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Company No: 08913094 (England and Wales)

STRING HOLDINGS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

STRING HOLDINGS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

STRING HOLDINGS LTD

BALANCE SHEET

As at 31 December 2024
STRING HOLDINGS LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 153,112
Investment property 4 280,000 0
Investments 5 1,075 1,075
281,075 154,187
Current assets
Debtors 6 55,162 66,274
Cash at bank and in hand 20,272 10,007
75,434 76,281
Creditors: amounts falling due within one year 7 ( 12,251) ( 21,994)
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 ( 67,112) ( 75,290)
Provision for liabilities ( 32,599) 0
Net assets 244,547 133,184
Capital and reserves
Called-up share capital 9 1,002 1,002
Profit and loss account 243,545 132,182
Total shareholders' funds 244,547 133,184

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of String Holdings Ltd (registered number: 08913094) were approved and authorised for issue by the Board of Directors on 18 July 2025. They were signed on its behalf by:

S M Pickering
Director
STRING HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
STRING HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 50 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Fixed asset investments

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

The directors did not receive any remuneration in the year (2023: £nil).

3. Tangible assets

Leasehold improve-
ments
Total
£ £
Cost
At 01 January 2024 191,392 191,392
Reclassification to investment property ( 191,392) ( 191,392)
At 31 December 2024 0 0
Accumulated depreciation
At 01 January 2024 38,280 38,280
Charge for the financial year 3,509 3,509
Reclassification to investment property ( 41,789) ( 41,789)
At 31 December 2024 0 0
Net book value
At 31 December 2024 0 0
At 31 December 2023 153,112 153,112

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.

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 0
Transfers to and from property, plant and equipment 280,000
As at 31 December 2024 280,000

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.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 1,075
At 31 December 2024 1,075
Carrying value at 31 December 2024 1,075
Carrying value at 31 December 2023 1,075

6. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 54,663 43,351
Amounts owed by directors 0 16,019
Prepayments 499 6,904
55,162 66,274

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 8,178 7,597
Trade creditors 600 0
Amounts owed to directors 0 8,807
Accruals 2,324 1,050
Taxation and social security 1,149 4,540
12,251 21,994

Bank loans represent a government backed bank loan. The loan attracts interest at 3.4% over Bank of England Base Rate per annum, is repayable over a 5 year term. This is secured over the assets of the company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 67,112 75,290

Bank loans represent a government backed bank loan. The loan attracts interest at 3.4% over Bank of England Base Rate per annum, is repayable over a 5 year term. This is secured over the assets of the company.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary A shares of £ 1.00 each 1,000 1,000
2 Ordinary B shares of £ 1.00 each 2 2
1,002 1,002

10. Related party transactions

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).