Strongfield Technologies Ltd 02889003 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is both as a manufacturer and distributor of high tech components and sub-systems for applications in Defence, Aerospace and Security. With over 15 years’ experience as a manufacturer of ruggedised power generation systems, the company also has exclusive distribution relationships with a range of UK, European and US engineering and aviation companies, with a strong focus on the Indian market. Digita Accounts Production Advanced 6.30.9574.0 true false true true true true 02889003 2023-07-01 2024-06-30 02889003 2024-06-30 02889003 bus:OrdinaryShareClass1 2024-06-30 02889003 core:CurrentFinancialInstruments 2024-06-30 02889003 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 02889003 core:Non-currentFinancialInstruments 2024-06-30 02889003 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 02889003 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 02889003 core:FurnitureFittings 2024-06-30 02889003 core:LandBuildings 2024-06-30 02889003 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 02889003 core:MotorVehicles 2024-06-30 02889003 core:PlantMachinery 2024-06-30 02889003 bus:SmallEntities 2023-07-01 2024-06-30 02889003 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 02889003 bus:FilletedAccounts 2023-07-01 2024-06-30 02889003 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 02889003 bus:RegisteredOffice 2023-07-01 2024-06-30 02889003 bus:Chairman 2023-07-01 2024-06-30 02889003 bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 02889003 bus:Director3 2023-07-01 2024-06-30 02889003 bus:Director4 2023-07-01 2024-06-30 02889003 bus:Director5 2023-07-01 2024-06-30 02889003 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 02889003 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02889003 core:Associate1 2023-07-01 2024-06-30 02889003 core:Associate1 countries:AllCountries 2023-07-01 2024-06-30 02889003 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 02889003 core:Buildings 2023-07-01 2024-06-30 02889003 core:FurnitureFittings 2023-07-01 2024-06-30 02889003 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 02889003 core:LandBuildings 2023-07-01 2024-06-30 02889003 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02889003 core:MotorVehicles 2023-07-01 2024-06-30 02889003 core:PlantMachinery 2023-07-01 2024-06-30 02889003 core:Subsidiary1 2023-07-01 2024-06-30 02889003 core:Subsidiary1 countries:AllCountries 2023-07-01 2024-06-30 02889003 core:Subsidiary2 2023-07-01 2024-06-30 02889003 core:Subsidiary2 countries:AllCountries 2023-07-01 2024-06-30 02889003 core:Subsidiary3 2023-07-01 2024-06-30 02889003 core:Subsidiary4 2023-07-01 2024-06-30 02889003 core:Subsidiary4 countries:AllCountries 2023-07-01 2024-06-30 02889003 countries:EnglandWales 2023-07-01 2024-06-30 02889003 2023-06-30 02889003 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 02889003 core:CostValuation 2023-06-30 02889003 core:FurnitureFittings 2023-06-30 02889003 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 02889003 core:MotorVehicles 2023-06-30 02889003 core:PlantMachinery 2023-06-30 02889003 2022-07-01 2023-06-30 02889003 2023-06-30 02889003 bus:OrdinaryShareClass1 2023-06-30 02889003 core:CurrentFinancialInstruments 2023-06-30 02889003 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 02889003 core:Non-currentFinancialInstruments 2023-06-30 02889003 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 02889003 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 02889003 core:FurnitureFittings 2023-06-30 02889003 core:LandBuildings 2023-06-30 02889003 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 02889003 core:MotorVehicles 2023-06-30 02889003 core:PlantMachinery 2023-06-30 02889003 core:Associate1 2022-07-01 2023-06-30 02889003 core:Subsidiary1 2022-07-01 2023-06-30 02889003 core:Subsidiary2 2022-07-01 2023-06-30 02889003 core:Subsidiary3 2022-07-01 2023-06-30 02889003 core:Subsidiary4 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02889003

Strongfield Technologies Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Strongfield Technologies Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

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

Strongfield House
Unit 2, 89 Manor Farm Road
Wembley
Middx
HA0 1BA

Accountants

Paul & Co
8 Freetrade House
Lowther Road
Stanmore
Middx
HA7 1EP

 

Strongfield Technologies Ltd

(Registration number: 02889003)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,609

59,926

Tangible assets

5

1,389,023

1,430,301

Investments

6

126,669

126,669

 

1,520,301

1,616,896

Current assets

 

Stocks

7

592,879

905,889

Debtors

8

2,255,760

973,999

Cash at bank and in hand

 

103,163

800,593

 

2,951,802

2,680,481

Creditors: Amounts falling due within one year

9

(2,035,885)

(1,750,863)

Net current assets

 

915,917

929,618

Total assets less current liabilities

 

2,436,218

2,546,514

Creditors: Amounts falling due after more than one year

9

(930,459)

(1,089,305)

Provisions for liabilities

(108,219)

(108,219)

Net assets

 

1,397,540

1,348,990

Capital and reserves

 

Called up share capital

10

320,000

320,000

Share premium reserve

280,000

280,000

Revaluation reserve

520,911

520,911

Retained earnings

276,629

228,079

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 23 September 2024 and signed on its behalf by:
 

.........................................
N E Murthy
Director

.........................................
V Mongia
Director

 

Strongfield Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Strongfield House
Unit 2, 89 Manor Farm Road
Wembley
Middx
HA0 1BA

These financial statements were authorised for issue by the Board on 23 September 2024.

2

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

The financial statements contain information about Strongfield Technologies Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.


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

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non monetary assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.The related exchange gains and losses are taken into account in arriving at the operating result.

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
Fiinancial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 12).

 

Strongfield Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 July 2023

553,169

553,169

At 30 June 2024

553,169

553,169

Amortisation

At 1 July 2023

493,243

493,243

Amortisation charge

55,317

55,317

At 30 June 2024

548,560

548,560

Carrying amount

At 30 June 2024

4,609

4,609

At 30 June 2023

59,926

59,926

 

Strongfield Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

1,450,000

184,076

38,950

55,205

At 30 June 2024

1,450,000

184,076

38,950

55,205

Depreciation

At 1 July 2023

87,000

161,583

37,844

11,503

Charge for the year

29,000

3,374

276

8,628

At 30 June 2024

116,000

164,957

38,120

20,131

Carrying amount

At 30 June 2024

1,334,000

19,119

830

35,074

At 30 June 2023

1,363,000

22,493

1,106

43,702

Total
£

Cost or valuation

At 1 July 2023

1,728,231

At 30 June 2024

1,728,231

Depreciation

At 1 July 2023

297,930

Charge for the year

41,278

At 30 June 2024

339,208

Carrying amount

At 30 June 2024

1,389,023

At 30 June 2023

1,430,301

Revaluation

The fair value of the company's Land and buildings was revalued on 6 March 2020. An independent valuer was not involved. The directors have relied, however, on the value arrived at by a local property agent which is similar to market valuations of comparable local properties and has remained static since the valuation was done.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £528,830 (2023 - £528,830).

 

Strongfield Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

106,002

106,002

Investments in associates

20,667

20,667

126,669

126,669

Subsidiaries

£

Fair value

At 1 July 2023

106,002

At 30 June 2024

106,002

Associates

£

Cost

At 1 July 2023

20,667

Provision

Carrying amount

At 30 June 2024

20,667

At 30 June 2023

20,667

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

     

2024

2023

Subsidiary undertakings

Milfoam International Limited

Strongfield House
Unit 2, 89 Manor Farm Road
Wembley
Middx
HA0 1BA

Ordinary shares

100%

100%

 

England

     

Strongfield Technologies Consultants Limited

Strongfield House
Unit 2, 89 Manor Farm Road
Wembley
Middx
HA0 1BA

Ordinary shares

100%

100%

 

Strongfield Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

England

     

Strongfield Technologies (Projects) Limited

Strongfield House
Unit 2, 89 Manor Farm Road
Wembley
Middx
HA0 1BA

Ordinary shares

100%

100%

 

     

Strongfield Technologies India Private Limited

F505-506,
B Wing, 5th Floor
Mittal Tower, MG Road
Bangaluru 560001
Karnataka

Ordinary

100%

100%

 

India

     

Associates

Strongfield Consultants Ltd

Strongfield House
Unit 2, 89 Manor Farm Road
Wembley
Middx
HA0 1BA

Ordinary shares

40%

40%

 

England

     

Subsidiary undertakings

Milfoam International Limited

The principal activity of Milfoam International Limited is that of manufacturing of gun barrel cleaning solutions, including an aerosol foam for commercial use and a range of barrel cleaning systems. The company uses global distribution channels with a focus on Europe.

Strongfield Technologies Consultants Limited

The principal activity of Strongfield Technologies Consultants Limited is that of consultancy and recruitment business in advanced engineering industries.

Strongfield Technologies (Projects) Limited

The principal activity of Strongfield Technologies (Projects) Limited is that of general engineering projects.

Strongfield Technologies India Private Limited

The principal activity of Strongfield Technologies India Private Limited is to support Strongfield Technologies Ltd. contracts in India and develop local sales opportunities.

Associates

Strongfield Consultants Ltd

The principal activity of Strongfield Consultants Ltd is specialist engineering consultancy and global recruitment business.

 

Strongfield Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Stocks

2024
£

2023
£

Other inventories

592,879

905,889

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,174,180

838,862

Amounts owed by related parties

11

57,191

110,897

Prepayments

 

8,600

16,720

Other debtors

 

15,789

7,520

   

2,255,760

973,999

 

Strongfield Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

300,476

239,764

Trade creditors

 

1,323,238

1,263,326

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

212,436

181,351

Taxation and social security

 

138,088

20,988

Accruals and deferred income

 

19,910

10,624

Other creditors

 

41,737

34,810

 

2,035,885

1,750,863

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

930,459

1,089,305

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

320,000

320,000

320,000

320,000

       
 

Strongfield Technologies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

11

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.

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

278,617

673,130

Other borrowings

651,842

416,175

930,459

1,089,305

Current loans and borrowings

2024
£

2023
£

Bank borrowings

107,381

105,000

Bank overdrafts

193,095

102,700

Other borrowings

-

32,064

300,476

239,764

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.