Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 13,884 | 19,052 | |||
| Current assets | ||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 428,438 | 503,272 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 139,081 | 176,571 | ||
| Total assets less current liabilities | 152,965 | 195,623 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Share premium account |
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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 Computer Systems 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 Computer Systems 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.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Leasehold improvements |
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| Vehicles |
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| Office equipment |
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| Computer equipment |
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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.
The director has reviewed the accounting policy relating to leasehold improvements and, in consideration of the current agreement in place, has determined it appropriate to revise the estimated useful life of leasehold improvements from 4 years to 10 years. This change more accurately reflects the period over which the benefits of the improvements are expected to be realised and ensures alignment with the terms of the existing lease agreement.
The director has reviewed the accounting policy relating to office equipment and, in consideration of the current agreement in place, has determined it appropriate to revise the estimated useful life of office equipment from 6.67 years to 3 - 5 years.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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 | ||
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| Monthly average number of persons employed by the Company during the year, including directors |
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| Leasehold improve- ments |
Vehicles | Office equipment | Computer equipment | Total | |||||
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| Cost | |||||||||
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||||
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||||||
| At 31 December 2024 | 0 | 5,399 | 4,506 | 3,979 | 13,884 | ||||
| At 31 December 2023 | 0 | 7,199 | 4,867 | 6,986 | 19,052 |
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| £ | £ | ||
| Stocks |
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| Work in progress |
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| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Amounts owed by directors |
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| Prepayments |
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| Other debtors |
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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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| Other loans |
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| Accruals |
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| Taxation and social security |
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| Other creditors |
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| £ | £ | ||
| Bank loans |
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Other financial commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Within one year | 47,311 | 7,427 | |
| Between one and five years | 189,244 | 10,523 | |
| Between five and ten years | 236,555 | 0 | |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 2024 | 2023 | ||
| £ | £ | ||
| Unpaid contributions due to the fund (inc. in other creditors) |
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Transactions with the entity's directors
During the year a director was advanced £53,680 (2023: £42,911) by the company and repaid £37,938 (2023: £42,911). At the year end amounts owing to the company from the director amounted to £15,742 (2023: £nil). The maximum outstanding in the year was £31,742 (2023: £42,911).
The ultimate parent company is String Holdings Ltd, a company registered in England and Wales, company number 08913094, which owns 98.5% of the called up share capital.
The ultimate controlling party is Mr S M Pickering, a director, by virtue of his majority shareholding in String Holdings Ltd.