Registration number:
Provide SESS Limited
for the Year Ended 31 August 2022
Provide SESS Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Provide SESS Limited
Company Information
Director |
Mr Stuart Turnbull |
Registered office |
|
Solicitors |
|
Bankers |
|
Auditors |
|
Provide SESS Limited
Strategic Report for the Year Ended 31 August 2022
The director presents his strategic report for the year ended 31 August 2022.
Principal activity
The principal activity of the company is security providers
Fair review of the business
The Director reports a decrease in turnover from £25.8m to £15.4m in the current year. The gross profit has decreased from £4.3m to £1.9m which has resulted in a decrease in the gross profit percentage (2022: 12.4% and 2021: 16.6%). Despite this decrease, reserves have increased by 2% from the prior year to £1.7m.
The directors are satisfied with the results for the financial year. The decrease in turnover was expected due to the nature of the contracts. In 2021 the increased turnover was mainly due to the COVID 19 contracts which were expected to be short term. These contracts started to reduce in October 2021 with the contracts ceasing in June 2022. The COVID 19 contracts were high volume and low profit margins. The rate for the COVID work was dropped midway through the contract however the company did not pass this rate cut onto the subcontractors, therefore a lower profit margin was realised.
In 2022 the company saw the return of the football contracts and major events that had been rescheduled from the pandemic.
The directors are optimistic that new opportunities will continue to arise, at the same time as maintaining existing relationships and contracts.
The directors are satisfied that the business remains viable and future growth is attainable without the COVID 19 contracts.
The management of the company continue to use a range of performance indicators to monitor and manage the business. The performance indicators include financial performance such as profit ratios, liquidity ratios, activity ratios and capital ratios.
Principal risks and uncertainties
The Company does not rely on the use of complex financial instruments, having established an acceptable level of reserves through a policy of strong financial disciplines. As such, the director does not consider there to be any significant exposure to financial risks. Those identified are discussed in the Director's report.
The non-financial risks assessed by management include the following
o Competitor pressure - management continue to build relationships with our existing clients whilst exploring different avenues to attract new business.
o Loss of key personnel - management continue to provide staff with professional development opportunities at all levels whilst ensuring that key staff are recognised by remunerating them at an appropriate level.
Provide SESS Limited
Strategic Report for the Year Ended 31 August 2022
Section 172(1) statement
Engagement with employees
The directors take every opportunity to engage with employees as they understand the importance of staff engagement in a service company.
Staff engagement includes post event meetings to discuss how the contract was delivered. In these meetings the positives and negatives are discussed with a view to continually make improvements. Also with event work, senior management are involved in the planning of these events.
Staff appraisals are conducted very six months.
Staff are offered additional training opportunities and these opprtunites can be identified in the appraisal meetings. Additional training could include financial training, management training etc.
In addition to the above a benefits platform is provided to employees, benefits include retail discounts, health benefits and financial coaching.
Engagement with suppliers, customers and other relationships
The company maintains good relationships with suppliers by being good payers and paying competitive rates. Annual events are held at the office for suppliers to further improve relationships.
The company understands the importance of customer relationships and as part of their audit process, they carry out a number of client appraisals, monitoring client satisfaction on the following aspects of our service
o Competitiveness of rates
o Knowledgeability of staff and management; punctuality and appearance
o Overall satisfaction of services provided.
Where possible the company tries to provide the same personnel at events so customers have a continuity of staff. Also the director attends the event to help with both customer and supplier relationships.
Environmental matters
ISO 14001 accredited - environmental audit - acting environmentally friendly. Taking steps to reduce the environmental impact of the business.
The company monitors their compliance with ISO:14001 by setting KPIs in relation to their environmental impact from the head office. This includes the electric usage of their key holding and mobile response fleet and a month-on-month reduction of their office electricity consumption.
Policies for disabled employees
The company recognises that it has obligations towards all its employees to ensure that people with disabilities are afforded equal opportunities to enter employment and progress within the company. In addition to complying with legal requirements, the company follows procedures designed to provide for fair consideration and selection of disabled applicants and to satisfy their training and career development needs.
When an employee becomes disabled in the course of their employment, reasonable steps will be taken to accomodate their disablity by considering adjustments to working practices and arrangements, or by considering redeployment and appropriate retraining to enable them to remain in employment with the company wherever reasonably possible.
Provide SESS Limited
Strategic Report for the Year Ended 31 August 2022
Social and community issues
Each year the company makes donations to local charities as part of their social and community policy.
Approved and authorised by the
......................................... |
Provide SESS Limited
Director's Report for the Year Ended 31 August 2022
The director presents his report and the financial statements for the year ended 31 August 2022.
Director of the company
The director who held office during the year was as follows:
Dividends
The director recommends a final dividend payment of £Nil be made in respect of the financial year ended 31 August 2022. This dividend has not been recognised as a liability in the financial statements.
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
Financial risks identified include credit risk and liquidity risk.
Credit risk is the risk that a counterparty will be unable to pay amounts when they fall due. The Company carries out appropriate credit checks on potential customers before sales are made, and continually monitors and investigates aged debts.
Liquidity risk is the risk that cash may not be available to pay obligations as they fall due. The Director is satisfied that the Company is not subject to liquidity risk due to maintaining strong cash reserves and the financial support from the parent company if required.
Future developments
There are no particular matters that the director feels will significantly alter the ongoing development of the business in the short to medium term. The company aims to continue its policy of providing an exceptional level of service, in order to maintain existing customer relationships and build new ones.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
The auditors Forrester Boyd are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
......................................... |
Provide SESS 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; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Provide SESS Limited
Independent Auditor's Report to the Members of Provide SESS Limited
Opinion
We have audited the financial statements of Provide SESS Limited (the 'company') for the year ended 31 August 2022, which comprise the Profit and Loss Account, Statement of 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 31 August 2022 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 auditor 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
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
However, because not all future events or conditions can be predicted this statements is not a guarantee as to the company's ability to continue as a going concern.
Other information
The director is responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Provide SESS Limited
Independent Auditor's Report to the Members of Provide SESS Limited
Other matters
The prior year's financial statements have not been audited.
Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 6], the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Provide SESS Limited
Independent Auditor's Report to the Members of Provide SESS Limited
Auditor 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Using our knowledge of the company and the industry in which it operates, we idenitfied the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax legislation.
We assessed the susceptibility of the company's financial statements to material misstatement by considering the controls the company has established to address risks identified and how the directors monitor these controls and by evaluating the opportunity to commit fraud.
Our audit procedures included the following;
o testing management override controls including journal testing and reviewing accounting estimates for reasonableness
o enquires of management of actual and potential litigation claims
o enquires of management including fraud and associated risks
o discussions with management, including consideration of known or suspected instances of non-compliance
o challenging assumptions and judgements made within significant accounting estimates and judgements
o reviewing legal and professional fees for any potential litigation claims
o testing focussing on the areas of the financial statements most susceptible to material error including completeness of income and review to ensure correct matching of revenue and costs
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
Provide SESS Limited
Independent Auditor's Report to the Members of Provide SESS Limited
......................................
For and on behalf of
Kingfisher Court
Plaxton Bridge Road
Woodmansey
East Yorkshire
HU17 0RT
Provide SESS Limited
Profit & Loss Account for the Year Ended 31 August 2022
Note |
2022 |
2021 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
854,953 |
3,172,614 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(5,241) |
(3,767) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Provide SESS Limited
Statement of Comprehensive Income for the Year Ended 31 August 2022
2022 |
2021 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Provide SESS Limited
(Registration number: 06677841)
Statement of Financial Position as at 31 August 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
1,697,962 |
1,667,938 |
|
Shareholders' funds |
1,698,062 |
1,668,038 |
Approved and authorised by the
......................................... |
Provide SESS Limited
Statement of Changes in Equity for the Year Ended 31 August 2022
Share capital |
Retained earnings |
Total |
|
At 1 September 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 August 2022 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 September 2020 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 August 2021 |
|
|
|
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland 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.
These financial statements have been presented in GBP and are rounded to the nearest pound.
Summary of disclosure exemptions
The Company has taken advantage of the exemption from disclosing the following information, as permitted by the reduced disclosure regime within FRS 102:
a) Section 7 ''Statement of Cash Flows'' - Presentation of a statement of cash flow and related notes and disclosures
b) Section 33 ''Related Party Disclosures'' - related party transactions with other members of the Watermans Group
.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The directors are of the opinion that the company will trade profitably in the foreseeable future and therefore believes that it is appropriate for the financial statements to be prepared on a going concern basis.
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Critical Judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
a) Depreciation |
Depreciation is charged to the profit and loss account based on the useful economic life selected, which involves an estimation of the period and profile over which the company expects to consume future economic benefits embodied in the assets. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Revenue is recognised for the provision of services as the contractual activity progresses.
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 income 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 |
Plant and machinery |
25% Straight Line |
Office equipment |
33.33% Straight Line |
Fixtures and fittings |
25% Reducing Balance |
Motor vehicles |
25% Reducing Balance |
Impairment of Fixed Assets
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards. Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Financial Instruments
Classification
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set of the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaeously.
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Basic financial assets
Basic financial assets, which include trade and other debtors are amounts due from customers for services performed in the ordinary course of business.
Basic financial assets, which include trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest rate 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.
Basic financial liabilities
Basic financial liabilties, which include trade and other creditors and bank loans, 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 payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2022 |
2021 |
|
Rendering of services |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2022 |
2021 |
|
Miscellaneous other operating income |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2022 |
2021 |
|
Gain/loss on disposal of property, plant and equipment |
( |
( |
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Operating profit |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
Loss on disposal of property, plant and equipment |
|
|
Other interest receivable and similar income |
2022 |
2021 |
|
Interest income on bank deposits |
|
- |
Interest payable and similar expenses |
2022 |
2021 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2022 |
2021 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2022 |
2021 |
|
Administration and support |
|
|
Sales |
|
|
|
|
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Director's remuneration |
The director's remuneration for the year was as follows:
2022 |
2021 |
|
Remuneration |
|
|
Auditors' remuneration |
2022 |
2021 |
|
Audit of the financial statements |
|
- |
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Taxation |
Tax charged/(credited) in the income statement
2022 |
2021 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from changes in tax rates and laws |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2021 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2022 |
2021 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax increase (decrease) from effect of capital allowances and depreciation |
( |
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
2021 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 September 2021 |
|
|
|
Additions |
|
|
|
Disposals |
( |
( |
( |
At 31 August 2022 |
|
|
|
Depreciation |
|||
At 1 September 2021 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
( |
At 31 August 2022 |
|
|
|
Carrying amount |
|||
At 31 August 2022 |
|
|
|
At 31 August 2021 |
|
|
|
Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
- |
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
|
|
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Cash and cash equivalents |
2022 |
2021 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
- |
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
178,801 |
577,996 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase liabilities |
- |
|
|
|
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase liabilities |
|
|
|
|
Barclays Security Trustee Limited hold a fixed and floating charge over the assets of the company in the form of a debenture dated 20th May 2020. The charge is held over the undertaking and all property and assets, present and future.
Financial Instruments
Note |
2022 |
2021 |
|
Carrying amount of financial assets |
|||
Measured at undiscounted amount receivable |
- |
- |
|
• Trade and other debtors |
2,375,278 |
4,700,020 |
|
• Cash at bank and in hand |
595,900 |
2,209,838 |
|
space |
- |
- |
|
Carrying amount of financial liabilities |
- |
- |
|
Measured at amortised cost |
- |
- |
|
• Loans payable |
159,613 |
206,111 |
|
• Trade and other creditors |
968,422 |
4,484,291 |
|
- |
- |
||
Equity instruments measured at cost less impairment |
- |
- |
|
Called up share capital |
100 |
100 |
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 September 2021 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 August 2022 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £- (2021 - £Nil) were payable to the scheme at the end of the year and are included in creditors.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
Ordinary of £1 each |
100 |
100 |
100 |
100 |
Reserves |
The retained earnings reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
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 |
|
|
Later than one year and not later than five years |
|
|
|
|
Provide SESS Limited
Notes to the Financial Statements for the Year Ended 31 August 2022
Dividends |
2022 |
2021 |
|||
£ |
£ |
|||
Final dividend of £ |
650,000 |
1,500,000 |
||
Analysis of changes in net debt |
At 1 September 2021 |
Financing cash flows |
At 31 August 2022 |
|
Cash and cash equivalents |
|||
Cash |
2,209,838 |
(1,613,938) |
595,900 |
Borrowings |
|||
Long term borrowings |
159,581 |
(46,766) |
112,815 |
Short term borrowings |
46,530 |
268 |
46,798 |
206,111 |
(46,498) |
159,613 |
|
|
( |
|
|
|
Related party transactions |
Key management personnel
Key management personnel are the directors.
The Company has taken advantage of the exemption in section 33 of FRS 102 ‘Related Party Disclosures’ from disclosing transactions with other members of the group.
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Non adjusting events after the financial period |
|