REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
1 January 2023 to 31 March 2024 |
for |
SDL Pellets Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
1 January 2023 to 31 March 2024 |
for |
SDL Pellets Limited |
SDL Pellets Limited (Registered number: 14398960) |
Contents of the Financial Statements |
for the Period 1 January 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SDL Pellets Limited |
Company Information |
for the Period 1 January 2023 to 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
The Courtyard |
19 High Street |
Pershore |
Worcestershire |
WR10 1AA |
SDL Pellets Limited (Registered number: 14398960) |
Balance Sheet |
31 March 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SDL Pellets Limited (Registered number: 14398960) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SDL Pellets Limited (Registered number: 14398960) |
Notes to the Financial Statements |
for the Period 1 January 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
SDL Pellets Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
SDL Pellets Limited (Registered number: 14398960) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. |
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
SDL Pellets Limited (Registered number: 14398960) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Foreign currencies |
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. |
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. |
Hire purchase and leasing commitments |
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. |
Going concern |
The financial statements have been prepared on a going concern basis as the directors intend to continue to support the company. Support has been provided by a company associated with the directors of this company and this support will continue for the foreseeable future. |
The directors believe that with the support of the associated company, this company is well placed to manage its financing and other business risks satisfactorily, and there is a reasonable expectation that the company will have adequate resources to continue in operation for at least 12 months. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. |
The financial statements do not include any adjustments that would result from the withdrawal of the directors support. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
SDL Pellets Limited (Registered number: 14398960) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
Cost |
Additions |
At 31 March 2024 |
Depreciation |
Charge for period |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Amounts owed by associates |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to associates | 2,707,569 |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Amounts owed to associates | 1,250,500 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
£ |
Within one year |
Between one and five years |
SDL Pellets Limited (Registered number: 14398960) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 March 2024 |
9. | SECURED DEBTS |
The company had a charge that was satisfied on 20 June 2024 to Velocity Bridging Limited for a loan outstanding for part of the year. These debts have now been transferred to another company owned by one of the directors. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | 0.01 | 1 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included within other creditors is £15,524 owed to the Director's of the company, these loans are unsecured, interest free and repayable on demand. |