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COMPANY REGISTRATION NUMBER: 02547316
STANWELL TECHNIC LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2024
STANWELL TECHNIC LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Directors' responsibilities statement 1
Balance sheet 2
Notes to the financial statements 3
STANWELL TECHNIC LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STANWELL TECHNIC LIMITED
BALANCE SHEET
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
78,562
89,297
Current assets
Stocks
7
516,184
499,073
Debtors
8
2,192,354
4,239,672
Cash at bank and in hand
180,760
725,537
------------
------------
2,889,298
5,464,282
Creditors: amounts falling due within one year
9
( 627,774)
( 816,427)
------------
------------
Net current assets
2,261,524
4,647,855
------------
------------
Total assets less current liabilities
2,340,086
4,737,152
Provisions
Taxation including deferred tax
( 18,906)
( 21,429)
------------
------------
Net assets
2,321,180
4,715,723
------------
------------
Capital and reserves
Called up share capital
11
79
79
Capital redemption reserve
21
21
Profit and loss account
2,321,080
4,715,623
------------
------------
Shareholders funds
2,321,180
4,715,723
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
J Steene
Director
Company registration number: 02547316
STANWELL TECHNIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 02547316 . The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA. The principal place of the business is Hope Bank Works, New Mill Road, Honley, Holmfirth, HD9 6PT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
equal annual instalments over estimated useful economic life
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
10% reducing balance basis
Fixtures & Fittings
-
10% to 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 28 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
10,000
------------
Amortisation
At 1 January 2024 and 31 December 2024
10,000
------------
Carrying amount
At 31 December 2024
------------
At 31 December 2023
------------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
420,187
141,647
561,834
------------
------------
------------
Depreciation
At 1 January 2024
359,938
112,599
472,537
Charge for the year
6,025
4,710
10,735
------------
------------
------------
At 31 December 2024
365,963
117,309
483,272
------------
------------
------------
Carrying amount
At 31 December 2024
54,224
24,338
78,562
------------
------------
------------
At 31 December 2023
60,249
29,048
89,297
------------
------------
------------
7. Stocks
2024
2023
£
£
Stock and work in progress
516,184
499,073
------------
------------
8. Debtors
2024
2023
£
£
Trade debtors
717,228
750,745
Amounts owed by group undertakings
1,340,265
3,415,460
Prepayments and accrued income
52,083
73,467
Corporation tax repayable
82,778
------------
------------
2,192,354
4,239,672
------------
------------
Amounts due from group undertakings include £500,000 and £800,000 repayable by 31 August 2028 and 30 November 2028, respectively, and bear interest at 2.5% pa. Accrued interest at 31 December 2024 was £40,265 (2023: £7,575).
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
558,630
497,820
Accruals and deferred income
27,781
20,720
Corporation tax
235,777
Social security and other taxes
37,447
62,110
Other creditors
3,916
------------
------------
627,774
816,427
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions
18,906
21,429
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
18,906
21,429
------------
------------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
79
79
79
79
------------
------------
------------
------------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
126,945
99,783
Later than 1 year and not later than 5 years
235,023
248,781
------------
------------
361,968
348,564
------------
------------
13. Summary audit opinion
The auditor's report dated 24 February 2025 was unqualified .
The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .
14. Related party transactions
Included in debtors as at 31 December 2023 was a debt of £2,115,460 owed by the then immediate parent company. This was unsecured, repayable on demand, interest free and cleared via a dividend in the year ended 31 December 2024. Included in debtors as at 31 December 2024 and 31 December 2023 are debts of £500,000 and £800,000 owed by the parent company (2023: ultimate parent company). These are unsecured, repayable by 31 August 2028 and 30 November 2028, respectively, and accruing interest at 2.5% per annum.
15. Controlling party
The largest and smallest group of undertakings for which group accounts are drawn up and of which the company is a member is that of Teqnion AB , a company incorporated in Sweden . Group accounts can be obtained from Evenemangsgatan 31A, 169 79 Solna, Sweden . The immediate parent company is Teqnion AB (2023: Stanwell Group Limited ). There is no one ultimate controlling party of the group .