Stratford Tools Limited 31/07/2024 iXBRL

Company registration number: 00877272

Stratford Tools Limited

Filleted financial statements

31 July 2024

Stratford Tools Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Stratford Tools Limited

Directors and other information


	Directors	Mrs P Cooke
		Mr G Cooke


	Secretary	Mrs P Cooke


	Company number	00877272


	Registered office	Unit 1 Top Angel
		Buckingham Industrial Park
		Buckingham
		MK18 1TH


	Auditor	Clifford Towers
		9 High Street
		Stony Stratford
		Milton Keynes
		MK11 1AA

Stratford Tools Limited

Directors responsibilities statement

Year ended 31 July 2024

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Stratford Tools Limited

Statement of financial position

31 July 2024

Restated

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	11	2,557,451		2,626,806
		_______		_______
			2,557,451		2,626,806

Current assets
Stocks		294,515		274,224
Debtors	12	767,404		711,474
Cash at bank and in hand		1,192,812		1,304,173
		_______		_______
		2,254,731		2,289,871
Creditors: amounts falling due
within one year	13	( 1,071,025)		( 1,007,703)
		_______		_______
Net current assets			1,183,706		1,282,168
			_______		_______
Total assets less current liabilities			3,741,157		3,908,974

Creditors: amounts falling due
after more than one year	14		( 344,415)		( 543,093)

Provisions for liabilities			( 234,579)		( 164,322)

			_______		_______
Net assets			3,162,163		3,201,559
			_______		_______

Capital and reserves
Called up share capital	16		12,400		12,400
Profit and loss account			3,149,763		3,189,159
			_______		_______
Shareholders funds			3,162,163		3,201,559
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 02 April 2025 , and are signed on behalf of the board by:

Mr G Cooke

Director

Company registration number: 00877272

Stratford Tools Limited

Statement of changes in equity

Year ended 31 July 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 August 2022	12,400	3,236,744	3,249,144

Profit for the year		152,415	152,415
	_______	_______	_______
Total comprehensive income for the year	-	152,415	152,415

Dividends paid and payable		( 200,000)	( 200,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 200,000)	( 200,000)

At 31 July 2023 (as previously reported)	12,400	3,058,521	3,070,921
Prior period adjustments	(-)	130,638	130,638
	_______	_______	_______
At 31 July 2023 (restated) and 1 August 2023	12,400	3,189,159	3,201,559

Profit for the year		160,604	160,604
	_______	_______	_______
Total comprehensive income for the year	-	160,604	160,604

Dividends paid and payable		( 200,000)	( 200,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 200,000)	( 200,000)

	_______	_______	_______
At 31 July 2024	12,400	3,149,763	3,162,163
	_______	_______	_______

Stratford Tools Limited

Notes to the financial statements

Year ended 31 July 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Top Angel, Buckingham Industrial Park, Buckingham, MK18 1TH.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold and leasehold properties	-	2 %	straight line
Plant and machinery	-	10 %	straight line
Fittings fixtures and equipment	-	20 %	straight line
Motor vehicles	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Limited by guarantee

5. Turnover

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

6. Other operating income

	2024	2023
	£	£
Other operating income	17,405	-
	_______	_______

7. Operating profit

Operating profit is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation of tangible assets	250,790	226,656
(Gain)/loss on disposal of tangible assets	( 10,244)	( 16,000)
Impairment of trade debtors	30,802	-
Fees payable for the audit of the financial statements	14,000	13,000
	_______	_______

8. Auditors remuneration

			2024	2023
			£	£

9. Staff costs

The aggregate payroll costs incurred during the year were:

	2024	2023
	£	£
Wages and salaries	1,608,349	1,609,398
Social security costs	165,793	171,370
Other pension costs	75,630	78,429
	_______	_______
	1,849,772	1,859,197
	_______	_______

10. Employee numbers

The average number of persons employed by the company during the year amounted to 34 (2023: 36 ).

11. Tangible assets

	Freehold and leasehold properties	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 August 2023	2,540,583	3,985,675	219,393	54,013	6,799,664
Additions	-	14,473	120,287	46,675	181,435
Disposals	-	( 284,000)	-	( 26,633)	( 310,633)
	_______	_______	_______	_______	_______
At 31 July 2024	2,540,583	3,716,148	339,680	74,055	6,670,466
	_______	_______	_______	_______	_______
Depreciation
At 1 August 2023	1,146,180	2,788,251	184,414	54,013	4,172,858
Charge for the year	46,212	191,401	7,343	5,834	250,790
Disposals	-	( 284,000)	-	( 26,633)	( 310,633)
	_______	_______	_______	_______	_______
At 31 July 2024	1,192,392	2,695,652	191,757	33,214	4,113,015
	_______	_______	_______	_______	_______
Carrying amount
At 31 July 2024	1,348,191	1,020,496	147,923	40,841	2,557,451
	_______	_______	_______	_______	_______
At 31 July 2023	1,394,403	1,197,424	34,979	-	2,626,806
	_______	_______	_______	_______	_______

12. Debtors

	2024	2023
	£	£
Trade debtors	590,963	577,667
Other debtors	176,441	133,807
	_______	_______
	767,404	711,474
	_______	_______

13. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	430,160	357,297
Social security and other taxes	155,359	171,438
Other creditors	485,506	478,968
	_______	_______
	1,071,025	1,007,703
	_______	_______

14. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	344,415	543,093
	_______	_______

15. Prior period errors

In the course of preparing these financial statements it came to light that as a result of the unrelieved tax losses in 2023, the provision for deferred tax was overstated by £130,638. This adjustment is reflected in the statement of comprehensive income, in the provisions on the balance sheet and statement of changes in equity.

The restated profit & loss account balance is as:

2023

Profit & loss account balance, as previously stated 3,058,521

Deferred tax adjustment 130,638

_______

3,189,159

_______

16. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares shares of £ 1.00 each	12,400	12,400	12,400	12,400
	_______	_______	_______	_______

17. Summary audit opinion

The auditor's report dated 02 April 2025 was unqualified.

The senior statutory auditor was Simon Towers BSc FCA for and on behalf of Clifford Towers

18. Related party transactions

Mr G Cooke and Mrs P Cooke are trustees of the George William Cooke, Patricia Cooke and Alison Voyce No. 1 and No. 2 Settlement ('the Trusts').

During the year, dividends of £200,000 (2023: 200,000) were declared to the Trusts. At 31 July 2024 , dividends of £200,000 (2023: £200,000) were payable and included in other creditors.