IRIS Accounts Production v25.1.0.734 01214443 Board of Directors 1.8.23 31.7.24 31.7.24 29/4/2025 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh012144432023-07-31012144432024-07-31012144432023-08-012024-07-31012144432022-07-31012144432022-08-012023-07-31012144432023-07-3101214443ns15:EnglandWales2023-08-012024-07-3101214443ns14:PoundSterling2023-08-012024-07-3101214443ns10:Director12023-08-012024-07-3101214443ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3101214443ns10:SmallEntities2023-08-012024-07-3101214443ns10:Audited2023-08-012024-07-3101214443ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3101214443ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3101214443ns10:FullAccounts2023-08-012024-07-310121444312023-08-012024-07-3101214443ns5:CurrentFinancialInstruments2024-07-3101214443ns5:CurrentFinancialInstruments2023-07-3101214443ns5:ShareCapital2024-07-3101214443ns5:ShareCapital2023-07-3101214443ns5:RetainedEarningsAccumulatedLosses2024-07-3101214443ns5:RetainedEarningsAccumulatedLosses2023-07-3101214443ns10:RegisteredOffice2023-08-012024-07-3101214443ns5:IntangibleAssetsOtherThanGoodwill2023-08-012024-07-3101214443ns5:IntangibleAssetsOtherThanGoodwill2023-07-3101214443ns5:IntangibleAssetsOtherThanGoodwill2024-07-3101214443ns5:IntangibleAssetsOtherThanGoodwill2023-07-3101214443ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-3101214443ns5:LeaseholdImprovements2023-07-3101214443ns5:PlantMachinery2023-07-3101214443ns5:LandBuildingsns5:ShortLeaseholdAssets2023-08-012024-07-3101214443ns5:LeaseholdImprovements2023-08-012024-07-3101214443ns5:PlantMachinery2023-08-012024-07-3101214443ns5:LandBuildingsns5:ShortLeaseholdAssets2024-07-3101214443ns5:LeaseholdImprovements2024-07-3101214443ns5:PlantMachinery2024-07-3101214443ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-3101214443ns5:LeaseholdImprovements2023-07-3101214443ns5:PlantMachinery2023-07-3101214443ns5:FurnitureFittings2023-07-3101214443ns5:MotorVehicles2023-07-3101214443ns5:ComputerEquipment2023-07-3101214443ns5:FurnitureFittings2023-08-012024-07-3101214443ns5:MotorVehicles2023-08-012024-07-3101214443ns5:ComputerEquipment2023-08-012024-07-3101214443ns5:FurnitureFittings2024-07-3101214443ns5:MotorVehicles2024-07-3101214443ns5:ComputerEquipment2024-07-3101214443ns5:FurnitureFittings2023-07-3101214443ns5:MotorVehicles2023-07-3101214443ns5:ComputerEquipment2023-07-3101214443ns5:CostValuation2023-07-3101214443ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3101214443ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-31
REGISTERED NUMBER: 01214443 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

STRINGS & THINGS LIMITED

STRINGS & THINGS LIMITED (REGISTERED NUMBER: 01214443)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


STRINGS & THINGS LIMITED (REGISTERED NUMBER: 01214443)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 671,212 365,665
Investments 6 1,259,631 1,259,631
1,930,843 1,625,296

CURRENT ASSETS
Stocks 1,458,275 1,629,061
Debtors 7 482,367 598,873
Cash at bank and in hand 3,079,437 2,880,549
5,020,079 5,108,483
CREDITORS
Amounts falling due within one year 8 (834,681 ) (1,081,931 )
NET CURRENT ASSETS 4,185,398 4,026,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,116,241

5,651,848

PROVISIONS FOR LIABILITIES (325,708 ) (68,884 )
NET ASSETS 5,790,533 5,582,964

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 5,790,433 5,582,864
5,790,533 5,582,964

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:





R C Bradley - Director


STRINGS & THINGS LIMITED (REGISTERED NUMBER: 01214443)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Strings & Things Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01214443

Registered office: 15 West Street
Brighton
East Sussex
BN1 2RL

The presentation currency of the financial statements is the Pound Sterling (£) and have been rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of musical instruments and accessories is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is on delivery of the goods.

Intangible assets
Patents are fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery20% on reducing balance
Improvements to short leaseholdOver the term of the lease
Fixtures and fittings15% on reducing balance
Computer equipment33% on cost
Motor vehicles25% on cost


Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment

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

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the weighted average cost method.


STRINGS & THINGS LIMITED (REGISTERED NUMBER: 01214443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2023
and 31 July 2024 23,527
AMORTISATION
At 1 August 2023
and 31 July 2024 23,527
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

STRINGS & THINGS LIMITED (REGISTERED NUMBER: 01214443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. TANGIBLE FIXED ASSETS
Improvement's
Short to short Plant and
leasehold leasehold machinery
£    £    £   
COST
At 1 August 2023 73,861 306,837 34,160
Additions - 100,000 230,938
Disposals (73,861 ) - -
At 31 July 2024 - 406,837 265,098
DEPRECIATION
At 1 August 2023 73,861 - 9,071
Charge for year - 27,123 37,099
Eliminated on disposal (73,861 ) - -
At 31 July 2024 - 27,123 46,170
NET BOOK VALUE
At 31 July 2024 - 379,714 218,928
At 31 July 2023 - 306,837 25,089

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 74,043 30,196 363,765 882,862
Additions 43,165 - 11,899 386,002
Disposals - - - (73,861 )
At 31 July 2024 117,208 30,196 375,664 1,195,003
DEPRECIATION
At 1 August 2023 54,491 18,357 361,417 517,197
Charge for year 8,182 3,947 4,104 80,455
Eliminated on disposal - - - (73,861 )
At 31 July 2024 62,673 22,304 365,521 523,791
NET BOOK VALUE
At 31 July 2024 54,535 7,892 10,143 671,212
At 31 July 2023 19,552 11,839 2,348 365,665

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 August 2023
and 31 July 2024 1,259,631
NET BOOK VALUE
At 31 July 2024 1,259,631
At 31 July 2023 1,259,631

STRINGS & THINGS LIMITED (REGISTERED NUMBER: 01214443)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 308,868 363,899
Amounts owed by group undertakings 25,000 25,000
Other debtors 148,499 209,974
482,367 598,873

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 229,698 631,567
Amounts owed to group undertakings 882 -
Taxation and social security 310,383 382,335
Other creditors 293,718 68,029
834,681 1,081,931

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid

Nominal 2024 2023
Number Class Value £    £   
79 Ordinary A 0.50 39.50 39.50
59 Ordinary B 0.50 29.50 29.50
3 Ordinary C 0.50 1.50 1.50
3 Ordinary D 0.50 1.50 1.50
3 Ordinary E 0.50 1.50 1.50
3 Ordinary F 0.50 1.50 1.50
25 Ordinary G 0.50 12.50 12.50
25 Ordinary H 0.50 12.50 12.50
100 100

The different classes of shares all have full voting and capital distribution rights. The holders of the different classes of shares are entitled to varying rates of dividend independently of each other as declared by the company.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christian Heeger BSc FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting

11. OFF-BALANCE SHEET ARRANGEMENTS

At the year end, the company had non-cancellable operating lease commitments amounting to £2,310,083 (2023: £157,450).

12. RELATED PARTY DISCLOSURES

During the year, dividends were voted to the directors amounting to £102,765 (2023: £101,755) and to a shareholder with significant influence amounting to £75,225 (2023: £25,075).