Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
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| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 247,573 | 166,401 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (197,184) | (125,959) | ||
| Total assets less current liabilities | (197,184) | (125,959) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 6 |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of S&T Wholesale Limited (registered number:
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T El-Sheikh
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.
S&T Wholesale Limited (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 Chadwick Farm (C/O Big Game Hunters), Garford, Abingdon, OX13 5PD, 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 £.
During the year the Company's former ultimate parent entered administration and the Company became part of a new group structure. This change had no adverse impact on the Company's trading, customer or supplier relationships, or balance sheet, and the Company and its subsidiaries have continued to trade at or above break-even throughout the period and since the year end. The new parent company has confirmed its continued strategic and financial backing, although the Company's going concern assessment does not rely on it.
On this basis, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements, and continues to adopt the going concern basis in preparing them.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Intercompany balances
The directors have exercised judgement in assessing the recoverability of intercompany balances. This
assessment includes consideration of the financial position of the counterparty and the likelihood of
settlement. Where recovery is no longer considered probable, intercompany balances are written off and
recognised in the profit and loss account in the period in which that assessment is made. During the year,
certain intercompany loan balances were written off following such an assessment.
Stock valuation and obsolescence
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is
determined using the first-in-first-out (FIFO) method. Estimated selling price less costs to complete and sell,
includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions
requires judgements to be made, which include the forecasted customer demand, the promotional,
competitive and economic environment as well as the ageing of stock and the discontinuation of certain
product lines by the key suppliers. Stock is reviewed by management, taking these factors into account, and no provision is considered necessary at the year end.
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| Monthly average number of persons employed by the Company during the year, including the director |
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The company has no employees. All staff are employed by the parent company.
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| Trade debtors |
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| Other debtors |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Other creditors |
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The company has taken advantage of the exemption provided by FRS102 Section 33, not to disclose transactions and outstanding balances with Kinia Innovations Ltd and its 100% directly controlled subsidiaries.