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REGISTERED NUMBER: 04922840 (England and Wales)













Audited Financial Statements

for the Year Ended 30 April 2024

for

Stuncroft Limited

Stuncroft Limited (Registered number: 04922840)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Stuncroft Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: E A Hopper
E C Wakefield
M S Alexander
M I Hargreaves
M Turner



SECRETARY: M S Alexander



REGISTERED OFFICE: Unit 2-3 Island Drive
Thorne
DONCASTER
DN8 5UE



REGISTERED NUMBER: 04922840 (England and Wales)



SENIOR STATUTORY AUDITOR: Kevin Shotton BA BFP FCA



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

Stuncroft Limited (Registered number: 04922840)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,830 7,952
Tangible assets 5 97,247 117,757
109,077 125,709

CURRENT ASSETS
Stocks 6 2,440,366 2,581,928
Debtors 7 4,494,553 4,243,092
Cash at bank and in hand 76,916 233,268
7,011,835 7,058,288
CREDITORS
Amounts falling due within one year 8 4,021,024 3,619,089
NET CURRENT ASSETS 2,990,811 3,439,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,099,888

3,564,908

CREDITORS
Amounts falling due after more than one
year

9

575,000

1,035,000
NET ASSETS 2,524,888 2,529,908

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Capital redemption reserve 1,000,000 1,000,000
Retained earnings 1,523,888 1,528,908
SHAREHOLDERS' FUNDS 2,524,888 2,529,908

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





E A Hopper - Director


Stuncroft Limited (Registered number: 04922840)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Stuncroft Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The financial statements are presented in £ sterling.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

Bad debts - There is an element of estimation and judgement made by the directors when considering the bad debt provision included within Trade Debtors.

Stock provisions - Management applies procedures to identify defective, slow moving and obsolete stock. An estimation is made of the price obtainable in the market in which the goods are expected to be sold and any costs of completion of sale are taken into account. The value of stock is reduced by the deficit between cost and estimated net realisable value of the stock in the form of a stock provision.

Intercompany recoverability - There is an element of estimation and judgement made by the directors when considering the recoverability of intercompany balances.

Forex contracts - The balance is translated at the year end into Sterling using the Bank of England exchange rates. The range depends on movement in exchange rates from the contracted rate.

Turnover
Turnover represents the amount derived from the provision of goods and services to customers after deduction of trade discounts and value added tax. Turnover is recognised at the point at which the risks and rewards of the goods are transferred to the customer and the services are rendered.

Income recognition
Income is recognised when a contract for the sale of goods is determined as unconditional.

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.

Computer software is being amortised evenly over its estimated useful life of four years.

Stuncroft Limited (Registered number: 04922840)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are held at cost less accumulated depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery- 10 - 25% on cost
Fixtures and fittings- 10% on cost
Computer equipment- 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 and loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Stuncroft Limited (Registered number: 04922840)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Trade finance
The trade finance creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to trade finance are recognised in the profit and loss account over the relevant period.

Grants
Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset.

Revenue based grants are credited to the profit and loss account on receipt.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 May 2023 20,561
Additions 10,540
At 30 April 2024 31,101
AMORTISATION
At 1 May 2023 12,609
Amortisation for year 6,662
At 30 April 2024 19,271
NET BOOK VALUE
At 30 April 2024 11,830
At 30 April 2023 7,952

Stuncroft Limited (Registered number: 04922840)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 9,625 136,042 350,567 496,234
Additions - 1,890 5,215 7,105
At 30 April 2024 9,625 137,932 355,782 503,339
DEPRECIATION
At 1 May 2023 5,041 54,368 319,068 378,477
Charge for year 874 13,373 13,368 27,615
At 30 April 2024 5,915 67,741 332,436 406,092
NET BOOK VALUE
At 30 April 2024 3,710 70,191 23,346 97,247
At 30 April 2023 4,584 81,674 31,499 117,757

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023 3,925
Transfer to ownership (3,925 )
At 30 April 2024 -
DEPRECIATION
At 1 May 2023 655
Charge for year 393
Transfer to ownership (1,048 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 3,270

6. STOCKS
2024 2023
£    £   
Raw materials 834,680 1,018,676
Finished goods 1,605,686 1,563,252
2,440,366 2,581,928

Stuncroft Limited (Registered number: 04922840)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,141,846 791,973
Amounts owed by group undertakings 2,865,586 3,009,100
Other debtors 122,172 133,898
Prepayments and accrued income 364,949 308,121
4,494,553 4,243,092

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 460,000 460,000
Other loans 475,000 475,000
Hire purchase contracts (see note 10) - 312
Trade creditors 327,100 378,888
Taxation and social security 404,909 283,587
Other creditors 20,066 97,349
Trade finance 2,049,369 1,759,840
Accruals and deferred income 284,580 164,113
4,021,024 3,619,089

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 460,000 460,000
Bank loans - 2-5 years 115,000 575,000
575,000 1,035,000

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet is £nil (2023: £nil).

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 312

Non-cancellable operating leases
2024 2023
£    £   
Within one year 50,669 171,401
Between one and five years - 50,669
50,669 222,070

Stuncroft Limited (Registered number: 04922840)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,035,000 1,495,000
Hire purchase contracts - 312
Trade finance 2,049,369 1,759,840
3,084,369 3,255,152

The company issued a guarantee dated 19 January 2015 in favour of HMRC for £40,000.

There is a debenture dated 7 January 2013 including a fixed charge over all present freehold and leasehold property, a fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future and there is first floating charge over all assets and undertakings both present and future.

The bank loan is secured by debenture comprising fixed and floating charges over all the assets and undertaking of International Riding Company Limited (the ultimate parent company), including all present and future freehold and leasehold property, book and other debts, chattels, goodwill, uncalled share capital both present and future.

The trade finance is secured by fixed and floating charges over the company and all property and assets.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Shotton BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

13. CONTINGENT LIABILITIES

There is a multilateral cross guarantee in place between the company, Harry Hall International Limited, a fellow subsidiary, and International Riding Company Limited, the parent undertaking. At 30 April 2024 the bank borrowings of the group companies are £nil (2023: £nil).

14. ULTIMATE PARENT COMPANY

The ultimate parent undertaking is International Riding Company Limited, a company incorporated in England and Wales. The registered office of International Riding Company Limited is Hope Park Business Centre, 4 Coop Place, Rooley Lane, Bradford, England, BD5 8JX.