Company registration number 13793868 (England and Wales)
STEBUL FURNITURE GROUP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
STEBUL FURNITURE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr G N J Cox
Mrs R Cox
Company number
13793868
Registered office
Unit 14
Mucklow Hill Trading Estate
Mucklow Hill
Halesowen
West Midlands
UK
B62 8DF
Accountants
Price Pearson
Finch House
28-30 Wolverhampton Street
Dudley
West Midlands
DY1 1DB
STEBUL FURNITURE GROUP LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 10
STEBUL FURNITURE GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -
The directors present their annual report and financial statements for the period ended 30 June 2024.
Principal activities
The principal activity of the company is that of an office furniture supplier.
During the period the company extended its accounting period inline with its parent company from 31st December 2023 to 30th June 2024.
Results and dividends
The results for the period are set out on page 3.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr G N J Cox
Mrs R Cox
Directors' interests
The directors' interests in the shares of the company were as stated below:
Ordinary A shares of £1 each
30 June 2024
31 December 2022
Mr G N J Cox
-
-
Mrs R Cox
-
-
Ordinary B shares of £1 each
30 June 2024
31 December 2022
Mr G N J Cox
-
-
Mrs R Cox
-
-
The interest of G N J Cox and Mrs R Cox in the share capital of the parent company, Sovereign Business Solutions Group Limited, is disclosed in the directors report of that company.
The shareholders of the 50 Ordinary B Shares are not directors of Sovereign Business Solutions Group Limited nor Stebul Furniture Group Limited.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr G N J Cox
Director
25 March 2025
STEBUL FURNITURE GROUP LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STEBUL FURNITURE GROUP LIMITED FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stebul Furniture Group Limited for the period ended 30 June 2024 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Stebul Furniture Group Limited, as a body, in accordance with the terms of our engagement letter dated 16 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Stebul Furniture Group Limited and state those matters that we have agreed to state to the board of directors of Stebul Furniture Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stebul Furniture Group Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Stebul Furniture Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Stebul Furniture Group Limited. You consider that Stebul Furniture Group Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Stebul Furniture Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Price Pearson
27 March 2025
Chartered Accountants
Finch House
28-30 Wolverhampton Street
Dudley
West Midlands
DY1 1DB
STEBUL FURNITURE GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -
Period
Period
ended
ended
30 June
31 December
2024
2022
£
£
Gross profit
199,579
145,868
Administrative expenses
(262,073)
(152,259)
Operating loss
(62,494)
(6,391)
Interest payable and similar expenses
(2,205)
Loss before taxation
(64,699)
(6,391)
Tax on loss
Loss for the financial period
(64,699)
(6,391)
STEBUL FURNITURE GROUP LIMITED
BALANCE SHEET
- 4 -
30 June 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
16,255
26,008
16,256
26,009
Current assets
Stocks
135,929
75,000
Debtors
28,499
119,498
Cash at bank and in hand
3,490
11,997
167,918
206,495
Creditors: amounts falling due within one year
(235,114)
(218,745)
Net current liabilities
(67,196)
(12,250)
Net (liabilities)/assets
(50,940)
13,759
Capital and reserves
Called up share capital
5
200
200
Share premium account
19,950
19,950
Profit and loss reserves
(71,090)
(6,391)
Total equity
(50,940)
13,759
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
For the financial period 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 period in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mr G N J Cox
Director
Company Registration No. 13793868
STEBUL FURNITURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
1
Accounting policies
Company information
Stebul Furniture Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14, Mucklow Hill Trading Estate, Mucklow Hill, Halesowen, West Midlands, UK, B62 8DF.
1.1
Reporting period
During the period the company extended its accounting period inline with its parent company from 31st December 2023 to 30th June 2024.
1.2
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.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
The company's continued activities are dependent upon the ongoing support of a related company, Sovereign Business Solutions Group Limited, who have undertaken to give such support for the foreseeable future.
If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of the assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify any long term liabilities as current liabilities.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.6
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.
STEBUL FURNITURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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:
Motor vehicles
Over 4 years
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
STEBUL FURNITURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
STEBUL FURNITURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Total
£
Cost
At 1 January 2023 and 30 June 2024
1
Amortisation and impairment
At 1 January 2023 and 30 June 2024
Carrying amount
At 30 June 2024
1
At 31 December 2022
1
STEBUL FURNITURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 9 -
4
Tangible fixed assets
Total
£
Cost
At 1 January 2023 and 30 June 2024
31,710
Depreciation and impairment
At 1 January 2023
5,702
Depreciation charged in the period
9,753
At 30 June 2024
15,455
Carrying amount
At 30 June 2024
16,255
At 31 December 2022
26,008
5
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
150
150
150
150
Ordinary B shares of £1 each
50
50
50
50
200
200
200
200
The interest of G N J Cox and Mrs R Cox in the share capital of the parent company, Sovereign Business Solutions Group Limited, is disclosed in the directors report of that company.
The shareholders of the 50 Ordinary B Shares are not directors of Sovereign Business Solutions Group Limited nor Stebul Furniture Group Limited.
STEBUL FURNITURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 10 -
6
Related party transactions
Related Business
The following business is a related party of Stebul Furniture Group Limited:
Name of Business
Nature of Relationship
Sovereign Business Solutions Group Limited
Sovereign Business Solutions Group Limited holds 75% of the shareholding in Stebul Furniture Group Limited
and the following transactions took place with this business during the year:
Balance due (to) / from
Name of Business
Nature of Transaction
Amount
Other Party
£
£
Sovereign Business Solutions Group Limited
Loan received
(89,257)
(194,964)
All Related Party Transactions
There are no provisions against any of the amounts owing at the year end and no further amounts have been written off in respect of these transactions during the year.
7
Ultimate controlling company
The ultimate holding company is Sovereign Business Solutions Group Limited, a company registered in England and Wales, its registered office is Unit 14, Mucklow Hill Trading Estate, Mucklow Hil, Halesowen, West Midlands, B62 8DF.
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