Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr W J Hosking 01/04/2023 Mr P I Manning 01/04/2016 Mr J V Redman 17/03/2005 Mr J R Routledge 01/04/2018 Mr T Sharp 17/03/2005 20 September 2023 The principal activity of the Company during the financial year was design, manufacture and installation of process plant and equipment for the dairy, food and beverage industries. 05383053 2023-03-31 05383053 bus:Director1 2023-03-31 05383053 bus:Director2 2023-03-31 05383053 bus:Director3 2023-03-31 05383053 bus:Director4 2023-03-31 05383053 bus:Director5 2023-03-31 05383053 2022-03-31 05383053 core:CurrentFinancialInstruments 2023-03-31 05383053 core:CurrentFinancialInstruments 2022-03-31 05383053 core:Non-currentFinancialInstruments 2023-03-31 05383053 core:Non-currentFinancialInstruments 2022-03-31 05383053 core:ShareCapital 2023-03-31 05383053 core:ShareCapital 2022-03-31 05383053 core:RetainedEarningsAccumulatedLosses 2023-03-31 05383053 core:RetainedEarningsAccumulatedLosses 2022-03-31 05383053 core:Goodwill 2022-03-31 05383053 core:Goodwill 2023-03-31 05383053 core:LeaseholdImprovements 2022-03-31 05383053 core:LeaseholdImprovements 2023-03-31 05383053 bus:OrdinaryShareClass1 2023-03-31 05383053 bus:OrdinaryShareClass2 2023-03-31 05383053 bus:OrdinaryShareClass3 2023-03-31 05383053 bus:OrdinaryShareClass4 2023-03-31 05383053 2022-04-01 2023-03-31 05383053 bus:FullAccounts 2022-04-01 2023-03-31 05383053 bus:SmallEntities 2022-04-01 2023-03-31 05383053 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05383053 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05383053 bus:Director1 2022-04-01 2023-03-31 05383053 bus:Director2 2022-04-01 2023-03-31 05383053 bus:Director3 2022-04-01 2023-03-31 05383053 bus:Director4 2022-04-01 2023-03-31 05383053 bus:Director5 2022-04-01 2023-03-31 05383053 core:Goodwill 2022-04-01 2023-03-31 05383053 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 05383053 2021-04-01 2022-03-31 05383053 core:LeaseholdImprovements 2022-04-01 2023-03-31 05383053 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 05383053 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05383053 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 05383053 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 05383053 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 05383053 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 05383053 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 05383053 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 05383053 bus:OrdinaryShareClass4 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05383053 (England and Wales)

SYCAMORE PROCESS ENGINEERING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

SYCAMORE PROCESS ENGINEERING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

SYCAMORE PROCESS ENGINEERING LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
SYCAMORE PROCESS ENGINEERING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Mr W J Hosking
Mr P I Manning
Mr J V Redman
Mr J R Routledge
Mr T Sharp
SECRETARY Mr T Sharp
REGISTERED OFFICE King Arthurs Park
Sparkford
Yeovil
BA22 7FE
England
United Kingdom
COMPANY NUMBER 05383053 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
SYCAMORE PROCESS ENGINEERING LIMITED

BALANCE SHEET

As at 31 March 2023
SYCAMORE PROCESS ENGINEERING LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 5 65,471 0
65,471 0
Current assets
Stocks 12,988 14,642
Debtors 6 4,842,230 2,719,245
Cash at bank and in hand 1,241,921 1,400,509
6,097,139 4,134,396
Creditors: amounts falling due within one year 7 ( 4,813,002) ( 3,138,490)
Net current assets 1,284,137 995,906
Total assets less current liabilities 1,349,608 995,906
Creditors: amounts falling due after more than one year 8 ( 128,247) ( 182,939)
Provision for liabilities 9 ( 64,067) 0
Net assets 1,157,294 812,967
Capital and reserves
Called-up share capital 10 6,000 6,000
Profit and loss account 1,151,294 806,967
Total shareholders' funds 1,157,294 812,967

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sycamore Process Engineering Limited (registered number: 05383053) were approved and authorised for issue by the Board of Directors on 20 September 2023. They were signed on its behalf by:

Mr J V Redman
Director
Mr J R Routledge
Director
SYCAMORE PROCESS ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
SYCAMORE PROCESS ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sycamore Process Engineering Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is King Arthurs Park, Sparkford, Yeovil, BA22 7FE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Taxation

Current 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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Goodwill

Now fully amortised,

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Grants receivable are accounted for using the accrual model. Grants relating to revenue are credited to the profit and loss account on a straight line basis over the relevant period in which the related costs are incurred. Grants which are for the purpose of giving immediate financial support to the entity, with no future related costs, are recognised as income in the period in which they become receivable. Grants relating to assets are recognised in income over the expected useful life of the asset, and any element of the grant that is deferred is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution pension obligation

A defined contribution plan is a pension plan 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.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Prior year adjustment

Amounts recoverable on contract have been reclassified to show within debtors rather than stocks on the face of the Balance Sheet to better reflect the underlying nature of the asset. The corresponding adjustment has been made to move amounts recoverable on contract from opening and closing stock within cost of sales to turnover in the Statement of Income and Retained Earnings.

As previously reported Adjustment As restated
Year ended 31 March 2022 £ £ £
Stocks 140,574 (125,932) 14,642
Debtors 2,593,313 125,932 2,719,245
Turnover 8,774,143 (305,328) 8,468,815
Cost of sales (6,595,928) 305,328 (6,290,600)

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 52 45

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 120,000 120,000
At 31 March 2023 120,000 120,000
Accumulated amortisation
At 01 April 2022 120,000 120,000
At 31 March 2023 120,000 120,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

5. Tangible assets

Leasehold improve-
ments
Total
£ £
Cost
At 01 April 2022 7,591 7,591
Additions 66,288 66,288
At 31 March 2023 73,879 73,879
Accumulated depreciation
At 01 April 2022 7,591 7,591
Charge for the financial year 817 817
At 31 March 2023 8,408 8,408
Net book value
At 31 March 2023 65,471 65,471
At 31 March 2022 0 0

6. Debtors

2023 2022
£ £
Trade debtors 3,156,668 1,864,390
Amounts owed by Group undertakings 1,072,360 593,709
Amounts owed by directors 0 38,578
Amounts recoverable on contracts 482,155 125,932
Prepayments 128,837 95,296
Other debtors 2,210 1,340
4,842,230 2,719,245

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 50,948 145,620
Trade creditors 1,331,999 847,508
Taxation and social security 859,395 609,821
Other creditors 2,570,660 1,535,541
4,813,002 3,138,490

Creditors include unsecured loans of £nil (2022: £102,455) for which two of the directors have provided personal guarantees.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 128,247 182,939

9. Provision for liabilities

2023 2022
£ £
Other provisions 64,067 0

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2,400 Ordinary A shares of £ 1.00 each 2,400 2,400
2,400 Ordinary B shares of £ 1.00 each 2,400 2,400
600 Ordinary C shares of £ 1.00 each 600 600
600 Ordinary D shares of £ 1.00 each 600 600
6,000 6,000

11. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 65,562 47,136

The total amount of guarantees not included in the balance sheet is £189,202 (2022 - £210,525). The company has entered into a cross-guarantee with Camelot Chase Limited (a group company) to guarantee amounts outstanding to the company's bankers. This guarantee is secured on the company's assets.

12. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to the company 0 38,578

Advances were made to a director totalling £40,022, (2022: £41,212) and repayments of £78,600 (2022: £2,634) were made during the year. The loan is repayable on demand and interest is charged at HMRC's official rate of interest on balances over £10,000. The amount owed to the company as at 31 March 2023 was £nil (2022: £38,578).