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Company registration number: 03538743







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


SAXLUND INTERNATIONAL LIMITED






































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SAXLUND INTERNATIONAL LIMITED
 


 
COMPANY INFORMATION


Directors
M J Drew 
S S O Wallerman (resigned 3 May 2023)




Company secretary
K A Moore



Registered number
03538743



Registered office
3 Lake Court
Hursley

Winchester

Hampshire

SO21 2LD




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


SAXLUND INTERNATIONAL LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 11


 


SAXLUND INTERNATIONAL LIMITED
REGISTERED NUMBER:03538743



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
10,824
697

  
10,824
697

Current assets
  

Stocks
  
9,809
-

Debtors: amounts falling due within one year
 6 
2,209,203
2,237,184

Cash at bank and in hand
  
148,215
59,732

  
2,367,227
2,296,916

Creditors: amounts falling due within one year
 8 
(1,759,429)
(1,623,210)

Net current assets
  
 
 
607,798
 
 
673,706

Total assets less current liabilities
  
618,622
674,403

Creditors: amounts falling due after more than one year
 10 
(176,567)
(320,358)

Provisions for liabilities
  

Other provisions
 11 
(21,919)
(67,790)

  
 
 
(21,919)
 
 
(67,790)

Net assets
  
420,136
286,255


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Share premium account
  
163,484
163,484

Profit and loss account
  
246,652
112,771

  
420,136
286,255


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 February 2024.




................................................
M J Drew
Page 1

 


SAXLUND INTERNATIONAL LIMITED
REGISTERED NUMBER:03538743


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 


SAXLUND INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


Company information

Saxlund International Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The registered address is the same as the trading address.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 
2.2

Going concern

Trading performance has improved and is expected to continue to do so. 
The directors continually review ongoing contracts and are constantly looking to win new contracts, with several in the pipeline.
Taking this into consideration along with the expected performance over the foreseeable future, the directors consider that the Company has sufficient resources to continue operational existence for this time.
For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 3

 


SAXLUND INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Contracts in progress
The Directors have adopted the Urgent Issues Task Force (UITF) abstract 40 "Revenue recognition and service contracts" issued by the Accounting Standards Board (ASB) in accordance with Generally Accepted Accounting Practice (GAAP) in the United Kingdom.
Where the Company enters into a contractual obligation to be performed over a period of time the revenue is recognised in the income statement as the contract activity progresses to reflect the proportion of the contract undertaken. A provision is made for the full amount of foreseeable losses on contracts.
Contracts in progress balances represent sales or cost of sales in excess of, or the shortfall of the amounts transferred to sales or costs of sales, as appropriate, in respect of work recorded as turnover, less foreseeable losses and payments on account not matched with turnover.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 


SAXLUND INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
20%
Straight line
Equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 5

 


SAXLUND INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 


SAXLUND INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Completion stage of contracts
The majority of contracts are either longer than a year or span the period end. Each month the project director reviews the stage of completion and appropriate levels of revenue and costs are recorded according to this stage of completion, for each contract.
Warranty provision
The provision is calculated on an individual basis, each contract is looked at by the project director and assessed as to what percentage is appropriate. The warranty provision is calculated as a percentage of the revenue held multiplied by the completion percentage. The warranty provision percentage used on recent contracts has been 1%.


4.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).

Page 7

 


SAXLUND INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
14,736
80,118
94,854


Additions
-
12,464
12,464



At 31 December 2023

14,736
92,582
107,318



Depreciation


At 1 January 2023
14,456
79,701
94,157


Charge for the year on owned assets
240
2,097
2,337



At 31 December 2023

14,696
81,798
96,494



Net book value



At 31 December 2023
40
10,784
10,824



At 31 December 2022
280
417
697

Page 8

 


SAXLUND INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
441,887
1,010,513

Amounts owed by group undertakings
-
7,000

Other debtors
1,340,234
862,575

Prepayments and accrued income
278,800
169,018

Deferred taxation
148,282
188,078

2,209,203
2,237,184



 
7.
 

Other Debtors
 
2023
2022
£
£



Amounts recoverable on completed contracts
309,292
334,287

Amounts recoverable on on-going contracts
1,028,752
513,951

Contract costs in advance of revenue recognition
-
43,366

Other
2,190
971

1,340,234
892,575

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
40,000
81,250

Trade creditors
368,529
643,406

Amounts owed to group undertakings
86,507
69,757

Other taxation and social security
19,462
164,458

Other creditors
1,090,989
509,401

Accruals and deferred income
153,942
154,938

1,759,429
1,623,210


Page 9

 


SAXLUND INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Other creditors

2023
2022
£
£



Additional costs on completed contracts where revenue has been recognised
-
-

Additional costs on on-going contracts where revenue has been recognised
1,006,018
509,401

Contract sales in advance of revenue recognition
84,971
-

1,090,989
509,401


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
90,000
130,000

Amounts owed to group undertakings
86,567
190,358

176,567
320,358



11.


Provisions





Warranties

£





At 1 January 2023
67,790


Charged to profit or loss
(45,871)



At 31 December 2023
21,919

Saxlund International Limited accrue a percentage of each job and hold it as a provision should any remedial works be required. Should this work not be required this amount will be released at the end of the contract term.


12.


Pension commitments

At 31 December 2023 the Company had liabilities totalling £2,016 (2022 - £2,134) relating to pension commitments.


13.


Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard Section 33 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

Page 10

 


SAXLUND INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Ultimate parent company

The company's parent undertaking is Saxlund International Holding AB, a company incorporated in Sweden.
The ultimate parent undertaking of the company is Saxlund Group AB, a company incorporated in Sweden.
The largest and smallest company which prepares group accounts in the Group is Saxlund Group AB.
Consolidated group accounts are available by application from;
Saxlund Group AB
Fannys Vag 3
131 54 Nacka
Sweden


15.


Controlling party

The ultimate controlling party is Saxlund Group AB, by right of its shares in the group.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 12 February 2024 by Andrew Galliers FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 11