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Company No: 08051237 (England and Wales)

STYNE LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

STYNE LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

STYNE LTD

COMPANY INFORMATION

For the financial year ended 30 April 2024
STYNE LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Deborah Brown
Mark Julian Debenham
Maxwell David Horslen
SECRETARY Deborah Brown
REGISTERED OFFICE Falcon Hall Finningham Road
Rickinghall
Diss
IP22 1LP
United Kingdom
COMPANY NUMBER 08051237 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
STYNE LTD

BALANCE SHEET

As at 30 April 2024
STYNE LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 ( 1) 245,383
(1) 245,383
Current assets
Stocks 4 0 88,874
Debtors
- due within one year 5 1,097,094 1,238,986
- due after more than one year 5 0 135,500
Cash at bank and in hand 28,117 376,717
1,125,211 1,840,077
Creditors: amounts falling due within one year 6 1 ( 977,653)
Net current assets 1,125,212 862,424
Total assets less current liabilities 1,125,211 1,107,807
Creditors: amounts falling due after more than one year 7 0 ( 43,268)
Provision for liabilities 8 ( 22,364) ( 55,132)
Net assets 1,102,847 1,009,407
Capital and reserves
Called-up share capital 9 55,000 55,000
Profit and loss account 1,047,847 954,407
Total shareholder's funds 1,102,847 1,009,407

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Styne Ltd (registered number: 08051237) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

Deborah Brown
Director
STYNE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
STYNE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Styne Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Falcon Hall Finningham Road, Rickinghall, Diss, IP22 1LP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery not depreciated
Vehicles not depreciated
Office equipment not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 38 46

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 112,639 339,740 260,194 107,062 819,635
Additions 0 1,289 70,745 0 72,034
Revaluations 822 2,623 ( 5,835) 14,249 11,859
Disposals ( 112,616) ( 252,878) ( 257,997) ( 64,958) ( 688,449)
At 30 April 2024 845 92,063 21,085 56,353 170,346
Accumulated depreciation
At 01 May 2023 76,576 253,394 148,894 95,388 574,252
Charge for the financial year 3,699 8,269 9,596 2,609 24,173
Disposals ( 79,430) ( 169,599) ( 137,435) ( 41,644) ( 428,108)
At 30 April 2024 845 92,064 21,085 56,353 170,347
Net book value
At 30 April 2024 0 ( 1) 0 0 ( 1)
At 30 April 2023 36,063 86,346 111,300 11,674 245,383

4. Stocks

2024 2023
£ £
Stocks 0 88,874

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 0 652,871
Amounts owed by Group undertakings 1,097,094 304,280
Corporation tax 0 97,389
Other taxation and social security 0 4,062
Other debtors 0 180,384
1,097,094 1,238,986
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 0 135,500

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 344,984
Amounts owed to Group undertakings 0 82,966
Taxation and social security 0 259,308
Obligations under finance leases and hire purchase contracts 0 31,130
Other creditors ( 1) 259,265
( 1) 977,653

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 43,268

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 22,364 55,132

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
55,000 Ordinary shares of £ 1.00 each 55,000 55,000

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Balances owed by connected companies 1,097,094 356,814

11. Ultimate controlling party

Parent Company:

Styne Group Limited