Company registration number 06766831 (England and Wales)
STURENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
STURENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
STURENTS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,195,599
980,210
Tangible assets
5
43,784
45,256
1,239,383
1,025,466
Current assets
Debtors
6
566,324
712,219
Cash at bank and in hand
2,248,567
1,105,381
2,814,891
1,817,600
Creditors: amounts falling due within one year
7
(600,195)
(588,303)
Net current assets
2,214,696
1,229,297
Total assets less current liabilities
3,454,079
2,254,763
Creditors: amounts falling due after more than one year
8
(9,615)
(19,908)
Net assets
3,444,464
2,234,855
Capital and reserves
Called up share capital
9
149
134
Share premium account
8,547,608
6,047,633
Profit and loss reserves
(5,103,293)
(3,812,912)
Total equity
3,444,464
2,234,855
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STURENTS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
Mr M A Rainsford
Director
Company Registration No. 06766831
STURENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Sturents Limited is a private company, company number 06766831, limited by shares incorporated in England and Wales. The registered office is Unit 101, 164-180 Union Street, London, SE1 0LH.
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 company has cash resourcestrue and based on current forecasts the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Amortisation 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:
Software development costs
25% or 33% straight line
STURENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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 machinery
20% reducing balance
Fixtures, fittings & equipment
15% straight line
Computer equipment
33% 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
Cash and cash equivalents
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.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.8
Taxation
The tax credit represents the sum of the tax currently repayable and deferred tax.
Current tax
The tax currently repayable is based on taxable profit or loss for the year adjusted for any amounts repayable under the Research and Development tax credit regime. Taxable profit or loss differs from net profit or loss 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
STURENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
41
37
STURENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Intangible fixed assets
Other
£
Cost
At 1 July 2023
1,985,777
Additions
877,370
Disposals
(258,821)
At 30 June 2024
2,604,326
Amortisation and impairment
At 1 July 2023
1,005,567
Amortisation charged for the year
661,981
Disposals
(258,821)
At 30 June 2024
1,408,727
Carrying amount
At 30 June 2024
1,195,599
At 30 June 2023
980,210
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
77,884
Additions
17,013
Disposals
(10,810)
At 30 June 2024
84,087
Depreciation and impairment
At 1 July 2023
32,628
Depreciation charged in the year
18,485
Eliminated in respect of disposals
(10,810)
At 30 June 2024
40,303
Carrying amount
At 30 June 2024
43,784
At 30 June 2023
45,256
STURENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
259,664
216,543
Corporation tax recoverable
163,191
222,707
Other debtors
143,469
272,969
566,324
712,219
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,303
10,138
Trade creditors
7,899
Taxation and social security
145,458
155,902
Other creditors
436,535
422,263
600,195
588,303
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,615
19,908
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
149,187
133,827
149
134
During November 2020 share options were granted in relation to an EMI scheme. Options of 1,390 ordinary shares were granted at an exercise price of £0.001 per share. During the prior year 1,000 options were exercised or lapsed. The remaining 390 options were exercised in the current period, and no options remain unexercised as at 30 June 2024.
During January 2024 share options were granted in relation to an EMI scheme. Options of 420 ordinary shares were granted at an exercise price of £0.001 per share. During the year none of these options were exercised or lapsed and so all 420 options remain unexercised as at 30 June 2024.
During January 2024 14,970 Ordinary shares of 0.1p each were issued in exchange for consideration of £167 per share. The difference between the consideration received and the nominal value of the shares has been credited to the Share Premium account.
STURENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
10
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
£
£
80,148