STY.COM Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04094597 (England and Wales)

Financial Statements

for the Year Ended 31 January 2017

for

STY.COM Limited

T/A

Simply Thank You

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C W Eglington

M J Wood

K Iceton

M Eglington

S Martin

M Young

SECRETARY:

K Iceton

REGISTERED OFFICE:

Richmond Court

Morton Road

DARLINGTON

Co Durham

DL1 4PT

REGISTERED NUMBER:

04094597 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

140 Coniscliffe Road

DARLINGTON

Co Durham

DL3 7RT

FIXED ASSETS

Intangible assets

4

261,858

195,072

Tangible assets

5

188,867

196,469

Investments

6

6,600

6,600

457,325

398,141

CURRENT ASSETS

Stocks

680,142

629,684

Debtors

7

1,333,120

945,747

Cash at bank and in hand

511,043

77,637

2,524,305

1,653,068

CREDITORS

Amounts falling due within one year

8

2,078,082

1,231,968

NET CURRENT ASSETS

446,223

421,100

TOTAL ASSETS LESS CURRENT LIABILITIES

903,548

819,241

CREDITORS

Amounts falling due after more than one year

9

(7,067

)

(23,269

)

PROVISIONS FOR LIABILITIES

12

(75,734

)

(60,842

)

NET ASSETS

820,747

735,130

CAPITAL AND RESERVES

Called up share capital

13

1,221

1,221

Share premium

391,339

391,339

Retained earnings

428,187

342,570

SHAREHOLDERS' FUNDS

820,747

735,130

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 26 July 2017 and were signed on its behalf by:

C W Eglington - Director

1.	STATUTORY INFORMATION

STY.COM 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.

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.

These financial statements for the year ended 31 January 2017 are the first financial statements that comply with

FRS 102 Section 1A small entities. The date of transition is 1 February 2015.

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.

Preparation of consolidated financial statements

The financial statements contain information about STY.COM Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

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.

Improvements to property

-

10% on cost and 5% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost and 10% on cost

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 net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

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.

Investments

Investments held as fixed assets are stated at cost less provision for any impairment in value.

Grants

Revenue based grants are credited to the profit and loss account on receipt.

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 48 (2016 - 44 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 February 2016

484,399

Additions

113,793

At 31 January 2017

598,192

AMORTISATION

At 1 February 2016

289,327

Amortisation for year

47,007

At 31 January 2017

336,334

NET BOOK VALUE

At 31 January 2017

261,858

At 31 January 2016

195,072

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2016

121,152

121,876

121,302

Additions

7,400

-

22,925

At 31 January 2017

128,552

121,876

144,227

DEPRECIATION

At 1 February 2016

40,082

89,981

72,548

Charge for year

5,279

10,354

12,604

At 31 January 2017

45,361

100,335

85,152

NET BOOK VALUE

At 31 January 2017

83,191

21,541

59,075

At 31 January 2016

81,070

31,895

48,754

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2016

14,719

148,601

527,650

Additions

-

2,344

32,669

At 31 January 2017

14,719

150,945

560,319

DEPRECIATION

At 1 February 2016

5,656

122,914

331,181

Charge for year

3,680

8,354

40,271

At 31 January 2017

9,336

131,268

371,452

NET BOOK VALUE

At 31 January 2017

5,383

19,677

188,867

At 31 January 2016

9,063

25,687

196,469

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

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2016

and 31 January 2017

21,723

27,711

14,220

63,654

DEPRECIATION

At 1 February 2016

3,530

4,962

5,636

14,128

Charge for year

3,258

4,157

3,555

10,970

At 31 January 2017

6,788

9,119

9,191

25,098

NET BOOK VALUE

At 31 January 2017

14,935

18,592

5,029

38,556

At 31 January 2016

18,193

22,749

8,584

49,526

6.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 February 2016

and 31 January 2017

55

6,545

6,600

NET BOOK VALUE

At 31 January 2017

55

6,545

6,600

At 31 January 2016

55

6,545

6,600

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

879,956

681,834

Amounts owed by group undertakings

150,808

112,152

Prepayments and accrued income

302,356

151,761

1,333,120

945,747

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

9,482

-

Hire purchase contracts (see note 10)

16,202

17,742

Trade creditors

1,003,917

900,737

Taxation and social security

109,775

67,361

Other creditors

502,331

12,573

Invoice discounting

349,599

146,623

Accruals and deferred income

86,776

86,932

2,078,082

1,231,968

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 10)

7,067

23,269

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

16,202

17,742

Between one and five years

7,067

23,269

23,269

41,011

Non-cancellable operating

leases

2017

2016

£

£

Within one year

125,662

129,820

Between one and five years

442,590

468,252

In more than five years

366,667

466,667

934,919

1,064,739

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

9,482

-

Hire purchase contracts

23,269

41,011

Invoice discounting

349,599

146,623

382,350

187,634

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

2017

2016

£

£

Deferred tax

75,734

60,842

Deferred

tax

£

Balance at 1 February 2016

60,842

Accelerated capital allowances

14,892

Balance at 31 January 2017

75,734

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

122,080

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 £118,853 (2016: £80,198) and £31,954 (2016: £31,954).

15.	FIRST YEAR ADOPTION

The company has adopted FRS 102 Section 1A Small Entities for the year ended 31 January 2017. As a result

computer software has been reclassified as an intangible fixed asset.