STY.COM Limited - Accounts to registrar (filleted) - small 18.2
STY.COM Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 January 2019 |
| for |
| STY.COM Limited |
| T/A |
| Simply Thank You |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| STY.COM Limited |
| T/A Simply Thank You |
| Company Information |
| for the Year Ended 31 January 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 140 Coniscliffe Road |
| DARLINGTON |
| County Durham |
| DL3 7RT |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Balance Sheet |
| 31 January 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Balance Sheet - continued |
| 31 January 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2019 |
| 1. | STATUTORY INFORMATION |
| STY.COM Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
| of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
| Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
| convention. |
| There were no material departures from that standard. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and |
| have remained unchanged from the previous year, and also have been consistently applied within the same |
| accounts. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Income recognition |
| Income is recognised when significant risks and rewards of ownership of the goods have transferred to the |
| customer. |
| 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 |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in subsidiaries and associates |
| Investments in subsidiary and associate undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and estimated selling price less costs to sell. Stock is used on a first in first |
| out basis. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
| Retained Earnings, 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 balance sheet date. |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| 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. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
| Invoice discounting |
| The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse |
| to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. |
| Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the |
| relevant period. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 February 2018 |
| Additions |
| At 31 January 2019 |
| AMORTISATION |
| At 1 February 2018 |
| Amortisation for year |
| At 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 February 2018 |
| Additions |
| At 31 January 2019 |
| DEPRECIATION |
| At 1 February 2018 |
| Charge for year |
| Eliminated on disposal |
| At 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2019 |
| DEPRECIATION |
| At 1 February 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 February 2018 |
| Additions |
| Transfer to ownership | - | (21,723 | ) | (17,300 | ) |
| At 31 January 2019 |
| DEPRECIATION |
| At 1 February 2018 |
| Charge for year |
| Eliminated on disposal |
| Transfer to ownership | - | (13,304 | ) | (10,275 | ) |
| At 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Transfer to ownership | - | - | (39,023 | ) |
| At 31 January 2019 |
| DEPRECIATION |
| At 1 February 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Transfer to ownership | - | - | (23,579 | ) |
| At 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in | Interest |
| group | in |
| undertakings | associate | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2018 |
| and 31 January 2019 | 81,600 |
| NET BOOK VALUE |
| At 31 January 2019 | 81,600 |
| At 31 January 2018 | 81,600 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Invoice discounting | 778,292 | 512,478 |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2019 | 2018 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating |
| leases |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| STY.COM Limited (Registered number: 04094597) |
| T/A Simply Thank You |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 20,315 | 53,697 |
| Invoice discounting | 778,292 | 512,478 |
| Bank overdraft and invoice discounting are secured by a fixed and floating charge over the assets and |
| undertakings of the company. Hire purchase agreements are secured on the assets to which they relate. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2019 | 2018 |
| £ | £ |
| Deferred tax | 91,299 | 79,143 |
| Other provisions | 20,000 | 60,000 |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 February 2018 |
| Accelerated capital allowances | 12,156 | - |
| Credit to profit and loss | - | (40,000 | ) |
| Balance at 31 January 2019 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary | 1p | 1,221 | 1,221 |
| 14. | RELATED PARTY DISCLOSURES |
| During the year STY.COM Limited provided interest free loans to subsidiary companies STY Europe B.V and |
| Simply Thank You PTY Limited of £277,665 (2018: £116,299) and £25,665 (2018: £23,034). |
| 15. | ULTIMATE CONTROLLING PARTY |
| The control of the company is vested in S Al Badr and H M Al Badr. C W Eglington, a director and shareholder |
| of the company, has the power to vote on behalf of S Al Badr and H M Al Badr in all matters except those where |
| he has a personal interest, and therefore he has ultimate control of the company. |