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Sage Accounts Production 23.0 - FRS102_2021
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07808759
2023-07-31
07808759
2022-07-31
07808759
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2022-07-31
07808759
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07808759
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07808759
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07808759
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07808759
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07808759
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2023-07-31
07808759
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2023-07-31
07808759
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2022-07-31
07808759
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2023-07-31
07808759
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2022-07-31
07808759
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2022-07-31
Company registration number:
07808759
(England and Wales)
SVC Technical Ltd
Unaudited filleted financial statements
for the year ended
31 July 2023
SVC Technical Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
SVC Technical Ltd
Directors and other information
|
|
|
|
Directors |
Mrs A J Coulson |
|
|
Mr P R J Goodchild |
|
|
|
|
|
|
|
Company number |
07808759 |
|
|
|
|
|
|
|
Registered office |
4 & 5 The Cedars |
|
|
Apex 12 |
|
|
Old Ipswch Road |
|
|
Colchester |
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|
CO7 7QR |
|
|
|
|
|
|
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Business address |
Lodge Park Business Centre |
|
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Lodge Lane |
|
|
Langham |
|
|
Essex |
|
|
CO4 5NE |
|
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Accountants |
Griffin Chapman |
|
|
4 & 5 The Cedars |
|
|
Apex 12 |
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Stanway |
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Colchester |
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|
CO7 7QR |
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|
SVC Technical Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of SVC Technical Ltd
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SVC Technical Ltd for the year ended 31 July 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of SVC Technical Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of SVC Technical Ltd and state those matters that we have agreed to state to the board of directors of SVC Technical Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SVC Technical Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that SVC Technical Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SVC Technical Ltd. You consider that SVC Technical Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of SVC Technical Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars
Apex 12
Stanway
Colchester
CO7 7QR
15 April 2024
SVC Technical Ltd
Statement of financial position
31 July 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
24,124 |
|
|
|
27,571 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
24,124 |
|
|
|
27,571 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
49,849 |
|
|
|
163,417 |
|
|
Cash at bank and in hand |
|
|
- |
|
|
|
17,972 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
49,849 |
|
|
|
181,389 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
224,794) |
|
|
|
(
171,626) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current (liabilities)/assets |
|
|
|
|
(
174,945) |
|
|
|
9,763 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
150,821) |
|
|
|
37,334 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
34,703) |
|
|
|
(
40,779) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
185,524) |
|
|
|
(
3,445) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
20 |
|
|
|
20 |
Profit and loss account |
|
|
|
|
(
185,544) |
|
|
|
(
3,465) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
185,524) |
|
|
|
(
3,445) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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|
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|
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
15 April 2024
, and are signed on behalf of the board by:
Mrs A J Coulson
Mr P R J Goodchild
Director
Director
Company registration number:
07808759
SVC Technical Ltd
Notes to the financial statements
Year ended 31 July 2023
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is SVC Technical Limited, 4 & 5 The Cedars, Apex 12, Old Ipswch Road, Colchester, CO7 7QR.
The principal activity of the company continues to be that of staffing solutions.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net liabilities of £185,524 (2022: £3,445) at the year-end. The working capital is provided by the company's Covid 19 bounce back loan, trade creditors, bank and directors. The directors have provided assurances that they will continue to support the company in such a way to maintain the company's ability to meet it's other creditors and liabilities.On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. Should this be inappropriate the accounts would require adjustments to be made to reduce the value of the assets to their recoverable amounts and to provide any further liabilities that might arise.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Property improvements |
- |
10 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
33
(2022:
42
).
5.
Tangible assets
|
|
Property improvements |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 August 2022 and 31 July 2023 |
34,465 |
34,465 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 August 2022 |
6,894 |
6,894 |
|
|
|
|
|
|
Charge for the year |
3,447 |
3,447 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 July 2023 |
10,341 |
10,341 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 July 2023 |
24,124 |
24,124 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 July 2022 |
27,571 |
27,571 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
22,675 |
58,789 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
21,330 |
100,074 |
|
Other debtors |
|
5,844 |
4,554 |
|
|
|
_______ |
_______ |
|
|
|
49,849 |
163,417 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
48,993 |
10,925 |
|
Trade creditors |
|
14,047 |
21,259 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
20 |
20 |
|
Corporation tax |
|
46 |
46 |
|
Taxation and social security |
|
113,575 |
125,419 |
|
Other creditors |
|
48,113 |
13,957 |
|
|
|
_______ |
_______ |
|
|
|
224,794 |
171,626 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included within creditors is a factoring account liability which is secured by a charge over the company debtors.
8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
34,703 |
40,779 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
6,400 |
7,676 |
|
_______ |
_______ |
|
|
|
10.
Related party transactions
During the year the company entered into transactions with it's parent company which are considered to be at market value and therefore no disclosure is considered necessary.At the year-end an amount of £
20
was due to (2022: £ 20
) the parent company.At the year-end an amount of £ 21,330
(2022: £ 98,226
) was due from fellow subsidiary companies.At the year-end £0 (2022: £ 1,848
) is due from an LLP that the company directors control.
11.
Controlling party
The company's ultimate parent undertaking at the balance sheet date was
SVC (Holdings) Limited
a company incorporated in England.