire Purchase / Finance Leases 138,293 158,446
8,182,176 4,547,533

After the year end, the loans within the company were refinanced from Triple Point Advancr PLC to Santander UK PLC.
The Triple Point Advancr PLC loans were guaranteed via fixed charge over all freehold and leasehold property owned by the company and floating charge over all property or undertaking of the company.
The Santander UK PLC loan after the year end contains a fixed charge and a floating charge over all property or undertaking of the company.
Hire purchase and finance lease obligations are secured upon the assets to which the finance relates.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 38,049 47,010

Other provisions
Long Service Award 169,000 143,000
Provision for clawback 1,944,774 1,781,392
2,113,774 1,924,392

Aggregate amounts 2,151,823 1,971,402

Deferred
tax
£   
Balance at 1 May 2023 47,010
Credit to Income Statement during year (8,961 )
Accelerated capital allowances
Balance at 30 April 2024 38,049

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
51 Ordinary A shares £1 51 51
25 Ordinary B shares £1 25 25
49 Ordinary C shares £1 49 49
125 125

ST&R LIMITED (REGISTERED NUMBER: 07967035)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024

16. CONTINGENT LIABILITIES

The company has a contingent liability relating to a HMRC determination relating to a past pension arrangement scheme that was operated. The net effect of this is approximately £177,950 that will need to be paid to HMRC and reduce profits, should HMRC uphold this decision. At this point, it is uncertain on whether the current appeal against this determination will be successful or at what point in time this will be confirmed.

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - INTEREST FREE

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

2024 2023
£    £   
Mr J Slater and Mrs N Slater
Balance outstanding at start of year 959,629 857,438
Amounts advanced 727,225 710,148
Amounts repaid (704,593 ) (607,957 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 982,261 959,629

Mr S P Lomas
Balance outstanding at start of year 155,575 155,970
Amounts advanced - 165,036
Amounts repaid (155,575 ) (165,431 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 155,575

Personal guarantees have been given by Mr J Slater to L&G, Prudential, Aviva and Ageas for claw backs if the company is wound up.

18. RELATED PARTY DISCLOSURES

Rents have been charged by a related undertaking, Fortifix Ltd, in the current and previous period.

19. ULTIMATE CONTROLLING PARTY

The controlling party is the parent company, JST Group Ltd.
Registered office; Lingmell House, Water Street, Chorley, Lancashire, PR7 1EE
Group accounts have not been prepared by the parent company, being a small group.

20. CHANGE IN ACCOUNTING ESTIMATE

Within the previous period, the business changed the accounting estimate on how the clawback provision and accrued income is calculated. Recognition of the income will remain the same, however a different model is used to calculate the allowance of expected commission income that may be clawed back over the four year life of an insurance policy sold. The change in accounting estimate has been made as the data model continues to be developed with the availability of new data, giving rise to the change in estimate which the directors feel is more prudent. In 2023, the adjustments resulted in a reduction in turnover of £4,315,494. This is made up of a reduction in accrued income relating to Non-Indemnity policies of £4,267,037 and an increase in the provision for clawback of Indemnity policies of £48,457.