Company No: 05014752 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	8,936		13,884
		8,936		13,884
Current assets
Stocks	4	6,380		6,229
Debtors	5	306,725		205,989
Cash at bank and in hand		83,536		216,220
		396,641		428,438
Creditors: amounts falling due within one year	6	( 294,775)		( 289,357)
Net current assets		101,866		139,081
Total assets less current liabilities		110,802		152,965
Creditors: amounts falling due after more than one year	7	0		( 9,138)
Provision for liabilities		( 1,492)		( 2,600)
Net assets		109,310		141,227
Capital and reserves
Called-up share capital		1,015		1,015
Share premium account		9,510		9,510
Profit and loss account		98,785		130,702
Total shareholders' funds		109,310		141,227

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of String Computer Systems Ltd (registered number: 05014752) were approved and authorised for issue by the Board of Directors on 06 July 2026. They were signed on its behalf by:

S M Pickering Director

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 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 £.

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.

Employee benefits

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.

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.

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.

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:

Vehicles	25 % reducing balance
Office equipment	3 - 5 years straight line
Computer equipment	3 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.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	22		22

3. Tangible assets

	Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2025	9,800		10,022		15,970		35,792
Additions	0		5,962		288		6,250
Disposals	( 9,800)		( 416)		0		( 10,216)
At 31 December 2025	0		15,568		16,258		31,826
Accumulated depreciation
At 01 January 2025	4,401		5,516		11,991		21,908
Charge for the financial year	1,237		3,093		2,706		7,036
Disposals	( 5,638)		( 416)		0		( 6,054)
At 31 December 2025	0		8,193		14,697		22,890
Net book value
At 31 December 2025	0		7,375		1,561		8,936
At 31 December 2024	5,399		4,506		3,979		13,884

4. Stocks

	2025		2024
	£		£
Stocks	3,879		4,413
Work in progress	2,501		1,816
	6,380		6,229

5. Debtors

	2025		2024
	£		£
Trade debtors	256,233		154,234
Amounts owed by Group undertakings	0		6,382
Amounts owed by directors	4,848		15,742
Prepayments and accrued income	45,644		29,618
Other debtors	0		13
	306,725		205,989

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	9,167		10,029
Trade creditors	99,555		108,981
Amounts owed to Group undertakings	55,611		54,663
Amounts owed to directors	20,287		11,092
Accruals	7,812		5,092
Taxation and social security	77,849		68,458
Other creditors	24,494		31,042
	294,775		289,357

Bank loans represent a government backed bank loan. The loan attracts interest at 2.5% per annum, is repayable over a 6 year term. This is secured over the assets of the company.

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

	2025		2024
	£		£
Bank loans	0		9,138

Bank loans represent a government backed bank loan. The loan attracts interest at 2.5% per annum, is repayable over a 6 year term. This is secured over the assets of the company.

8. Financial commitments

Other financial commitments

	2025		2024
	£		£
Within one year	61,204		54,099
Between one and five years	203,256		192,073
Between five and ten years	189,244		236,555
	453,704		482,727

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.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	2,970		2,551

9. Related party transactions

Transactions with the entity's directors

During the year a director was advanced £26,257 (2024: £53,680 ) by the company and repaid £37,151 (2024: £37,938). At the year end amounts owing to the company from the director amounted to £4,848 (2024: £15,742). The maximum outstanding in the year was £25,323 (2024: £31,742).

10. Ultimate controlling party

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.