IRIS Accounts Production v25.1.0.734 02196324 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities the supply, installation and maintenance of garage equipment. true true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model 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REGISTERED NUMBER: 02196324 (England and Wales)















Straightset Limited

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 31 December 2024






Straightset Limited (Registered number: 02196324)






Contents of the Financial Statements
For The Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


Straightset Limited

Company Information
For The Year Ended 31 December 2024







DIRECTORS: P Bates
S A Bates
R Bates
J E Blake





SECRETARY: J E Blake





REGISTERED OFFICE: Stadium Close
Dukeries Industrial Estate
Claylands Avenue
Worksop
Nottinghamshire
S81 7BT





REGISTERED NUMBER: 02196324 (England and Wales)





AUDITORS: Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

Straightset Limited (Registered number: 02196324)

Strategic Report
For The Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company's principal activity is supply, installation and maintenance of garage equipment. The Directors are pleased with the company's performance for the period ending December 2024, with turnover of £10,607,931 generating £482,523 profit before taxation.

The company continues to be successful in attracting new customers and supporting the existing customer base. The acquisition of the assets of Supertracker Ltd have given us a large incremental customer base for wheel alignment systems and we are seeing growth year on year.

We continue to invest in internal systems, processes and infrastructure to provide the best possible service to our customers. We have also increased our investment in training and development of internal staff.

PRINCIPAL RISKS AND UNCERTAINTIES
Inflation has driven a significant increase in our cost base, we have absorbed some costs and had to pass some of these increases through to customers. We are actively working on projects to realise efficiencies to offset some of this impact.

Our Customers are going through a significant period of change, and many customer groups have experienced change of ownership, acquisitions and sell offs, as well as changing business operating models which is creating some uncertainties in the market.

Despite some challenges, there are opportunities in the market and the directors are confident of maintaining financial security.

DEVELOPMENT AND PERFORMANCE
The company continually monitors its performance via a live management reporting analysis tool. Actively taking decisions to ensure the business performs strongly. We continue to recruit to add depth of knowledge and experience especially since the acquisition.

KEY PERFORMANCE INDICATORS
Weekly financial and non-financial KPIs are prepared and reviewed by the directors and senior management team. These are discussed in senior management meetings and planning and action plans are updated ensuring alignment and singular direction of all departments.

ON BEHALF OF THE BOARD:





R Bates - Director


14 April 2025

Straightset Limited (Registered number: 02196324)

Report of the Directors
For The Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
An interim dividend of £4 per share was paid during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P Bates
S A Bates
R Bates
J E Blake

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R Bates - Director


14 April 2025

Report of the Independent Auditors to the Members of
Straightset Limited

Opinion
We have audited the financial statements of Straightset Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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 company's affairs as at 31 December 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Straightset Limited


Auditors' 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 a Report of the Auditors 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:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims.

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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.




Mark Garrison BCom FCA DChA (Senior Statutory Auditor)
for and on behalf of Kingswood Allotts Limited, Statutory Auditor
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

30 April 2025

Straightset Limited (Registered number: 02196324)

Statement of Comprehensive
Income
For The Year Ended 31 December 2024

2024 2023
Notes £    £    £   

TURNOVER 4 10,607,931 11,930,355

Cost of sales 8,623,278 9,406,799
GROSS PROFIT 1,984,653 2,523,556

Administrative expenses 1,834,345 1,717,180
150,308 806,376

Other operating income 5 78,055 82,246
OPERATING PROFIT 7 228,363 888,622

Gain on investments 8 11,669 15,175
240,032 903,797

Income from fixed asset investments 9 788 646
Interest receivable and similar income 10 399,894 272,487
400,682 273,133
640,714 1,176,930

Interest payable and similar expenses 11 158,191 139,165
PROFIT BEFORE TAXATION 482,523 1,037,765

Tax on profit 12 123,247 256,754
PROFIT FOR THE FINANCIAL YEAR 359,276 781,011

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 359,276 781,011

Straightset Limited (Registered number: 02196324)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 14 - 27,273
Tangible assets 15 1,024,102 1,064,621
Investments 16 124,696 112,239
Investment property 17 893,000 893,000
2,041,798 2,097,133

CURRENT ASSETS
Stocks 18 1,122,606 925,227
Debtors 19 1,705,297 1,671,651
Cash at bank and in hand 7,849,627 8,335,951
10,677,530 10,932,829
CREDITORS
Amounts falling due within one year 20 4,787,993 5,312,138
NET CURRENT ASSETS 5,889,537 5,620,691
TOTAL ASSETS LESS CURRENT LIABILITIES 7,931,335 7,717,824

CREDITORS
Amounts falling due after more than one year 21 (142,429 ) (193,388 )

PROVISIONS FOR LIABILITIES 24 (130,371 ) (136,337 )
NET ASSETS 7,658,535 7,388,099

CAPITAL AND RESERVES
Called up share capital 25 22,210 22,210
Capital redemption reserve 26 22,790 22,790
Retained earnings 26 7,613,535 7,343,099
SHAREHOLDERS' FUNDS 7,658,535 7,388,099

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





R Bates - Director


Straightset Limited (Registered number: 02196324)

Statement of Changes in Equity
For The Year Ended 31 December 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 22,210 6,961,868 22,790 7,006,868

Changes in equity
Dividends - (399,780 ) - (399,780 )
Total comprehensive income - 781,011 - 781,011
Balance at 31 December 2023 22,210 7,343,099 22,790 7,388,099

Changes in equity
Dividends - (88,840 ) - (88,840 )
Total comprehensive income - 359,276 - 359,276
Balance at 31 December 2024 22,210 7,613,535 22,790 7,658,535

Straightset Limited (Registered number: 02196324)

Cash Flow Statement
For The Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (371,402 ) 1,535,440
Interest element of hire purchase payments paid (23,406 ) (16,557 )
Finance costs paid - (2 )
Tax paid (211,743 ) (77,826 )
Net cash from operating activities (606,551 ) 1,441,055

Cash flows from investing activities
Purchase of tangible fixed assets (129,226 ) (72,756 )
Sale of tangible fixed assets 79,850 163,050
Interest received 399,894 278,380
Net cash from investing activities 350,518 368,674

Cash flows from financing activities
Capital repayments in year (230,291 ) (217,355 )
Net cash from financing activities (230,291 ) (217,355 )

(Decrease)/increase in cash and cash equivalents (486,324 ) 1,592,374
Cash and cash equivalents at beginning of year 2 8,335,951 6,743,577

Cash and cash equivalents at end of year 2 7,849,627 8,335,951

Straightset Limited (Registered number: 02196324)

Notes to the Cash Flow Statement
For The Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 482,523 1,037,765
Depreciation charges 365,834 293,945
Profit on disposal of fixed assets (72,797 ) (145,609 )
Gain on investments (11,670 ) (15,175 )
Finance costs 158,191 139,165
Finance income (400,682 ) (273,133 )
521,399 1,036,958
Increase in stocks (197,379 ) (53,156 )
(Increase)/decrease in trade and other debtors (33,646 ) 402,599
(Decrease)/increase in trade and other creditors (661,776 ) 149,039
Cash generated from operations (371,402 ) 1,535,440

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 7,849,627 8,335,951
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 8,335,951 6,743,577


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank
and in hand 8,335,951 (486,324 ) 7,849,627
8,335,951 (486,324 ) 7,849,627
Debt
Finance leases (386,646 ) 230,291 (332,223 )
(386,646 ) 230,291 (332,223 )
Total 7,949,305 (256,033 ) 7,517,404

4. MAJOR NON-CASH TRANSACTIONS

New hire purchase agreements of £175,868 (2023: £365,592) were entered into.

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements
For The Year Ended 31 December 2024

1. STATUTORY INFORMATION

Straightset Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. 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 neared £.

Preparation of consolidated financial statements
The company's subsidiaries are both dormant and immaterial. Therefore consolidated accounts have not been produced and these financial statements present information about the company and not about its group.

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 goods 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 usually on dispatch of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the work performed.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Construction (installation) contracts
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to costs incurred for work performed to date.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

The amount by which recorded turnover is in excess of sales invoiced is classified as 'gross amounts due from customers for contract work' within debtors. The amount by which sales invoiced are in excess of recorded turnover is classified as a deduction from any balance on that contract in stocks, with any residual balance classified as 'payments on account' within creditors.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Goodwill
Goodwill arising on the acquisition of a business in 2022 will be amortised on a straight-line basis over its estimated useful economic life of 3 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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

Depreciation is provided on all tangible assets, with the exception of investment properties, and is calculated to write off the cost less estimated residual value of each asset on a systematic basis over its useful life as follows:

Freehold property50 years
Motor vehicles3 years
Plant & machinery3 years

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes in fair value recognised through profit or loss, if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are recognised initially at fair value which is normally the transaction price including transaction costs. Subsequently, they are measured at fair value through profit or loss.

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

Stock is costed on a first in first out basis. Work in progress and finished goods include labour and attributable overheads.

Current taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in 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 taxation
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
Monetary 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company sponsors two defined contribution pension schemes. Contributions payable for the year are charged in the profit and loss account.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimated used life of tangible fixed assets
At the date of capitalising tangible fixed assets, the company estimates the useful economic life of the asset based on management’s judgement and experience. Due to the significance of the capital investment to the company, variance between actual and estimated useful economic lives could impact results both positively and negatively.

Stock provisioning
The carrying value of stock, at the lower of cost and net realisable value, is dependent on key judgements and estimates that are made by management. The judgements relating to stock include an estimation of future expected average sales prices and disposal costs. These judgements also include consideration of specific factors and the developments in the market that have been identified throughout the year and subsequent to the year end. Actual outcomes could be different to the assumptions used in determining the estimates

Valuation of investment properties
Investment properties are professionally valued using a yield methodology. This uses market rental values capitalised at a market capitalisation rate. The last professional valuation was completed in 2017. Since then a revaluation has occured, which was calculated on the rental income received during the year. There is inevitably a degree of judgement and actual property valuations may differ from the assumptions used in determining this estimate.

4. TURNOVER

The analysis of turnover by activity is as follows:

20242023
££
Goods-16,639
Services5,303,2475,190,430
Installation contracts5,304,6846,723,286
10,607,93111,930,355

5. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 72,024 82,246
Sundry receipts 6,031 -
78,055 82,246

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,297,211 3,125,310
Social security costs 345,820 327,995
Other pension costs 80,622 75,503
3,723,653 3,528,808

The average number of employees during the year was as follows:
2024 2023

Administration 21 21
Sales 3 2
Engineering 54 58
Directors 4 4
82 85

2024 2023
£    £   
Directors' remuneration 201,124 195,037
Directors' pension contributions to money purchase schemes 5,100 5,090

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:
2024
£   
Emoluments etc 78,825
Pension contributions to money purchase schemes 1,995

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Car leasing 22,018 18,780
Other operating leases 11,245 11,083
Depreciation - owned assets 74,172 62,510
Depreciation - assets on hire purchase contracts 264,388 208,708
Profit on disposal of fixed assets (72,797 ) (145,609 )
Goodwill amortisation 27,273 22,727
Auditors' remuneration 8,125 8,250
Foreign exchange differences (44,895 ) (14,706 )
Stock impairment (28,921 ) 42,489

8. GAIN ON INVESTMENTS
2024 2023
£    £   
Gain on investments 11,669 15,175

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

9. INCOME FROM FIXED ASSET INVESTMENTS
2024 2023
£    £   
Investment income 788 646

10. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Bank interest 399,894 272,487

11. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Directors' loan interest 134,785 122,608
Hire purchase 23,406 16,557
158,191 139,165

12. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 129,213 211,743

Deferred tax (5,966 ) 45,011
Tax on profit 123,247 256,754

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 482,523 1,037,765
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) 120,631 259,441

Effects of:
Expenses not deductible for tax purposes 967 985
Income not taxable for tax purposes (197 ) (162 )
General provisions (5,961 ) 2,149
Fair value adjustments to investments (2,917 ) (3,794 )
Depreciation of ineligible assets 3,797 3,797
Superdeduction - (1,590 )
Change of tax rate - (4,072 )
Amortisation of ineligible assets 6,819 -
Movement in pension creditor 108 -
Total tax charge 123,247 256,754

13. DIVIDENDS

An interim dividend of £88,840 was paid during the year (2023: £399,780).

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

14. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 50,000
AMORTISATION
At 1 January 2024 22,727
Amortisation for year 27,273
At 31 December 2024 50,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 27,273

15. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2024 867,921 506,292 1,255,921 2,630,134
Additions - 44,447 260,647 305,094
Disposals - (53,878 ) (231,794 ) (285,672 )
At 31 December 2024 867,921 496,861 1,284,774 2,649,556
DEPRECIATION
At 1 January 2024 306,992 459,329 799,192 1,565,513
Charge for year 15,188 34,681 288,691 338,560
Eliminated on disposal - (53,878 ) (224,741 ) (278,619 )
At 31 December 2024 322,180 440,132 863,142 1,625,454
NET BOOK VALUE
At 31 December 2024 545,741 56,729 421,632 1,024,102
At 31 December 2023 560,929 46,963 456,729 1,064,621

Included in cost of land and buildings is freehold land of £ 109,287 (2023 - £ 109,287 ) which is not depreciated.

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

15. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2024 66,600 723,165 789,765
Additions - 227,457 227,457
Disposals - (24,742 ) (24,742 )
Transfer to ownership (66,600 ) (119,806 ) (186,406 )
At 31 December 2024 - 806,074 806,074
DEPRECIATION
At 1 January 2024 66,600 283,082 349,682
Charge for year - 264,388 264,388
Eliminated on disposal - (18,556 ) (18,556 )
Transfer to ownership 66,600 (116,527 ) (49,927 )
At 31 December 2024 133,200 412,387 545,587
NET BOOK VALUE
At 31 December 2024 (133,200 ) 393,687 260,487
At 31 December 2023 - 440,083 440,083

16. FIXED ASSET INVESTMENTS
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 2 112,237 112,239
Additions - 788 788
Change in market value - 11,669 11,669
At 31 December 2024 2 124,694 124,696
NET BOOK VALUE
At 31 December 2024 2 124,694 124,696
At 31 December 2023 2 112,237 112,239

Cost or valuation at 31 December 2024 is represented by:

Shares in
group Listed
undertakings investments Totals
£    £    £   
Valuation in 2024 - 124,694 124,694
Cost 2 - 2
2 124,694 124,696

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

16. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

UK Garage Services Limited
Registered office: Sidings Court, Lakeside, Doncaster, DN4 5NU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Straightset Property Limited
Registered office: Stadium Close, Dukeries Industrial Estate, Claylands Avenue, Worksop, Nottinghamshire, S81 7BT
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

Listed investments are stated at fair value.

17. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 893,000
NET BOOK VALUE
At 31 December 2024 893,000
At 31 December 2023 893,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2017 6,784
Valuation in 2022 60,609
Cost 825,607
893,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 825,607 825,607

Investment property was valued on an open market basis on 8 February 2017 by Brown & Co Surveyors .

It was updated by the directors in 2022 based on the comparative increase in rentals from 2017.

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

18. STOCKS
2024 2023
£    £   
Raw materials 1,122,606 925,227

This value does not differ materially from the replacement cost of the stocks.

19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,437,894 1,265,939
Gross amounts due from
customers for contract work 29,557 102,972
Prepayments and accrued income 237,846 302,740
1,705,297 1,671,651

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 22) 189,794 193,258
Trade creditors 741,651 1,095,259
Taxation 129,213 211,743
Social security and other taxes 447,421 495,659
Other creditors 2,714,131 2,659,689
Payments on account 304,662 340,241
Accruals and deferred income 261,121 316,289
4,787,993 5,312,138

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 22) 142,429 193,388

22. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 189,794 193,258
Between one and five years 142,429 193,388
332,223 386,646

Non-cancellable operating leases
2024 2023
£    £   
Within one year 28,933 30,841
Between one and five years 5,656 23,345
34,589 54,186

The above represents total future minimum lease payments under non-cancellable operating leases.

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

22. LEASING AGREEMENTS - continued

Finance leases are hire purchase agreements on the company's van fleet and machinery.

23. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 332,223 386,646

The company's hire purchase creditors are secured on the assets to which they relate.

24. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 115,184 121,042
Short-term timing differences (1,661 ) (1,553 )
Deferred tax on investment
property revaluation 16,848 16,848
130,371 136,337

Deferred
tax
£   
Balance at 1 January 2024 136,337
Credit for the year (5,966 )
Balance at 31 December 2024 130,371

The amount of the above expected to reverse in the next year is £79,000 (2023: £62,000).

25. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal value: 2024 2023
£ £
22,210 Ordinary £1 22,210 22,210


26. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 7,343,099 22,790 7,365,889
Profit for the year 359,276 359,276
Dividends (88,840 ) (88,840 )
At 31 December 2024 7,613,535 22,790 7,636,325

Included in retained earnings is £133,527 (2023: £121,858) of profits which are not available for distribution as they are unrealised.

Straightset Limited (Registered number: 02196324)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

27. PENSION COMMITMENTS

The company sponsors two individual personal pension schemes. The company's current contributions are between 1% and 5% for employees and 5% and 10% for some of the directors.

28. RELATED PARTY DISCLOSURES

There are no key management personnel except the directors.

Related party transactions with key management personnel and their close family members were as follows:

LoansInterest on loansDividends
£££
20242,784,467134,785(88,440)
20233,040,024122,608(397,980)

The loans are subject to interest, have no formal repayment terms and are unsecured.

29. ULTIMATE CONTROLLING PARTY

The company is controlled by P Bates, managing director and majority shareholder.

30. OPERATING LEASES AS LESSOR

Non-cancellable operating lease receipts from operating leases on the company's property are:

2024 2023
£ £
Within one year 68,528 68,528
Within the second to fifth years 80,327 148,856
148,855 217,384