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REGISTERED NUMBER: 04719444 (England and Wales)






















Storetec Services Limited

Financial Statements for the Year Ended 30th September 2024






Storetec Services Limited (Registered number: 04719444)






Contents of the Financial Statements
for the year ended 30th September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Storetec Services Limited

Company Information
for the year ended 30th September 2024







DIRECTORS: D Baker
N Knight





REGISTERED OFFICE: Sidings Business Park
Freightliner Road
HULL
HU3 4XA





REGISTERED NUMBER: 04719444 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Storetec Services Limited (Registered number: 04719444)

Balance Sheet
30th September 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 379,295 185,659
Tangible assets 5 669,454 1,037,005
1,048,749 1,222,664

CURRENT ASSETS
Debtors 6 5,888,517 1,712,570
Cash at bank 716,699 1,750,077
6,605,216 3,462,647
CREDITORS
Amounts falling due within one year 7 1,846,911 2,080,779
NET CURRENT ASSETS 4,758,305 1,381,868
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,807,054

2,604,532

CREDITORS
Amounts falling due after more than one
year

8

(27,737

)

(198,694

)

PROVISIONS FOR LIABILITIES 10 (228,762 ) (257,657 )
NET ASSETS 5,550,555 2,148,181

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 5,550,455 2,148,081
SHAREHOLDERS' FUNDS 5,550,555 2,148,181

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th May 2025 and were signed on its behalf by:





D Baker - Director


Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements
for the year ended 30th September 2024

1. STATUTORY INFORMATION

Storetec Services 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
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 represents the amounts invoiced during the year, exclusive of Value Added Tax.

Revenue from the provision of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefit will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 15% on reducing balance

Impairments of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Prior impairments are also revalued for possible reversal at each reporting date.

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.


Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and 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.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and amount of the provision an an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2023 - 70 ) .

Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st October 2023 187,432
Additions 261,009
At 30th September 2024 448,441
AMORTISATION
At 1st October 2023 1,773
Charge for year 67,373
At 30th September 2024 69,146
NET BOOK VALUE
At 30th September 2024 379,295
At 30th September 2023 185,659

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st October 2023 453,380 1,446,636 1,900,016
Additions 12,696 20,026 32,722
Disposals - (90,626 ) (90,626 )
At 30th September 2024 466,076 1,376,036 1,842,112
DEPRECIATION
At 1st October 2023 184,663 678,348 863,011
Charge for year 45,840 264,940 310,780
Eliminated on disposal - (1,133 ) (1,133 )
At 30th September 2024 230,503 942,155 1,172,658
NET BOOK VALUE
At 30th September 2024 235,573 433,881 669,454
At 30th September 2023 268,717 768,288 1,037,005

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade debtors 1,356,291 1,495,385
Amounts owed by group undertakings 3,769,817 -
Other debtors 762,409 217,185
5,888,517 1,712,570

Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Hire purchase contracts (see note 9) 72,314 73,199
Trade creditors 295,785 371,354
Taxation and social security 298,793 65,641
Other creditors 1,180,019 1,570,585
1,846,911 2,080,779

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
(Unaudited)
£    £   
Hire purchase contracts (see note 9) 16,361 140,780
Other creditors 11,376 57,914
27,737 198,694

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year 72,314 73,199
Between one and five years 16,361 140,780
88,675 213,979

Non-cancellable operating leases
2024 2023
(Unaudited)
£    £   
Within one year 68,157 73,199
Between one and five years 65,872 140,780
134,029 213,979

10. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax 228,762 257,657

Storetec Services Limited (Registered number: 04719444)

Notes to the Financial Statements - continued
for the year ended 30th September 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st October 2023 257,657
Provided during year (28,895 )
Balance at 30th September 2024 228,762

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

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

The Report of the Auditors was unqualified.


The prior period financial statements are unaudited.

William Cowell ACA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Bridges Fund Management Limited.