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REGISTERED NUMBER: 00668352 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

STODDARD MANUFACTURING COMPANY LIMITED

STODDARD MANUFACTURING COMPANY LIMITED (REGISTERED NUMBER: 00668352)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STODDARD MANUFACTURING COMPANY LIMITED

COMPANY INFORMATION
for the Year Ended 31 AUGUST 2024







DIRECTORS: Mr M J Stoddard
Mr R L Madsen





SECRETARY: Mr M J Stoddard





REGISTERED OFFICE: Blackhorse Road
Letchworth Garden City
Hertfordshire
SG6 1HB





REGISTERED NUMBER: 00668352 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

STODDARD MANUFACTURING COMPANY LIMITED (REGISTERED NUMBER: 00668352)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,004,166 2,228,484
Investments 5 8,304 8,304
2,012,470 2,236,788

CURRENT ASSETS
Stocks 1,502,316 1,145,366
Debtors 6 840,891 621,296
Cash at bank and in hand 79,139 46,080
2,422,346 1,812,742
CREDITORS
Amounts falling due within one year 7 1,993,683 1,508,132
NET CURRENT ASSETS 428,663 304,610
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,441,133

2,541,398

CREDITORS
Amounts falling due after more than one
year

8

(332,205

)

(516,873

)

PROVISIONS FOR LIABILITIES (260,996 ) (300,794 )
NET ASSETS 1,847,932 1,723,731

CAPITAL AND RESERVES
Allotted, issued and fully paid share capital 11 50,000 50,000
Other reserves 100 100
Retained earnings 1,797,832 1,673,631
SHAREHOLDERS' FUNDS 1,847,932 1,723,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STODDARD MANUFACTURING COMPANY LIMITED (REGISTERED NUMBER: 00668352)

BALANCE SHEET - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:




Mr M J Stoddard - Director



Mr R L Madsen - Director


STODDARD MANUFACTURING COMPANY LIMITED (REGISTERED NUMBER: 00668352)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 AUGUST 2024

1. STATUTORY INFORMATION

Stoddard Manufacturing Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Freehold property- 50 years on cost from the purchase of the freehold
Plant and machinery- 10% on cost
Fixtures and fittings- 10% reducing balance
Motor vehicles- 25% on reducing balance

No depreciation is charged on freehold land.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate.


STODDARD MANUFACTURING COMPANY LIMITED (REGISTERED NUMBER: 00668352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2023 - 50 ) .

STODDARD MANUFACTURING COMPANY LIMITED (REGISTERED NUMBER: 00668352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023
and 31 August 2024 1,034,566 4,525,083 123,980 13,000 5,696,629
DEPRECIATION
At 1 September 2023 163,519 3,175,005 120,735 8,886 3,468,145
Charge for year 14,100 208,865 325 1,028 224,318
At 31 August 2024 177,619 3,383,870 121,060 9,914 3,692,463
NET BOOK VALUE
At 31 August 2024 856,947 1,141,213 2,920 3,086 2,004,166
At 31 August 2023 871,047 1,350,078 3,245 4,114 2,228,484

A chattel mortgage, incorporating a fixed charge in favour of the bank, is secured on specific items of plant and machinery.

A legal charge, in favour of the bank, is secured over the freehold property of the company.

The net book value of tangible fixed assets includes £ 663,213 (2023 - £ 760,951 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 8,304
NET BOOK VALUE
At 31 August 2024 8,304
At 31 August 2023 8,304

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 628,613 429,771
Amounts owed by group undertakings 95,123 95,473
Other debtors 77,983 65,443
Director's current account 7,729 6,751
VAT 21,127 12,645
Prepayments and accrued income 10,316 11,213
840,891 621,296

STODDARD MANUFACTURING COMPANY LIMITED (REGISTERED NUMBER: 00668352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 77,170 196,214
Hire purchase contracts (see note 9) 103,557 165,907
Trade creditors 1,358,290 855,989
Taxation and social security 158,232 53,025
Other creditors 296,434 236,997
1,993,683 1,508,132

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 332,205 425,513
Hire purchase contracts (see note 9) - 91,360
332,205 516,873

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 201,117 248,830

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 103,557 165,907
Between one and five years - 91,360
103,557 257,267

Non-cancellable operating leases
2024 2023
£    £   
Within one year 6,192 6,232
Between one and five years 17,028 23,380
23,220 29,612

STODDARD MANUFACTURING COMPANY LIMITED (REGISTERED NUMBER: 00668352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 120,426
Bank loans 409,375 501,301
Hire purchase contracts 103,557 257,267
512,932 878,994

The bank loan and overdraft are secured by way of a debenture incorporating a fixed and floating charge over the assets and undertakings of the company in favour of the bank.

Hire purchase contracts are secured on the assets concerned.

11. ALLOTTED, ISSUED AND FULLY PAID SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
45,000 Ordinary A Class Shares £1 45,000 45,000
5,000 Ordinary B Class Shares £1 5,000 5,000
50,000 50,000

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
Mr R L Madsen
Balance outstanding at start of year 6,751 6,507
Amounts advanced 1,369 1,258
Amounts repaid (391 ) (1,014 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,729 6,751

13. RELATED PARTY DISCLOSURES

The company has agreed to secure the going concern of it's subsidiary, Stoddard ApS - a company registered in Denmark, by adding necessary funds to the company should the need arise. At the year end, Stoddard ApS has negative equity of DKK 48,515 (£5,473).