Registration number:
Strongfield Technologies Ltd
for the Year Ended 30 June 2024
Strongfield Technologies Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Strongfield Technologies Ltd
Company Information
Chairman |
S K Mongia |
Directors |
A Mongia N E Murthy V Mongia H Dabhi |
Company secretary |
A Mongia |
Registered office |
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Accountants |
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Strongfield Technologies Ltd
(Registration number: 02889003)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
320,000 |
320,000 |
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Share premium reserve |
280,000 |
280,000 |
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Revaluation reserve |
520,911 |
520,911 |
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Retained earnings |
276,629 |
228,079 |
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Shareholders' funds |
1,397,540 |
1,348,990 |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Strongfield Technologies Ltd
(Registration number: 02889003)
Balance Sheet as at 30 June 2024
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Going Concern
The financial statements have been prepared on a going concern basis. In the opinion of the directors there is no uncertainty about the entity’s ability to continue as a going concern. The company operates in sectors in which the demand for its products and services is expected to continue. There has been a lag in the procurement process due to the impact of the pandemic which has also affected deliveries.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Foreign currency transactions and balances
Tangible assets
Tangible assets are stated in the statement of financial position at fair value less accumulated impairment loss.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land ,over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
-2% on cost |
Plant and machinery |
-25% on reducing balance |
Furnitue,fittings and equipment |
-Computers-33.33% on cost and others 15% on reducing balance |
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Research and development
Expenditure on research and development is written over a term of ten years.
Investments
Investments in subsidiaries and associate undertakings are recognised at cost less provision for impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost and net realisable value. It is also the company's policy to hold stock of parts for the certain generators so as to comply with the sale guarantee given to the customers, which are to have parts readily available to support generators for up to ten years. Consequently, no allowance has been made at the year end or the previous year end for obsolete or slow moving stock of parts for generators.
Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Intangible assets |
Development costs |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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Amortisation charge |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Revaluation
The fair value of the company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Investments in associates |
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Subsidiaries |
£ |
Fair value |
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At 1 July 2023 |
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At 30 June 2024 |
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Associates |
£ |
Cost |
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At 1 July 2023 |
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Provision |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
Subsidiary undertakings |
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Strongfield House
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Ordinary shares |
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England |
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Strongfield House
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Ordinary shares |
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Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
England |
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Strongfield House
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Ordinary shares |
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F505-506,
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Ordinary |
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India |
Associates |
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Strongfield House
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Ordinary shares |
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England |
Subsidiary undertakings |
Milfoam International Limited The principal activity of Milfoam International Limited is |
Strongfield Technologies Consultants Limited The principal activity of Strongfield Technologies Consultants Limited is |
Strongfield Technologies (Projects) Limited The principal activity of Strongfield Technologies (Projects) Limited is |
Strongfield Technologies India Private Limited The principal activity of Strongfield Technologies India Private Limited is |
Associates |
Strongfield Consultants Ltd The principal activity of Strongfield Consultants Ltd is |
Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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320,000 |
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320,000 |
Strongfield Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Related party transactions |
During the year, the company received management fees of £64,000 (2023 - £110,000) from Milfoam International Ltd, a subsidiary company. At 30 June 2024, the balance owed by this company was £47,849 (2023 - £42,842).
During the year, the company received management fees of £40,00 (2023 - £nil) from Strongfield Consultants Limited , an associate company. At 30 June 2024, the balance owed to this company was £121,436 (2023 - £181,351).
During the year, the company received management fees of £95,000 (2023 - £71,000) from Strongfield Technologies (Quebec), Inc., a company with common shareholders. At 30 June 2024, the balance owing by this company was £1,989 (2023 - £61,018).
At 30 June 2024, the balance owing to the pension fund was £11,000 (2023 - £11,000).
At 30 June 2024 the company owed £299,175 (2023 - £155,175) to two shareholders. The loans are interest free and not repayable for at least 12 months.
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Other borrowings |
- |
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Secured Debts
At 30 June 2023, the total amount of secured debts in respect of bank loans and overdrafts amounted to £484,655 (2023: £721,839) and are included in creditors.