STC Europe Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11923100 (England and Wales)

STC EUROPE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 APRIL 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Miss K A Hawkins

REGISTERED OFFICE:

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

BUSINESS ADDRESS:

Unit B

Hawks Hill Lane

Bredgar

SITTINGBOURNE

ME9 8HE

REGISTERED NUMBER:

11923100 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

FIXED ASSETS

Intangible assets

5

3,250

3,450

Tangible assets

6

163,994

79,227

167,244

82,677

CURRENT ASSETS

Stocks

91,277

98,155

Debtors

7

180,085

154,954

Cash at bank

40,358

18,393

311,720

271,502

CREDITORS

Amounts falling due within one year

8

217,538

197,569

NET CURRENT ASSETS

94,182

73,933

TOTAL ASSETS LESS CURRENT LIABILITIES

261,426

156,610

CREDITORS

Amounts falling due after more than one year

9

(72,399

)

(30,833

)

PROVISIONS FOR LIABILITIES

(38,298

)

(14,315

)

NET ASSETS

150,729

111,462

CAPITAL AND RESERVES

Called up share capital

11

10

10

Retained earnings

150,719

111,452

SHAREHOLDERS' FUNDS

150,729

111,462

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 April 2023 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 31 January 2024 and were signed by:

Miss K A 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.

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 year 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 year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 1 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 30 April 2022

and 29 April 2023

4,000

AMORTISATION

At 30 April 2022

550

Charge for year

200

At 29 April 2023

750

NET BOOK VALUE

At 29 April 2023

3,250

At 29 April 2022

3,450

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 30 April 2022

-

119,402

4,437

Additions

64,450

49,309

380

Disposals

-

(3,325

)

(100

)

At 29 April 2023

64,450

165,386

4,717

DEPRECIATION

At 30 April 2022

-

47,944

1,379

Charge for year

6,467

19,898

901

Eliminated on disposal

-

(1,408

)

(30

)

At 29 April 2023

6,467

66,434

2,250

NET BOOK VALUE

At 29 April 2023

57,983

98,952

2,467

At 29 April 2022

-

71,458

3,058

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 30 April 2022

4,400

1,962

130,201

Additions

-

1,141

115,280

Disposals

-

-

(3,425

)

At 29 April 2023

4,400

3,103

242,056

DEPRECIATION

At 30 April 2022

927

724

50,974

Charge for year

694

566

28,526

Eliminated on disposal

-

-

(1,438

)

At 29 April 2023

1,621

1,290

78,062

NET BOOK VALUE

At 29 April 2023

2,779

1,813

163,994

At 29 April 2022

3,473

1,238

79,227

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

Plant and

machinery

£

COST

At 30 April 2022

90,000

Additions

38,637

At 29 April 2023

128,637

DEPRECIATION

At 30 April 2022

38,913

Charge for year

15,320

At 29 April 2023

54,233

NET BOOK VALUE

At 29 April 2023

74,404

At 29 April 2022

51,087

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.4.23

29.4.22

£

£

Trade debtors

167,564

152,861

Other debtors

9,374

2,093

Corporation tax refund

3,147

-

180,085

154,954

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.4.23

29.4.22

£

£

Bank loans and overdrafts

10,000

10,000

Other loans - less than 1 yr

8,269

13,789

Hire purchase contracts

31,779

13,892

Trade creditors

23,658

33,795

VAT

48,973

19,612

Other creditors

5,269

4,236

Factoring account

84,298

78,417

Other taxes and PAYE

1,481

15,664

Directors' Current Accounts

823

823

Accruals and deferred income

2,988

7,341

217,538

197,569

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.4.23

29.4.22

£

£

Bank loans - 1-2 years

10,000

10,000

Bank loans - 2-5 years

11,469

20,833

Hire purchase contracts

50,930

-

72,399

30,833

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

29.4.23

29.4.22

value:

£

£

10

Share capital 1

1

10

10