Registered number:
For the year ended
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STELLAR FINANCE 1 LIMITED
Company Information
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STELLAR FINANCE 1 LIMITED
Contents
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STELLAR FINANCE 1 LIMITED
Group strategic report
For the year ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024
Stellar Finance 1 Limited, known as "the Company," is an intermediate holding company. The Group, comprising Esprit Automation Limited and two overseas branches, is a respected UK-based manufacturing firm specialising in advanced automation systems and machinery. Serving mainly the UK and Ireland markets, we are committed to delivering cutting solutions that allow our customers to do more. This report provides a thoughtful review of our performance during the fiscal year ending 30 April 2024 and our current status in the industry.
The Group faced a challenging fiscal year marked by reduced turnover growth and profitability. Nevertheless, the Group remains financially stable and competitive within the manufacturing industry. To address risks and uncertainties, we continue to focus on product innovation, employee retention and prudent financial management. The Group is well positioned to navigate the evolving market landscape and pursue growth opportunities in the upcoming fiscal year. This report provides a fair and comprehensive review of our performance and outlook as of 30 April 2024, in accordance with the UK Companies Act.
As of the financial year ending 30 April 2024, the Group's position reflects the size and complexity of our business within the manufacturing industry:
1.Turnover and Revenue: Our turnover for FY2024 stood at £12.0 million representing a stable level of revenue. This underscores the significant headwinds within the industrial CNC Plasma cutting sector.
2.Profitability: Despite the reduction in profitability indicators the Group maintained a positive EBITDA of £1.5 million. While this signifies a decrease from the previous year, it demonstrates our resilience in navigating challenging market conditions.
3.Financial Stability: The balance sheet indicates that our financial position remains robust, consistent with prior years. Net assets have increased, reflecting our continued financial strength despite reduced profitability.
4.Currency Risk: It is worth noting that the Group does not perceive significant exchange rate risk, as most of our stock purchases are denominated in a stable currency (Sterling/Euro).
The Group faces several notable risks and uncertainties in its operations:
1.Market Competition: Esprit Automation Ltd operates in a highly competitive industry. Key risks include retaining market share and skilled employees. We address these challenges by introducing new products and providing exceptional customer support. Employee retention and development strategies are central to our competitiveness.
2.Asset Financing Costs: During the financial year, the BoE has raised interest rates to 5.25% to cool the inflation in UK. This increase in the BoE base rate has increased the asset financing costs nearly threefold and as a result the new machines sales market has slowed down significantly. This slowdown in new machine sales is impacting our revenue and profitability.
3.Foreign Exchange Risk: While not a significant concern, we remain vigilant regarding exchange rate fluctuations, given our Euro-denominated stock purchases. The group closely monitors currency rates and employs forward currency transactions to mitigate potential risks.
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STELLAR FINANCE 1 LIMITED
Group strategic report (continued)
For the year ended 30 April 2024
In the past financial year, we observed noteworthy developments in our financial performance, as reflected in key financial performance indicators:
1.Turnover: Our turnover rate saw a notable shift, resulting in a shrinkage of -3.2% compared to FY2023, from £12.4 million in FY2023 to £12.0 million in FY2024. This reflects the economic challenges encountered during the year, mainly driven by the high interest rates resulting in increased asset financing costs for our customers.
2.Gross Profit Percentage: The gross profit percentage increased from 33% in FY2023 to 34% in FY2024. However, this is below our expected GP margin of 40%. The continued cost pressures due to wage inflation and input cost inflation has had a negative impact on our GM.
3.EBITDA: Our EBITDA decreased from £2.0 million in FY2023 to £1.5 million in FY2024, mainly driven by the slowdown of our new machines sales business and the competitive pressure as a result of a wider capital goods market slowdown.
These financial performance indicators collectively highlight our experience of a demanding fiscal year, marked
by slower revenue growth, reduced profitability, and increased cost pressures.
This report was approved by the board and signed on its behalf.
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STELLAR FINANCE 1 LIMITED
Directors' report
For the year ended 30 April 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £88,108 (2023 - £658,725).
EBITDA for the year was £1,496,599 (2023: £1,985,586).
Dividends of £nil (2023: £nil) were paid during the year.
The directors who served during the year were:
For the upcoming financial year, the Group anticipates a similar level of turnover, and profitability as in FY2024.
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STELLAR FINANCE 1 LIMITED
Directors' report (continued)
For the year ended 30 April 2024
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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STELLAR FINANCE 1 LIMITED
Independent auditors' report to the members of Stellar Finance 1 Limited
We have audited the financial statements of Stellar Finance 1 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
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STELLAR FINANCE 1 LIMITED
Independent auditors' report to the members of Stellar Finance 1 Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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STELLAR FINANCE 1 LIMITED
Independent auditors' report to the members of Stellar Finance 1 Limited (continued)
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 Auditors' 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 Group 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.
Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙management bias in respect of accounting estimates and judgements made;
∙management override of control;
∙posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the group financial statements. Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙Reviewing minutes of meetings of those charged with governance where available;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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STELLAR FINANCE 1 LIMITED
Independent auditors' report to the members of Stellar Finance 1 Limited (continued)
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 Auditors' 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.
for and on behalf of
Stautory Auditors
2 Lace Market Square
NG1 1PB
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STELLAR FINANCE 1 LIMITED
Consolidated statement of comprehensive income
For the year ended 30 April 2024
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STELLAR FINANCE 1 LIMITED
Registered number: 10960873
Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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STELLAR FINANCE 1 LIMITED
Registered number: 10960873
Company balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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STELLAR FINANCE 1 LIMITED
Consolidated statement of changes in equity
For the year ended 30 April 2024
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STELLAR FINANCE 1 LIMITED
Company statement of changes in equity
For the year ended 30 April 2024
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
Stellar Finance 1 Limited (the 'company') is a limited liability company incorporated and domiciled in England and Wales. The address of the registered office and the company registration number is disclosed on the company information page.
The nature of the Group's operations and principal activities are given in the Directors’ Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling (£), which is the functional currency of the Group and are rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
At the balance sheet date, the Group has strong cash balances of £864,061 and net current assets balance of £2,578,128 but net liabilities of £1,137,165. At the time of signing the accounts, the directors have considered the going concern position and, based on the forecasts, are satisfied that the Group will continue to trade for a period of at least 12 months from the date of signing these accounts.
On that basis, the directors have prepared these financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
The Group derives revenue from the sale of machinery, service and maintenance contracts, software licences and software support contracts. The principles of revenue recognition applied by the Group are as follows: Machines The Group recognises revenue on delivery of the machine. Software licences The Group recognises revenue when evidenced by a signed agreement, the delivery of the product has occured, and the fee is fixed and determinable. Software support contracts The Group recognises revenue on a straight-line basis over the period of the contract. Revenue not recognised in the profit and loss account under this policy is classified as deferred income and held within other creditors in the balance sheet. Service and maintenance contracts The Group recognises revenue on a straight-line basis over the period of the contract. Revenue not recognised in the profit or loss account under this policy is classified as deferred income and held within other creditors in the balance sheet.
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Other intangibles Intangible assets aquired seperately from a business are and are subsequently recognised at cost less accumualted amortisation and accumulated impariment losses. Amortisation is recognisied so as to write off the cost of assets less their residual values over their useful lives on the following basis: Other intangible assets - 2 years straight line
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Financial assets and financial liabilities are recognised when the company became a party to the
contractual provisions of the instrument. Financial liabilities and equity are classified according to the substance at the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial assets and liabilities AII financial assets and liabilities are initially measured at transaction price (including transaction costs) except in the initial measurement of financial assets and liabilities that are measured at fair value through the profit or loss. lf an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the balance sheet when there exists a legally enforceable right to set off the recognised amounts and the company intends to settle on a net basis, or to realise the asset and settle the liability simultaneously. Derivative financial instruments The Group's borrowings are exposed to interest rate risk. To negate this risk the company enters into derivative contracts being interest rate swaps. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and aresubsequently re-measured to their fair value at each reporting date with the resulting gain or loss being recognised in profit or loss immediately.
Research and development expenditure is written off in the year in which it is incurred.
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
Analysis of turnover by country of destination:
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
12.Taxation (continued)
There are no factors affecting the future tax charge on the profits of ordinary activities.
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
The bank loans are secured by a fixed and floating charge over all assets of the group. There also exists a cross guarantee between Stellar Finance 1 Limited and Esprit Automation Limited.
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
21.Deferred taxation (continued)
Profit and loss account
A prior year adjustment has been made to record a previously unidentified interest rate swap within the accounts of the Company and the Group. The relevant line items and error impact are set out below:
Debtors after more than one year: financial instruments: £345,240 debit Fair value movements profit and loss: £177,869 credit Profit and loss reserves: £167,371 credit
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund.
The pension cost represents contributions payable by the Group £60,302 (2023: £55,603). The amount unpaid at year end totalled £13,142 (2023: £14,738).
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STELLAR FINANCE 1 LIMITED
Notes to the financial statements
For the year ended 30 April 2024
27.Other financial commitments
There is a cross guarantee in place with Esprit Automation Limited
The Company's immediate and ultimate parent undertaking is Stellar Associates 1 Limited. The ultimate controlling party is the board of directors of Stellar Associates 1 Limited.
The parent undertaking of the largest group for which consolidated financial statements are prepared is Stellar Associates 1 Limited. Consolidated financial statements are available from the Registar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
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