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Registered number: 05218145
S.T. Retail Limited
Financial Statements
For The Year Ended 31 August 2024
Prime Accountancy (Merseyside) Limited
64 Mill Lane
Liverpool
Merseyside
L12 7JB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05218145
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 74,455 78,374
Tangible Assets 5 7,013 13,334
81,468 91,708
CURRENT ASSETS
Stocks 6 27,980 29,011
Debtors 7 198 4,567
Cash at bank and in hand 103,230 112,943
131,408 146,521
Creditors: Amounts Falling Due Within One Year 8 (156,555 ) (186,764 )
NET CURRENT ASSETS (LIABILITIES) (25,147 ) (40,243 )
TOTAL ASSETS LESS CURRENT LIABILITIES 56,321 51,465
PROVISIONS FOR LIABILITIES
Deferred Taxation (413 ) (413 )
NET ASSETS 55,908 51,052
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 55,907 51,051
SHAREHOLDERS' FUNDS 55,908 51,052
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Sean Tosh
Director
10/07/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
S.T. Retail Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05218145 . The registered office is 64 Mill Lane, Liverpool, Merseyside, L12 7JB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 11)
12 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 211,923
As at 31 August 2024 211,923
Amortisation
As at 1 September 2023 133,549
Provided during the period 3,919
As at 31 August 2024 137,468
Net Book Value
As at 31 August 2024 74,455
As at 1 September 2023 78,374
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 2,248 40,828 2,833 45,909
As at 31 August 2024 2,248 40,828 2,833 45,909
...CONTINUED
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Depreciation
As at 1 September 2023 1,145 30,737 693 32,575
Provided during the period 128 5,707 486 6,321
As at 31 August 2024 1,273 36,444 1,179 38,896
Net Book Value
As at 31 August 2024 975 4,384 1,654 7,013
As at 1 September 2023 1,103 10,091 2,140 13,334
6. Stocks
2024 2023
£ £
Finished goods 27,980 29,011
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 108 101
VAT - 4,250
Other taxes and social security 90 216
198 4,567
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 146,596 180,011
Corporation tax 3,047 1,751
VAT 743 -
Accruals and deferred income 1,900 1,900
Director's loan account 4,269 3,102
156,555 186,764
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Later than five years 17,500 17,500
17,500 17,500
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11. Ultimate Controlling Party
The company's ultimate controlling party is Sean Tosh by virtue of his ownership of 100% of the issued share capital in the company.
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