STY.COM Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04094597 (England and Wales)

Financial Statements

for the Year Ended 31 January 2018

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

140 Coniscliffe Road

DARLINGTON

County Durham

DL3 7RT

FIXED ASSETS

Intangible assets

4

284,353

261,858

Tangible assets

5

233,488

188,867

Investments

6

81,600

6,600

599,441

457,325

CURRENT ASSETS

Stocks

602,824

680,142

Debtors

7

1,751,412

1,333,120

Cash at bank and in hand

85,824

511,043

2,440,060

2,524,305

CREDITORS

Amounts falling due within one year

8

1,762,901

2,078,082

NET CURRENT ASSETS

677,159

446,223

TOTAL ASSETS LESS CURRENT LIABILITIES

1,276,600

903,548

CREDITORS

Amounts falling due after more than one year

9

(31,140

)

(7,067

)

PROVISIONS FOR LIABILITIES

12

(139,143

)

(75,734

)

NET ASSETS

1,106,317

820,747

CAPITAL AND RESERVES

Called up share capital

13

1,221

1,221

Share premium

391,339

391,339

Retained earnings

713,757

428,187

SHAREHOLDERS' FUNDS

1,106,317

820,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 1 June 2018 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.

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

Turnover 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.

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 (2017 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 February 2017

598,192

Additions

71,813

At 31 January 2018

670,005

AMORTISATION

At 1 February 2017

336,334

Amortisation for year

49,318

At 31 January 2018

385,652

NET BOOK VALUE

At 31 January 2018

284,353

At 31 January 2017

261,858

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2017

128,552

121,876

144,227

Additions

32,374

827

2,696

At 31 January 2018

160,926

122,703

146,923

DEPRECIATION

At 1 February 2017

45,361

100,335

85,152

Charge for year

6,644

8,307

13,788

At 31 January 2018

52,005

108,642

98,940

NET BOOK VALUE

At 31 January 2018

108,921

14,061

47,983

At 31 January 2017

83,191

21,541

59,075

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2017

14,719

150,945

560,319

Additions

38,887

16,635

91,419

At 31 January 2018

53,606

167,580

651,738

DEPRECIATION

At 1 February 2017

9,336

131,268

371,452

Charge for year

8,541

9,518

46,798

At 31 January 2018

17,877

140,786

418,250

NET BOOK VALUE

At 31 January 2018

35,729

26,794

233,488

At 31 January 2017

5,383

19,677

188,867

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

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2017

21,723

27,711

14,220

-

63,654

Additions

-

-

38,887

11,353

50,240

Transfer to ownership

-

(10,411

)

-

-

(10,411

)

At 31 January 2018

21,723

17,300

53,107

11,353

103,483

DEPRECIATION

At 1 February 2017

6,788

9,119

9,191

-

25,098

Charge for year

3,258

4,157

8,416

946

16,777

Transfer to ownership

-

(5,596

)

-

-

(5,596

)

At 31 January 2018

10,046

7,680

17,607

946

36,279

NET BOOK VALUE

At 31 January 2018

11,677

9,620

35,500

10,407

67,204

At 31 January 2017

14,935

18,592

5,029

-

38,556

6.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 February 2017

55

6,545

6,600

Additions

-

75,000

75,000

At 31 January 2018

55

81,545

81,600

NET BOOK VALUE

At 31 January 2018

55

81,545

81,600

At 31 January 2017

55

6,545

6,600

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,221,555

879,956

Amounts owed by group undertakings

139,333

150,808

Other debtors

27,810

-

Prepayments and accrued income

362,714

302,356

1,751,412

1,333,120

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

49,757

9,482

Hire purchase contracts (see note 10)

22,557

16,202

Trade creditors

830,373

1,003,917

Corporation tax

77,301

-

Taxation and social security

78,063

109,775

Other creditors

74,832

502,331

Invoice discounting

512,478

349,599

Accruals and deferred income

117,540

86,776

1,762,901

2,078,082

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 10)

31,140

7,067

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

22,557

16,202

Between one and five years

31,140

7,067

53,697

23,269

Non-cancellable operating

leases

2018

2017

£

£

Within one year

125,662

125,662

Between one and five years

416,928

442,590

In more than five years

266,667

366,667

809,257

934,919

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

49,757

9,482

Hire purchase contracts

53,697

23,269

Invoice discounting

-

349,599

103,454

382,350

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

2018

2017

£

£

Deferred tax

79,143

75,734

Other provisions

60,000

-

139,143

75,734

Deferred

tax

£

Balance at 1 February 2017

75,734

Accelerated capital allowances

3,409

Balance at 31 January 2018

79,143

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

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 £116,299 (2017: £118,853) and £23,034 (2017: £31,954).

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.