Company registration number 00706420 (England and Wales)
STONEBRIDGE UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
STONEBRIDGE UK LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 12
STONEBRIDGE UK LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J Green
Mr P Green
Mr L Green
Ms B Green
Ms T Green
Secretary
Mr L Green
Company number
00706420
Registered office
Unit J Howland Business Park
Howland Road
Thame
Oxfordshire
OX9 3GQ
Auditor
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
STONEBRIDGE UK LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,332
Current assets
Stocks
130,646
86,897
Debtors
5
1,757,956
1,476,070
Cash at bank and in hand
37,314
432,908
1,925,916
1,995,875
Creditors: amounts falling due within one year
6
(1,302,357)
(1,331,750)
Net current assets
623,559
664,125
Total assets less current liabilities
625,891
664,125
Creditors: amounts falling due after more than one year
7
(56,739)
(99,671)
Net assets
569,152
564,454
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
568,152
563,454
Total equity
569,152
564,454
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STONEBRIDGE UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Mr J Green
Director
Company Registration No. 00706420
The notes on pages 5 to 12 form part of these financial statements
STONEBRIDGE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
1,000
580,115
581,115
Period ended 31 May 2023:
Loss and total comprehensive income for the period
-
(16,661)
(16,661)
Balance at 31 May 2023
1,000
563,454
564,454
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
4,698
4,698
Balance at 31 May 2024
1,000
568,152
569,152
The notes on pages 5 to 12 form part of these financial statements
STONEBRIDGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Company information
Stonebridge UK Limited (00706420) is a private company limited by shares incorporated in England and Wales. The registered office is Unit J Howland Business Park, Howland Road, Thame, Oxfordshire, OX9 3GQ.
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
The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence, and will be able to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of the financial statements.
1.3
Reporting period
In the prior period, the company changed the end of its reporting period from the last day of November to the last day of May. Consequently, the statement of comprehensive income, statement of changes in equity and related notes are for the year ended 31 May 2024. The comparative amounts are for the 18-month period ended 30 May 2023. The figures are therefore not entirely comparable.
1.4
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
STONEBRIDGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.5
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:
Plant and equipment
20% straight line
Fixtures and fittings
25% straight line
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.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price, less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
1.7
Cash at bank and in hand
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
STONEBRIDGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.10
Employee 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 unused 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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
STONEBRIDGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 8 -
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
15
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
500
STONEBRIDGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2023
60,000
35,689
95,689
Additions
2,472
2,472
At 31 May 2024
60,000
38,161
98,161
Depreciation
At 1 June 2023
60,000
35,689
95,689
Depreciation charged in the year
140
140
At 31 May 2024
60,000
35,829
95,829
Carrying amount
At 31 May 2024
2,332
2,332
At 31 May 2023
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
341,539
369,384
Amounts owed by group undertakings
1,375,268
1,100,283
Prepayments and accrued income
41,149
6,403
1,757,956
1,476,070
STONEBRIDGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
40,000
36,996
Other borrowings
308,608
381,903
Trade creditors
43,073
62,584
Amounts owed to group undertakings
673,920
544,972
Corporation tax
500
Other taxation and social security
141,897
146,900
Other creditors
18,573
22,700
Accruals and deferred income
75,786
135,695
1,302,357
1,331,750
Included within other borrowings is an amount loaned from an entity under common control, the loan totalled £400,000, with a balance of £308,608 outstanding at the year end. The loan is repayable over a five year period, ending 16 February 2028 and is secured over the directors' shareholding in Stonebridge Holdings Limited and a personal guarantee for the loan value from Peter Green and John Green. Whilst the loan is repayable over five years, the agreement contains a clause that the loan becomes repayable, within three months, at the request of the provider, and is therefore disclosed as due within one year.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
56,739
99,671
A Coronavirus Business Interruption Loan was obtained on 31 October 2020 and is repayable in instalments by 31 October 2026. Repayment commenced on 31 October 2020. Interest for the first year is supported by the government, thereafter interest is charged at a floating rate basis, under which the interest rate is never less than 3.39% per annum. The loan is secured by way of a legal charge over the group's assets.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
The company has one class of ordinary shares. Each share has full voting rights, rights to dividends and a right to a capital distribution (including on winding up). There are no rights to redeem the shares.
STONEBRIDGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
9
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,639
60,917
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £3,450 (2023 - £4,748) were due to the fund and have been included within creditors.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Michelle Hewitt-Dutton FCCA and the auditor was Verallo.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
91,488
147,788
12
Financial commitments, guarantees and contingent liabilities
The company has guaranteed the bank borrowings of its parent company, Stonebridge Holdings Limited. At the balance sheet date the amount owed to the bank by Stonebridge Holdings Limited was £783,055 (2023: £1,051,238).
STONEBRIDGE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
13
Related party transactions
The company has taken advantage of the exemption allowed under FRS 102 s33. 1A not to disclose transactions with other wholly owned members of the group.
During the prior year, the company was loaned £400,000 was drawn down from an entity under common control. Interest is payable at 5% per annum, resulting in an interest charge of £17,730 during the year (2023: £5,000). At the year end, an amount of £308,608 was payable (2023: £381,903).
During the year the company entered into transactions totalling £56,300 (2023: £119,260) with a company under common control. At the year end the company owed the related party £5,630 (2023: £5,630).
14
Parent company
The directors consider that the parent undertaking of the company is Stonebridge Holdings Limited, a company incorporated in England and Wales, company number 05174535, which owns 100% of the issued share capital in the company.
The smallest and largest group in which the results of the company are consolidated is that headed by the controlling party, Stonebridge Holdings Limited. The consolidated accounts are available from the company's registered office at Unit J Howland Business Park, Howland Road, Thame, Oxfordshire, OX9 3GQ.
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