Company No:
Contents
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 |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 5 |
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65,471 | 0 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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6,097,139 | 4,134,396 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Sycamore Process Engineering Limited (registered number:
Mr J V Redman
Director |
Mr J R Routledge
Director |
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.
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 £.
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.
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.
Goodwill | not amortised |
Leasehold improvements |
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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 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.
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.
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.
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.
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) |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated amortisation | |||
At 01 April 2022 |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Leasehold improve- ments |
Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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Additions |
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At 31 March 2023 |
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Accumulated depreciation | |||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Amounts owed by directors |
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Amounts recoverable on contracts |
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Prepayments |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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2023 | 2022 | ||
£ | £ | ||
Other provisions |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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6,000 | 6,000 |
Commitments
2023 | 2022 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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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.
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).