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Registration number: 02160311

Servaclean Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Servaclean Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Servaclean Limited

(Registration number: 02160311)
Balance Sheet as at 28 February 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

253,844

 

267,852

Current assets

   

 

Stocks

320,836

 

266,743

 

Debtors

5

324,737

 

484,995

 

Cash at bank and in hand

 

760,953

 

553,655

 

 

1,406,526

 

1,305,393

 

Creditors: Amounts falling due within one year

6

(423,329)

 

(396,488)

 

Net current assets

   

983,197

 

908,905

Total assets less current liabilities

   

1,237,041

 

1,176,757

Provisions for liabilities

 

(3,000)

 

(4,000)

Net assets

   

1,234,041

 

1,172,757

Capital and reserves

   

 

Called up share capital

7

11,000

 

11,000

 

Share premium reserve

1,500

 

1,500

 

Profit and loss account

1,221,541

 

1,160,257

 

Total equity

   

1,234,041

 

1,172,757

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
 

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Servaclean Limited

(Registration number: 02160311)
Balance Sheet as at 28 February 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised by the Board on 4 October 2023 and signed on its behalf by:
 

.........................................
D M Roberts
Company secretary and director

 

Servaclean Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Gower Street
Bradford
West Yorkshire
BD5 7JF

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Revenue recognition

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.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are recognised when there if reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Where a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

 

Servaclean Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current 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.

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 assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line basis

Fixtures and fittings

20% straight line basis

Motor vehicles

25% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Servaclean Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

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.

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.

 

Servaclean Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed during the year (including directors) was 15 (2022- 15).

 

Servaclean Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

370,396

87,616

133,303

591,315

Additions

2,388

6,137

-

8,525

At 28 February 2023

372,784

93,753

133,303

599,840

Depreciation

At 1 March 2022

151,226

62,986

109,251

323,463

Charge for the year

6,228

9,590

6,715

22,533

At 28 February 2023

157,454

72,576

115,966

345,996

Carrying amount

At 28 February 2023

215,330

21,177

17,337

253,844

At 28 February 2022

219,170

24,630

24,052

267,852

5

Debtors

Current

2023
£

2022
£

Trade debtors

180,870

149,522

Amounts owed by related parties

132,848

332,848

Prepayments

11,019

2,625

 

324,737

484,995

 

Servaclean Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Creditors

2023
£

2022
£

Due within one year

Trade creditors

207,109

276,414

Taxation and social security

193,210

61,597

Accruals and deferred income

13,955

56,290

Other creditors

9,055

2,187

423,329

396,488

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares (voting) of £1 each

10,000

10,000

10,000

10,000

B Ordinary shares (non voting) of £1 each

1,000

1,000

1,000

1,000

 

11,000

11,000

11,000

11,000

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £299,545 (2022 - £Nil). These commitments are in relation to new capital expenditure.

9

Parent and ultimate parent undertaking

The company's immediate parent is Barplan Ltd, incorporated in England & Wales.