STS Commercial Limited Filleted accounts for Companies House (small and micro)

STS COMMERCIAL LIMITED - Company Information

9 false false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 149,567 29,913 29,913 59,826 89,741 119,654 xbrli:pure xbrli:shares iso4217:GBP 08739709 2022-01-01 2022-12-31 08739709 2022-12-31 08739709 2021-12-31 08739709 2021-05-01 2021-12-31 08739709 2021-12-31 08739709 2021-04-30 08739709 core:LandBuildings core:ShortLeaseholdAssets 2022-01-01 2022-12-31 08739709 core:FurnitureFittings 2022-01-01 2022-12-31 08739709 core:NetGoodwill 2022-01-01 2022-12-31 08739709 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 08739709 bus:Director2 2022-01-01 2022-12-31 08739709 core:NetGoodwill 2021-12-31 08739709 core:NetGoodwill 2022-12-31 08739709 core:LandBuildings core:ShortLeaseholdAssets 2021-12-31 08739709 core:FurnitureFittings 2021-12-31 08739709 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 08739709 core:FurnitureFittings 2022-12-31 08739709 core:WithinOneYear 2022-12-31 08739709 core:WithinOneYear 2021-12-31 08739709 core:ShareCapital 2022-12-31 08739709 core:ShareCapital 2021-12-31 08739709 core:RetainedEarningsAccumulatedLosses 2022-12-31 08739709 core:RetainedEarningsAccumulatedLosses 2021-12-31 08739709 core:NetGoodwill 2021-12-31 08739709 core:LandBuildings core:ShortLeaseholdAssets 2021-12-31 08739709 core:FurnitureFittings 2021-12-31 08739709 bus:SmallEntities 2022-01-01 2022-12-31 08739709 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 08739709 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 08739709 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08739709 bus:FullAccounts 2022-01-01 2022-12-31

COMPANY REGISTRATION NUMBER: 08739709

STS Commercial Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2022

STS Commercial Limited

Financial Statements

Year ended 31 December 2022

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

STS Commercial Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of STS Commercial Limited

Year ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of STS Commercial Limited for the year ended 31 December 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

CLAY SHAW THOMAS LTD Chartered accountants

2 Oldfield Road Bocam Park Bridgend CF35 5LJ

27 April 2023

STS Commercial Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Intangible assets	5	89,741	119,654
Tangible assets	6	35,740	34,806
		---------	---------
		125,481	154,460

Current assets

Debtors	7	682,905	62,821
Cash at bank and in hand		558,309	757,916
		------------	---------
		1,241,214	820,737

Creditors: amounts falling due within one year	8	274,531		165,523
		------------		---------
Net current assets			966,683	655,214
			------------	---------
Total assets less current liabilities			1,092,164	809,674

Provisions	6,791	6,613
	------------	---------
Net assets	1,085,373	803,061
	------------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,085,273	802,961
	------------	---------
Shareholders funds	1,085,373	803,061
	------------	---------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 December 2022 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

STS Commercial Limited

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 27 April 2023 , and are signed on behalf of the board by:

Mr G P Carpenter

Director

Company registration number: 08739709

STS Commercial Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8a Dunraven Place, Bridgend, CF31 1JD, Wales.

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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

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

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, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Goodwill

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 five 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	-	5 Years

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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Short leasehold property	-	20% straight line
Fixtures and fittings	-	15% reducing balance
Equipment	-	33 % straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2021: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2022 and 31 December 2022	149,567
	---------
Amortisation
At 1 January 2022	29,913
Charge for the year	29,913
	---------
At 31 December 2022	59,826
	---------
Carrying amount
At 31 December 2022	89,741
	---------
At 31 December 2021	119,654
	---------

Goodwill arose on the transfer of trade and assets following the acquisition of Sano Marketing Limited and Totale Ops Limited in January 2021.

6. Tangible assets

	Short leasehold property improvements	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2022	3,128	39,843	56,807	99,778
Additions	–	4,386	9,905	14,291
	-------	--------	--------	---------
At 31 December 2022	3,128	44,229	66,712	114,069
	-------	--------	--------	---------
Depreciation
At 1 January 2022	452	23,750	40,770	64,972
Charge for the year	52	2,570	10,735	13,357
	-------	--------	--------	---------
At 31 December 2022	504	26,320	51,505	78,329
	-------	--------	--------	---------
Carrying amount
At 31 December 2022	2,624	17,909	15,207	35,740
	-------	--------	--------	---------
At 31 December 2021	2,676	16,093	16,037	34,806
	-------	--------	--------	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	12,527	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	51,447	600
Other debtors	618,931	62,221
	---------	--------
	682,905	62,821
	---------	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	21,806	13,579
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	13,093
Social security and other taxes	246,309	114,914
Loan - Debt Information Limited	624	–
Other creditors	5,792	23,937
	---------	---------
	274,531	165,523
	---------	---------

9. Directors' advances, credits and guarantees

The following amount due to / from the directors:

	Mr W E Sinclair	Mr G P Carpenter
	£	£
Balance due to the director at 1 January 2022	55,444	(18,088)
Monies drawn	411,874	411,970
Monies introduced	(129,812)	(123,992)
Interest	3,848	2,117
	---------	---------
Balance due (to) / from the director at 31 December 2021	341,354	272,008
	---------	---------

There are no fixed terms of repayment and interest is being charged at a rate of 2% (2021: 2.5%).

10. Related party transactions

During the year the company made purchases of £5,266 (2021: £2,808) from New Phones Limited. At the year end no amount (2021: £nil) was due from New Phones Limited. During the year the company made purchases of £64,269 (2021: £23,419) from First Phones Limited. At the year end an amount of £nil (2021: £nil) was due to First Phones Limited. During the year the company made purchases of £18,501 (2021: £14,182) from Sano Marketing Limited. At the year end no amount (2021: £nil) was due to Sano Marketing Limited. During the year the company made purchases of £32,501 (2021: £16,046) from Totale Ops Limited. At the year end no amount (2021: £nil) was due to Totale Ops Limited. During the year the company made purchases of £33,270 (2021: £16,484) from United Commercial Investments Limited. At the year end an amount of £1,732 (2021: £1,732) was due from United Commercial Investments Limited. During the year the company made purchases of £1,196 (2021: £1,524) from Guardian Trading Limited. At the period end no amount (2021: £nil) was due from Guardian Trading Limited. During the year the company made purchases of £12,815 (2021: £3,092) from Coin Clear Limited. At the year end no amount (2021: £nil) was due from Coin Clear Limited. During the year the company made purchases of £15,600 (2021: £4,800) from Carpenter Property Services Limited and sales of £999 (2021 : £nil). At the year end an amount of £999 (2021: £1,200) was due from Carpenter Property Services Limited. During the year the company made purchases of £893,323 (2021: £342,217) from Cozi Limited and sales of £104,260 (2021 : £nil). At the year end an amount of £10,448 (2021: £9,561) was due from Cozi Limited. During the year the company made purchases of £793 (2021: £1,340) from Debt Information Limited. At the year end £624 (2021: £nil) was due to Debt Information Limited. During the year the company made purchases of £12,780 (2021: £3,550) from Sinclair Ops Limited. At the year end no amount (2021: £nil) was due from Sinclair Ops Limited. During the year the company made purchases of £7,907 (2021: £3,493) from Wati Trading Limited. At the year end no amount (2021: £nil) was due from Wati Trading Limited. All of the above companies are related to STS Commercial Limited due to common ownership and control.