J. Sives Surfacing Limited SC115796 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is provision of surfacing contractor services. Digita Accounts Production Advanced 6.30.9574.0 true true SC115796 2021-04-01 2022-03-31 SC115796 2022-03-31 SC115796 bus:OrdinaryShareClass1 2022-03-31 SC115796 bus:OrdinaryShareClass2 2022-03-31 SC115796 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC115796 core:ShareCapital 2022-03-31 SC115796 core:CurrentFinancialInstruments 2022-03-31 SC115796 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 SC115796 core:Non-currentFinancialInstruments 2022-03-31 SC115796 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 SC115796 core:BetweenTwoFiveYears 2022-03-31 SC115796 core:MoreThanFiveYears 1 2022-03-31 SC115796 core:WithinOneYear 2022-03-31 SC115796 core:FurnitureFittingsToolsEquipment 2022-03-31 SC115796 core:MotorVehicles 2022-03-31 SC115796 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-03-31 SC115796 core:OtherRelatedParties 2022-03-31 SC115796 core:ParentEntities 2022-03-31 SC115796 bus:SmallEntities 2021-04-01 2022-03-31 SC115796 bus:Audited 2021-04-01 2022-03-31 SC115796 bus:FullAccounts 2021-04-01 2022-03-31 SC115796 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 SC115796 bus:RegisteredOffice 2021-04-01 2022-03-31 SC115796 bus:Director1 2021-04-01 2022-03-31 SC115796 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC115796 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 SC115796 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC115796 core:FurnitureFittings 2021-04-01 2022-03-31 SC115796 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 SC115796 core:MotorVehicles 2021-04-01 2022-03-31 SC115796 core:OfficeEquipment 2021-04-01 2022-03-31 SC115796 core:PlantMachinery 2021-04-01 2022-03-31 SC115796 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-04-01 2022-03-31 SC115796 core:OtherRelatedParties 2021-04-01 2022-03-31 SC115796 core:ParentEntities 2021-04-01 2022-03-31 SC115796 countries:Scotland 2021-04-01 2022-03-31 SC115796 2021-03-31 SC115796 core:FurnitureFittingsToolsEquipment 2021-03-31 SC115796 core:MotorVehicles 2021-03-31 SC115796 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-03-31 SC115796 core:OtherRelatedParties 2021-03-31 SC115796 core:ParentEntities 2021-03-31 SC115796 2020-04-01 2021-03-31 SC115796 2021-03-31 SC115796 bus:OrdinaryShareClass1 2021-03-31 SC115796 bus:OrdinaryShareClass2 2021-03-31 SC115796 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC115796 core:ShareCapital 2021-03-31 SC115796 core:CurrentFinancialInstruments 2021-03-31 SC115796 core:CurrentFinancialInstruments core:WithinOneYear 2021-03-31 SC115796 core:Non-currentFinancialInstruments 2021-03-31 SC115796 core:Non-currentFinancialInstruments core:AfterOneYear 2021-03-31 SC115796 core:BetweenTwoFiveYears 2021-03-31 SC115796 core:MoreThanFiveYears 1 2021-03-31 SC115796 core:WithinOneYear 2021-03-31 SC115796 core:FurnitureFittingsToolsEquipment 2021-03-31 SC115796 core:MotorVehicles 2021-03-31 SC115796 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-03-31 SC115796 core:OtherRelatedParties 2021-03-31 SC115796 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 SC115796 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2020-04-01 2021-03-31 SC115796 core:OtherRelatedParties 2020-04-01 2021-03-31 SC115796 2020-03-31 SC115796 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2020-03-31 SC115796 core:OtherRelatedParties 2020-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC115796

J. Sives Surfacing Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2022

 

J. Sives Surfacing Limited

Contents

Company Information

1

Statement of Director's Responsibilities

2

Balance Sheet

3

Notes to the Financial Statements

4 to 11

 

J. Sives Surfacing Limited

Company Information

Director

C M Smith

Registered office

91B West Savile Terrace
Edinburgh
Lothian
EH9 3DP

Auditors

Brown, Scott & Main
Statutory Auditor
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

J. Sives Surfacing Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

J. Sives Surfacing Limited

(Registration number: SC115796)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

6

1,046

1,751

Current assets

 

Stock

7

500

500

Debtors

8

941,010

867,817

Cash at bank and in hand

 

206,346

125,839

 

1,147,856

994,156

Creditors: Amounts falling due within one year

9

(871,035)

(753,605)

Net current assets

 

276,821

240,551

Total assets less current liabilities

 

277,867

242,302

Creditors: Amounts falling due after more than one year

9

-

(41,294)

Provisions for liabilities

10

(199)

(333)

Net assets

 

277,668

200,675

Capital and reserves

 

Called up share capital

16

200,000

200,000

Profit and loss account

77,668

675

Total equity

 

277,668

200,675

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 September 2022
 

.........................................
C M Smith
Director

 

J. Sives Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office and place of business is:
91B West Savile Terrace
Edinburgh
Lothian
EH9 3DP
UK

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentation currency is sterling.

Going concern

The financial statements have been prepared on the going concern basis. The company achieved a profit after taxation of £232,993 (2021 £189,709) in the year and at its year end had net assets of £277,668 (2021 £200,675). The directors are satisfied the company will be able to meet its working capital requirements as they fall due and the company will be able to continue to trade for the foreseeable future.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 13 September 2022 was William Main CA, who signed for and on behalf of Brown, Scott & Main.

.........................................

Revenue recognition

Turnover represents the total value of work done during the year on short term construction contracts, excluding value added tax and including retentions receivable on work done. Revenue is recognised as earned to the extent that the company obtains the right to consideration in exchange for its performance under those contracts. For incomplete contracts, where their outcome can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion of the contract at the balance sheet date. Unbilled revenue at the year end is included in debtors and amounts billed in advance of revenue earned is included in creditors. Where it is probable that contract costs paid exceed the total contract turnover, the expected loss is recognised as an expense immediately.

Government grants

Grants that are received in respect of expenditure incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable. In 2021 these comprised Covid-19 grants.

Tax

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

J. Sives Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost less residual value of each asset over its estimated useful life, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% per annum straight line

Office equipment

25% per annum straight line

Furniture and fittings

25% per annum straight line

Motor vehicles

25% oer annum straight line


Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

J. Sives Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates defined contribution schemes which are pension plans under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

The pension costs charged in the financial statements represent amounts paid to two (2021 two) defined contribution schemes. In the previous year one of those schemes was operated for a director. The other two schemes are automatic enrolment schemes operated for the company's office and site based employees. The assets of these schemes are held separately from those of the company in independently administered funds. Employer pension contributions to defined contribution plans are recognised as an employee benefit expense when they are due.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 22 (2021 - 28).

 

4

Other operating income

2022

2021

£

£

Construction Industry Training Board

-

2,350

Job Retention Scheme grant income

3,106

82,802

Scottish Government Coronavirus Business Support grant income

-

10,000

Other income

7

-

3,113

95,152

 

J. Sives Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

5

Taxation

2022

2021

£

£

Current tax:

UK corporation tax

55,724

45,196

Deferred tax

(134)

(312)

55,590

44,884

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2021

65,196

10,300

75,496

Additions

120

-

120

Disposals

-

(10,300)

(10,300)

At 31 March 2022

65,316

-

65,316

Depreciation

At 1 April 2021

63,445

10,300

73,745

Charge for the year

825

-

825

Eliminated on disposal

-

(10,300)

(10,300)

At 31 March 2022

64,270

-

64,270

Carrying amount

At 31 March 2022

1,046

-

1,046

At 31 March 2021

1,751

-

1,751

7

Stock

2022
£

2021
£

Materials

500

500

8

Debtors

Note

2022
£

2021
£

Trade debtors

 

868,910

647,728

Amounts owed by group undertakings

15

49,826

136,000

Prepayments

 

3,172

22,104

Other debtors

 

19,102

61,985

 

941,010

867,817

 

J. Sives Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

9

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loan

12

-

8,706

Trade creditors

 

493,686

419,613

Amount owed to group undertaking

15

90,000

100,000

Taxation and social security

 

80,544

91,860

Accruals and deferred income

 

151,081

88,231

Other creditors

 

55,724

45,195

 

871,035

753,605

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

12

-

41,294

2022
£

2021
£

Due after more than five years

After more than five years by instalments

-

1,769

-

-

Creditors included a bank loan repayable by instalments of Nil (2021 £1,769) due after more than five years. The loan was unsecured with an interest rate of 2.5% per annum. It was repaid in full during the year.

10

Provisions for liabilities

2022

2021

£

£

Deferred tax

199

333

Deferred tax

£

Balance at

1 April 2021

333

Credit to income statement during year

(134)

Balance at

31 March 2022

199

 

J. Sives Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

19,726

11,226

Later than one year and not later than five years

8,828

20,054

28,554

31,280

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,726 (2021 - £6,547).

12

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

-

41,294

2022
£

2021
£

Current loans and borrowings

Bank borrowings

-

8,706

13

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividends of £0.975 (2021 - £1.1875) per each S Ordinary share(s)

 

156,000

 

190,000

         

14

Financial commitments, guarantees and contingencies

Guarantee
The company has provided a floating charge over all its property, undertakings, assets and rights in favour of The Royal Bank of Scotland PLC for its obligations. At 31/03/2022 its holding company's borrowings amounted to £400,000 (2021 - Nil).

Commitments
The company has the following operating lease commitments:

2022

2021

£

£

Operating lease commitments

28,554

31,280

 

J. Sives Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

15

Related party transactions

Loans to related parties

2022

Parent
£

Entities with joint control or significant influence
£

Other related parties
£

At start of period

-

136,000

32,100

Advanced

49,826

-

-

Repaid

-

(136,000)

(32,100)

At end of period

49,826

-

-

2021

Entities with joint control or significant influence
£

Other related parties
£

Total
£

At start of period

112,000

32,100

144,100

Advanced

320,000

-

320,000

Repaid

(296,000)

-

(296,000)

At end of period

136,000

32,100

168,100

Terms of loans to related parties

The balance due from the company's immediate parent undertaking, CJC Surfracing Limited, was interest free and had no fixed repayment date.

 The balance due from the company's former parent undertaking, Sives Limited, was interest free and repyable within 28 days.
 The balance due from the company's former subsidiary undertaking, Land Technology Limited, was interest free and had no fixed repayment date.

Loans from related parties

2022

Entities with joint control or significant influence
£

Total
£

At start of period

100,000

100,000

Advanced

330,000

330,000

Repaid

(430,000)

(430,000)

At end of period

-

-

2021

Entities with joint control or significant influence
£

Total
£

Advanced

214,000

214,000

Repaid

(114,000)

(114,000)

At end of period

100,000

100,000

 

J. Sives Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Terms of loans from related parties

The balance due to the company's former parent and ultimate parent undertaking, James Sives Holdings Limited, was interest free and repayable within 28 days.
 

16

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

S Ordinary share(s) of £1 each

160,000

160,000

160,000

160,000

G Ordinary share(s) of £1 each

40,000

40,000

40,000

40,000

 

200,000

200,000

200,000

200,000