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Registered number: 01282358 STA EXCEL LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MAY 2025
STA EXCEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STA EXCEL LIMITED UNDER SECTION 449 OF THE COMPANIES ACT 2006
Opinion
We have audited the financial statements of STA Excel Limited (the 'Company') for the year ended 31 May 2025, which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 May 2025 and of its result for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 9 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 1
STA EXCEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STA EXCEL LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 2
STA EXCEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STA EXCEL LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; through communications with other group auditors, through communications with legal counsel, and via inspection of the company’s regulatory and legal correspondence. We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: operating licences; employment legislation; health and safety legislation; trade and export legislation; legislation relevant to the commercial/domestic property rental environment; the regulatory requirements; GDPR; anti-bribery and corruption legislation. International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures [did not] identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements. In relation to fraud, we performed the following specific procedures in addition to those already noted: • Challenging assumptions made by management in its significant accounting estimates in particular: Warranty provision, Dilapidation provision, Decommission cost and Depreciation; • Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management; • Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud; Page 3
STA EXCEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STA EXCEL LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006 • Ensuring that testing undertaken on both the Statement of Comprehensive Income including Profit or Loss Account and the Balance Sheet includes a number of items selected on a random basis; These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Shokat Zaman (Senior Statutory Auditor) for and on behalf of Fraser Russell Limited 77 Francis Road Edgbaston Birmingham West Midlands B16 8SP Date 20 February 2026 Page 4
STA EXCEL LIMITED REGISTERED NUMBER: 01282358 BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 38,255 |  | 21,070 |
|  | 38,255 |  | 21,070 |
Creditors: amounts falling due within one year | 5 | (38,253) |  | (21,068) |
Net current assets |  |  | 2 |  | 2
Total assets less current liabilities |  |  | 2 |  | 2
Net assets |  |  | 2 |  | 2
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2 |  | 2
|  |  | 2 |  | 2
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2026.
S R Tanfield
Director
The notes on pages 8 to 11 form part of these financial statements. Page 5
STA EXCEL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
| Called up share capital | Total equity
| £ | £
At 1 June 2024 | 2 | 2
Other comprehensive income for the year | - | -
Total comprehensive income for the year | - | -
Total transactions with owners | - | -
At 31 May 2025 | 2 | 2
| The notes on pages 8 to 11 form part of these financial statements.
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STA EXCEL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2024
| Called up share capital | Total equity
| £ | £
At 1 June 2023 | 2 | 2
Other comprehensive income for the year | - | -
Total comprehensive income for the year | - | -
Total transactions with owners | - | -
At 31 May 2024 | 2 | 2
| The notes on pages 8 to 11 form part of these financial statements.
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STA EXCEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
STA Excel Limited is a company limited by shares incorporated in England within the United Kingdom, having a registration of 01282358. The address of the registered office is Anchor House, Birch Street, Walsall, WS2 8HZ. The principal activity of the company in the year under review was that of supplying and delivering training courses. The financial statements are presented in sterling which is functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; ∙the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources (when applying this standard in accordance with paragraph 34.11 of FRS 102). This information is included in the consolidated financial statements of The Swimming Teachers Association Limited as at 31 May 2023 and these financial statements may be obtained from Anchor House, Birch Street, Walsall, West Midlands, WS2 8HZ. Page 8
STA EXCEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.3 | Going concern
At 31 May 2023, The Company had net current assets of £2 (2022: £998Cr). The net current position of the Compnay has improve from the prior year, but is still showing net current liabilities. The financial statements have been prepared on going concern basis which assumes that the Company will continue to receive support from the largest creditor being its parent company, The Swimming Teachers Association Limited. Management has determined that the actions that it has taken are sufficient to mitigate the uncertainty and has therefore prepared the financial statements on a going concern basis. which assumes that the company will continue to receive support from creditors as and when required
| 2.4 | Revenue
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: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. 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.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 9
STA EXCEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.6 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
4. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 38,255 | 21,070
|  | 38,255 | 21,070
5. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,884 | 1,335
| Amounts owed to group undertakings | 36,169 | 19,483
| Accruals | 200 | 250
|  | 38,253 | 21,068
6. | Reserves
Profit and loss account The Profit & loss account includes all current and prior year retained profits and losses.
7. | Related party transactions
| The company has taken advantage of the exemptions under Financial Reporting Standard No 102, not to disclose transactions with wholly owned companies in the same group with 100% common ownership. Copies of the consolidated financial statements can be obtained from Anchor House, Birch Street, Walsall, WS2 8HZ.
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STA EXCEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
8. | Controlling party
The ultimate parent undertaking and controlling party is The Swimming Teachers Association Limited incorporated in England and Wales.
9. | Provisions available for audits of small entities
The company has taken advantage of the provisions as a result of having informed management.
10. | Auditors' information
The auditors' report on the financial statements for the year ended 31 May 2025 was unqualified. The audit report was signed on 20 February 2026 by Shokat Zaman (Senior Statutory Auditor) on behalf of Fraser Russell Limited.
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