Company registration number 11295967 (England and Wales)
STICKS & GLASS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
STICKS & GLASS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
5 - 10
STICKS & GLASS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A Bennett
Mr M Oliver
Mr M Moncrieffe
M B Mills
Company number
11295967
Registered office
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
Business address
Sticks & Glass Limited
25, 6-8 York Place
Leeds
UK
LS1 2SD
STICKS & GLASS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
618,638
558,107
Current assets
Debtors
5
95,334
196,549
Cash at bank and in hand
40,014
171,391
135,348
367,940
Creditors: amounts falling due within one year
6
(290,932)
(221,228)
Net current (liabilities)/assets
(155,584)
146,712
Total assets less current liabilities
463,054
704,819
Creditors: amounts falling due after more than one year
7
(463,941)
(522,390)
Provisions for liabilities
2,728
(28,453)
Net assets
1,841
153,976
Capital and reserves
Called up share capital
9
107
105
Share premium account
59,994
59,995
Profit and loss reserves
(58,260)
93,876
Total equity
1,841
153,976
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STICKS & GLASS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
Mr A Bennett
Director
Company registration number 11295967 (England and Wales)
STICKS & GLASS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
103
34,997
112,343
147,443
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
21,529
21,529
Issue of share capital
9
2
24,998
-
25,000
Dividends
-
-
(39,996)
(39,996)
Balance at 30 April 2023
105
59,995
93,876
153,976
Year ended 30 April 2024:
Loss and total comprehensive income
-
-
(125,472)
(125,472)
Issue of share capital
9
2
-
1
Dividends
-
-
(26,664)
(26,664)
Balance at 30 April 2024
107
59,994
(58,260)
1,841
STICKS & GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
1
Accounting policies
Company information
Sticks & Glass Limited is a private company limited by shares incorporated in England and Wales. The registered office is Riverside House, Kings Reach Business Park, Yew Street, Stockport, Cheshire, SK4 2HD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown new of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measure;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold Property Improvements
10% Straight Line
Plant and equipment
10% Reducing Balance
Fixtures and fittings
20% Straight Line
Computers
10% Reducing Balance
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.
1.5
Borrowing costs related to fixed assets
Where a small entity adopts a policy of capitalising borrowing costs, the inclusion of financial position there must be stated the aggregate amount of any debts included under that item in respect of which any security has been given by the entity with an indication of the nature and form of any such security.
STICKS & GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charges to the profit or loss on a straight line basis over the period of the lease.
STICKS & GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Interest-bearing borrowings are initially recorded as fair value, net of transaction costs. Interest-bearing borrowing are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest
payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting date.
1.12
Defined contribution pension obligation
A defined plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employer benefit expenses when they are due. If contributions payments exceed the contributions due for service, the excess is recognised as a prepayment.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
STICKS & GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
4
Tangible fixed assets
Leasehold Property Improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 May 2023
308,401
313,830
25,786
41,369
689,386
Additions
83,565
9,967
6,408
36,881
136,821
At 30 April 2024
391,966
323,797
32,194
78,250
826,207
Depreciation and impairment
At 1 May 2023
49,670
62,975
12,384
6,251
131,280
Depreciation charged in the year
37,627
25,795
6,040
6,827
76,289
At 30 April 2024
87,297
88,770
18,424
13,078
207,569
Carrying amount
At 30 April 2024
304,669
235,027
13,770
65,172
618,638
At 30 April 2023
258,729
250,857
13,403
35,118
558,107
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
88,395
167,786
Corporation tax recoverable
4,176
Prepayments and accrued income
6,939
24,587
95,334
196,549
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
5,556
5,556
Obligations under finance leases
11,155
Other borrowings
8
141,809
94,334
Trade creditors
17,457
38,632
Taxation and social security
38,319
37,943
Other creditors
15,967
26,250
Accruals and deferred income
60,669
18,513
290,932
221,228
Included within creditors due within on year are two loans from Creative Growth Finance Limited totalling £141,810 (2023 £94,334). The loans are secured by two fixed and floating charges dated 6th October 2021 and 19th April 2023.
STICKS & GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
54,166
34,265
Obligations under finance leases
35,323
Other borrowings
8
286,786
402,000
Other creditors
87,666
86,125
463,941
522,390
Included within creditors due within on year are two loans from Creative Growth Finance Limited totalling £286,785 (2023 £402,000). The loans are secured by two fixed and floating charges dated 6th October 2021 and 19th April 2023.
8
Loans and borrowings
2024
2023
£
£
Bank loans
59,722
39,821
Other loans
428,595
496,334
488,317
536,155
Payable within one year
147,365
99,890
Payable after one year
340,952
436,265
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 0.1p each
100,000
100,000
100
100
Ordinary B Shares of 0.1p each
5,707
5,707
7
5
105,707
105,707
107
105
STICKS & GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
64,837
116,585
The amount of non-cancellable operating lease payments recognised as an expense during the year was
£51,594.
11
Related party transactions
Other transactions with directors
At the balance sheet date, amount owed to the directors totalled £82,768 (2023: £86,125). The balance is interest free and repayable with notice of one year and one day on a rolling basis.
Summary of transactions with other related parties
At the balance sheet date, amount owed to other related parties totalled £15,967 (2023: £26,250). The balance is interest free and repayable with notice of one year and one day on a rolling basis.
12
Control
By virtue of the shareholdings, there is no controlling party.