Stamps Direct Ltd Filleted accounts for Companies House (small and micro)

STAMPS DIRECT LIMITED - Company Information

28 false false false true false false false false false false true false false false false false true No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 456,027 182,412 45,603 228,015 228,012 273,615 2 2 2 xbrli:pure xbrli:shares iso4217:GBP 01259048 2022-06-01 2023-05-31 01259048 2023-05-31 01259048 2022-05-31 01259048 2021-06-01 2022-05-31 01259048 2022-05-31 01259048 core:Subsidiary1 2022-06-01 2023-05-31 01259048 bus:Director1 2022-06-01 2023-05-31 01259048 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 01259048 core:PlantMachinery 2022-05-31 01259048 core:FurnitureFittings 2022-05-31 01259048 core:MotorVehicles 2022-05-31 01259048 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 01259048 core:PlantMachinery 2023-05-31 01259048 core:FurnitureFittings 2023-05-31 01259048 core:MotorVehicles 2023-05-31 01259048 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 01259048 core:PlantMachinery 2022-06-01 2023-05-31 01259048 core:FurnitureFittings 2022-06-01 2023-05-31 01259048 core:MotorVehicles 2022-06-01 2023-05-31 01259048 core:WithinOneYear 2023-05-31 01259048 core:WithinOneYear 2022-05-31 01259048 core:ShareCapital 2023-05-31 01259048 core:ShareCapital 2022-05-31 01259048 core:SharePremium 2023-05-31 01259048 core:SharePremium 2022-05-31 01259048 core:CapitalRedemptionReserve 2023-05-31 01259048 core:CapitalRedemptionReserve 2022-05-31 01259048 core:RetainedEarningsAccumulatedLosses 2023-05-31 01259048 core:RetainedEarningsAccumulatedLosses 2022-05-31 01259048 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 01259048 core:Non-currentFinancialInstruments 2023-05-31 01259048 core:Non-currentFinancialInstruments 2022-05-31 01259048 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 01259048 core:AcceleratedTaxDepreciationDeferredTax 2022-05-31 01259048 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 01259048 core:PlantMachinery 2022-05-31 01259048 core:FurnitureFittings 2022-05-31 01259048 core:MotorVehicles 2022-05-31 01259048 bus:SmallEntities 2022-06-01 2023-05-31 01259048 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 01259048 bus:FullAccounts 2022-06-01 2023-05-31 01259048 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 01259048 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 01259048 core:Goodwill 2023-05-31 01259048 core:Goodwill 2022-05-31 01259048 core:Goodwill 2022-06-01 2023-05-31 01259048 core:InvestmentPropertyIncludedWithinPPE 2022-05-31 01259048 core:InvestmentPropertyIncludedWithinPPE 2023-05-31

COMPANY REGISTRATION NUMBER: 01259048

Stamps Direct Ltd

Unaudited financial statements

31 May 2023

Stamps Direct Ltd

Statement of financial position

31 May 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Intangible assets	5	228,012	273,615
Tangible assets	6	924,642	967,220
Investments	7	2	2
		-----------	-----------
		1,152,656	1,240,837

Current assets

Stocks		455,779	503,941
Debtors	8	272,360	173,239
Cash at bank and in hand		1,796,183	1,745,942
		-----------	-----------
		2,524,322	2,423,122

Creditors: Amounts falling due within one year	9	( 409,958)		( 445,971)
		-----------		-----------
Net current assets			2,114,364		1,977,151
			-----------		-----------
Total assets less current liabilities			3,267,020		3,217,988

Provisions

Taxation including deferred tax	( 33,661)	( 27,169)
	-----------	-----------
Net assets	3,233,359	3,190,819
	-----------	-----------

Capital and reserves

Called up share capital	16,600	16,600
Share premium account	26,250	26,250
Capital redemption reserve	2,150	2,150
Profit and loss account	3,188,359	3,145,819
	-----------	-----------
Shareholders funds	3,233,359	3,190,819
	-----------	-----------

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 income statement has not been delivered.

For the year ending 31 May 2023 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 .

Stamps Direct Ltd

Statement of financial position (continued)

31 May 2023

These financial statements were approved by the board of directors and authorised for issue on 7 September 2023 , and are signed on behalf of the board by:

Mr D Gigg

Director

Company registration number: 01259048

Stamps Direct Ltd

Notes to the financial statements

Year ended 31 May 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Mason Road, Norwich, Norfolk, NR6 6RF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, unless otherwise specified within these accounting policies.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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.

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its economic life estimated at 10 years.

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:

Freehold property	-	Buildings: straight line over 20 years
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	10% reducing balance
Motor vehicles	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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.

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 shown in accruals in the balance sheet. The assets of the Plan are held separately from the company in independently administered funds.

4. Employee numbers

The average number of employees during the year was 28 (2022: 27 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 June 2022 and 31 May 2023	456,027
	---------
Amortisation
At 1 June 2022	182,412
Charge for the year	45,603
	---------
At 31 May 2023	228,015
	---------
Carrying amount
At 31 May 2023	228,012
	---------
At 31 May 2022	273,615
	---------

6. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Office equipment	Investment property	Total
	£	£	£	£	£	£
Cost
At 1 June 2022	749,019	399,632	102,915	239,454	240,000	1,731,020
Additions	–	26,985	–	2,545	–	29,530
	---------	---------	---------	---------	---------	-----------
At 31 May 2023	749,019	426,617	102,915	241,999	240,000	1,760,550
	---------	---------	---------	---------	---------	-----------
Depreciation
At 1 June 2022	170,789	351,000	65,096	176,915	–	763,800
Charge for the year	33,151	18,904	3,782	16,271	–	72,108
	---------	---------	---------	---------	---------	-----------
At 31 May 2023	203,940	369,904	68,878	193,186	–	835,908
	---------	---------	---------	---------	---------	-----------
Carrying amount
At 31 May 2023	545,079	56,713	34,037	48,813	240,000	924,642
	---------	---------	---------	---------	---------	-----------
At 31 May 2022	578,230	48,632	37,819	62,539	240,000	967,220
	---------	---------	---------	---------	---------	-----------

As at 31 May 2023, the directors consider the fair value of the investment property to be £240,000 (2022 - £240,000), based upon market prices and property condition.

7. Investments

	Shares in group undertakings
	£
Cost
At 1 June 2022 and 31 May 2023	2
	----
Impairment
At 1 June 2022 and 31 May 2023	–
	----

Carrying amount
At 31 May 2023	2
	----
At 31 May 2022	2
	----

Subsidiaries

	Class of share	Percentage of shares held
Subsidiary undertakings
Speedy Stamps Limited	Ordinary	100

The results and capital and reserves for the year are as follows:

	Capital and reserves		Profit/(loss) for the year
	2023	2022	2023	2022
	£	£	£	£
Subsidiary undertakings
Speedy Stamps Limited	2	2	–	–
	----	----	----	----

8. Debtors

	2023	2022
	£	£
Trade debtors	130,220	140,567
Other debtors	142,140	32,672
	---------	---------
	272,360	173,239
	---------	---------

9. Creditors: Amounts falling due within one year

	2023	2022
	£	£
Trade creditors	50,913	64,243
Amounts owed to group undertakings	2	2
Social security and other taxes	164,247	180,439
Accruals and other creditors	194,796	201,287
	---------	---------
	409,958	445,971
	---------	---------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2023	2022
	£	£
Included in provisions	33,661	27,169
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2023	2022
	£	£
Accelerated capital allowances	33,661	27,169
	-------	-------