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COMPANY REGISTRATION NUMBER: 04232130
Stirland Paterson (Holdings) Limited
Group Strategic Report, Report of the Directors and Consolidated Financial Statements
30 September 2024
Stirland Paterson (Holdings) Limited
Group Strategic Report, Report of the Directors and Consolidated Financial Statements
Year ended 30 September 2024
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of income and retained earnings
9
Company statement of income and retained earnings
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of cash flows
13
Notes to the group strategic report, report of the directors and consolidated financial statements
14
Stirland Paterson (Holdings) Limited
Strategic Report
Year ended 30 September 2024
Principal activities
The principal activities of the group in the year under review were those of property leasing, marketing, print and associated services.
Review of the business
Since starting up in 1996 the subsidiary company has continued to grow and develop its products and services to meet customer requirements, investing in staff and equipment and monitoring processes to improve quality and speed, reduce wastage and emissions. The company has also grown its customer base and developed its services to provide a one stop shop for customers seeking more comprehensive experience. The company strives to provide a competitive service across all areas to be one of the front runners in print solutions. The parent company has increased it's portfolio of industrial rental property by expanding and developing existing sites.
Principal risks and uncertainties
There are a number of key risks pertaining to the management of the subsidiary company and the execution of its strategy. These key risks relate to the competition of both local and national providers of print and marketing services. To mitigate these risks the company focuses on producing a quality product and service and the development of customer relationships as well as sourcing and retaining high performing employees and equipment.
Business development
The group has had a successful year, increasing its turnover, gross profit and net profit, remaining solvent and able to service debts as they fall due. The subsidiary company has utilised the appointment of a purchasing and cost analysis co-ordinator to monitor spending. The company has developed their operations to provide a more encompassing service to customers. The group is also committed to ongoing sustainability and reducing carbon emissions in line with the Paris Agreement, utilising carbon specialists to help the company to identify emissions and target reductions. The group also offset scope 1 and 2 emissions by supporting the global conservation charity World Land Trust.
Key performance indicators
The group monitors its performance by reference to the following KPIs:
2024 2023
Turnover 13,846,536 12,072,650
Gross profit % 35 36
EBT 1,679,663 1,835,696
Net assets 4,538,497 3,485,376
Price risk, credit risk, liquidity risk and cash flow risk
Price risk - energy prices have remained high and print machinery utilises a lot of power. The group tries to fix utility prices to provide price stability and the subsidiary company pays employees an industry competitive wage based on skill level. As Government wage thresholds increase, the group's wage costs also increase as it seeks to reflect national increases across the payroll. As it had been challenging to recruit skilled staff in the print sector, the subsidiary company is looking at training opportunities for employees to meet skills deficits. This will also move more employees towards higher paid skilled wages. Credit risk - the subsidiary company is at risk of bad debts from customers. It operates controls over customer accounts, using external credit agencies to check and monitor customers, and also utilise an escalation process for pursuing debts outside of credit terms. Liquidity risk - the subsidiary company maintains good liquidity with a quick ratio of 1.3 and a current ratio of 1.5. Cash flow risk - the group has good cash reserves available to it, with both companies maintaining a healthy bank balance.
This report was approved by the board of directors on 23 January 2025 and signed on behalf of the board by:
Mr S Stirland
Director
Registered office:
Tomolivia Court
Unit 21B , Merlin Way
Quarry Hill Industrial Estate
Ilkeston
Derbyshire
DE7 4RA
Stirland Paterson (Holdings) Limited
Directors' Report
Year ended 30 September 2024
The directors present their report and the Group Strategic Report, Report of the Directors and Consolidated Financial Statements of the group for the year ended 30 September 2024 .
Directors
The directors who served the company during the year were as follows:
Mr S Stirland
Mr J Paterson
Dividends
Particulars of recommended dividends are detailed in note 11 to the Group Strategic Report, Report of the Directors and Consolidated Financial Statements.
Disclosure of information in the strategic report
The company has chosen to set out certain directors report information in the strategic report. This information is in respect of future developments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the Group Strategic Report, Report of the Directors and Consolidated Financial Statements in accordance with applicable law and regulations. Company law requires the directors to prepare Group Strategic Report, Report of the Directors and Consolidated Financial Statements for each financial year. Under that law the directors have elected to prepare the Group Strategic Report, Report of the Directors and Consolidated Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Group Strategic Report, Report of the Directors and Consolidated Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Group Strategic Report, Report of the Directors and Consolidated Financial Statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Group Strategic Report, Report of the Directors and Consolidated Financial Statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are 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 enable them to ensure that the Group Strategic Report, Report of the Directors and Consolidated Financial Statements comply with the Companies Act 2006. They are 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 23 January 2025 and signed on behalf of the board by:
Mr S Stirland
Director
Registered office:
Tomolivia Court
Unit 21B , Merlin Way
Quarry Hill Industrial Estate
Ilkeston
Derbyshire
DE7 4RA
Stirland Paterson (Holdings) Limited
Independent Auditor's Report to the Members of Stirland Paterson (Holdings) Limited
Year ended 30 September 2024
Opinion
We have audited the Group Strategic Report, Report of the Directors and Consolidated Financial Statements of Stirland Paterson (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Group Strategic Report, Report of the Directors and Consolidated Financial Statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 auditor's responsibilities for the audit of the group strategic report, report of the directors and consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the Group Strategic Report, Report of the Directors and Consolidated Financial Statements in the UK, including the FRC’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.
Conclusions relating to going concern
In auditing the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Group Strategic Report, Report of the Directors and Consolidated 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Group Strategic Report, Report of the Directors and Consolidated Financial Statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the Group Strategic Report, Report of the Directors and Consolidated Financial Statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Group Strategic Report, Report of the Directors and Consolidated 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. In connection with our audit of the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Group Strategic Report, Report of the Directors and Consolidated Financial Statements or our knowledge obtained in 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 there is a material misstatement in the Group Strategic Report, Report of the Directors and Consolidated Financial Statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the Group Strategic Report, Report of the Directors and Consolidated Financial Statements are prepared is consistent with the Group Strategic Report, Report of the Directors and Consolidated Financial Statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company Group Strategic Report, Report of the Directors and Consolidated Financial Statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the Group Strategic Report, Report of the Directors and Consolidated Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of Group Strategic Report, Report of the Directors and Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the group strategic report, report of the directors and consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the Group Strategic Report, Report of the Directors and Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 Group Strategic Report, Report of the Directors and Consolidated 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: 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. We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for out audit opinion. Identifying and assessing potential risks related to irregularities in identifying and assessing risks of material misstatement: In respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following: -the nature of the business and its industry, the level of autonomy of management and the controls put in place by those charged with governance and business performance. -results of our enquiries of management and those charged with governance regarding their own identification and assessment of the risks of irregularities. -any matters we identified having documented and tested the company's policies and procedures including compliance with laws and regulations, internal controls and also from discussion within the audit engagement team and associated internal specialists regarding how and where fraud might occur and whether there were any potential indicators of fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Group Strategic Report, Report of the Directors and Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, including the disclosures, and whether the Group Strategic Report, Report of the Directors and Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Group Strategic Report, Report of the Directors and Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
Use of our 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 auditor's 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.
Peter Stewart FCA
(Senior Statutory Auditor)
For and on behalf of
Gregory Priestley & Stewart
Chartered Accountants & statutory auditor
Lyndhurst
1-3 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
23 January 2025
Stirland Paterson (Holdings) Limited
Consolidated Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
13,846,536
12,072,650
Cost of sales
9,028,165
7,723,350
-------------
-------------
Gross profit
4,818,371
4,349,300
Distribution costs
13,175
10,450
Administrative expenses
3,211,414
2,528,826
Other operating income
5
125,471
97,689
------------
------------
Operating profit
6
1,719,253
1,907,713
Other interest receivable and similar income
25,320
7,991
Interest payable and similar expenses
64,910
80,008
------------
------------
Profit before taxation
1,679,663
1,835,696
Tax on profit
10
426,617
451,554
------------
------------
Profit for the financial year and total comprehensive income
1,253,046
1,384,142
------------
------------
Dividends paid and payable
11
( 200,000)
( 290,000)
Retained earnings at the start of the year
3,485,176
2,391,034
------------
------------
Retained earnings at the end of the year
4,538,222
3,485,176
------------
------------
All the activities of the group are from continuing operations.
Stirland Paterson (Holdings) Limited
Company Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
898,742
752,488
Dividends paid and payable
11
( 200,000)
( 290,000)
Retained earnings at the start of the year
1,774,096
1,311,608
------------
------------
Retained earnings at the end of the year
2,472,838
1,774,096
------------
------------
Stirland Paterson (Holdings) Limited
Consolidated Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
12
4,041,501
3,517,773
Current assets
Stocks
14
711,694
409,207
Debtors
15
2,871,786
2,040,047
Cash at bank and in hand
1,407,696
1,104,405
------------
------------
4,991,176
3,553,659
Creditors: Amounts falling due within one year
16
3,636,897
2,660,924
------------
------------
Net current assets
1,354,279
892,735
------------
------------
Total assets less current liabilities
5,395,780
4,410,508
Creditors: Amounts falling due after more than one year
17
308,604
529,396
Provisions
19
548,754
395,736
------------
------------
Net assets
4,538,422
3,485,376
------------
------------
Capital and reserves
Called up share capital
23
200
200
Profit and loss account
4,538,222
3,485,176
------------
------------
Shareholders funds
4,538,422
3,485,376
------------
------------
These Group Strategic Report, Report of the Directors and Consolidated Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Group Strategic Report, Report of the Directors and Consolidated Financial Statements were approved by the board of directors and authorised for issue on 23 January 2025 , and are signed on behalf of the board by:
Mr J Paterson
Director
Company registration number: 04232130
Stirland Paterson (Holdings) Limited
Company Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
12
3,528,555
3,137,790
Investments
13
40,002
40,002
------------
------------
3,568,557
3,177,792
Current assets
Stocks
14
15,000
Debtors
15
297,079
44,305
Cash at bank and in hand
396,704
7,272
---------
--------
708,783
51,577
Creditors: Amounts falling due within one year
16
1,040,264
613,185
------------
---------
Net current liabilities
331,481
561,608
------------
------------
Total assets less current liabilities
3,237,076
2,616,184
Creditors: Amounts falling due after more than one year
17
308,604
497,552
Provisions
19
455,434
344,336
------------
------------
Net assets
2,473,038
1,774,296
------------
------------
Capital and reserves
Called up share capital
23
200
200
Profit and loss account
2,472,838
1,774,096
------------
------------
Shareholders funds
2,473,038
1,774,296
------------
------------
The profit for the financial year of the parent company was £ 898,742 (2023: £ 752,488 ).
These Group Strategic Report, Report of the Directors and Consolidated Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These Group Strategic Report, Report of the Directors and Consolidated Financial Statements were approved by the board of directors and authorised for issue on 23 January 2025 , and are signed on behalf of the board by:
Mr J Paterson
Director
Company registration number: 04232130
Stirland Paterson (Holdings) Limited
Consolidated Statement of Cash Flows
Year ended 30 September 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,253,046
1,384,142
Adjustments for:
Depreciation of tangible assets
245,753
207,679
Government grant income
( 7,557)
( 7,557)
Other interest receivable and similar income
( 25,320)
( 7,991)
Interest payable and similar expenses
64,910
80,008
Loss/(gains) on disposal of tangible assets
6,739
( 343,626)
Tax on profit
426,617
451,554
Accrued expenses/(income)
85,874
( 21,928)
Changes in:
Stocks
( 302,487)
140,227
Trade and other debtors
( 831,739)
282,383
Trade and other creditors
916,314
( 280,343)
------------
------------
Cash generated from operations
1,832,150
1,884,548
Interest paid
( 64,910)
( 80,008)
Interest received
25,320
7,991
Tax paid
( 140,108)
( 122,500)
------------
------------
Net cash from operating activities
1,652,452
1,690,031
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 805,121)
( 1,398,742)
Proceeds from sale of tangible assets
28,901
356,661
------------
------------
Net cash used in investing activities
( 776,220)
( 1,042,081)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 268,068)
578,400
Repayments of borrowings
( 192,159)
Government grant income
7,557
7,557
Payments of finance lease liabilities
( 112,430)
( 155,517)
Dividends paid
( 200,000)
( 290,000)
------------
------------
Net cash used in financing activities
( 572,941)
( 51,719)
------------
------------
Net increase in cash and cash equivalents
303,291
596,231
Cash and cash equivalents at beginning of year
1,104,405
508,174
------------
------------
Cash and cash equivalents at end of year
1,407,696
1,104,405
------------
------------
Stirland Paterson (Holdings) Limited
Notes to the Group Strategic Report, Report of the Directors and Consolidated Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Tomolivia Court, Unit 21B , Merlin Way, Quarry Hill Industrial Estate, Ilkeston, Derbyshire, DE7 4RA.
2. Statement of compliance
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'' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are presented in Sterling (£).
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel. The company has taken advantage of the 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.
Consolidation
The Group Strategic Report, Report of the Directors and Consolidated Financial Statements consolidate the Group Strategic Report, Report of the Directors and Consolidated Financial Statements of Stirland Paterson (Holdings) Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation charge is calculated based on estimates and assumptions on asset useful economic lives and expected residual values.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered and rent receivable, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the FIFO (first in, first out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
13,846,536
12,072,650
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
104,500
69,897
Government grant income
7,557
7,557
Waste disposal sales
13,414
18,295
Other operating income
1,940
---------
--------
125,471
97,689
---------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
245,753
207,679
Loss/(gains) on disposal of tangible assets
6,739
( 343,626)
Impairment of trade debtors
9,288
Foreign exchange differences
( 4)
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the group strategic report, report of the directors and consolidated financial statements
12,000
11,300
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
42
37
Administrative staff
37
34
Management staff
4
4
----
----
83
75
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,084,424
2,520,193
Social security costs
14,568
7,016
Other pension costs
173,892
244,885
------------
------------
3,272,884
2,772,094
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
112,539
50,377
Company contributions to defined contribution pension plans
120,000
200,000
---------
---------
232,539
250,377
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
2
----
----
10. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax income
273,611
140,120
Adjustments in respect of prior periods
( 12)
---------
---------
Total current tax
273,599
140,120
---------
---------
Deferred tax:
Origination and reversal of timing differences
153,018
311,434
---------
---------
Tax on profit
426,617
451,554
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,679,663
1,835,696
------------
------------
Profit on ordinary activities by rate of tax
419,916
458,924
Adjustment to tax charge in respect of prior periods
( 12)
Effect of expenses not deductible for tax purposes
8,603
9,661
Effect of capital allowances and depreciation
( 15,142)
Effect of revenue exempt from tax
( 1,890)
( 1,889)
------------
------------
Tax on profit
426,617
451,554
------------
------------
11. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
200,000
290,000
---------
---------
12. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2023
1,616,928
3,601,601
368,658
57,618
342,436
5,987,241
Additions
18,621
671,281
690
55,660
58,869
805,121
Disposals
( 63,910)
( 31,292)
( 95,202)
------------
------------
---------
--------
---------
------------
At 30 Sep 2024
1,635,549
4,208,972
369,348
81,986
401,305
6,697,160
------------
------------
---------
--------
---------
------------
Depreciation
At 1 Oct 2023
1,761,921
353,219
55,805
298,523
2,469,468
Charge for the year
197,873
5,331
15,061
27,488
245,753
Disposals
( 28,269)
( 31,293)
( 59,562)
------------
------------
---------
--------
---------
------------
At 30 Sep 2024
1,931,525
358,550
39,573
326,011
2,655,659
------------
------------
---------
--------
---------
------------
Carrying amount
At 30 Sep 2024
1,635,549
2,277,447
10,798
42,413
75,294
4,041,501
------------
------------
---------
--------
---------
------------
At 30 Sep 2023
1,616,928
1,839,680
15,439
1,813
43,913
3,517,773
------------
------------
---------
--------
---------
------------
Company
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2023
1,616,928
2,951,397
315,587
4,883,912
Additions
18,621
567,644
586,265
Disposals
( 39,956)
( 39,956)
------------
------------
---------
------------
At 30 September 2024
1,635,549
3,479,085
315,587
5,430,221
------------
------------
---------
------------
Depreciation
At 1 October 2023
1,443,736
302,386
1,746,122
Charge for the year
158,083
4,168
162,251
Disposals
( 6,707)
( 6,707)
------------
------------
---------
------------
At 30 September 2024
1,595,112
306,554
1,901,666
------------
------------
---------
------------
Carrying amount
At 30 September 2024
1,635,549
1,883,973
9,033
3,528,555
------------
------------
---------
------------
At 30 September 2023
1,616,928
1,507,661
13,201
3,137,790
------------
------------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group and company
Plant and machinery
£
At 30 September 2024
904,965
---------
At 30 September 2023
1,005,517
------------
13. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
40,002
--------
Impairment
At 1 October 2023 and 30 September 2024
--------
Carrying amount
At 1 October 2023 and 30 September 2024
40,002
--------
At 30 September 2023
40,002
--------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Stirland Paterson (Printers) Ltd
Tomolivia Court
Ordinary
100
Unit 21B
Merlin Way
Quarry Hill Industrial Estate
Ilkeston
Derbyshire
DE7 4RA
14. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
398,550
128,333
15,000
Work in progress
313,144
280,874
---------
---------
--------
----
711,694
409,207
15,000
---------
---------
--------
----
15. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
2,593,758
1,943,632
89,369
8,328
Prepayments and accrued income
83,679
65,776
8,522
2,739
Directors loan account
149,070
94,127
Other debtors
45,279
30,639
105,061
33,238
------------
------------
---------
--------
2,871,786
2,040,047
297,079
44,305
------------
------------
---------
--------
16. Creditors: Amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
85,962
197,453
54,119
51,310
Trade creditors
2,680,824
1,684,106
501,188
4,004
Amounts owed to group undertakings
298,213
298,213
Accruals and deferred income
263,429
177,554
16,508
15,569
Corporation tax
273,611
140,120
Social security and other taxes
159,190
153,393
4,216
4,230
Obligations under finance leases and hire purchase contracts
124,465
112,430
124,465
112,430
Director loan accounts
67,806
85,874
Other creditors
49,416
128,062
41,555
41,555
------------
------------
------------
---------
3,636,897
2,660,924
1,040,264
613,185
------------
------------
------------
---------
Other creditors due by the Group within one year include secured creditors of £124,465 (2023-£112,430). These amounts are hire purchase creditors and are secured on the assets to which they relate. The bank loan due within one year amounts to £85,962 (2023-£51,310) and is secured on one of the company's freehold properties.
17. Creditors: Amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
35,460
124,231
35,460
92,387
Accruals and deferred income
7,547
15,103
7,547
15,103
Obligations under finance leases and hire purchase contracts
265,597
390,062
265,597
390,062
---------
---------
---------
---------
308,604
529,396
308,604
497,552
---------
---------
---------
---------
Other creditors due by the Group over one year include secured creditors of £265,597 (2023-£390,062). These amounts are hire purchase creditors and are secured on the assets to which they relate. Bank loans due over one year amount to £35,460 (2023-£92,387) and are secured on one of the company's freehold properties.
The group has 3 bank loans in total.
The first bank loan commenced in 2019. It is repayable over a term of 84 months with equal monthly repayments of £5,313.
The second bank loan commenced in 2021. It is repayable over a term of 48 months with equal monthly repayments of £6,944. Interest is charged at a rate of 3.06%
The third bank loan commenced in 2022. It is repayable over a term of 24 months with equal monthly repayments of £5,565. Interest is charged at a rate of 8.73%
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
124,465
112,430
124,465
112,430
Later than 1 year and not later than 5 years
265,597
390,062
265,597
390,062
---------
---------
---------
---------
390,062
502,492
390,062
502,492
---------
---------
---------
---------
19. Provisions
Group
Deferred tax (note 20)
£
At 1 October 2023
395,736
Additions
153,018
---------
At 30 September 2024
548,754
---------
Company
Deferred tax (note 20)
£
At 1 October 2023
344,336
Additions
111,098
---------
At 30 September 2024
455,434
---------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
548,754
395,736
455,434
344,336
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
548,754
395,736
455,434
344,336
---------
---------
---------
---------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 173,892 (2023: £ 244,885 ).
22. Government grants
The amounts recognised in the Group Strategic Report, Report of the Directors and Consolidated Financial Statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in creditors:
Deferred government grants due within one year
7,558
7,557
7,558
7,557
Deferred government grants due after more than one year
7,547
15,103
7,547
15,103
--------
--------
--------
--------
15,105
22,660
15,105
22,660
--------
--------
--------
--------
Recognised in other operating income:
Government grants released to profit or loss
7,557
7,557
7,557
7,557
-------
-------
-------
-------
23. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
24. Analysis of changes in net debt
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
1,104,405
303,291
1,407,696
Debt due within one year
(377,689)
167,262
(210,427)
Debt due after one year
(514,293)
213,236
(301,057)
------------
---------
------------
212,423
683,789
896,212
------------
---------
------------
25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
354,609
275,359
Later than 1 year and not later than 5 years
606,327
828,936
---------
------------
----
----
960,936
1,104,295
---------
------------
----
----
Lease payments recognised as an expense amounted to £79,609.
26. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Stirland
( 63,560)
104,248
40,688
Mr J Paterson
( 1,075)
109,457
108,382
--------
---------
----
---------
( 64,635)
213,705
149,070
--------
---------
----
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Stirland
( 18,133)
101,663
( 150,261)
(66,731)
Mr J Paterson
32,255
120,237
( 153,567)
( 1,075)
--------
---------
---------
--------
14,122
221,900
( 303,828)
(67,806)
--------
---------
---------
--------
Stirland Paterson (Holdings) Limited
Notes to the Group Strategic Report, Report of the Directors and Consolidated Financial Statements (continued)
Year ended 30 September 2024
27. Related party transactions
Group
During the year the group entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Other related parties
48
763
5,000
916
----
----
-------
----
Transactions with related parties are undertaken at market value. Loans with related parties are interest free.
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 380,593 (2023: £ 211,558 ).