Company registration number 11935375 (England and Wales)
STELLA SWS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
STELLA SWS LIMITED
COMPANY INFORMATION
Directors
Mr D Edmondson
Mr C Reoch
Company number
11935375
Registered office
Security Window Shutters Limited
Hornby Road
Claughton
Lancaster
LA2 9LA
Auditor
MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
STELLA SWS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 32
STELLA SWS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The Group continues to manufacture and supply physical security products and roller garage doors to a network of trade customers throughout the UK and the Republic of Ireland.
The directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The Group's product range can be broken down into four principal areas:
As for many businesses of our size, the business environment in which we operate continues to be challenging. In particular the roller garage door market is highly competitive, and we continue to see new entrants competing on price rather than specification. Fortunately, we believe the company and our product offering is in a strong position and planned developments and improvements will ensure we remain competitive.
We are, of course, also subject to consumer spending patterns and consumers' overall level of disposable income within the UK economy. With these risks and uncertainties in mind we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.
The Group’s key target in 2024 was to successfully recover margins, this was achieved to plan and ensured that increased levels of profitability were reported.
The Group successfully integrated a new aluminium slat roll-former which led to improved manufacturing efficiency and cost control for the roller garage door range.
Trading results and key performance indicators
The Group’s key financial and other performance indicators during the year were as follows:
2024 2023
Company turnover (£'000) 20,764 20,857
Operating profit (£'000) 432 (734)
Profit after tax (£'000) (899) (1,805)
Shareholders’ funds (£'000) (5,660) (4,761)
Current assets as a % of current liabilities 310% 311%
Average number of employees 117 124
STELLA SWS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties
Financial risk management objectives and policies
It is the Groups’s policy to manage foreign currency risk through the use of relevant financial instruments.
It is policy only to place financial instruments for a maximum of twelve months into the future and that the value of these instruments will not exceed forecast purchases from overseas denominated suppliers. It is not the policy of the group to speculate in the foreign currency markets.
Further risk from liquidity and credit are detailed in the directors report on page 3.
Brexit
The Group imports a significant proportion of components used in the manufacture of its products from Europe. During 2024 the business continued its partnership with Import Agents to ensure the smooth flow of product into the UK.
Raw Material Shortages and Pricing
The Group saw more stable pricing from its suppliers in 2024. The Group successfully passed any increases on to its customers through selling price increases.
Development and performance
Further details on the performance of the group during the year, and the position at the end of it, are given in the review of trading results and key performance indicators.
Key performance indicators
The directors present the strategic report for the year ended 31 December 2024.
Future developments
Demand for our roller garage door range improved in 2024 reflecting the introduction of a competitively priced Alluguard branded door. The directors expect volume growth to be lower in 2025.
The focus of the business remains on managing margins and costs to ensure continued better profitability levels are seen in 2025.
The directors expect difficult domestic market conditions to continue into 2025 and will monitor the situation and react accordingly.
Mr D Edmondson
Director
23 April 2025
STELLA SWS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the group continued to be that of the manufacture and supply of physical security products and roller garage doors to a network of trade customers throughout the UK and the Republic of Ireland.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D Edmondson
Mr C Reoch
Financial instruments
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations asscociated with financial liabilities. The group aims to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets throughout the group.
Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Group policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the Group's receiveables are shown on the face of the balance sheet.
Research and development
The Group continues to consider research and development in its operations in seeking to make its processes more efficient.
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.
STELLA SWS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr D Edmondson
Director
23 April 2025
STELLA SWS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STELLA SWS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STELLA SWS LIMITED
- 6 -
Opinion
We have audited the financial statements of Stella SWS Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 group's and the parent company's affairs as at 31 December 2024 and of the group's loss 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.
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 group's and parent 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.
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. 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.
STELLA SWS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STELLA SWS LIMITED
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
Matters on which we are required to report by exception
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 parent 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 either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
Enquiries with management about any known or suspect instances of non-compliance with laws and regulations and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to provisions for the impairment of assets which requires an exercise of management judgement;
Auditing the risk of fraud in revenue by way of cut off testing, as well as sales transaction testing to obtain evidence that revenue is complete and recognised in the correct accounting period;
An evaluation of the risk of management override of controls and subsequent testing, including through testing journal entries and other adjustments for appropriateness; and
An evaluation of the company's internal control environment.
STELLA SWS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STELLA SWS LIMITED
- 8 -
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Lancaster, United Kingdom
23 April 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
STELLA SWS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
20,764,230
20,857,268
Cost of sales
(14,212,966)
(15,207,419)
Gross profit
6,551,264
5,649,849
Distribution costs
(1,028,991)
(872,137)
Administrative expenses
(5,090,257)
(5,531,472)
Other operating income
-
20,026
Operating profit/(loss)
4
432,016
(733,734)
Interest receivable and similar income
6
54,093
25,725
Interest payable and similar expenses
7
(947,586)
(960,680)
Loss before taxation
(461,477)
(1,668,689)
Tax on loss
9
(437,786)
(136,005)
Loss for the financial year
(899,263)
(1,804,694)
Loss for the financial year is all attributable to the owner of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
STELLA SWS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Loss for the year
(899,263)
(1,804,694)
Other comprehensive income
-
-
Total comprehensive income for the year
(899,263)
(1,804,694)
Total comprehensive income for the year is all attributable to the owners of the parent company.
STELLA SWS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
9,708,427
11,865,855
Tangible assets
11
1,240,959
941,742
Investments
12
40,000
40,000
10,989,386
12,847,597
Current assets
Stocks
15
1,761,609
2,249,983
Debtors
16
4,644,518
3,339,867
Cash at bank and in hand
1,598,644
1,933,438
8,004,771
7,523,288
Creditors: amounts falling due within one year
17
(2,578,733)
(2,418,958)
Net current assets
5,426,038
5,104,330
Total assets less current liabilities
16,415,424
17,951,927
Creditors: amounts falling due after more than one year
18
(21,876,593)
(22,533,672)
Provisions for liabilities
Deferred tax liability
20
198,770
178,931
(198,770)
(178,931)
Net liabilities
(5,659,939)
(4,760,676)
Capital and reserves
Called up share capital
22
3,960,040
3,960,040
Profit and loss reserves
(9,619,979)
(8,720,716)
Total equity
(5,659,939)
(4,760,676)
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
23 April 2025
Mr D Edmondson
Director
Company registration number 11935375 (England and Wales)
STELLA SWS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
26,742,347
26,742,347
Current assets
Debtors
16
263,177
681,124
Cash at bank and in hand
7,434
6,667
270,611
687,791
Creditors: amounts falling due within one year
17
(9,143)
(9,337)
Net current assets
261,468
678,454
Total assets less current liabilities
27,003,815
27,420,801
Creditors: amounts falling due after more than one year
18
(21,876,593)
(22,533,672)
Net assets
5,127,222
4,887,129
Capital and reserves
Called up share capital
22
3,960,040
3,960,040
Profit and loss reserves
1,167,182
927,089
Total equity
5,127,222
4,887,129
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £240,093 (2023 - £479,740 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
23 April 2025
Mr D Edmondson
Director
Company registration number 11935375 (England and Wales)
STELLA SWS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
3,960,040
(6,916,022)
(2,955,982)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(1,804,694)
(1,804,694)
Balance at 31 December 2023
3,960,040
(8,720,716)
(4,760,676)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(899,263)
(899,263)
Balance at 31 December 2024
3,960,040
(9,619,979)
(5,659,939)
STELLA SWS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
3,960,040
1,406,829
5,366,869
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(479,740)
(479,740)
Balance at 31 December 2023
3,960,040
927,089
4,887,129
Year ended 31 December 2024:
Profit and total comprehensive income
-
240,093
240,093
Balance at 31 December 2024
3,960,040
1,167,182
5,127,222
STELLA SWS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
870,124
1,124,427
Interest paid
(533)
(20,680)
Income taxes refunded
109,928
Net cash inflow from operating activities
869,591
1,213,675
Investing activities
Purchase of tangible fixed assets
(662,715)
(505,172)
Proceeds from disposal of tangible fixed assets
-
6,299
Interest received
54,093
1,725
Dividends received
24,000
Net cash used in investing activities
(608,622)
(473,148)
Financing activities
Repayment of borrowings
(595,763)
-
Net cash used in financing activities
(595,763)
-
Net (decrease)/increase in cash and cash equivalents
(334,794)
740,527
Cash and cash equivalents at beginning of year
1,933,438
1,192,911
Cash and cash equivalents at end of year
1,598,644
1,933,438
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information
Stella SWS Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Security Window Shutters Limited, Hornby Road, Claughton, Lancaster, LA2 9LA.
The group consists of Stella SWS Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation
The consolidated financial statements incorporate those of Stella SWS Limited and both of its subsidiaries Security Window Shutters Limited and Alluguard Limited which are wholly owned. Subsidiaries acquired during a year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
The company's management is responsible for evaluating whether the going concern assumption is appropriate for the preparation of the company’s UK Statutory Accounts.
Consideration of factors like cash flow, debt obligations, access to funding, and future operational plans will be undertaken to ensure that, despite reporting negative reserves, the company is still considered capable of continuing operations for the foreseeable future.
The business is wholly owned by StellaGroup, a large French industrial group who provide strong financial backing to the company. Stella SWS Limited is the 100% shareholder of Security Window Shutters Limited, a successful and profitable manufacturing business.
The directors of Stella SWS Limited, having considered all of the above, consider it reasonable to continue to adopt the going concern of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
Goodwill is assessed for impairment at least annually, or more frequently when there is an indication that the unit may be impaired.
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the shorter of the estimated useful life of the asset and the lease term
Plant and equipment
20% straight line, 15-25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.9
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.12
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Leases
In categorising leases as finance leases or operating leases, management make judgements as to whether significant risks and rewards of ownership have transferred to the group as lessee.
Investment in subsidiary
Annually, the company and group consider whether investments and/or goodwill are impaired, which are held at cost less amortisation where applicable. Where an indication of impairment is identified the directors of the company assess the performance of the subsidiary and consider whether there is any material impairment of this cost against the current expected valuation of the subsidiary company. This requires estimation in determining its value and also involves a selection of appropriate discount rates, industry averages and profit multiples.
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment of assets
The group records provisions where it has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reasonable estimation of the obligation can be made. The recording of provisions is an area which requires the exercise of management judgement relating to the nature, timing and probability of the liability. The group's balance sheet includes provisions for doubtful debts, stock and contract provisions.
The recoverability of trade debtors is regularly reviewed and in light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be irrecoverable.
Stock is assessed for impairment at each reporting date by the directors and any excess of the carrying amount of stock over its estimated selling price less costs to sell is recognised as an impairment loss.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of security products and roller garage doors
20,764,230
20,857,268
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
20,613,758
20,336,241
Ireland
837
9,994
Rest of Europe
65,288
452,548
Rest of World
84,347
58,485
20,764,230
20,857,268
2024
2023
£
£
Other revenue
Interest income
54,093
1,725
Dividends received
-
24,000
Commissions received
-
20,026
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange gains
(1,260,857)
(623,055)
Research and development costs
35,254
43,615
Fees payable to the group's auditor for the audit of the group's financial statements
-
4,525
Depreciation of owned tangible fixed assets
361,262
295,198
Loss on disposal of tangible fixed assets
2,236
2,489
Amortisation of intangible assets
2,157,428
2,157,428
Operating lease charges
648,481
674,950
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
9
11
-
-
Sales
14
13
-
-
Manufacturing
94
100
-
-
Total
117
124
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,134,148
4,006,786
Social security costs
395,114
399,682
-
-
Pension costs
118,235
91,583
4,647,497
4,498,051
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
54,093
1,725
Income from fixed asset investments
Income from shares in group undertakings
24,000
Total income
54,093
25,725
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
533
479
Interest payable to group undertakings
20,201
Other interest on financial liabilities
947,053
940,000
Total finance costs
947,586
960,680
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
364,147
373,889
Company pension contributions to defined contribution schemes
22,472
7,736
386,619
381,625
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
257,007
241,876
Company pension contributions to defined contribution schemes
14,316
4,893
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023-3).
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
438,111
127,957
Changes in tax rates
8,048
Previously unrecognised tax loss, tax credit or timing difference
280
Adjustment in respect of prior periods
(605)
Total deferred tax
437,786
136,005
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(461,477)
(1,668,689)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(115,369)
(392,476)
Tax effect of expenses that are not deductible in determining taxable profit
14,772
76,308
Tax effect of income not taxable in determining taxable profit
(5,913)
Effect of change in corporation tax rate
-
8,048
Group relief
1
Amortisation on assets not qualifying for tax allowances
539,357
450,038
Under/(over) provided in prior years
(605)
Deferred tax adjustments in respect of prior years
280
Other
(650)
Taxation charge
437,786
136,005
Factors affecting future tax and charges
The standard rate of tax applied to reported profit on ordinary activities is 25% (2023: 23.52%). The Finance Act 2021, which was substantively enacted on 24 May 2021, created a 25% main rate, 19% small profits rate and a marginal rate which is effective from 1 April 2023. Deferred tax has been calculated at 25% (2023: 25%)which is the rate that the deferred tax liabilities and assets are expected to crystallise.
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
21,574,281
Amortisation and impairment
At 1 January 2024
9,708,426
Amortisation charged for the year
2,157,428
At 31 December 2024
11,865,854
Carrying amount
At 31 December 2024
9,708,427
At 31 December 2023
11,865,855
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2024
137,520
1,388,550
1,526,070
Additions
330,872
331,843
662,715
Disposals
(59,310)
(59,310)
At 31 December 2024
468,392
1,661,083
2,129,475
Depreciation and impairment
At 1 January 2024
68,674
515,654
584,328
Depreciation charged in the year
49,164
312,098
361,262
Eliminated in respect of disposals
(57,074)
(57,074)
At 31 December 2024
117,838
770,678
888,516
Carrying amount
At 31 December 2024
350,554
890,405
1,240,959
At 31 December 2023
68,846
872,896
941,742
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
26,742,347
26,742,347
Investments in associates
14
40,000
40,000
40,000
40,000
26,742,347
26,742,347
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2024 and 31 December 2024
40,000
Carrying amount
At 31 December 2024
40,000
At 31 December 2023
40,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
26,742,347
Carrying amount
At 31 December 2024
26,742,347
At 31 December 2023
26,742,347
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Security Window Shutters Limited
England
Ordinary
100.00
-
Alluguard Limited
England
Ordinary
-
100.00
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
14
Associates
Details of associates at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
C&P Security Products Limited
England
Ordinary
-
20
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,745,663
2,214,719
-
-
Finished goods and goods for resale
15,946
35,264
1,761,609
2,249,983
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,800,342
2,591,412
Amounts owed by group undertakings
1,500,000
-
144,713
144,713
Other debtors
23,265
23,155
Prepayments and accrued income
202,447
188,889
4,526,054
2,803,456
144,713
144,713
Amounts falling due after more than one year:
Deferred tax asset (note 20)
118,464
536,411
118,464
536,411
Total debtors
4,644,518
3,339,867
263,177
681,124
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,437,905
1,406,972
Amounts owed to group undertakings
9,143
9,337
9,143
9,337
Corporation tax payable
58,091
58,091
Other taxation and social security
635,785
474,523
-
-
Other creditors
24,307
31,619
Accruals and deferred income
413,502
438,416
2,578,733
2,418,958
9,143
9,337
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
19
21,876,593
22,533,672
21,876,593
22,533,672
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Loans from group undertakings
21,876,593
22,533,672
21,876,593
22,533,672
Payable after one year
21,876,593
22,533,672
21,876,593
22,533,672
Loans from group companies are due in July 2026 and are accruing interest rates between 4-6% per annum.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
198,770
178,931
-
-
Tax losses
-
-
118,464
536,411
198,770
178,931
118,464
536,411
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 30 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Tax losses
-
-
118,464
536,411
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(357,480)
(536,411)
Charge to profit or loss
437,786
417,947
Liability/(Asset) at 31 December 2024
80,306
(118,464)
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
118,235
91,583
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3,960,040
3,960,040
3,960,040
3,960,040
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
391,672
575,714
-
-
Between two and five years
2,140,163
2,080,529
-
-
In over five years
1,322,326
1,909,652
-
-
3,854,161
4,565,895
-
-
24
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
21,985
-
-
-
25
Related party transactions
The company had sales of £243,397 (2023: £237,451) and purchases of £128,737 (2023: £99,627) with C&P Security Products Limited, where the company hold a 20% investment. These transactions were at arm's length commercial rates. At the year end £57,372 (2023: £33,486) was owed by C&P Security Products Limited.
STELLA SWS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
26
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(899,263)
(1,804,694)
Adjustments for:
Taxation charged
437,786
136,005
Finance costs
947,586
960,680
Investment income
(54,093)
(25,725)
Loss on disposal of tangible fixed assets
2,236
2,489
Amortisation and impairment of intangible assets
2,157,428
2,157,428
Depreciation and impairment of tangible fixed assets
361,262
295,198
Foreign exchange gains on cash equivalents
(1,008,369)
(459,827)
Movements in working capital:
Decrease in stocks
488,374
455,099
(Increase)/decrease in debtors
(1,722,598)
398,641
Increase/(decrease) in creditors
159,775
(990,867)
Cash generated from operations
870,124
1,124,427
27
Controlling party
The groups immediate parent company is Stella Group (France), a company incorporated in France. The largest group for which Stella SWS Limited is a member and for which consolidated accounts are prepared is Polaris Holding, a company incorporated in France whose principal place of business is Route de Toulouse, CS 57668 Escalquens 31676 LABEGE CEDEX (France).
There is no ultimate controlling party of the group at 31 December 2024 or 2023.
28
Analysis of changes in net debt - group
1 January 2024
Cash flows
Market value movements
31 December 2024
£
£
£
£
Cash at bank and in hand
1,933,438
(334,794)
-
1,598,644
Borrowings excluding overdrafts
(22,533,672)
(289,974)
947,053
(21,876,593)
(20,600,234)
(624,768)
947,053
(20,277,949)
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