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REGISTERED NUMBER: 01088274 (England and Wales)















SERVICE OFFSET SUPPLIES LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SERVICE OFFSET SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A P Fleming
O Anwar
R J Quinnell





REGISTERED OFFICE: 40 Oakwood Hill Industrial Estate
Oakwood Hill
Loughton
Essex
IG10 3TZ





REGISTERED NUMBER: 01088274 (England and Wales)





ACCOUNTANTS: Howard & Stapleton
2nd Floor Offices
26-28 West Street
Market Square
Rochford
Essex
SS4 1AJ

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 42,000 63,000
Tangible assets 5 157,848 172,080
Investments 6 44,590 47,075
244,438 282,155

CURRENT ASSETS
Stocks 7 402,048 467,266
Debtors 8 1,129,486 1,216,945
Cash at bank 441,863 349,714
1,973,397 2,033,925
CREDITORS
Amounts falling due within one year 9 1,166,695 1,081,489
NET CURRENT ASSETS 806,702 952,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,051,140

1,234,591

CAPITAL AND RESERVES
Called up share capital 10 154,057 154,057
Retained earnings 897,083 1,080,534
SHAREHOLDERS' FUNDS 1,051,140 1,234,591

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2024 and were signed on its behalf by:




A P Fleming - Director O Anwar - Director




R J Quinnell - Director


SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

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


1. STATUTORY INFORMATION

Service Offset Supplies 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, 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.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Office equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

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


2. ACCOUNTING POLICIES - continued
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.

Impairment
The carrying value of intangible and tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate that the value may not be recoverable.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under finance leases and hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

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.

Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Interest and dividend income, together with losses if the investments are impaired, are recognised in the profit and loss account.

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 235,000
AMORTISATION
At 1 January 2023 172,000
Amortisation for year 21,000
At 31 December 2023 193,000
NET BOOK VALUE
At 31 December 2023 42,000
At 31 December 2022 63,000

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 18,545 12,277 82,613
Additions - - -
Disposals - - -
At 31 December 2023 18,545 12,277 82,613
DEPRECIATION
At 1 January 2023 16,970 8,337 79,602
Charge for year 525 1,616 708
Eliminated on disposal - - -
At 31 December 2023 17,495 9,953 80,310
NET BOOK VALUE
At 31 December 2023 1,050 2,324 2,303
At 31 December 2022 1,575 3,940 3,011

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

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


5. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 261,543 29,476 404,454
Additions 77,800 995 78,795
Disposals (63,295 ) - (63,295 )
At 31 December 2023 276,048 30,471 419,954
DEPRECIATION
At 1 January 2023 105,335 22,130 232,374
Charge for year 59,964 5,366 68,179
Eliminated on disposal (38,447 ) - (38,447 )
At 31 December 2023 126,852 27,496 262,106
NET BOOK VALUE
At 31 December 2023 149,196 2,975 157,848
At 31 December 2022 156,208 7,346 172,080

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 47,075
Impairments (2,485 )
At 31 December 2023 44,590
NET BOOK VALUE
At 31 December 2023 44,590
At 31 December 2022 47,075

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

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


6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Valuation in 2021 15,670
Valuation in 2022 (18,375 )
Valuation in 2023 (2,485 )
Cost 49,780
44,590

If the fixed asset investments had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 49,780 49,780

7. STOCKS
31.12.23 31.12.22
£    £   
Stocks 402,048 467,266

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,086,376 1,176,527
Other debtors - 1,431
Prepayments and accrued income 43,110 38,987
1,129,486 1,216,945

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

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


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 904,796 845,802
Corporation tax 50,213 54,092
Social security and other taxes 29,460 31,797
VAT 116,182 76,660
Other creditors 49,557 55,780
Accrued expenses 16,487 17,358
1,166,695 1,081,489

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
152,594 Ordinary shares £1 152,594 152,594
1,463,062 Ordinary "B" shares 0.1p 1,463 1,463
154,057 154,057

11. CAPITAL COMMITMENTS

The company had neither contracted for nor authorised but not contracted for any commitments to future capital expenditure.

12. OTHER FINANCIAL COMMITMENTS

There is a fixed and floating charge over the assets of the company to secure the loan note debts of the ultimate holding company, Service Offset Supplies Group Limited. The amount outstanding on these loan notes at the balance sheet date was £781102.

13. RELATED PARTY DISCLOSURES

The self invested personal pension scheme of M J Milfull and B R Manzi owns the property that the company occupies. The lease is for a period of five years expiring on 29 September 2026 at a current rental of £87000 pa.

14. PARENT AND ULTIMATE HOLDING COMPANY

The parent company is Service Offset Supplies Holdings Limited. The ultimate holding company is Service Offset Supplies Group Limited. The registered office of both companies is at 40 Oakwood Hill Industrial Estate, Oakwood Hill, Loughton, Essex IG10 3TZ.