REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 30th September 2024 |
for |
STELLISON LIMITED |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 30th September 2024 |
for |
STELLISON LIMITED |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Contents of the Financial Statements |
for the year ended 30th September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Profit and Loss Account | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
STELLISON LIMITED |
Company Information |
for the year ended 30th September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Strategic Report |
for the year ended 30th September 2024 |
The directors present their strategic report for the year ended 30th September 2024. |
The Company's principal activity is that of retail, repair, leasing and servicing of domestic electrical appliances and the supply and fitting of kitchens. |
Review of the business |
Stellison Limited is a family run company, established for 60 years, which trades from ten premises, nine of which are retail outlets and one which is head office, warehousing and service department. |
The company continues to be profitable, a 39.6% increase in profits compared to the previous year, but the current trading market is competitive. In traditional retail sales we are seeing a squeeze on margins due to online retailers and large multiples continually lowering price. This has caused us to review our trading partners and seek new sales areas including developing our online presence to give us a better margin mix. Turnover has increased by 6.7% from £9.2 million in 2023 to £9.8 million this year whilst the Gross profit margin has fallen slightly from 19.3% to 19.1%. In the opinion of the Directors, the Company remains in a much stronger financial position than most of its competitors, enabling it to take a robust position to these challenges and we continue to see many opportunities in all our trading sectors. |
We have invested in the Company's property portfolio in the past few years and have refurbished nearly every trading site, as well as bringing on new stores. This will reduce ongoing repairs and maintenance costs as we have now substantially upgraded the properties' structures and internal fittings. There will also be further savings as we have been upgrading our lighting and heating systems to be more energy efficient as well as replacing our telephone network with an IP solution. We also continue to update our fleet of motor vehicles. |
We have continued to grow our fitted kitchen and bedroom side of the business and look forward to further increases of sales in this area. |
We have now completed the renewal of the service and sales computer systems. The new system has brought all departments of the business on to one new platform and this has made the data transfer between departments much more efficient. We are continuing to develop this new system in conjunction with the service provider of the software. The Company has been able to make significant savings to its data costs due to past inefficiencies of running two separate systems with data duplication and double entry being reduced significantly. This has also meant a reduction in staff within the back office as the automation of many systems has meant we did not need to replace staff in these departments when they left the companies employment. This in turn has led the Company to improve the average revenue per staff member. |
Following our decision to cease Sunday trading from our smaller retail stores, we have continually monitored the sales revenues through the shops and are confident that we have not lost any significant sales revenue following this decision. This year we also decided to end Sunday trading throughout the business as we believe that the cost to open was not covered by the sales revenue achieved. We decided to focus more on our online offering as well as partnering with the new CIH Euronics marketplace which has seen a fantastic addition to our online sales revenue. In fact the increased sales online have confirmed our decision to close Sundays was the right one. |
Our investment in our online business will be a further focus for us in the coming year and we aim to improve online sales significantly whilst also keeping our store portfolio relevant to today's consumers. |
In conclusion, the Directors feel we have invested a considerable amount of money over the past years to make sure our offering to our customers is second to none and whilst we will continue to invest in this area going forward we will not need to spend anywhere near these amounts again. We expect profitability to continue into the next financial year. |
Principal risks and uncertainties |
The Directors remain alert to the risks prevalent in a commercial environment and continue to take steps to minimise or mitigate these risks. In particular: |
Market risk: The Company is affected by margin achievable but we continue to review our trading partners and seek new sales areas. |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Strategic Report |
for the year ended 30th September 2024 |
Legislative and regulatory risk: The Directors remain alert to the impact of regulatory and legislative changes on the Company's operations. The uncertainty of Brexit and the impact on the economy is of concern. |
Actions of competitors: The Directors continue to take appropriate steps to improve the Company's service to its customers. |
Financial key performance indicators |
Apart from the key measures identified above in the business review, the Directors believe the key financial indicators to be turnover, gross profit, fixed assets and expenditure. |
Other key performance indicators |
Apart from the measures identified above, the Directors believe no further inclusion of non-financial key performance indicators is necessary for an understanding of the development or position of the Company's business. |
ON BEHALF OF THE BOARD: |
17th April 2025 |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Report of the Directors |
for the year ended 30th September 2024 |
The directors present their report with the financial statements of the company for the year ended 30th September 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th September 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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 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 judgments and accounting estimates that are reasonable and prudent |
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements |
- 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. |
AUDITORS |
The auditors, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Stellison Limited |
Opinion |
We have audited the financial statements of Stellison Limited (the 'company') for the year ended 30th September 2024 which comprise the Profit and Loss Account, Other 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 30th September 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. |
Report of the Independent Auditors to the Members of |
Stellison Limited |
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 four, 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 |
Stellison 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: |
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified of being of significance to the entity: |
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation and distributable profits legislation. |
Those Laws and regulations for which non-compliance me be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements, including health and safety legislation. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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. |
Report of the Independent Auditors to the Members of |
Stellison Limited |
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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Profit and Loss Account |
for the year ended 30th September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
1,891,245 | 1,867,358 |
(9,005 | ) | (83,326 | ) |
Other operating income |
OPERATING PROFIT | 5 |
Income from fixed asset investments | 7 |
Interest receivable and similar income |
87,543 | 28,599 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Other Comprehensive Income |
for the year ended 30th September 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Balance Sheet |
30th September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Statement of Changes in Equity |
for the year ended 30th September 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st October 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30th September 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30th September 2024 |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Cash Flow Statement |
for the year ended 30th September 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 535 | - |
Net cash from financing activities |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,077,477 |
Cash and cash equivalents at end of year | 2 | 1,927,050 | 1,692,632 |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Cash Flow Statement |
for the year ended 30th September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Increase/(Decrease) in provisions | 26,544 | (13,480 | ) |
Finance income | (87,543 | ) | (28,599 | ) |
364,561 | 308,458 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
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 30th September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 1,927,050 | 1,692,632 |
Year ended 30th September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 1,692,632 | 2,077,477 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,692,632 | 234,418 | 1,927,050 |
1,692,632 | 1,927,050 |
Total | 1,692,632 | 234,418 | 1,927,050 |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements |
for the year ended 30th September 2024 |
1. | STATUTORY INFORMATION |
Stellison Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- | the Company has transferred the significant risks and rewards of ownership to the buyer; |
- | the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the transaction; and |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the contract; |
- | the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
Goodwill |
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. |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements - continued |
for the year ended 30th September 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
Depreciation is provided on the following basis: |
Leasehold land and buildings | - Straight line over 50 years |
Plant and machinery | - 25% Reducing Balance |
Fixtures and Fittings | - 25% Reducing Balance |
Motor Vehicles | - 25% Reducing Balance |
The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements - continued |
for the year ended 30th September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Valuation of Investments |
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value. |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements - continued |
for the year ended 30th September 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The company makes estimates and assumptions concerning the future. The resulting accounting estimation will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are set out below: |
Revenue recognition |
Revenue is recongnised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. This is when the Company has transferred the significant risks and rewards of ownership to the buyer. Although this is not considered to be a complex judgement for the company, revenue recognition is still considered to be a critical accounting policy. |
Inventories |
The valuation of inventories is critical to the production of the financial statements. Judgement is required in determining whether there is any provision against slow-moving or obsolete items. This involves evaluating the likelihood of the further sale of particular stock items. |
Warranties |
The completeness and value of warranties are a key part of the Company in relation to refurbished stock and fitted kitchens. These warranties are not covered by the manufacturer nor does the company insure itself against the potential costs. Therefore, the Company uses historical information and industry experience to set an appropriate provision to cover future amounts in respect to service calls and remedial work on new machines where the cost cannot be recovered from manufacturers. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 3 | 3 |
Other staff | 74 | 73 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements - continued |
for the year ended 30th September 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Foreign exchange differences |
6. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
21,500 |
27,000 |
7. | INCOME FROM FIXED ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Dividends received - unlisted |
investments | 2,205 | 2,205 |
8. | 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 |
Deferred tax |
Tax on profit |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements - continued |
for the year ended 30th September 2024 |
8. | TAXATION - continued |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods |
Deferred tax | 63,399 | 4,000 |
Total tax charge | 155,178 | 55,117 |
9. | INTANGIBLE FIXED ASSETS |
Goodwill | Trademarks | Totals |
£ | £ | £ |
COST |
At 1st October 2023 |
and 30th September 2024 |
AMORTISATION |
At 1st October 2023 |
and 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements - continued |
for the year ended 30th September 2024 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st October 2023 |
Additions |
At 30th September 2024 |
DEPRECIATION |
At 1st October 2023 |
Charge for year |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
11. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1st October 2023 |
and 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
12. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Raw materials |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements - continued |
for the year ended 30th September 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Payments on account |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 184,915 | 149,653 |
Other creditors |
Directors' current accounts | 534 | - |
Accruals and deferred income |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
16. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 29,400 | - |
Other provisions | 175,408 | 148,864 |
Deferred | Warranty |
tax | provision |
£ | £ |
Balance at 1st October 2023 | ( |
) |
Provided during year |
Balance at 30th September 2024 |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements - continued |
for the year ended 30th September 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A shares | £1 | 1,000 | 1,000 |
Ordinary B shares | £1 | 9,000 | 9,000 |
Ordinary C shares | £1 | 10,000 | 10,000 |
20,000 | 20,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1st October 2023 |
Profit for the year |
At 30th September 2024 |
19. | PENSION COMMITMENTS |
The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. |
The total contributions paid in the year amounted to £36,740 (2023: £33,098). The unpaid contributions at the year end amounted to £7,675 (2023: £6,339). |
20. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
During the year a deposit on a van was paid but the van was not delivered until after the year end. The company is committed to paying the outstanding balance upon delivery. |
STELLISON LIMITED (REGISTERED NUMBER: 00743883) |
Notes to the Financial Statements - continued |
for the year ended 30th September 2024 |
21. | RELATED PARTY DISCLOSURES |
The Company is a member of the Combined Independents buying group of which Mr S A Scogings is a director and Chairman of the Board. The Company trades with Combined Independents (Holdings) Limited on normal commercial terms. The Company currently holds 1 share in the entity. During the year year purchases were made at full market rates totalling £1,094,014. Additionally at the year-end date £333,419 was included within trade creditors. |
During the year, the Company made purchases from Combined Independents Properties (1990) Limited of which Mr S A Scogings is also a minority shareholder. During the year, the Company received dividends of £2,205 (2023: £2,205) from the investment. The Company currently holds 98 shares in the entity. |
During this and the previous year, the Company leased a property from a family settlement, of which Mr S A Scogings and Mr M R Scogings are beneficiaries. Rent of £15,000 was paid during the year to the settlement (2023: £18,000), and £NIL (2023: £NIL) was included within creditors at the year end. |
The Stellison Limited (2) Retirement and Death Benefit Scheme leases a property to Stellison Limited. Rent of £102,000 was incurred on this lease during the year (2023: £102,000). As at 30 September 2024 the scheme owed the Company £NIL (2023: £NIL). |
During the year 6 (2023: 5) close family members of the management team were employed by the Company. The total remuneration received by these close family members was £209,629 (2023: £144,213). Total remuneration payable to key management personnel is £145,683 (2023: £116,095). |
As at the balance sheet date there were directors' current account balances totalling £534 (2023: £534). |