1 October 2023 v2025.19.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC2920482023-10-012024-09-30SC2920482024-09-30SC2920482023-09-30SC292048core:WithinOneYear2024-09-30SC292048core:WithinOneYear2023-09-30SC292048core:AfterOneYear2024-09-30SC292048core:AfterOneYear2023-09-30SC292048core:ShareCapital2024-09-30SC292048core:ShareCapital2023-09-30SC292048core:RetainedEarningsAccumulatedLosses2024-09-30SC292048core:RetainedEarningsAccumulatedLosses2023-09-30SC292048bus:Director12023-10-012024-09-30SC292048bus:RegisteredOffice2023-10-012024-09-30SC292048core:NetGoodwill2023-10-012024-09-30SC292048core:Goodwill2023-10-012024-09-30SC292048core:LandBuildings2023-10-012024-09-30SC292048core:PlantMachinery2023-10-012024-09-30SC292048core:FurnitureFittingsToolsEquipment2023-10-012024-09-30SC292048core:MotorVehicles2023-10-012024-09-30SC292048core:OfficeEquipment2023-10-012024-09-30SC2920482022-10-012023-09-30SC292048core:NetGoodwill2024-09-30SC292048core:NetGoodwill2023-10-01SC292048core:NetGoodwill2023-09-30SC292048core:LandBuildings2023-10-01SC292048core:PlantMachinery2023-10-01SC2920482023-10-01SC292048core:LandBuildings2024-09-30SC292048core:PlantMachinery2024-09-30SC292048core:LandBuildings2023-09-30SC292048core:PlantMachinery2023-09-30SC29204812023-10-012024-09-30SC292048countries:Scotland2023-10-012024-09-30SC292048bus:AuditExempt-NoAccountantsReport2023-10-012024-09-30SC292048bus:PrivateLimitedCompanyLtd2023-10-012024-09-30SC292048bus:SmallEntities2023-10-012024-09-30SC292048bus:FullAccounts2023-10-012024-09-30
Company registration number:
SC292048
Stiven Limited
Unaudited Filleted Financial Statements for the year ended
30 September 2024
Stiven Limited
Statement of Financial Position
30 September 2024
20242023
Note££
Fixed assets    
Intangible assets 5 -  
5,899
 
Tangible assets 6
155,915
 
182,769
 
155,915
 
188,668
 
Current assets    
Stocks
289,649
 
322,841
 
Debtors 7
342,404
 
481,530
 
Cash at bank and in hand
4,228
 
4,074
 
636,281
 
808,445
 
Creditors: amounts falling due within one year 8
(512,025
)
(695,503
)
Net current assets
124,256
 
112,942
 
Total assets less current liabilities 280,171   301,610  
Creditors: amounts falling due after more than one year 9
(39,367
)
(55,888
)
Provisions for liabilities
(3,348
) -  
Net assets
237,456
 
245,722
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
237,455
 
245,721
 
Shareholders funds
237,456
 
245,722
 
For the year ending
30 September 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
26 February 2025
, and are signed on behalf of the board by:
Mr A M Bisset
Director
Company registration number:
SC292048
Stiven Limited
Notes to the Financial Statements
Year ended
30 September 2024

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
First Floor 2b Valentine Court
,
Kinnoull Road
,
Dundee
,
DD2 3QB
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

At the time of approving the financial statements, the Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and in particular the next 12 months. The Directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
Written off in equal annual instalments over its estimated useful economic life of 10 years.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over the life of the lease
Plant and machinery
10-20% straight line
Fixtures, fittings and equipment
10-33% straight line
Motor vehicles
20% straight line
Office equipment
33% straight line

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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.

Defined contribution pension plan

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.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

4 Average number of employees

The average number of persons employed by the company during the year was
14
(2023:
15
).

5 Intangible assets

Goodwill
£
Cost  
At
1 October 2023
and
30 September 2024
181,996
 
Amortisation  
At
1 October 2023
176,097
 
Charge
5,899
 
At
30 September 2024
181,996
 
Carrying amount  
At
30 September 2024
-  
At 30 September 2023
5,899
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 October 2023
218,384
 
177,458
 
395,842
 
Additions -  
7,405
 
7,405
 
Disposals -  
(2,292
)
(2,292
)
At
30 September 2024
218,384
 
182,571
 
400,955
 
Depreciation      
At
1 October 2023
149,987
 
63,086
 
213,073
 
Charge
11,905
 
21,264
 
33,169
 
Disposals -  
(1,202
)
(1,202
)
At
30 September 2024
161,892
 
83,148
 
245,040
 
Carrying amount      
At
30 September 2024
56,492
 
99,423
 
155,915
 
At 30 September 2023
68,397
 
114,372
 
182,769
 

7 Debtors

20242023
££
Trade debtors
212,170
 
261,293
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
79,609
 
162,619
 
Other debtors
50,625
 
57,618
 
342,404
 
481,530
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
212,835
 
351,576
 
Taxation and social security
24,312
 
25,018
 
Other creditors
274,878
 
318,909
 
512,025
 
695,503
 
Trade creditors includes an amount of £155,641 (2023: £194,136) in respect of invoice discounters. The balance is secured against the trade debtors balances.
The Royal Bank of Scotland holds a bond and floating charge over all the assets of the company. The company has granted to its bankers a cross guarantee in respect of the company's bank balance and those of all other group companies.

9 Creditors: amounts falling due after more than one year

20242023
££
Other creditors
39,367
 
55,888
 

10 Controlling party

The company is a wholly owned subsidiary undertaking of Cortachy Holdings Limited, a company incorporated in Scotland. Cortachy Holdings Limited is a wholly owned subsidiary undertaking of DP & L Holdings Limited of which Mr A M Bisset is the controlling director. The financial statements of DP & L Holdings Limited may be obtained from First Floor 2b Valentine Court, Kinnoull Road, Dundee, Scotland, DD2 3QB.