REGISTERED NUMBER: 04693947 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
for |
STC Holdings Limited |
REGISTERED NUMBER: 04693947 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
for |
STC Holdings Limited |
STC Holdings Limited (Registered number: 04693947) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Profit and Loss Account | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
STC Holdings Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Ebenezer House |
Ryecroft |
Newcastle under Lyme |
Staffordshire |
ST5 2BE |
STC Holdings Limited (Registered number: 04693947) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
The director presents his strategic report of the company and the group for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The group continues to concentrate on the core business of repairing heavy goods vehicles, sales and leasing of trailers on medium to long term contracts, from its sites across the North West. |
Performance for the year saw an decrease in turnover of 31.0%, decreasing to £12.6m from £18.2m in 2023. |
The turnover has increased in truck repairs and decreased in sales or leasing of trucks. This has caused an overall decrease the group turnover. The revenue generated going forward is expected to continue to remain at a similar level. |
It is a fundamental objective to maintain a sustainable growth plan, and the group has taken the time during the year to focus on a wider spread of market sectors. |
KEY PERFORMANCE INDICATORS |
The key performance indicator detailed above is recognised as an integral part of monitoring the business, along with gross margin and net margin. |
2024 | 2023 |
Turnover growth | (30.97%) | 23.60% |
Gross profit | 32.00% | 23.82% |
Net profit | 1.49% | 5.25% |
It is the responsibility of the commercial team to regularly monitor and review these figures and report the results and any corrective actions to the board. |
The directors are happy with the company's performance against those indicators, especially during the challenges presented during the height of the pandemic. |
STC Holdings Limited (Registered number: 04693947) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are certain risks, which could materially and adversely impact the group's results compared to expectation. A summary of the key risks is set out below. This is not an exhaustive list of the factors that could adversely impact group profitability. |
FINANCIAL INSTRUMENTS |
The group uses various financial instruments; these include cash and various items, such as trade debtors, trade creditors and loans that arise directly from its operations. |
The existence of these financial instruments exposes the group to several financial risks which are described in more detail below. |
The main risks arising from the group's financial instruments are categorised as market risk, credit risk, liquidity risk, Brexit and COVID-19 risk. The directors review and agree policies for managing these risks and they are summarised below. |
MARKET RISK |
The directors are constantly monitoring both the quality and price of the products it acquires and the range of goods it supplies to minimise the market risk. |
INTEREST RATE RISK |
The group's policy throughout the year has been to maintain liquid funds at the bank and avoid incurring too much interest whilst also funding the repayment of hire purchase obligations and loan repayments. |
Where the group has had to undertake short term borrowings via hire purchase obligations, the group's exposure to interest rate fluctuations on its borrows its management by the use of fixed and floating facilities. It is the group's policy to minimise the amount of borrowings at floating rates of interest. |
The maturity of the borrowings is set out on note 16 to the financial statements. |
CREDIT RISK |
To counteract the risk of bad debts the business has increased the use of credit checking and monitoring facilities to assess the risk to the group. If a significant risk is identified then a further review is made and where appropriate protective actions are undertaken. |
LIQUIDITY RISK |
The business has a very strong relationship with its bank. The group has the facilities available to meet its needs on an ongoing basis. These facilities are reviewed on a regular basis, by both the bank and the management, and are in accordance with the needs of the group. |
FUTURE DEVELOPMENTS |
The directors are keen to expand the core business, through organic sustainable growth, supply chain partnerships, and through strategic acquisition opportunities. |
The business has a continued re-investment programme replacing production equipment with newer technology to enable the group to compete in increasingly competitive markets, which is constantly reviewed in line with business opportunities. |
ON BEHALF OF THE BOARD: |
STC Holdings Limited (Registered number: 04693947) |
Report of the Director |
for the Year Ended 30 April 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group is sale and leasing of trailers and repairs to heavy good vehicles. |
The company's principal activity is leasing of property to its subsidiaries. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2024 will be £ 97,943 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
STC Holdings Limited |
Opinion |
We have audited the financial statements of STC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 group 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 director's 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 and 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
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 Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
STC Holdings Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
STC Holdings 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. |
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, was as follows: |
- the Senior Statutory Auditor ensured that the audit 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 truck and trailer industry; |
- 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, other industry specific accreditations 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 |
STC Holdings Limited |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Ebenezer House |
Ryecroft |
Newcastle under Lyme |
Staffordshire |
ST5 2BE |
STC Holdings Limited (Registered number: 04693947) |
Consolidated Profit and Loss Account |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 12,551,493 | 18,183,733 |
Cost of sales | 8,534,469 | 13,852,436 |
GROSS PROFIT | 4,017,024 | 4,331,297 |
Administrative expenses | 3,450,166 | 2,992,519 |
566,858 | 1,338,778 |
Other operating income | 3,094 | 59,325 |
OPERATING PROFIT | 5 | 569,952 | 1,398,103 |
Interest receivable and similar income | 18,519 | 12,489 |
588,471 | 1,410,592 |
Interest payable and similar expenses | 6 | 258,550 | 113,061 |
PROFIT BEFORE TAXATION | 329,921 | 1,297,531 |
Tax on profit | 7 | 142,593 | 342,031 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 187,328 | 955,500 |
STC Holdings Limited (Registered number: 04693947) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 187,328 | 955,500 |
OTHER COMPREHENSIVE INCOME |
Revaluation reserve | - | 957,534 |
Income tax relating to other comprehensive income |
- |
(166,470 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
791,064 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 187,328 | 1,746,564 |
Total comprehensive income attributable to: |
Owners of the parent | 187,328 | 1,746,564 |
STC Holdings Limited (Registered number: 04693947) |
Consolidated Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 9,187 | 14,988 |
Tangible assets | 11 | 6,869,377 | 5,839,241 |
Investments | 12 | 2 | 2 |
6,878,566 | 5,854,231 |
CURRENT ASSETS |
Stocks | 13 | 1,683,933 | 2,200,756 |
Debtors | 14 | 1,538,872 | 3,104,173 |
Cash at bank and in hand | 580,844 | 231,922 |
3,803,649 | 5,536,851 |
CREDITORS |
Amounts falling due within one year | 15 | 2,429,758 | 4,908,626 |
NET CURRENT ASSETS | 1,373,891 | 628,225 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 8,252,457 | 6,482,456 |
CREDITORS |
Amounts falling due after more than one year | 16 | (2,947,802 | ) | (1,284,731 | ) |
PROVISIONS FOR LIABILITIES | 20 | (279,643 | ) | (428,568 | ) |
NET ASSETS | 5,025,012 | 4,769,157 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100 | 100 |
Non distributable reserves | 22 | 957,534 | 791,064 |
Retained earnings | 22 | 4,067,378 | 3,977,993 |
SHAREHOLDERS' FUNDS | 5,025,012 | 4,769,157 |
The financial statements were approved by the director and authorised for issue on 15 January 2025 and were signed by: |
Mr G Hardy - Director |
STC Holdings Limited (Registered number: 04693947) |
Company Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Non distributable reserves | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,238 | 143,211 |
The financial statements were approved by the director and authorised for issue on |
STC Holdings Limited (Registered number: 04693947) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up | Non |
share | Retained | distributable | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | 100 | 3,129,118 | - | 3,129,218 |
Changes in equity |
Dividends | - | (106,625 | ) | - | (106,625 | ) |
Total comprehensive income | - | 955,500 | 957,534 | 1,913,034 |
Deferred tax on revaluation | - | - | (166,470 | ) | (166,470 | ) |
Balance at 30 April 2023 | 100 | 3,977,993 | 791,064 | 4,769,157 |
Changes in equity |
Dividends | - | (97,943 | ) | - | (97,943 | ) |
Total comprehensive income | - | 187,328 | - | 187,328 |
Deferred tax on revaluation | - | - | 166,470 | 166,470 |
Balance at 30 April 2024 | 100 | 4,067,378 | 957,534 | 5,025,012 |
STC Holdings Limited (Registered number: 04693947) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up | Non |
share | Retained | distributable | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Deferred tax on revaluation | - | - | (166,470 | ) | (166,470 | ) |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Deferred tax on revaluation | - | - | 166,470 | 166,470 |
Balance at 30 April 2024 |
STC Holdings Limited (Registered number: 04693947) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 627,912 | 1,484,079 |
Interest paid | (246,901 | ) | (105,885 | ) |
Interest element of hire purchase payments paid | (11,649 | ) | (7,176 | ) |
Government grants | - | 35,819 |
Tax paid | (157,822 | ) | (360,596 | ) |
Net cash from operating activities | 211,540 | 1,046,241 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (17,405 | ) |
Purchase of tangible fixed assets | (812,491 | ) | (3,067,047 | ) |
Sale of tangible fixed assets | 120,397 | 341,694 |
Interest received | 18,519 | 12,489 |
Net cash from investing activities | (673,575 | ) | (2,730,269 | ) |
Cash flows from financing activities |
New loans in year | 1,680,000 | - |
Loan repayments in year | (338,951 | ) | (306,967 | ) |
Capital repayments in year | (60,436 | ) | (55,496 | ) |
Amount introduced by directors | 177 | (1,232 | ) |
Equity dividends paid | (97,943 | ) | (106,625 | ) |
Net cash from financing activities | 1,182,847 | (470,320 | ) |
Increase/(decrease) in cash and cash equivalents | 720,812 | (2,154,348 | ) |
Cash and cash equivalents at beginning of year | 2 | (139,968 | ) | 2,014,380 |
Cash and cash equivalents at end of year | 2 | 580,844 | (139,968 | ) |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 329,921 | 1,297,531 |
Depreciation charges | 480,180 | 336,930 |
Profit on disposal of fixed assets | (6,171 | ) | (160,528 | ) |
Impairment losses | - | 65,946 |
Government grants | - | (35,819 | ) |
Finance costs | 258,550 | 113,061 |
Finance income | (18,519 | ) | (12,489 | ) |
1,043,961 | 1,604,632 |
Decrease/(increase) in stocks | 582,513 | (287,951 | ) |
Decrease/(increase) in trade and other debtors | 1,565,127 | (1,520,856 | ) |
(Decrease)/increase in trade and other creditors | (2,563,689 | ) | 1,688,254 |
Cash generated from operations | 627,912 | 1,484,079 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 580,844 | 231,922 |
Bank overdrafts | - | (371,890 | ) |
580,844 | (139,968 | ) |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 231,922 | 2,014,380 |
Bank overdrafts | (371,890 | ) | - |
(139,968 | ) | 2,014,380 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.5.23 | Cash flow | changes | At 30.4.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 231,922 | 348,922 | 580,844 |
Bank overdrafts | (371,890 | ) | 371,890 | - |
(139,968 | ) | 720,812 | 580,844 |
Debt |
Finance leases | (238,962 | ) | 60,436 | - | (178,526 | ) |
Debts falling due |
within 1 year | (291,630 | ) | 338,951 | (403,701 | ) | (356,380 | ) |
Debts falling due |
after 1 year | (674,732 | ) | (1,680,000 | ) | (468,239 | ) | (2,822,971 | ) |
(1,205,324 | ) | (1,280,613 | ) | (871,940 | ) | (3,357,877 | ) |
Total | (1,345,292 | ) | (559,801 | ) | (871,940 | ) | (2,777,033 | ) |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
STC Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group accounts consolidate the accounts of the group and all its subsidiaries at 30 April. All companies have coterminous year ends. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
The significant judgments that the directors have made in the process of applying the company's accounting policies and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. |
Key judgements |
Judgement is applied by management when determining the residual values for fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of asset, if it were already of the condition expected at the end of the useful economic life. Where possible this is done with reference to external market prices. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
Recoverability of trade debtors |
The company establishes a provision for trade debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the trade debtors, past experience of recoverability and the credit profile of individual or groups of customers. |
Estimated useful life of tangible assets |
The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is attributable to the principle activity of the company which is carried out entirely within the United Kingdom. |
Lease income |
Turnover from the hire of trailers is recognised on a straight line basis over the hire period and is recognised at the agreed weekly or monthly rates. |
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. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group 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 when the group 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. |
(i) Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
(ii) Impairment of financial assets |
A provision for impairment of trade debtors is established when there is objective evidence that the |
amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
(iii) 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 group 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. |
(iv) 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 group after deducting all of its liabilities. |
(v) Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, 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 payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
(vi) Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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. |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Sales and leasing income | 7,261,877 | 13,713,368 |
Trailer repairs income | 5,289,616 | 4,470,365 |
12,551,493 | 18,183,733 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,396,899 | 2,280,570 |
Social security costs | 240,897 | 257,480 |
Other pension costs | 187,986 | 182,808 |
2,825,782 | 2,720,858 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 1 |
Office & Administrative | 29 | 27 |
Sales | 4 | 4 |
Engineers | 36 | 38 |
The average number of employees by undertakings that were proportionately consolidated during the year was 4 (2023 - 4 ) . |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Director's remuneration | 65,962 | 62,468 |
Director's pension contributions to money purchase schemes | 56,241 | 66,263 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 9,697 | 10,985 |
Other operating leases | 276,389 | 245,373 |
Depreciation - owned assets | 419,229 | 301,210 |
Depreciation - assets on hire purchase contracts | 55,150 | 33,304 |
Profit on disposal of fixed assets | (6,171 | ) | (160,528 | ) |
Computer software amortisation | 5,801 | 2,417 |
Auditors' remuneration | 9,885 | 9,415 |
Government grants | - | (35,819 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 232,866 | 76,415 |
Other interest charges | 14,035 | 29,470 |
Hire purchase | 11,649 | 7,176 |
258,550 | 113,061 |
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 | 122,955 | 200,730 |
EFRB Settlement | 2,093 | 8,135 |
Total current tax | 125,048 | 208,865 |
Deferred tax | 17,545 | 133,166 |
Tax on profit | 142,593 | 342,031 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 329,921 | 1,297,531 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
82,480 |
246,531 |
Effects of: |
Expenses not deductible for tax purposes | 7,227 | 14,142 |
Depreciation in excess of capital allowances | 50,793 | 5,231 |
EFRBS Settlement | 2,093 | 8,135 |
Marginal relief | - | 5,089 |
Other tax difference (change in tax rate) | - | 546 |
Capital allowances (change in tax rate) | - | 62,357 |
Total tax charge | 142,593 | 342,031 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 30 April 2024. |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | 957,534 | (166,470 | ) | 791,064 |
8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
A ordinary shares of £1 each |
Interim | 28,685 | 16,700 |
B ordinary shares of £1 each |
Interim | 26,608 | 25,375 |
C ordinary shares of £1 each |
Interim | 17,394 | 24,700 |
D ordinary shares of £1 each |
Interim | 12,916 | 39,850 |
E ordinary shares of £1 each |
Interim | 12,340 | - |
97,943 | 106,625 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 84,869 |
AMORTISATION |
At 1 May 2023 | 69,881 |
Amortisation for year | 5,801 |
At 30 April 2024 | 75,682 |
NET BOOK VALUE |
At 30 April 2024 | 9,187 |
At 30 April 2023 | 14,988 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 4,720,645 | - | 595,421 |
Additions | 1,135,792 | 40,385 | 141,645 |
Disposals | - | - | (51,301 | ) |
At 30 April 2024 | 5,856,437 | 40,385 | 685,765 |
DEPRECIATION |
At 1 May 2023 | 99,214 | - | 347,969 |
Charge for year | 199,362 | 1,597 | 59,432 |
Eliminated on disposal | - | - | (19,750 | ) |
At 30 April 2024 | 298,576 | 1,597 | 387,651 |
NET BOOK VALUE |
At 30 April 2024 | 5,557,861 | 38,788 | 298,114 |
At 30 April 2023 | 4,621,431 | - | 247,452 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 17,991 | 1,361,565 | 78,704 | 6,774,326 |
Additions | 2,400 | 298,519 | - | 1,618,741 |
Disposals | - | (219,640 | ) | - | (270,941 | ) |
At 30 April 2024 | 20,391 | 1,440,444 | 78,704 | 8,122,126 |
DEPRECIATION |
At 1 May 2023 | 6,340 | 429,057 | 52,505 | 935,085 |
Charge for year | 3,313 | 200,740 | 9,935 | 474,379 |
Eliminated on disposal | - | (136,965 | ) | - | (156,715 | ) |
At 30 April 2024 | 9,653 | 492,832 | 62,440 | 1,252,749 |
NET BOOK VALUE |
At 30 April 2024 | 10,738 | 947,612 | 16,264 | 6,869,377 |
At 30 April 2023 | 11,651 | 932,508 | 26,199 | 5,839,241 |
Cost or valuation at 30 April 2024 is represented by: |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Valuation in 2023 | 957,534 | - | - |
Cost | 4,898,903 | 40,385 | 685,765 |
5,856,437 | 40,385 | 685,765 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2023 | - | - | - | 957,534 |
Cost | 20,391 | 1,440,444 | 78,704 | 7,164,592 |
20,391 | 1,440,444 | 78,704 | 8,122,126 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 86,000 | 244,341 | 330,341 |
Disposals | - | (20,950 | ) | (20,950 | ) |
Transfer to ownership | - | (20,950 | ) | (20,950 | ) |
At 30 April 2024 | 86,000 | 202,441 | 288,441 |
DEPRECIATION |
At 1 May 2023 | 5,375 | 71,921 | 77,296 |
Charge for year | 20,156 | 34,994 | 55,150 |
Eliminated on disposal | - | (15,357 | ) | (15,357 | ) |
Transfer to ownership | - | (15,566 | ) | (15,566 | ) |
At 30 April 2024 | 25,531 | 75,992 | 101,523 |
NET BOOK VALUE |
At 30 April 2024 | 60,469 | 126,449 | 186,918 |
At 30 April 2023 | 80,625 | 172,420 | 253,045 |
Company |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 304,500 (2023 - £ 304,500 ) which is not depreciated. |
Cost or valuation at 30 April 2024 is represented by: |
Freehold |
property |
£ |
Valuation in 2023 | 957,534 |
Cost | 4,898,903 |
5,856,437 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 2 |
NET BOOK VALUE |
At 30 April 2024 | 2 |
At 30 April 2023 | 2 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 1,643,913 | 2,160,255 |
Work-in-progress | 40,020 | 40,501 |
1,683,933 | 2,200,756 |
14. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 963,271 | 1,566,525 |
Other debtors | 38,103 | 353,376 |
Amounts owed by related party | 287,938 | 236,000 | 287,938 | 236,000 |
Directors' current accounts | - | 174 | - | 174 |
VAT | - | 598,911 |
Prepayments and accrued income | 240,296 | 349,187 |
Prepayments | - | - |
1,529,608 | 3,104,173 |
Amounts falling due after more than one year: |
Other debtors | 9,264 | - |
Aggregate amounts | 1,538,872 | 3,104,173 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 356,380 | 663,520 |
Hire purchase contracts (see note 18) | 53,695 | 60,435 |
Trade creditors | 928,975 | 3,518,892 |
Amounts owed to group undertakings | - | - |
Tax | 122,956 | 155,730 |
Social security and other taxes | 58,327 | 68,074 |
VAT | 159,197 | - | 37,316 | - |
Other creditors | 202,744 | 94,803 |
Directors' current accounts | 3 | - | 3 | - |
Accruals and deferred income | 547,481 | 347,172 |
2,429,758 | 4,908,626 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 2,822,971 | 674,732 |
Hire purchase contracts (see note 18) | 124,831 | 178,527 |
Other creditors | - | 431,472 |
2,947,802 | 1,284,731 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 371,890 |
Bank loans | 356,380 | 291,630 |
356,380 | 663,520 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 283,987 | 237,310 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 371,762 | 309,090 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 2,167,222 | 128,332 | 2,167,222 | 128,332 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 53,695 | 60,435 |
Between one and five years | 124,831 | 178,527 |
178,526 | 238,962 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 113,910 | 96,226 |
Between one and five years | 63,393 | 113,598 |
In more than five years | 750 | - |
178,053 | 209,824 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank overdraft | - | - |
Bank loans | 3,179,351 | 966,362 |
Hire purchase contracts | 178,526 | 238,962 | - | - |
3,357,877 | 1,205,324 |
Hire purchase creditors are secured over the assets to which they relate. |
A legal charge dated 09/11/23 exists between the company and HSBC over the freehold property known as land and buildings on west side of Printshop Lane, Atherton, Manchester, M46 9BJ. |
A legal charge dated 30/08/23 exists between the company and HSBC over the freehold property known as land and buildings on the south west side of Globe Lane, Dukinfield, and land at Globe Lane, Dukinfield, SK16 4UL. |
A legal charge dated 20/12/17 exists between the company and HSBC over the property known as D Hulme Ltd, Broadway Industrial Estate, Dukinfield, Hyde, Cheshire. |
A legal charge dated 26/09/11 exists between the company and HSBC over the property known as Unit 9, Royal Standard Way, Expressway Business Park, New Chester Road. |
A legal charge dated 15/08/11 exists between the company and HSBC over the property known as land and buildings on the north side of Oldmoor Road, Bredbury, SK6 2QE. |
A legal charge dated 15/11/06 exists between the company and HSBC over the property known as land and buildings k/a D Hulme LTD, Broadway Industrial Estate, Dukinfield, Hyde, Cheshire. |
A debenture charge dated 14/02/06 exists between the company and HSBC via fixed and floating charges over the undertaking and all property and assets present and future including goodwill book debts uncalled capital buildings fixtures fixed plant and machinery. |
The group has a total overdraft facility of £1,700,000. |
The group has entered into a composite unlimited multilateral guarantee with the HSBC Bank Plc as follows: |
- A group guarantee and debentures consisting of fixed and floating charged over all the assets and undertaking of the reporting entity, STC Holdings Limited, STC Sales & Leasing Limited and Stockport Truck Centre Limited. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 279,643 | 262,098 |
Other timing differences | - | 166,470 | - | 166,470 |
279,643 | 428,568 | - | 166,470 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 428,568 |
Provided during year | 17,545 |
Other timing difference | (166,470 | ) |
Balance at 30 April 2024 | 279,643 |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Other timing difference | (166,470 | ) |
Balance at 30 April 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A ordinary | £1 | 80 | 85 |
B ordinary | £1 | 5 | 5 |
C ordinary | £1 | 5 | 5 |
D ordinary | £1 | 5 | 5 |
5 | E ordinary | £1 | 5 | - |
100 | 100 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
5 | Share capital 6 | £1 | 5 | - |
22. | RESERVES |
Group |
Non |
Retained | distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 May 2023 | 3,977,993 | 791,064 | 4,769,057 |
Profit for the year | 187,328 | 187,328 |
Dividends | (97,943 | ) | (97,943 | ) |
Deferred tax on revaluation | - | 166,470 | 166,470 |
At 30 April 2024 | 4,067,378 | 957,534 | 5,024,912 |
STC Holdings Limited (Registered number: 04693947) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
22. | RESERVES - continued |
Company |
Non |
Retained | distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 May 2023 | 1,331,800 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Deferred tax on revaluation | - | 166,470 | 166,470 |
At 30 April 2024 | 1,403,565 |
23. | RELATED PARTY DISCLOSURES |
Manic Tom Limited: |
The company has with one common directors with STC Holdings Ltd. |
Amounts owing from the company to the STC Holdings Limited at the year end were £287,938 (2023 £236,000). |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is G Hardy. |