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Registered number: 06995496
Steadfast Tapes Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 06995496
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,249 3,610
Tangible Assets 5 119,409 19,819
122,658 23,429
CURRENT ASSETS
Stocks 6 114,835 143,408
Debtors 7 250,610 374,662
Cash at bank and in hand 67,610 89,300
433,055 607,370
Creditors: Amounts Falling Due Within One Year 8 (364,694 ) (490,287 )
NET CURRENT ASSETS (LIABILITIES) 68,361 117,083
TOTAL ASSETS LESS CURRENT LIABILITIES 191,019 140,512
PROVISIONS FOR LIABILITIES
Deferred Taxation (28,464 ) (2,556 )
NET ASSETS 162,555 137,956
CAPITAL AND RESERVES
Called up share capital 9 500 500
Income Statement 162,055 137,456
SHAREHOLDERS' FUNDS 162,555 137,956
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs V J Talbot
Director
20/12/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Steadfast Tapes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06995496 . The registered office is 13 Union Mills, Tanyard Road Milnsbridge, Huddersfield, West Yorkshire, HD3 4NB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. Goodwill has now been fully amortized.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other 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.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Plant & Machinery 25% and 10% on cost
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 10% on cost
Computer Equipment 20% on cost
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.7. Stocks and Work in Progress
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.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.9. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income statement, except to the extent it relates to items recognised in other comprhensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 October 2023 24,000 14,805 38,805
As at 30 September 2024 24,000 14,805 38,805
Amortisation
As at 1 October 2023 24,000 11,195 35,195
Provided during the period - 361 361
As at 30 September 2024 24,000 11,556 35,556
Net Book Value
As at 30 September 2024 - 3,249 3,249
As at 1 October 2023 - 3,610 3,610
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2023 77,712 14,430 1,491 5,968 99,601
Additions 18,779 - 99,009 - 117,788
As at 30 September 2024 96,491 14,430 100,500 5,968 217,389
Depreciation
As at 1 October 2023 60,435 12,985 1,431 4,931 79,782
Provided during the period 7,504 361 9,930 403 18,198
As at 30 September 2024 67,939 13,346 11,361 5,334 97,980
Net Book Value
As at 30 September 2024 28,552 1,084 89,139 634 119,409
As at 1 October 2023 17,277 1,445 60 1,037 19,819
6. Stocks
2024 2023
£ £
Stock 114,835 143,408
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 227,061 353,029
Other debtors 23,549 21,633
250,610 374,662
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 91,047 243,693
Amounts owed to participating interests 150,227 150,227
Other creditors 51,518 3,467
Taxation and social security 71,902 92,900
364,694 490,287
The Factoring account is secured by a debenture containing a fixed and floating charge over the assets of the Company.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 500 500
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 40,121 46,423
Later than one year and not later than five years 181,624 221,746
221,745 268,169
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