REGISTERED NUMBER: |
SCS Building Solutions Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 28 February 2018 |
REGISTERED NUMBER: |
SCS Building Solutions Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 28 February 2018 |
SCS Building Solutions Limited (Registered number: 02893518) |
Contents of the Financial Statements |
for the year ended 28 February 2018 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
SCS Building Solutions Limited |
Company Information |
for the year ended 28 February 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
SCS Building Solutions Limited (Registered number: 02893518) |
Strategic Report |
for the year ended 28 February 2018 |
The directors present their strategic report for the year ended 28 February 2018. |
DEVELOPMENT AND PERFORMANCE OF THE BUSINESS DURING THE YEAR |
The directors are pleased to report that the company has enjoyed a successful year to 28 February 2018. The gross profit margin has |
increased from 15.6% to 28.7% as a result of the completion of some exceptional contracts which have made significant |
contributions to the profitability for 2017/2018. This increased profitability is even more significant given the reduction in turnover |
when compared to 2016/2017 which is mainly due to the timing of contracts coming to an end and customers requesting a delay to |
new projects coming on line. |
Within the year the company saw the collapse of what has historically been one of its major customers Carillion. Before the collapse |
management had identified a concerning tread in payment terms and actively took steps to withdraw from tendering, effectively |
stopping to secure future works, as is demonstrated by the proportion of turnover which was generated with Carillion which |
represented 31% of turnover in 2016/2017 and yet only 10% of turnover in 2017/2018. |
PRINCIPLE RISKS AND UNCERTAINTIES |
Any business associated with the construction industry is vulnerable to external factors, both economic and political. The key risks |
affecting the company include attracting and retaining key staff, cash flow/liquidity and the risks attached to the construction |
industry as a whole. |
The Key Challenges identified by Management are set out below: |
Government Expenditure |
A significant amount of construction work is driven by UK Government policy, in particular education and healthcare projects and |
therefore any reduction in this expenditure could adversely impact on the company's workflow. The directors have looked to |
mitigate this risk by ensuring the company works on projects across a variety of sectors, incorporating both commercial and non |
commercial. |
Over reliance on certain customers |
Over the past 3 years the directors have noted an over reliance on a small number of main contractors, in particular Laings and |
Carillion. In 2016/2017 these two customers accounted for 71% of turnover, whereas in 2017/2018 the same percentage of turnover |
is split between four customers. In a strategic move to minimise this risk the directors have diversified into new sectors for the |
company, such as residential, and in line with market trends are increasing work with different main contractors. |
High working capital requirements |
Both the directors and the management team have worked hard to stabilise the trade debtors of the business which continue to be |
high due to the extended payment terms which are inherent within the construction industry as a whole. The directors continues to |
manage this liquidity risk by making good use of strong cash reserves and by requesting similar payment terms from its suppliers. |
SCS Building Solutions Limited (Registered number: 02893518) |
Strategic Report |
for the year ended 28 February 2018 |
FUTURE DIRECTION |
The directors are anticipating an increase in turnover for the coming year having already secured contracts totalling £18m for |
2018/2019. The directors are continually seeking new opportunities and are looking to use their experience and reputation to |
diversify in to sectors within the market place where the company hasn't previously been as active. |
The company is in a strong financial position and the directors are confident that it will continue to see profitable growth. |
To enable the group to continue growing the directors have undertaken a succession planning exercise and have identified four key |
members of the existing management team who have worked for the business for a number of years. These key individuals have |
shown a willingness to take on the responsibility of taking the group forward and have therefore formed a new company, SCS |
Group Holdings Limited with a view to acquiring 100% of the issued share capital of SCS Holdings Limited. As part of this process |
the existing directors will welcome two new members to the board, Mr C Scott and Mr P Flynn. The directors fully expect that the |
business will continue seamlessly through this transition. |
ON BEHALF OF THE BOARD: |
SCS Building Solutions Limited (Registered number: 02893518) |
Report of the Directors |
for the year ended 28 February 2018 |
The directors present their report with the financial statements of the company for the year ended 28 February 2018. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of suspended ceiling installation and dry lining building |
construction. |
DIVIDENDS |
Interim dividends totalling £53.6914 per share were paid on the Ordinary £1 shares during the year. The total distribution of |
dividends for the year ended 28 February 2018 will be £1,610,742. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2017 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements |
unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that |
the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company |
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director |
in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of |
that information. |
SCS Building Solutions Limited (Registered number: 02893518) |
Report of the Directors |
for the year ended 28 February 2018 |
AUDITORS |
The auditors, Jolliffe Cork LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
SCS Building Solutions Limited |
Opinion |
We have audited the financial statements of SCS Building Solutions Limited (the 'company') for the year ended 28 February 2018 |
which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to |
the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been |
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 February 2018 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit |
of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities |
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide |
a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and |
the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance |
conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider |
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or |
otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material |
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
SCS Building Solutions Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not |
identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the |
directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due |
to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going |
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the |
directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance |
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a |
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in |
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial |
statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act |
2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to |
them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume |
responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the |
opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
SCS Building Solutions Limited (Registered number: 02893518) |
Income Statement |
for the year ended 28 February 2018 |
2018 | 2017 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,737,192 | 916,891 |
Interest payable and similar expenses | 5 | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
SCS Building Solutions Limited (Registered number: 02893518) |
Other Comprehensive Income |
for the year ended 28 February 2018 |
2018 | 2017 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SCS Building Solutions Limited (Registered number: 02893518) |
Balance Sheet |
28 February 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
SCS Building Solutions Limited (Registered number: 02893518) |
Balance Sheet - continued |
28 February 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Capital redemption reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on |
Mr A S Morson - Director | Mr R M Lambert - Director |
Mr T Watson - Director | Mr D L Friend - Director |
Mrs M Chappell Dixon - Director |
SCS Building Solutions Limited (Registered number: 02893518) |
Statement of Changes in Equity |
for the year ended 28 February 2018 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 March 2016 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2017 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2018 |
SCS Building Solutions Limited (Registered number: 02893518) |
Notes to the Financial Statements |
for the year ended 28 February 2018 |
1. | STATUTORY INFORMATION |
SCS Building Solutions Limited is a private limited 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 company's |
principal place of business is Newmarket House, Aberford Road, Wakefield, WF3 4AL. |
The functional and presentation currency for the company is the pound sterling (£). All financial information presented has |
been rounded to the nearest (£), unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors are of the opinion that the company continues to be a going concern and have therefore adopted that basis in |
the preparation of the financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as |
permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Turnover |
Turnover which is stated net of value added tax represents amounts invoiced to third parties except in respect of long term |
contracts, where turnover represents the sales value of work done in the year including estimates in respect of amounts not |
invoiced. |
Development costs |
Costs directly attributable to the development of an app for the construction industry are capitalised and amortised over a |
straight line basis of 4 years. The app came in to use in November 2015. |
All other development costs are pure research and are written off in the year in which the expense occurs. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Equipment | - |
Fixed assets are initially recorded at cost. |
SCS Building Solutions Limited (Registered number: 02893518) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2018 |
2. | ACCOUNTING POLICIES - continued |
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 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. |
Hire purchase and leasing commitments |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor |
are charged against profits 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. |
Employee benefit trust |
The company operates an employee benefit trust for employees. The assets of the trust are held separately from those of the |
company. The annual payments are charged to the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2018 | 2017 |
Production staff | 36 | 46 |
Administrative staff | 15 | 15 |
SCS Building Solutions Limited (Registered number: 02893518) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2018 |
3. | EMPLOYEES AND DIRECTORS - continued |
2018 | 2017 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Compensation to director for loss of office |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2018 | 2017 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2018 | 2017 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts or finance leases |
Loss on disposal of fixed assets |
Development costs amortisation |
Auditors' remuneration |
In addition to remuneration for the audit, the auditors have also levied the following fees: |
2018 | 2017 |
£ | £ |
Tax advisory services | 5,040 | 7,960 |
Other services | 4,483 | 3,961 |
9,523 | 11,921 |
SCS Building Solutions Limited (Registered number: 02893518) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2018 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Other interest | ( |
) |
Hire purchase |
( |
) |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
Over/under provision in prior |
year | ( |
) | ( |
) |
Total current tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained |
below: |
2018 | 2017 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Effect of rate change - corporation tax | - |
Effect of rate change - deferred tax | ( |
) | - |
Group relief | - | ( |
) |
Other timing differences | - |
Total tax charge/(credit) | ( |
) |
SCS Building Solutions Limited (Registered number: 02893518) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2018 |
7. | DIVIDENDS |
2018 | 2017 |
£ | £ |
Ordinary shares of £1 each |
Interim |
8. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 March 2017 |
and 28 February 2018 |
AMORTISATION |
At 1 March 2017 |
Amortisation for year |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2017 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 28 February 2018 |
DEPRECIATION |
At 1 March 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
SCS Building Solutions Limited (Registered number: 02893518) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2018 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 March 2017 |
and 28 February 2018 |
DEPRECIATION |
At 1 March 2017 |
Charge for year |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
10. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by related undertakings | 101,145 | - |
Amounts recoverable on |
contracts |
Other debtors |
Directors' current accounts | 871 | 9,441 |
Tax |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts recoverable on contract |
Aggregate amounts |
SCS Building Solutions Limited (Registered number: 02893518) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2018 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 339,273 | 131,491 |
Other creditors |
Directors' current accounts | 11,250 | 245,950 |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
14. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 22,951 | 36,128 |
Deferred |
tax |
£ |
Balance at 1 March 2017 |
Accelerated capital allowances | (13,177 | ) |
Balance at 28 February 2018 |
SCS Building Solutions Limited (Registered number: 02893518) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2018 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
Ordinary | £1 | 30,000 | 30,000 |
16. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2017 | 1,978,381 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 28 February 2018 | 1,752,353 |
17. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Specialist Ceiling Services Holdings Limited, a company registered in England and Wales. |
18. | CONTINGENT LIABILITIES |
There is unlimited multilateral Guarantee dated 28 November 2012 given by SCS Building Solutions Limited, SCS Render |
Systems Limited, SCS Manufacturing & Training Limited, Specialist Ceiling Services Southern Limited. |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 28 February 2018 and 28 February 2017: |
2018 | 2017 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
SCS Building Solutions Limited (Registered number: 02893518) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2018 |
20. | RELATED PARTY DISCLOSURES |
The company was under the control of the directors throughout the current and previous year. |
The company has taken advantage of the exemptions available under the FRS 102 section 33.1A not to publish details of |
related party transactions with group undertakings as the company is a wholly owned subsidiary of Specialist Ceiling |
Services Holdings Limited. |
During the year the company paid rent in the sum of £65,000 (2017: £65,000) to a pension scheme in which Mr R M |
Lambert, Mr A S Morson, Mr T Watson and Mr D L Friend are trustees and members. |
As at the Balance Sheet date, the following amounts were due from non wholly owed fellow subsidiary undertakings: |
2018 | 2017 |
£ | £ |
SCS Render Systems Limited | 3,155 | 19,534 |