Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| Investments | 5 |
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| 281,075 | 154,187 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 75,434 | 76,281 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 63,183 | 54,287 | ||
| Total assets less current liabilities | 344,258 | 208,474 | ||
| Creditors: amounts falling due after more than one year | 8 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of String Holdings Ltd (registered number:
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S M Pickering
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
String Holdings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4B Edward V11 Quay, Navigation Way, Preston, Lancashire, PR2 2YF, United Kingdom.
These financial statements have been prepared in accordance with the provisions of Section 1A of FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland, as issued by the Financial Reporting Council and in compliance with the Companies Act 2006, applicable to companies subject to the small companies regime.
The financial statements for the year ended 31 December 2024 represent the company’s first reporting period under FRS 102 Section 1A, following its previous application of FRS 105 – The Financial Reporting Standard applicable to the Micro-entities Regime. The transition date to FRS 102 Section 1A is 1 January 2023.
The transition has not resulted in any changes to the company’s accounting policies. Accordingly, there are no adjustments to prior period figures, and no reconciliation of equity or profit and loss is required.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
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.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
| Leasehold improvements |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Where a property previously held as an owner-occupied asset is no longer used in the company’s operations and is instead held to earn rentals or for capital appreciation, it is reclassified from tangible fixed assets to investment property. The reclassification is made at the date of change in use, and the property is subsequently measured in accordance with the company’s policy for investment property.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value 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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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The directors did not receive any remuneration in the year (2023: £nil).
| Leasehold improve- ments |
Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| Reclassification to investment property | (
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| At 31 December 2024 |
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| Accumulated depreciation | |||
| At 01 January 2024 |
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| Charge for the financial year |
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| Reclassification to investment property | (
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 | 0 | 0 | |
| At 31 December 2023 | 153,112 | 153,112 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2024 |
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| Transfers to and from property, plant and equipment | 280,000 |
| As at 31 December 2024 |
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During the year, the company moved premises, vacating it's owner-occupied premises. On 10 December 2024 the company commenced letting of the vacated property to a third party. As a result of this change in use of the asset, the property was reclassified from Leasehold Improvements within tangible fixed assets to Investment Property in accordance with FRS 102 Section 16. The net book value of the property at the date of reclassification was £149,603. The property was subsequently measured at a fair value of £280,000 within investment property.
Investments in subsidiaries
| 2024 | |
| £ | |
| Cost | |
| At 01 January 2024 |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by Group undertakings |
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| Amounts owed by directors |
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| Prepayments |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to directors |
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| Accruals |
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| Taxation and social security |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 1,002 | 1,002 |
During the year a director was advanced £2,100 (2023: £24,730) by the company and repaid £18,119 (2023: £19,206). At the year end, amounts owing to the company from the director amounted to £nil (2023: £16,019). The maximum outstanding in the year was £18,109 (2023: £24,730).