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Status International (UK) Ltd

Registered number: 02561562
Annual report and
 financial statements
For the year ended 31 July 2024

 
STATUS INTERNATIONAL (UK) LTD
 
 
COMPANY INFORMATION


Directors
P B McVeigh 
N J McVeigh 
A Myatt 
J M Sheard 




Company secretary
N J McVeigh



Registered number
02561562



Registered office
Unit 1
Whitehall 26 Business Park Heathfield Lane

Birkenshaw

Bradford

BD11 2HW




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP




Bankers
HSBC Bank plc
2 Cloth Hall Street

Huddersfield

West Yorkshire

HD1 2ES





 
STATUS INTERNATIONAL (UK) LTD
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditor's Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12
Statement of Changes in Equity
 
13
Statement of Cash Flows
 
14
Notes to the Financial Statements
 
15 - 30


 
STATUS INTERNATIONAL (UK) LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The directors present their Strategic Report and the financial statements for the year ended 31 July 2024.

Business review
 
The directors are satisfied with the overall financial performance for 2023/2024.
The Company ended the year in a good financial position which should enable it to meet any challenges that will occur during 2024/2025 as a result of the rapidly changing markets we are supplied from and the challenging economic conditions which are currently impacting on consumers in the UK.

Principal risks and uncertainties
 
Market risk
One of the major risks to the business is customer loss through non-competitive pricing or poor service. The Company has mitigated this risk by continually securing competitive purchase prices for its products, constant dialogue with our key customers and offering a first class client service.
The Company is exposed to the normal competitive risks of any open market industry. These are mitigated by having detailed reporting systems with the review of pertinent information by senior management on a regular basis and an excellent after sales service which includes obtaining feedback from customers to identify any problem areas which can then be investigated and action taken where necessary.
Operational risk
The Company has solid reporting systems and produces relevant, timely and accurate management information which is consistently reviewed by the directors.
Financial risk
Financial risks are managed through internal management controls, regular, timely and accurate management information and by carefully monitoring the prices and forecast production requirements. The Company mitigates its foreign exchange risk by having forward currency contracts when considered appropriate on future committed purchases.

- 1 -

 
STATUS INTERNATIONAL (UK) LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Financial key performance indicators
 
The directors of the business consider the financial key performance indicators (KPI’s) of the Company to be:
 
turnover;
gross margin; and
operating profit
 
Despite turnover decreasing to £43.7m (2023: £47.1m), gross profit for the year increased to £11.5m (2023: £11.2m), as a result of more beneficial foreign currency exchange rates.
The gross margin of 26.3% (2023: 23.8%) has increased. 
Operating profit for the year was £3.4m (2023: £4.0m) and is in line with the above, reflecting another successful trading year.
The directors of the business consider the non-financial KPI’s of the Company to be:
 
staff retention;
product testing
environmental issues;  and
health and safety compliance and improvements

The directors review each of the non-financial KPI’s regularly ensuring that the company is maximising its added value in each of these areas.

Future developments
 
The directors are optimistic about the future despite the increasing market and economic pressures. The directors are confident that the Company has structured itself in a way to meet the ongoing changes in the global economy.

- 2 -

 
STATUS INTERNATIONAL (UK) LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Section 172(1) Statement
 
The Directors of the Company act in accordance with the set of duties as detailed in s172 of the UK Companies Act 2006 which is summarised as follows:
“A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
- The likely consequences of any decisions in the long-term;
- The interests of the company’s employees;
- The need to foster the company’s business relationships with suppliers, customers and others;
- The impact of the company’s operations on the community and environment;
- The desirability of the company maintaining a reputation for high standards of business conduct; and
- The need to act fairly as between shareholders of The Company.”
The following paragraphs summarise how the Directors’ fulfil their duty to promote the success of the Company:
Employees
Our employees are vital to the success of the Company. As such, communication is an important tool in helping our employees understand the role that is required from them and how they can contribute to the success of the Company, as well as giving the opportunity for every employee to provide feedback. All employees are treated fairly and with respect.
Business relationships
Customers and suppliers are the essence of what we do. We work closely with both groups developing new ideas and striving to deliver excellent customer service. We agree terms at the beginning of the relationship so each party has a clear understanding of how the relationship will work going forwards.
Community and environment
The Company sells a large quantity of its products into the UK and EU markets each year. We have a clear policy that these products must have been rigorously tested and have all the proper certification so that the products comply with all the laws and regulations expected to provide consumer protection. Supplying safe consumer products helps to build the brands that the Company operates under.
Shareholders
The Company has two shareholders, both of whom are Directors and who take an active part in the running of the Company and so have a clear understanding of the performance of the business and its future plans.


This report was approved by the board on 9 December 2024 and signed on its behalf.



P B McVeigh
Director

- 3 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their Report and the financial statements for the year ended 31 July 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,417,221 (2023 - £2,379,894).

Dividends of £4,240,000 were declared during the year (2023 - £2,240,000). 

Directors

The directors who served during the year were:

P B McVeigh 
N J McVeigh 
A Myatt 
J M Sheard 

Qualifying third party indemnity provisions

The Company had Directors' and Officers' insurance in place throughout the year.

Post balance sheet events

Dividends totalling £2,240,000 have been declared and paid to the shareholders post year end.

- 4 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Going Concern

The financial statements have been prepared on a going concern basis.
The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and Directors Report. The financial position of the Company, its cash flows, liquidity position and borrowings are included in the financial statements. The Company’s forecasts and projections, taking account of reasonable possible changes in trading performance, show that the company will continue to operate within its current facilities.
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Directors of the Company have undertaken an assessment of future trade taking into account the probable and possible business impacts associated with the wider macroeconomic environment. The period of assessment covers a period of at least 12 months from the date of the audit report. The Company is in a strong position giving the Directors a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is able to face future challenges. As such the Directors are satisfied that the Company remains a going concern and the financial statements have been prepared on the going concern basis.

Matters covered in the Strategic Report

As permitted by paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulation 2008, certain matters which are required to be disclosed in the Directors Report have been omitted as they are included within the Strategic Report on Page 1 to 3. These matters relate to Risks, Future Developments and engagement with suppliers, customers and other stakeholders.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and

the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


Energy and carbon reporting
The Company is required to report its annual greenhouse gas emissions persuant to the (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 ("Regulations"). The 2018 regulations, known as Streamlined Energy and Carbon Reporting (SECR) came into effect on 1 April 2019 and the Company is required to report the emissions and energy consumption.
Following location based methodology 341,527 kWh (2023 - 392,259 Wh) of scope 2 energy and 87,915 kWh (2023 - 117,979 kWh) of scope 1 natural gas has been consumed in relation to the Company’s UK premises, resulting in 88,626 kgCO2e (2023 - 104,907 kgCO2e). During the year no specific steps were taken to lower energy consumption. Emissions per employee have been considered to be an appropriate intensity ratio - average emissions per employee for the year were 963 (2023 - 1,264) kgCO2e and the Company aims to lower this where possible in future.

- 5 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 December 2024 and signed on its behalf.
 





P B McVeigh
Director

- 6 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STATUS INTERNATIONAL (UK) LTD
 

Opinion

We have audited the financial statements of Status International (UK) Ltd (the ‘Company’) for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 July 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 7 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STATUS INTERNATIONAL (UK) LTD
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

- 8 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STATUS INTERNATIONAL (UK) LTD
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, and the Bribery Act 2010. 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 
- 9 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STATUS INTERNATIONAL (UK) LTD
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to stock valuation including provisioning, revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Christopher Hudson (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

10 December 2024
- 10 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
43,666,425
47,131,710

Cost of sales
  
(32,192,298)
(35,898,116)

Gross profit
  
11,474,127
11,233,594

Distribution costs
  
(2,878,559)
(2,475,245)

Administrative expenses
  
(5,179,086)
(4,760,720)

Operating profit
 5 
3,416,482
3,997,629

Interest payable and similar expenses
 9 
(1,192)
(53,407)

Fair value movements
 10 
(142,000)
(900,000)

Profit before tax
  
3,273,290
3,044,222

Tax on profit
 11 
(856,069)
(664,328)

Profit for the financial year
  
2,417,221
2,379,894

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 15 to 30 form part of these financial statements.

- 11 -

 
STATUS INTERNATIONAL (UK) LTD
REGISTERED NUMBER: 02561562

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 13 
7,577,716
7,757,740

  
7,577,716
7,757,740

Current assets
  

Stocks
 14 
18,298,896
16,364,104

Debtors: amounts falling due within one year
 15 
7,511,247
7,830,902

Cash at bank and in hand
 16 
643,063
1,563,673

  
26,453,206
25,758,679

Creditors: amounts falling due within one year
 17 
(7,083,146)
(4,665,285)

Net current assets
  
 
 
19,370,060
 
 
21,093,394

Total assets less current liabilities
  
26,947,776
28,851,134

  

Provisions for liabilities
  

Deferred taxation
 19 
(144,186)
(224,765)

  
 
 
(144,186)
 
 
(224,765)

  

Net assets
  
26,803,590
28,626,369


Capital and reserves
  

Called up share capital 
 20 
100,000
100,000

Profit and loss account
 21 
26,703,590
28,526,369

  
26,803,590
28,626,369


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 December 2024.




P B McVeigh
N J McVeigh
Director
Director

The notes on pages 15 to 30 form part of these financial statements.

- 12 -

 
STATUS INTERNATIONAL (UK) LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
100,000
28,386,475
28,486,475


Comprehensive income for the year

Profit for the year
-
2,379,894
2,379,894
Total comprehensive income for the year
-
2,379,894
2,379,894


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,240,000)
(2,240,000)


Total transactions with owners
-
(2,240,000)
(2,240,000)



At 1 August 2023
100,000
28,526,369
28,626,369


Comprehensive income for the year

Profit for the year
-
2,417,221
2,417,221
Total comprehensive income for the year
-
2,417,221
2,417,221


Contributions by and distributions to owners

Dividends: Equity capital
-
(4,240,000)
(4,240,000)


Total transactions with owners
-
(4,240,000)
(4,240,000)


At 31 July 2024
100,000
26,703,590
26,803,590


The notes on pages 15 to 30 form part of these financial statements.

- 13 -

 
STATUS INTERNATIONAL (UK) LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,417,221
2,379,894

Adjustments for:

Depreciation of tangible assets
439,139
417,910

Profit on disposal of tangible assets
(33,895)
(31,908)

Interest payable
1,192
53,407

Taxation charge
856,069
664,328

(Increase)/decrease in stocks
(1,934,792)
2,436,412

Decrease in debtors
319,655
1,396,750

Increase/(decrease) in creditors
2,111,626
(305,494)

Net fair value losses recognised in P&L
142,000
900,000

Corporation tax (paid)
(772,413)
(835,397)

Net cash generated from operating activities

3,545,802
7,075,902


Cash flows from investing activities

Purchase of tangible fixed assets
(306,000)
(256,416)

Sale of tangible fixed assets
80,780
37,000

Net cash from investing activities

(225,220)
(219,416)

Cash flows from financing activities

Dividends paid
(4,240,000)
(2,240,000)

Interest paid
(1,192)
(53,407)

Net cash used in financing activities
(4,241,192)
(2,293,407)

Net (decrease)/increase in cash and cash equivalents
(920,610)
4,563,079

Cash and cash equivalents at beginning of year
1,563,673
(2,999,406)

Cash and cash equivalents at the end of year
643,063
1,563,673


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
643,063
1,563,673

643,063
1,563,673


- 14 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Status International (UK) Ltd with registered number 02561562 is a private limited company, limited by shares. The Company is registered in England and Wales. The address of the Company's registered office, which is also the principal place of business, is disclosed on the Company Information page of the accounts. 
The Company is principally engaged in the sourcing and distribution of electrical products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.
The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and Directors Report. The financial position of the Company, its cash flows, liquidity position and borrowings are included in the financial statements. The Company’s forecasts and projections, taking account of reasonable possible changes in trading performance, show that the company will continue to operate within its current facilities.
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Directors of the Company have undertaken an assessment of future trade taking into account the probable and possible business impacts associated with the wider macroeconomic environment. The period of assessment covers a period of at least 12 months from the date of the audit report. The Company is in a strong position giving the Directors a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is able to face future challenges. As such the Directors are satisfied that the Company remains a going concern and the financial statements have been prepared on the going concern basis.

- 15 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

- 16 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

- 17 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold land & buildings
-
50 years straight line
Plant & machinery
-
5 years straight line
Motor vehicles
-
4 years straight line
Fixtures & fittings
-
5 years straight line
Computer equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation estimates are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. 

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 18 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
- 19 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

- 20 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The critical judgements that the directors have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that could cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Estimation of stock provision
A provision is made against specific stock lines where the volume of stock held exceeds the preceding 12 months sales of that item. Specific write down percentages are applied with larger percentages being applied to lines with the longest stock holding period. Provision is also made where the current selling price of an item is less than its cost.
(ii) Estimation of stock valuation
Stock is valued in the financial statements at the contracted foreign currency rate rather than the spot rate prevailing upon receipt of the stock. It is managements judgement that using the forward contract rate does not result in a material difference to using the spot rate when considering the cost of a stock line. 

- 21 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
42,392,010
45,860,025

Rest of Europe
1,251,076
1,271,685

Rest of World
23,339
-

43,666,425
47,131,710



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
439,139
417,910

Exchange differences
151,868
1,453,506

Defined contribution pension cost
128,433
106,730

Operating lease rentals
130,156
96,360

Profit on disposal of tangible fixed assets
(33,895)
(31,908)


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
37,400
36,310

Fees payable to the Company's auditor in respect of:

Taxation compliance services
4,650
4,500

All non-audit services not included above
21,030
23,500
- 22 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,337,846
2,899,876

Social security costs
337,640
288,383

Cost of defined contribution scheme
128,433
106,730

3,803,919
3,294,989


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Distribution staff
40
35



Administrative staff
52
48

92
83


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
404,381
369,631

Company contributions to defined contribution pension schemes
21,294
19,882

425,675
389,513


During the year retirement benefits were accruing to 2 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £171,029 (2023 - £160,078), excluding pension contributions.

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,326 (2023 - £10,095).

- 23 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,192
53,407


10.


Fair value movement

2024
2023
£
£

Fair value losses on forward currency contracts
142,000
900,000



11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
936,648
876,935

Adjustments in respect of previous periods
-
(99,761)


Total current tax
936,648
777,174

Deferred tax


Origination and reversal of timing differences
(80,579)
(241,491)

Adjustments in respect of prior periods
-
128,645

Total deferred tax
(80,579)
(112,846)


Taxation on profit on ordinary activities
856,069
664,328
- 24 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 21.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,273,290
3,044,222


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.01%)
818,323
639,453

Effects of:


Expenses not deductible for tax purposes
11,163
9,229

Fixed asset differences
33,443
26,418

Adjustments to tax charge in respect of previous periods
-
(99,761)

Adjustments to tax charge in respect of previous periods - deferred tax
-
128,645

Remeasurement of deferred tax for changes in tax rates
-
(38,586)

Income not taxable for tax purposes
-
(1,070)

Adjustments to brought forward values
(6,860)
-

Total tax charge for the year
856,069
664,328


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends declared on equity capital
4,240,000
2,240,000

- 25 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Tangible fixed assets





Freehold land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£
£



Cost


At 1 August 2023
7,834,823
138,770
665,541
754,072
348,100
9,741,306


Additions
-
-
249,121
17,987
38,892
306,000


Disposals
-
-
(198,040)
(121,347)
(220,566)
(539,953)



At 31 July 2024

7,834,823
138,770
716,622
650,712
166,426
9,507,353



Depreciation


At 1 August 2023
866,915
60,249
366,274
414,353
275,775
1,983,566


Charge for the year
133,771
21,000
140,465
101,493
42,410
439,139


Disposals
-
-
(151,161)
(121,347)
(220,560)
(493,068)



At 31 July 2024

1,000,686
81,249
355,578
394,499
97,625
1,929,637



Net book value



At 31 July 2024
6,834,137
57,521
361,044
256,213
68,801
7,577,716



At 31 July 2023
6,967,908
78,521
299,267
339,719
72,325
7,757,740


Included in land and buildings is freehold land at cost of £1,146,256 (2023 - £1,146,256) which is not depreciated.


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
18,298,896
16,364,104


- 26 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


Debtors

2024
2023
£
£


Trade debtors
6,729,841
6,830,139

Prepayments and accrued income
781,406
1,000,763

7,511,247
7,830,902



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
643,063
1,563,673



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,745,234
2,458,359

Corporation tax
440,882
276,647

Other taxation and social security
862,492
881,378

Other creditors
22,683
18,500

Accruals and deferred income
768,855
929,401

Financial instruments
243,000
101,000

7,083,146
4,665,285


HSBC Bank Plc hold a debenture incorporating a fixed and floating charge over the Company's undertaking and property.

- 27 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

18.


Financial instruments

2024
2023
£
£



Financial liabilities


Derivative financial instruments measured at fair value through profit or loss
(243,000)
(101,000)


Derivative financial assets and financial liabilities are measured at fair value through the profit or loss and arise on forward currency contracts held at the year end.


19.


Deferred taxation




2024
2023


£

£






At beginning of year
(224,765)
(337,611)


Credited to the profit or loss
80,579
112,846



At end of year
(144,186)
(224,765)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(207,567)
(243,155)

Short term timing differences
63,381
18,390

(144,186)
(224,765)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000


- 28 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

21.


Reserves

Profit & loss account

The profit and loss reserve represents accumulated profits and losses less any dividends paid during the period.

22.


Analysis of net debt




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

1,563,673

(920,610)

643,063

Debt due within 1 year

(119)

(405)

(524)


1,563,554
(921,015)
642,539


23.


Contingent liabilities

The bank has guaranteed on behalf of the company £240,000 (2023 - £240,000) in favour of HM Revenue & Customs. No loss is expected to arise.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £128,433 (2023 - £106,730). Contributions totalling £22,159 (2023 - £18,097) were payable to the fund at the balance sheet date and are included in creditors.


25.Other financial commitments

As at the year end the Company had entered into forward contracts to make $16.75 million (2023 - $6.5 million) of purchases. The fair value of the contracts has been incorporated into these financial statements.

- 29 -

 
STATUS INTERNATIONAL (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

26.


Related party transactions

During the year the Company paid rent totalling £90,000 (2023 - £90,000) to a director and shareholder for the rental of premises occupied by the company.
Dividends totalling £4,240,000 were paid to the directors in the year ended 31 July 2024.
At the year end the directors were owed £524 (2023 - £119) by the Company.


27.


Post balance sheet events

Dividends totalling £2,240,000 have been declared and paid to the shareholders post year end.


28.


Controlling party

Mr P B McVeigh is the ultimate controlling party, by virtue of his majority shareholding.

 
- 30 -