Registered number:
FOR THE PERIOD ENDED 31 AUGUST 2024
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STM GROUP (UK) LIMITED
COMPANY INFORMATION
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STM GROUP (UK) LIMITED
CONTENTS
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STM GROUP (UK) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024
The Director presents his Report and Financial Statements for the 7 months ended 31 August 2024.
The 7-month reporting period is as a direct result of the previous year business integration needs, which resulted in a pre-tax loss, primarily emanating from company payroll process changes. The last 7 months have seen a period of strategic consolidation for STM Group (UK) Ltd, with the positive impact of continuously improving financial disciplines having been applied, together with a healthy pipeline of new business opportunities, thus ensuring effective optimum business control and maximum profitability.
The company now has a stable platform upon which to grow both revenue and profits, with a review of organisational commercial processes enabling greater visibility on anticipated new business financial contribution. This has enabled improved planning and forecasting, with resultant ongoing structural reviews and prudent financial management, enabling the introduction of efficiencies to reduce overhead costs. I am very confident that STM is in a strong trading position, with good operating and net margins, together with effective cash management, with anticipated healthy profits emphasised in future results. The STM Group (UK) Ltd Board of Directors are pleased that those actions taken, as a direct result of the strategic review, have had a positive impact on both performance and organisation reputation (critical for future growth).
It is also pleasing to report that the 10% increase to the National Minimum Wage (effective April 2024) has, in the main, been accepted by customers as exceptional an cost, without any adverse impact on contract margins. Further increases to National and Real Living Wages costs (as well as a material rise in Employers National Insurance contributions) in April 2025, will similarly need to be factored into contract negotiations.
An increased level of customer focus on Sustainability and Carbon Reduction has become evident, with the company needing to regularly demonstrate its commitment to these requirements Financial risk Due to the nature of the industry in which the company operates, there are various financial risks which the company may be exposed to, including credit risk, liquidity risk and interest risk. Credit risk The company offers credit terms to its customers which enable payment after delivery of the supply of goods and services. Strong ongoing customer relationships helps reduce the level of exposure to credit risk.. Liquidity risk The company also seeks to ensure sufficient liquidity is available to meet day-to-day operational and future potential development needs, in the form of invoice financing arrangements used to provide short-term debt flexibility. Interest risk The company keeps interest rate exposure under review to ensure this is factored into any business decisions.
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STM GROUP (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
During the current reporting (7 month) period, the company made a pre-tax profit of £807,219 which reflects an encouraging improvement on the previous year pre-tax Loss of £300,278. This is a result of improved business management, combined with a focus on delivering the 5 Year Business Plan. Despite the challenging times, the business has continued to invest in people and infrastructure, whilst demonstrating admirable control over key costs. The Balance Sheet has also improved, with not only increased profit for the year but also, equally importantly, the effective management of both debt and liquidity. These improvements are, clearly, evident when compared to previous financial years.
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STM GROUP (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
The companies other key performance indicator is considered to be its net assets position. This is as follows for the last two years:
31 August 2024 31 January 2024 Net Assets/(Liabilities) £388,186 (£123,956)
This report was approved by the board and signed on its behalf.
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STM GROUP (UK) LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024
The director presents his report and the financial statements for the period ended 31 August 2024.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £512,142 (31 Jan 2024 - loss £303,540).
No dividends were paid in the year (year ended 31 Jan 2024: £Nil).
The director who served during the period was:
The company is looking to grow each year. The Director considers that the company is well positioned to keep the ongoing uncertainty of the economic climate following Brexit minimal.
The company operates in a highly competitive market and profit margins are constantly squeezed. The Director is therefore conscious that costs and overheads are constantly monitored to maintain a level of profitability within the company. The Director expects the way forward for growth is by building on current relationships and efficiency.
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STM GROUP (UK) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
STM Group (UK) Limited is an Equal Opportunities and Diversity Aware employer, committed to promoting equality, diversity and inclusion amongst its workforce, whilst eliminating discrimination. Through its Support, Trust, Manage Vision, STM treats all employees as 'internal customers'. The STM aim is to create an inclusive environment and culture, with a diverse workforce that is representative of all sections of society, where everyone has the opportunity to fully contribute, and achieve, individual, full potential.
It is STM's policy to treat all employees (and job applicants) fairly and equally, regardless of individual sex, sexual orientation, gender re-assignment, marriage or civil partnership, pregnancy or maternity, race, colour, creed, nationality, ethnic or national origin, marital status, religion or belief, age, disability, or union membership status. STM's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate for their aptitudes and abilities. STM, consequently, commits to ensuring every employee is given equal opportunity in every aspect of their working role, with individual differences (and similarities) not only being embraced, but also where individual employee contribution is recognised, celebrated and valued. All STM employees will be given the necessary support and encouragement to develop individual ability and utilise unique talent. This policy to all aspects of employment, recruitment and related Terms & Conditions of Employment, including pay and benefits, training, appraisals, career development, conduct at work, disciplinary and grievance procedures, termination of employment and all other aspects of employment. the company against actions brought against them in their personal capacities. Cover is not provided where the individual has acted fraudulently or dishonestly.
There have been no significant events affecting the Company since the year end.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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STM GROUP (UK) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
This report was approved by the board and signed on its behalf.
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STM GROUP (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STM GROUP (UK) LIMITED
We have audited the financial statements of STM Group (UK) Limited (the 'Company') for the period ended 31 August 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
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STM GROUP (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STM GROUP (UK) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.
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STM GROUP (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STM GROUP (UK) LIMITED (CONTINUED)
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Obtaining an understanding of the legal and regulatory frameworks that the company operates in; • Reviewing key correspondence with regulatory authorities; • Testing for evidence of management override; • Enquiry of management to identify any instances of non-compliance with laws and regulations; • Enquiry of management around actual and potential litigation and claims; • Enquiry of management to identify any instances of known or suspected instances of fraud; • Discussing among the engagement team regarding how and where fraud might occur. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 an Auditors' report 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
Statutory Auditors
London
Date:
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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STM GROUP (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 AUGUST 2024
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STM GROUP (UK) LIMITED
REGISTERED NUMBER: 05466873
BALANCE SHEET
AS AT 31 AUGUST 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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STM GROUP (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2024
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
STM Group (UK) Ltd is a private company limited by shares incorporated in England and Wales in the United Kingdom. The registered office of the entity is Solar House, 1st Floor, Romford Road, London, E15 4LJ. The principal activity of the company is the provision of security services.
2.Accounting policies
The financial statements have been prepared on a going concern basis and under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.
The financial statements are for the period 1 February 2024 to 31 August 2024, in order to align the period end with that of its parent entity. The prior period was the year to 31 January 2024, hence the comparative figures are not entirely comparable
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of STM Group Holdings Limited as at 31 August 2024 and these financial statements may be obtained from Companies House.
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Accrued income relates to Revenue accrued due to the timing difference relating to four weekly billing frequency when billing clients. The method used to calculate any accrued income is to extract data from the MIS for the dates to reflect the complete calendar month.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
2.Accounting policies (continued)
impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
2.Accounting policies (continued)
due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
applied relate to the tangible asset lives, in particular the useful economic life and residual values of office equipment, and the recoverability of trade debtors. The director has concluded that the asset values and residual values are appropriate for tangible fixed assets and that trade debtors are appropriately valued.
The whole of the turnover is attributable to provision of security services.
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
10.Taxation (continued)
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
13.Debtors (continued)
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £236,747 (January 2024: £295,895). Contributions totalling £458,889 (January 2024: £6,005 receivable) were payable to the fund at the balance sheet date and are included in other creditors.
Interest of £7,391 (January 2024: £7,211) has been charged at commercial rates on overdrawn balances on an outstanding loan to the director, Mr P B Simpson. As at 31 August 2024, Mr P B Simpson owed the company £303,261 (January 2024: £295,633). The loan is unsecured and repayable on demand.
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STM GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
The company was under the control of the director, Mr P B Simpson, throughout the current and prior period, as a result of his control of the parent company, STM Group Holdings Ltd.
The largest and smallest groups in which the results of the company are consolidated are those headed by STM Group Holdings Ltd, with a registered office of Solar House, 1st Floor, Romford Road, London, E15 4LJ.
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