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REGISTERED NUMBER: 04883546 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

S C L INTERIORS (LONDON) LIMITED

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Income and Retained Earnings 11

Balance Sheet 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


S C L INTERIORS (LONDON) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: A T Nurse
A J Nurse
P A J Baker





SECRETARY: Miss C Day





REGISTERED OFFICE: Sovereign Way
Trafalgar Industrial Estate
Downham Market
Norfolk
PE38 9SW





REGISTERED NUMBER: 04883546 (England and Wales)





AUDITORS: Wheelers
Chartered Accountants, Tax Consultants
& Statutory Auditors
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors submit their strategic report for the year ended 30 September 2023.

Review of the Business

During the year ended 30th September 2023, the company has been engaged with its core operations covering Drylining, SFS and Screeding.

The company turnover has exceeded its short-term target. The directors consider that the next years trading will also achieve the company's longer-term target of turnover and will set the company in good stead for its next phase of operations and longevity of trading.

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

30 September 2023 30 September 2022 Change
£ £
Turnover 18,631,204 13,607,085 36.92%
Gross Profit 2,744,152 1,312,422 109.09%
Equity 1,663,295 630,936 163.19%
Average number of employees 16 15 6.67%

The total equity increased in the year from £630,936 to £1,663,295 as a result of the profit after tax of £1,332,359 less dividends declared during the year of £300,000.

The core purpose of SCL Interiors (London) Limited is to provide specialist fit out and drylining services and SFS. The company looks to maintain its position in the marketplace by offering reliable, responsive and competitive services which exceed the needs and expectations of its customers.

We expect to maintain our core operations by engaging with new customer markets available in the ever-changing industry in London.

Business strategic plan principles are as detailed below:
- Continue to secure desirable trade
- Continue to grow turnover and level of business for its operations
- Improve its client base
- Educating and supporting its current work force via onsite and 3rd party training

Objectives

The directors expect the levels of business to increase as the company continues to grow. This will be achieved by being more selective with our projects and diversifying the clients we work with to ensure that high quality is being delivered. Customer satisfaction is vital to maintain a strong market share whilst still being beneficial to the company's overall objectives and ethics.

Priority 1 - Supply chain continuity
Directors and the commercial team are in constant discussion with suppliers to enable estimates for projects tendered to encompass as much information as possible to ensure cost certainty and also competitiveness.

Priority 2 - Future orders (12 months)
Forward orders are satisfactory. Strong communication with clients is imperative so as not to over extend and if at all possible, avoid major fluctuations in turnover to ensure that quality does not suffer from overtrading and delivery of projects is achievable.









S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Priority 3 - Educating the workforce (12 months)
An extensive schedule of training programmes will continue to ensure high standards within the work force are consistent with the requirement of clients and construction regulations. It will also act as a benefit to the workforce because they will personally gain from the training aspects in many ways including improving their health and safety and wellbeing. We use various 3rd party organisations to deliver this high standard of training. The Directors acknowledge the high level of commitment from its staff and aims to maintain a working environment that longevity of service may continue.

Health and Safety and Social Responsibility
The company will further add to its management systems, thus enabling the impact it has regarding its workforce and the wider community. This includes but not limited to ISO 14001-2015.

The safety of the company's workforce and those in and around operational areas is paramount and accordingly the company strenuously complies with health & safety regulations which are also augmented (e.g. by accreditations such as CHAS) and regular education of the workforce.

We take seriously the topic of mental health which has been identified as a key area of concern within the construction industry. The company supports its workforce by appointing and training mental health officers and providing external mental health support via our employee benefit schemes and regular staff interactions.

With the wider community, the company is committed to supporting its main contractors through the projects undertaken to support wherever possible trainees and community driven projects.

We hold the following accreditation:
1 ISO 9001:2015 Quality management system
2 ISO 14001:2015 Environmental Management system
3 CHAS Common Assessment Standard and UK H&S Legislation
4 CHAS SSIP Core Criteria and UK H&S legislation
5 Constructionline Gold Status
6 FIS


Principal risks and uncertainties

The company's level of performance is sustained in the long term by managing risk across all areas of the business. This approach provides a stable environment for our clients to trade with us safe in the knowledge that risks are mitigated to the best of our ability.

The operations of the company are based on the opinions of the market conditions at all times. The directors are aware not to over stretch trading not only to retain cash flow strength but to ensure the high level of quality. The company has a strong foundation in its Balance Sheet and support from manufacturers and distributors in the trade.

Maintaining a consistent workforce with low staff rotation is also key to ensuring performance and furthermore future proofing the business by the recruitment of highly capable estimating and business development personnel.

The company has the principle of financing its working capital and operations through retained earnings.

Credit risk

Credit risk is managed by assessing clients constantly and ensuring payments are received to the budget forecasts.

Liquidity risk

Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with its financial liabilities. The risk is mitigated as the company has sufficient financial resources available to it to meet its obligations as they fall due.




S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Future plans

The company continues to work with manufacturers regarding their new products and therefore new applications. Also, quality staff are always searched for to enhance those already within the company in order to add further strength along with ongoing formal training to keep up to date with new trends and expectations within the construction industry, both technically and especially with ever developing health and safety practices. The company also aims to improve quality and consistency of its operations by employing new procedures concerning buying and product procurement not least to the impact of timing of such supplies.

Finally, the key performance indicators for the future are:
- Turnover
- Gross margin
- Net trading results

The directors will aim to maintain these combined factors by implementing controls within the management processes to:
- Monitor and manage principal risks;
- Ensure continual measurement of progress against the business's strategy and objectives;
- Remain alert to the activities of competitors to maintain a competitive edge;
- Implement and manage change as is identified necessary;
- Plan for and implement contingency measures to react to an unexpected market downturn, or loss of confidence generally within the economy.

ON BEHALF OF THE BOARD:





Miss C Day - Secretary


11 March 2024

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of specialists in interior ceilings and partition fit-outs.

DIVIDENDS
During the year the company paid dividends amounting to £300,000 (2022 - £Nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

A T Nurse
A J Nurse
P A J Baker

DISCLOSURE IN THE STRATEGIC REPORT
In accordance with Section 414C(11) of the Companies Act 2006 other matters, normally included within this report, are set out in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the 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.

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


AUDITORS
In accordance with Section 487(2) of the Companies Act 2006 the auditors, Wheelers, are deemed to have been
re-appointed.

ON BEHALF OF THE BOARD:



Miss C Day - Secretary


11 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S C L INTERIORS (LONDON) LIMITED

Opinion
We have audited the financial statements of S C L Interiors (London) Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 September 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 Auditors' 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 directors' 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S C L INTERIORS (LONDON) LIMITED


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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 five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S C L INTERIORS (LONDON) LIMITED


Auditors' 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 a Report of the Auditors 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:

The primary responsibility for the prevention and detection of fraud rests with the directors.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are:

- Those that relate to the reporting framework (United Kingdom Accounting Standards in conformity with the
Companies Act 2006 and FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland").

- Relevant tax compliance regulations in the United Kingdom.

- In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements; and

- Laws and regulations relating to health and safety, employee matters and the environment.

We understood how the company is complying with those frameworks by making enquiries of management, those
responsible for legal and compliance procedures and the Company Secretary. We corroborated our enquiries through our review of Board minutes.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management and our prior knowledge of the company's activities and controls. We have carried out procedures including a review of journal entries and a review of accounting estimates and judgements which were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Based on this understanding we designed audit procedures to identify non-compliance with such laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters required to address
In the previous accounting period, the directors of the company took advantage of audit exemptions under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S C L INTERIORS (LONDON) 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 a Report of the Auditors 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.




Robert Booty ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Wheelers
Chartered Accountants, Tax Consultants
& Statutory Auditors
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

11 March 2024

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   

TURNOVER 18,631,204 13,607,085

Cost of sales 15,887,052 12,294,663
GROSS PROFIT 2,744,152 1,312,422

Administrative expenses 1,095,777 871,317
1,648,375 441,105

Other operating income 3 41,479 1,083
OPERATING PROFIT 5 1,689,854 442,188

Interest receivable and similar income 33 90
1,689,887 442,278

Interest payable and similar expenses 6 7,569 3,402
PROFIT BEFORE TAXATION 1,682,318 438,876

Tax on profit 7 349,959 67,202
PROFIT FOR THE FINANCIAL YEAR 1,332,359 371,674

Retained earnings at beginning of year 555,936 184,262

Dividends 8 (300,000 ) -

RETAINED EARNINGS AT END OF
YEAR

1,588,295

555,936

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

BALANCE SHEET
30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,393 5,429
Tangible assets 10 247,592 178,205
250,985 183,634

CURRENT ASSETS
Stocks 11 - 98,548
Debtors 12 4,650,007 5,947,609
Cash at bank 297,619 30,537
4,947,626 6,076,694
CREDITORS
Amounts falling due within one year 13 3,406,935 5,521,436
NET CURRENT ASSETS 1,540,691 555,258
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,791,676

738,892

CREDITORS
Amounts falling due after more than one
year

14

(87,581

)

(87,356

)

PROVISIONS FOR LIABILITIES 17 (40,800 ) (20,600 )
NET ASSETS 1,663,295 630,936

CAPITAL AND RESERVES
Called up share capital 18 75,000 75,000
Retained earnings 19 1,588,295 555,936
SHAREHOLDERS' FUNDS 1,663,295 630,936

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:





P A J Baker - Director


S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 403,088 (29,978 )
Interest element of hire purchase payments
paid

(7,569

)

(3,402

)
Tax paid (55,202 ) -
Net cash from operating activities 340,317 (33,380 )

Cash flows from investing activities
Purchase of tangible fixed assets (28,558 ) (29,402 )
Sale of tangible fixed assets 47,387 -
Interest received 33 90
Net cash from investing activities 18,862 (29,312 )

Cash flows from financing activities
Capital repayments in year (92,097 ) (48,034 )
Net cash from financing activities (92,097 ) (48,034 )

Increase/(decrease) in cash and cash equivalents 267,082 (110,726 )
Cash and cash equivalents at beginning of
year

2

30,537

141,263

Cash and cash equivalents at end of year 2 297,619 30,537

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.9.23 30.9.22
£    £   
Profit before taxation 1,682,318 438,876
Depreciation charges 54,107 40,406
Profit on disposal of fixed assets (14,437 ) -
Finance costs 7,569 3,402
Finance income (33 ) (90 )
1,729,524 482,594
Decrease in stocks 98,548 236,473
Decrease/(increase) in trade and other debtors 1,297,602 (4,326,999 )
(Decrease)/increase in trade and other creditors (2,722,586 ) 3,577,954
Cash generated from operations 403,088 (29,978 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 297,619 30,537
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 30,537 141,263


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank 30,537 267,082 297,619
30,537 267,082 297,619
Debt
Finance leases (110,710 ) (33,753 ) (144,463 )
(110,710 ) (33,753 ) (144,463 )
Total (80,173 ) 233,329 153,156

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATEMENT OF COMPLIANCE

S C L Interiors (London) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements have been prepared in compliance with Financial Reporting Standard 102. "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The principle place of business is:
Dartford Business Park
Victoria Road
Dartford
Kent
DA1 5FS

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentational currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements:

Recoverability of long term contract balances
The recoverability of trade and contract receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable.

Revenue and profit recognition
The estimation techniques used for revenue and profit recognition in respect of the company's long term contracts requires forecasts to be made of the outcome which includes assessments and judgements to be made on the recovery of changes in scope of work, contract programmes, maintenance and defects liabilities and changes in costs.

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover represents the sales value of goods and services supplied, excluding value added tax, adjusted for ongoing contracts where a right to consideration exists.

Amounts recoverable on contracts are included in debtors and stated at cost, plus attributable profit to the extent that it is reasonably certain after making provisions for contingencies, any losses incurred or foreseen in bringing contracts to completion, and less amounts received as progress payments. Cost for this purpose includes the cost of materials and all overheads other than those relating to the general administration of the company. For any contracts where receipts exceed the sales value of goods and services supplied, the excess is included in creditors as payments on account.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks and work in progress
Stocks and work in progress are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of non-financial assets
The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

The recoverable amount of an asset or cash generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in the statement of comprehensive income unless the asset is carried at a revalued amount where the impairment loss of the revalued asset is a revaluation decrease.

An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less. For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other operating expenses.

3. OTHER OPERATING INCOME
30.9.23 30.9.22
£    £   
Sundry income 104 1,083
Other grants 41,375 -
41,479 1,083

Other grants relate to income received from the CITB to contribute towards the training of construction workers.

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4. EMPLOYEES AND DIRECTORS
30.9.23 30.9.22
£    £   
Wages and salaries 956,696 867,254
Social security costs 117,466 113,677
Other pension costs 45,665 42,041
1,119,827 1,022,972

The average number of employees during the year was as follows:
30.9.23 30.9.22

Staff 13 12
Directors 3 3
16 15

30.9.23 30.9.22
£    £   
Directors' remuneration 150,000 150,000
Directors' pension contributions to money purchase schemes 7,500 7,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.23 30.9.22
£    £   
Hire of plant and machinery 2,646 273
Depreciation - owned assets 10,897 5,140
Depreciation - assets on hire purchase contracts 41,174 33,230
Profit on disposal of fixed assets (14,437 ) -
Computer software amortisation 2,036 2,036
Auditors' remuneration 9,000 -
Auditors' remuneration for non audit work 6,175 5,875
Other operating leases 27,164 16,997
Stocks recognised as an expense 3,092,234 4,364,002

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.23 30.9.22
£    £   
Hire purchase interest 7,569 3,402

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.23 30.9.22
£    £   
Current tax:
UK corporation tax 329,759 55,202

Deferred tax 20,200 12,000
Tax on profit 349,959 67,202

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.23 30.9.22
£    £   
Profit before tax 1,682,318 438,876
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

420,580

83,386

Effects of:
Expenses not deductible for tax purposes 6,820 7,384
Super deduction enhancement (299 ) (722 )
Effect of changes in tax rate (44,872 ) 5,014
Enhanced research and development deduction (32,270 ) (27,860 )
Total tax charge 349,959 67,202

8. DIVIDENDS
30.9.23 30.9.22
£    £   
Final 300,000 -

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 October 2022
and 30 September 2023 10,180
AMORTISATION
At 1 October 2022 4,751
Amortisation for year 2,036
At 30 September 2023 6,787
NET BOOK VALUE
At 30 September 2023 3,393
At 30 September 2022 5,429

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 7,219 12,982 183,905 17,687 221,793
Additions - 6,663 135,350 12,395 154,408
Disposals - - (52,139 ) - (52,139 )
At 30 September 2023 7,219 19,645 267,116 30,082 324,062
DEPRECIATION
At 1 October 2022 1,020 1,744 38,299 2,525 43,588
Charge for year 930 1,771 45,948 3,422 52,071
Eliminated on disposal - - (19,189 ) - (19,189 )
At 30 September 2023 1,950 3,515 65,058 5,947 76,470
NET BOOK VALUE
At 30 September 2023 5,269 16,130 202,058 24,135 247,592
At 30 September 2022 6,199 11,238 145,606 15,162 178,205

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2022 171,405
Additions 125,850
Disposals (52,139 )
At 30 September 2023 245,116
DEPRECIATION
At 1 October 2022 36,975
Charge for year 41,174
Eliminated on disposal (19,189 )
At 30 September 2023 58,960
NET BOOK VALUE
At 30 September 2023 186,156
At 30 September 2022 134,430

11. STOCKS
30.9.23 30.9.22
£    £   
Stocks - 98,548

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 5,293 -
Amounts recoverable on
contracts 4,160,262 5,580,202
Other debtors 2,198 2,198
VAT 14,203 36,891
Prepayments and accrued income 468,051 328,318
4,650,007 5,947,609

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Hire purchase contracts (see note 15) 56,882 53,354
Trade creditors 107,012 319,142
Corporation tax 329,759 55,202
Social security and other taxes 32,578 38,890
Other creditors 2,598,216 803,701
Accruals and deferred income 282,488 4,251,147
3,406,935 5,521,436

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£    £   
Hire purchase contracts (see note 15) 87,581 57,356
Other creditors - 30,000
87,581 87,356

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.23 30.9.22
£    £   
Net obligations repayable:
Within one year 56,882 53,354
Between one and five years 87,581 57,356
144,463 110,710

Non-cancellable operating leases
30.9.23 30.9.22
£    £   
Within one year 24,362 1,146
Between one and five years - 1,146
24,362 2,292

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Hire purchase contracts 144,463 110,710

The hire purchase contracts are secured on the assets to which they relate together with a guarantee from Service Ceilings Limited, relating to one of the assets under finance.

17. PROVISIONS FOR LIABILITIES
30.9.23 30.9.22
£    £   
Deferred tax 40,800 20,600

Deferred
tax
£   
Balance at 1 October 2022 20,600
Provided during year 20,200
Balance at 30 September 2023 40,800

18. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
75,000 Ordinary £1 75,000 75,000

19. RESERVES
Retained
earnings
£   

At 1 October 2022 555,936
Profit for the year 1,332,359
Dividends (300,000 )
At 30 September 2023 1,588,295

20. PENSION COMMITMENTS

The company makes contributions to defined contribution pension schemes whose assets are held separately from those of the company in independently administered funds. The pension charge represents contributions payable in the year by the company to the schemes and amounted to £45,665 (2022 - £42,041).

At 30 September 2023 outstanding pension contributions amounted to £6,773 (2022 - £579) and are included in other creditors.

S C L INTERIORS (LONDON) LIMITED (REGISTERED NUMBER: 04883546)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

21. RELATED PARTY DISCLOSURES

The company had the following transactions, in the normal course of trade, with the below related party:

Service Ceilings Limited

30.9.23 30.9.22
£ £
Management charges 10,000 -
Creditor at 30 September 2023 2,291,443 833,122


During the year, Service Ceilings Limited acted as an undisclosed agent for S C L Interiors (London) Limited. The value of the goods and services supplied under this arrangement amounted to £17,903,909. A J Nurse and A T Nurse are directors of Service Ceilings Limited.