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Registration number: 02292654

Sudbury Plastering Services Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2023

 

Sudbury Plastering Services Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Independent Auditor's Report

4 to 7

Profit and Loss Account and Statement of Retained Earnings

8

Balance Sheet

9

Notes to the Financial Statements

10 to 20

 

Sudbury Plastering Services Limited

Company Information

Directors

Mr P Duffy

Mr C P Duffy

Company secretary

Mrs T Duffy

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Auditors

Landmark Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Sudbury Plastering Services Limited

Strategic Report for the Year Ended 30 April 2023

The directors present their strategic report for the year ended 30 April 2023.

Principal activity

The principal activity of the company is plastering services.

Fair review of the business

During the prior year, the group underwent a restructuring to rationalise operations, with the parent company Sudbury Dry Lining Group Limited acquiring the trade and assets of Sudbury Plastering Services Limited. Following this restructuring, new contracts undertaken by the group are now being carried out by Sudbury Dry Lining Group Limited.

The outlook for the group as a whole is looking positive for the subsequent financial period.

The company's key financial and other performance indicators during the year were as follows:

 

Unit

2023

2022

Turnover

£

2,881,033

11,187,897

Gross Profit

£

514,940

299,804

Gross Profit %

%

18

3

Administration Expenses

£

203,782

801,318

Operating Profit

£

311,158

4,998,486

Profit for the Financial Year

£

251,389

5,071,494

Principal risks and uncertainties

The directors understand the need to manage the risks to the company and continue to monitor trading performance on a regular basis and considers the following matters to be the principal risks and uncertainties.

In relation to the key financial risks on price, credit, liquidity, and cash flow, the directors have familiarised themselves with the concepts of these risks and have assessed that at this time there is no significant exposure to the company.

The directors will continue to improve the company’s processes, and monitor the company’s activities to address any significant risks that do arise to ensure these are minimised to the maximum possible extent.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Plastering Services Limited

Directors' Report for the Year Ended 30 April 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr P Duffy

Mr C P Duffy

Statement of directors' responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Landmark Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Plastering Services Limited

Independent Auditor's Report to the Members of Sudbury Plastering Services Limited

Opinion

We have audited the financial statements of Sudbury Plastering Services Limited (the 'company') for the year ended 30 April 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, 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 30 April 2023 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.

Emphasis of matter

We draw your attention to note 2 of the financial statements, which explain that the directors intend to cease trading in the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. 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.

 

Sudbury Plastering Services Limited

Independent Auditor's Report to the Members of Sudbury Plastering Services Limited

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' 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 Directors' 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 directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities [set out on page 3], the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Sudbury Plastering Services Limited

Independent Auditor's Report to the Members of Sudbury Plastering Services Limited

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

 

Sudbury Plastering Services Limited

Independent Auditor's Report to the Members of Sudbury Plastering Services Limited

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.

......................................
Andrew Thomas (Senior Statutory Auditor)
For and on behalf of Landmark Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

24 October 2023

 

Sudbury Plastering Services Limited

Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 30 April 2023

Note

2023
£

2022
£

Turnover

3

2,881,033

11,187,897

Cost of sales

 

(2,366,093)

(10,888,093)

Gross profit

 

514,940

299,804

Administrative expenses

 

(203,782)

(801,318)

Other operating income

4

-

5,500,000

Operating profit

6

311,158

4,998,486

Income from other fixed asset investments

 

2,822

(21,927)

Other interest receivable and similar income

7

3,281

11

Interest payable and similar charges

8

-

(706)

 

6,103

(22,622)

Profit before tax

 

317,261

4,975,864

Taxation

12

(65,872)

95,630

Profit for the financial year

 

251,389

5,071,494

Retained earnings brought forward

 

8,410,273

6,838,779

Dividends paid

 

(7,000,000)

(3,500,000)

Retained earnings carried forward

 

1,661,662

8,410,273

 

Sudbury Plastering Services Limited

(Registration number: 02292654)
Balance Sheet as at 30 April 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

13

 

68,511

 

77,176

Other financial assets

14

 

600,354

 

597,532

   

668,865

 

674,708

Current assets

   

 

Debtors

15

627,053

 

7,571,890

 

Cash at bank and in hand

16

1,231,294

 

1,419,245

 

 

1,858,347

 

8,991,135

 

Creditors: Amounts falling due within one year

17

(404,522)

 

(871,006)

 

Net current assets

   

1,453,825

 

8,120,129

Total assets less current liabilities

   

2,122,690

 

8,794,837

Provisions for liabilities

18

 

(460,128)

 

(383,664)

Net assets

   

1,662,562

 

8,411,173

Capital and reserves

   

 

Called up share capital

20

900

 

900

 

Profit and loss account

1,661,662

 

8,410,273

 

Total equity

   

1,662,562

 

8,411,173

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

The principal place of business is:
College House
17 King Edwards Road
Ruislip
Middlesex
HA4 7AE

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 directors intend to cease trading in the company and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. No provision has been made for the future costs of ceasing to trade unless such costs were committed at the reporting date.

The presentational currency of these accounts is £ Sterling. The level of rounding is to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of disclosure exemptions in FRS 102 1.12 relating to Section 7 Statement of Cash Flows.

The company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with group undertakings that are wholly owned by the group.

Going concern

The directors intend to cease trading in the company, and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. The financial statements have been prepared on a basis other than that of the going concern basis.

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Revenue recognition

Turnover comprises the fair value of the consideration received 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 and after eliminating sales within the company.

The company recognises revenue by reference to the stage of completion of the contract activity at the balance sheet date.

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

Motor vehicles

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments 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 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.

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

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 at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Provisions for legal claims and actions are recognised at the best estimate of the expected outflow to settle the company's liability.

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.

Share capital

Ordinary shares are classified as equity.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
£

2022
£

Sales

2,881,033

11,187,897

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
£

2022
£

Gain on disposal of goodwill and assets

-

5,500,000

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
£

2022
£

Gain/(loss) on disposal of property, plant and equipment

-

93,069

Gain/(loss) on changes in fair value of investments

2,822

(21,927)

2,822

71,142

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

12,090

23,083

Profit on disposal of property, plant and equipment

-

(93,069)

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

996

11

Other finance income

2,285

-

3,281

11

8

Interest payable and similar expenses

2023
£

2022
£

Other interest payable

-

706

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

-

424,537

Social security costs

1,852

48,092

Pension costs, defined contribution scheme

10,001

15,584

11,853

488,213

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Directors

2

2

Management and administration

-

5

Operations

-

1

2

8

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

158,030

Contributions paid to money purchase schemes

-

174

-

158,204

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

-

1

11

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

10,000

14,000


 

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

12

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

63,408

(79,916)

Deferred taxation

Arising from origination and reversal of timing differences

2,464

(15,714)

Tax expense/(receipt) in the income statement

65,872

(95,630)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 19.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

317,261

4,975,864

Corporation tax at standard rate

61,866

945,414

Effect of income exempt from taxation

-

(1,045,000)

Effect of expense not deductible in determining taxable profit (tax loss)

58

3,956

Deferred tax expense relating to changes in tax rates or laws

4,132

-

Tax decrease from effect of capital allowances and depreciation

(184)

-

Total tax charge/(credit)

65,872

(95,630)

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Accelerated capital allowances

17,128

17,128

2022

Liability
£

Accelerated capital allowances

14,664

14,664

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

13

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

114,666

114,666

Additions

3,425

3,425

At 30 April 2023

118,091

118,091

Depreciation

At 1 May 2022

37,490

37,490

Charge for the year

12,090

12,090

At 30 April 2023

49,580

49,580

Carrying amount

At 30 April 2023

68,511

68,511

At 30 April 2022

77,176

77,176

14

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2022

597,532

597,532

Fair value adjustments

2,822

2,822

At 30 April 2023

600,354

600,354

Carrying amount

At 30 April 2023

600,354

600,354

At 30 April 2022

597,532

597,532

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

15

Debtors

Note

2023
£

2022
£

Trade debtors

 

152,298

672,979

Amounts owed by group undertakings

24

-

5,706,211

Other debtors

 

217,714

213,381

Prepayments

 

21,099

39,930

Accrued income

 

67,149

705,828

Corporation tax

12

168,793

233,561

 

627,053

7,571,890

16

Cash and cash equivalents

2023
£

2022
£

Cash at bank

1,231,294

1,419,245

17

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

140,877

508,386

Amounts owed to group undertakings

24

204,531

-

Social security and other taxes

 

3,678

31,149

Other creditors

 

1,019

480

Accruals

 

54,417

330,991

 

404,522

871,006

18

Provisions for liabilities

Deferred tax
£

Contract provisions
£

Total
£

At 1 May 2022

14,664

369,000

383,664

Increase (decrease) in existing provisions

2,464

74,000

76,464

At 30 April 2023

17,128

443,000

460,128

Deferred tax is provided on taxable temporary differences between taxable profits and profits reported in the financial statements. The resulting outflows are expected to fall due after 1 year.

Contract provisions include costs of rectification and remedial works to meet contractual terms, and for potential claims against work completed by the company. Due to the nature of contract provisions, the timing of any potential future outflows in respect of these liabilities is uncertain.

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

19

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 £10,001 (2022 - £15,584).

20

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

900

900

900

900

         

21

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

4,077

6,728

Later than one year and not later than five years

13,931

-

18,008

6,728

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,145 (2022 - £31,569).

22

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £7,777.78 (2022 - £3,888.89) per ordinary share

 

7,000,000

 

3,500,000

         

23

Contingent liabilities

Provision has been made for the directors' best estimate of known legal claims and actions relating to the company. The company takes legal advice as to the likelihood of success of claims and actions, and no provision is made where the directors consider, based on that advice, that the action is unlikely to succeed, or that the company cannot make a sufficiently reliable estimate of the potential obligation.

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

24

Related party transactions

Key management personnel

Key management personnel consists of the company's directors.

Summary of transactions with key management

The company has provided a guarantee of £12,615 (2022 - £18,805) in respect of financial commitments of key management personnel.

Transactions with directors

2023

At 1 May 2022
£

Advances to directors
£

Repayments by directors
£

At 30 April 2023
£

Loans to directors (interest free and repayable on demand)

-

1,288

(1,288)

-

         

2022

At 1 May 2021
£

Advances to directors
£

Repayments by directors
£

At 30 April 2022
£

Loans to directors (interest free and repayable on demand)

-

1,212

(1,212)

-

         
       

 

Summary of transactions with parent

The company has guaranteed liabilities of the parent entity.
The maximum potential liability at the balance sheet date was £4,000,000 (2022 - £5,000,000).
 

Summary of transactions with other related parties

Other related parties consists of a company under common control.
 The company has loans to other related parties. Loans are interest free and repayable on demand.
During the current and prior years, part of the loans were written down as a bad debt expense.

 

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Income and receivables from related parties

2023

Parent
£

Other related parties
£

Expenses recognised as bad debt

-

3,061

Amounts receivable from related party

-

200,193

2022

Parent
£

Other related parties
£

Expenses recognised as bad debt

-

2,240

Amounts receivable from related party

5,706,211

203,254

Expenditure with and payables to related parties

2023

Parent
£

Amounts payable to related party

204,531

2022

Parent
£

Amounts payable to related party

-

25

Parent and ultimate parent undertaking

The company's immediate parent is Sudbury Dry Lining Group Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr C Duffy.