STC Europe Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11923100 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 3 APRIL 2019 TO 29 APRIL 2020

FOR

STC EUROPE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Miss K Hawkins

REGISTERED OFFICE:

Bank Chambers

1 Central Avenue

SITTINGBOURNE

Kent

ME10 4AE

BUSINESS ADDRESS:

Unit B

Hawks Hill Lane

Bredgar

SITTINGBOURNE

ME9 8HE

REGISTERED NUMBER:

11923100 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Bank Chambers

1 Central Avenue

Sittingbourne

Kent

ME10 4AE

FIXED ASSETS

Intangible assets

5

3,850

Tangible assets

6

97,317

101,167

CURRENT ASSETS

Stocks

40,573

Debtors

7

182,347

Cash at bank

35,289

258,209

CREDITORS

Amounts falling due within one year

8

222,640

NET CURRENT ASSETS

35,569

TOTAL ASSETS LESS CURRENT LIABILITIES

136,736

CREDITORS

Amounts falling due after more than one year

9

(43,494

)

PROVISIONS FOR LIABILITIES

(18,490

)

NET ASSETS

74,752

CAPITAL AND RESERVES

Called up share capital

11

10

Retained earnings

74,742

SHAREHOLDERS' FUNDS

74,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 April 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 April 2021 and were signed by:

Miss K Hawkins - Director

1.	STATUTORY INFORMATION

STC Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The outbreak of COVID-19 which took place during the year has resulted in a pandemic causing extensive disruption across the globe. The UK Government enforced a lockdown from 23 March 2020 and after gradually easing measures enforced a further lockdowns. The company's activities, as with many businesses, have been impacted but trade did not come to a complete halt and has continued throughout the lockdowns.

The company expects to continue to meets its operational needs, financial and regulatory obligations. The impact of COVID-19 is continuing to evolve at a fast pace, and therefore it is not practicable to quantify the potential financial impact on the company at the time of writing.

The director considers the reserves and cash resources of the company along with known future contracts to be sufficient to allow the company to continue trading for the foreseeable future. Accordingly the director considers it appropriate to adopt the going concern basis in preparing the accounts.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Office equipment

- 20% straight line basis

Plant and machinery

- 20% reducing balance basis

Furniture and fixtures

- 20% straight line basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) 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.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

4,000

At 29 April 2020

4,000

AMORTISATION

Charge for period

150

At 29 April 2020

150

NET BOOK VALUE

At 29 April 2020

3,850

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

Additions

105,302

3,000

1,079

109,381

At 29 April 2020

105,302

3,000

1,079

109,381

DEPRECIATION

Charge for period

11,802

100

162

12,064

At 29 April 2020

11,802

100

162

12,064

NET BOOK VALUE

At 29 April 2020

93,500

2,900

917

97,317

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

90,000

At 29 April 2020

90,000

DEPRECIATION

Charge for period

10,232

At 29 April 2020

10,232

NET BOOK VALUE

At 29 April 2020

79,768

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

147,913

Other debtors

2,218

VAT

32,216

182,347

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

47

Hire purchase contracts

55,031

Trade creditors

62,875

Other creditors

11,419

Factoring account

84,255

Accrued expenses

9,013

222,640

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Hire purchase contracts

43,494

10.	SECURED DEBTS

A fixed and floating charge along with a negative fledge in favour of Advantedge Commercial Finance Limited dated 29 August 2019 exists over all company fixed assets, specified debts and the factor's account.

11.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

value:

£

10

Share capital 1

1

10

10 Ordinary shares of 1 each were allotted at par during the period.