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Registration number: 02998337

Southern Maintenance Solutions (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Southern Maintenance Solutions (UK) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Southern Maintenance Solutions (UK) Limited

(Registration number: 02998337)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

6,500

7,800

Tangible assets

5

360,553

267,807

 

367,053

275,607

Current assets

 

Stocks

6

271,167

123,643

Debtors

7

736,431

504,628

Cash at bank and in hand

 

123,678

403,249

 

1,131,276

1,031,520

Creditors: Amounts falling due within one year

8

(915,753)

(753,527)

Net current assets

 

215,523

277,993

Total assets less current liabilities

 

582,576

553,600

Creditors: Amounts falling due after more than one year

8

(74,370)

(66,435)

Provisions for liabilities

(66,176)

(48,535)

Net assets

 

442,030

438,630

Capital and reserves

 

Called up share capital

250,000

250,000

Retained earnings

192,030

188,630

Shareholders' funds

 

442,030

438,630

 

Southern Maintenance Solutions (UK) Limited

(Registration number: 02998337)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

Approved and authorised by the Board on 13 February 2024 and signed on its behalf by:
 

.........................................
K R Tarbox
Director

 

Southern Maintenance Solutions (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

 

Southern Maintenance Solutions (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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

20% straight line

Plant & machinery

20% straight line

Office equipment

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Southern Maintenance Solutions (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2022 - 30).

 

Southern Maintenance Solutions (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

13,000

13,000

At 30 September 2023

13,000

13,000

Amortisation

At 1 October 2022

5,200

5,200

Amortisation charge

1,300

1,300

At 30 September 2023

6,500

6,500

Carrying amount

At 30 September 2023

6,500

6,500

At 30 September 2022

7,800

7,800

 

Southern Maintenance Solutions (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

22,610

100,781

94,264

512,764

730,419

Additions

115,938

10,996

3,428

89,357

219,719

Disposals

-

(3,426)

(62,256)

(39,590)

(105,272)

At 30 September 2023

138,548

108,351

35,436

562,531

844,866

Depreciation

At 1 October 2022

13,937

71,512

80,207

296,956

462,612

Charge for the year

13,206

14,277

5,173

93,418

126,074

Eliminated on disposal

-

(3,132)

(61,651)

(39,590)

(104,373)

At 30 September 2023

27,143

82,657

23,729

350,784

484,313

Carrying amount

At 30 September 2023

111,405

25,694

11,707

211,747

360,553

At 30 September 2022

8,673

29,269

14,057

215,808

267,807

 

Southern Maintenance Solutions (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Stocks

2023
£

2022
£

Work in progress

258,803

109,138

Other inventories

12,364

14,505

271,167

123,643

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

655,431

450,590

Amounts owed by group undertakings

10

5,390

4,590

Prepayments

 

38,173

37,252

Other debtors

 

37,437

12,196

   

736,431

504,628

 

Southern Maintenance Solutions (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

49,017

34,594

Trade creditors

289,082

149,653

Amounts owed to group undertakings

256,869

310,795

Taxation and social security

200,374

151,589

Other creditors

120,411

106,896

915,753

753,527

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

74,370

66,435

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,056

9,808

Hire purchase contracts

38,961

24,786

49,017

34,594

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,215

28,271

Hire purchase contracts

56,155

38,164

74,370

66,435

 

Southern Maintenance Solutions (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Hire purchase contracts are secured on the assets to which they relate.

10

Related party transactions

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Other related parties
£

Amounts receivable from related party

5,390

1,844

2022

Entities with joint control or significant influence
£

Other related parties
£

Amounts receivable from related party

4,590

1,844

Expenditure with and payables to related parties

2023

Parent
£

Amounts payable to related party

256,869

2022

Parent
£

Amounts payable to related party

310,795

11

Parent and ultimate parent undertaking

The company's immediate parent is KT and DB Holdings Limited, incorporated in England and Wales.