Company registration number 04393894 (England and Wales)
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr P Flynn
Mr C I Scott
Mr D L Friend
Mr P Baker
Company number
04393894
Registered office
Newmarket House
Aberford Road
Stanley
Wakefield
WF3 4AL
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 17
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 28 February 2024.

Review of the business

Our business model is founded on a talented workforce and supply chain, and long term relationships with clients and partners. We use these resources to deliver high quality construction projects.

 

What We Do

SCS Building Solutions are Specialists in the supply & installation of SFS, metal stud partitions /​ drylining, GRG encasements /​ profiles and suspended ceilings. The diversity of our offering mitigates the impact of fluctuating individual markets.

 

Our resources

 

A Talented Workforce

We employ approximately 36 directly employed members of staff. We have a low staff turnover with the current average staff retention of 8.36 years. Many existing senior staff members have been with the group for over 15 years and many site managers worked for the group as subcontractors prior to being employed full time by the SCS Group.

 

High Quality Supply Chain

We have a trusted network of suppliers and subcontractors who are aligned to our values and can help us deliver projects efficiently and to a high standard.

 

Strong Client relationships

We have formed long term relationships with our clients.

 

Maintaining and enhancing our resources

 

Staff

We develop our staff through training and mentoring to increase the skills and knowledge they require to maximise their potential and meet the needs of our markets. We create a safe working environment in which our employees work.

 

Our Supply Chain

We build long term relationships with our suppliers and subcontractors based on fairness and respect. By aligning our supply chain to our values and quality criteria we reduce the likelihood of error on projects and increase efficiency and client satisfaction.

 

Client Relationships

Using our talented work force and high-quality supply chain we deliver safe, efficiently run, high quality projects that match our clients objectives. The relationships we build as a result increase the prospect of repeat business, which can have a positive impact on profitability and long-term growth.

 

Disciplined financial managements

We monitor our cash levels daily and foster good relationships with financial institutions.

 

Our Culture

Underpinning our business model, our core values and total commitment creates a culture that is focused on developing and empowering our employees and delivering high quality projects for clients. Whatever the task everybody can and should take pride in a job well done. We strive to always work in a safe and sustainable way. These principles are driven by the Board.

 

Our Strategy

Creating and maintaining long term relationships and delivering repeat business. We target opportunities that suit our experience and expertise. We take a long-term approach to relationships with our clients aiming to deliver exceptional quality and service that encourages them to choose us for the next project. To deliver high quality we employ talented people and work closely with our supply chain.

 

 

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -

Key Challenges identified by Management are:

 

Government changes - a significant amount of construction work is driven by UK Government expenditure, in particular education and healthcare projects and therefore any reduction in this expenditure could adversely impact on SCS workflow. We have looked to mitigate this risk by ensuring we work on projects across a variety of sectors, including commercial and non commercial.

 

Poor Contract Selection – A failure to identify the risks of a project and what has been included within the contracts of work may lead to poor delivery and ultimately result in reputational damage and loss of opportunities. We have looked to mitigate this risk by employing an internal advisor to review our contracts.

 

Over reliance on certain customers - We have made a move to work for a varied range of contractors to help spread risk. We are looking to diversify and refresh customers in line with market trends by increasing work with different main contractors.

 

We have seen stabilizations in the debtors of the business. These are still extremely high due to extended payment terms which affect the industry as a whole. The group continues to manage this liquidity risk by making good use of the funding which is available to the business. The Group has in place Credit Insurance against our debtors, which provides comfort in a volatile market.

 

Financial Risk – Following the MBO the company has a high level of debt. This has been necessary to finance the share purchase. The group has agreed to meet a number of covenants as part of its financing arrangements. The group has put in place several strategies to monitor the working capital which include daily cash reporting and monthly cash flow forecasting.Key

 

Personnel – the success of our business is dependant on the staff that we employ. We are focused on engaging with all our staff within the organisation to ensure that they continue to deliver great customer services for our clients. We carry out a two-way feedback on performance during annual reviews.

 

Health & Safety – the nature of the business means that employees and third parties are exposed to the potential Health and Safety risks and management of these risks is critical to the success of the business .The company is committed to the HS&E. The company has formed a Health & Safety committee and our H&S Advisor carries out a monthly review of the health and safety measures in place on our sites.

Future Direction

 

To take the group forward, the board continue to strive for efficiencies within the business. We are implementing computer software programmes for most functions within the business, which reduce manual inputting errors which can be evident in traditionally built Spreadsheets.

 

The group take time to review all material purchase orders for accuracy and ensure no over ordering is taking place. The group engage early with all manufacturers and suppliers to ensure material procurement is in place well ahead of site requirements.

 

The group deal directly with subcontractors who can deliver the schemes that the group are working on, and ensuring the group maintains the required labour levels to maintain programme.

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
Key Performance Indicators

The group has enjoyed good year to year end February 2024, and whilst turnover maybe lower than the previous year, the profit % has remained stable. SCS implemented lessons learnt from previous years to engage our supply chain early in the project life cycle.

Securing fixed or capped prices on materials has had a positive impact in maintaining budgeted costs on all projects.

Communicating clearly and regularly with the SCS subcontract operatives has ensured a reliable workforce across all SCS sites, ensuring that programme requirements are met.

Key Performance Indicators

Feb-24     Feb-23

Turnover             £14,436,999      £22,455,928

Operating ​Profit      £1,653,400      £2,681,363

Operating Profit Margin          11.45%              11.94%    

Overheads as a % of Revenue     14.84%          9.0%

On behalf of the board

Mr C I Scott
Director
12 August 2024
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -

The directors present their annual report and financial statements for the year ended 28 February 2024.

Principal activities

The principal activity of the company continued to be that of a non-trading holding company.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £333,316. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms M Chappell Dixon
(Resigned 14 April 2023)
Mr P Flynn
Mr C I Scott
Mr D L Friend
Mr P Baker
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr C I Scott
Director
12 August 2024
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -

The directors are responsible for preparing the annual report 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). 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:

 

 

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.

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPECIALIST CEILING SERVICES HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Specialist Ceiling Services Holdings Limited (the 'company') for the year ended 28 February 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPECIALIST CEILING SERVICES HOLDINGS LIMITED
- 7 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPECIALIST CEILING SERVICES HOLDINGS LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Matthew Grant
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
14 August 2024
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 9 -
2024
2023
Notes
£
£
Interest receivable and similar income
4
333,316
361,260
Profit before taxation
333,316
361,260
Tax on profit
5
-
0
-
0
Profit for the financial year
333,316
361,260

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
524,406
524,406
Current assets
Debtors
9
1,520,389
1,520,389
Cash at bank and in hand
1,448
1,448
1,521,837
1,521,837
Creditors: amounts falling due within one year
10
(1,675,960)
(1,675,960)
Net current liabilities
(154,123)
(154,123)
Net assets
370,283
370,283
Capital and reserves
Called up share capital
11
160,000
160,000
Capital redemption reserve
40,000
40,000
Profit and loss reserves
170,283
170,283
Total equity
370,283
370,283
The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Mr P  Flynn
Mr C I Scott
Director
Director
Mr D L Friend
Mr P Baker
Director
Director
Company Registration No. 04393894
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
160,000
40,000
170,283
370,283
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
361,260
361,260
Dividends
6
-
-
(361,260)
(361,260)
Balance at 28 February 2023
160,000
40,000
170,283
370,283
Year ended 28 February 2024:
Profit and total comprehensive income for the year
-
-
333,316
333,316
Dividends
6
-
-
(333,316)
(333,316)
Balance at 28 February 2024
160,000
40,000
170,283
370,283
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 12 -
1
Accounting policies
Company information

Specialist Ceiling Services Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newmarket House, Aberford Road, Stanley, Wakefield, WF3 4AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Specialist Ceiling Services Holdings Limited is a wholly owned subsidiary of SCS Group Holdings Limited and the results of Specialist Ceiling Services Holdings Limited are included in the consolidated financial statements of SCS Group Holdings Limited which are available from its registered office, Newmarket House, Aberford Road, Wakefield, WF3 4AL.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 13 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

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.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors do not consider that there are any key estimates and judgements included within these financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
5
4
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
333,316
361,260

SPECIALIST CEILING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 16 -
5
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
333,316
361,260
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
83,329
68,639
Tax effect of income not taxable in determining taxable profit
(83,329)
(68,639)
Taxation charge for the year
-
-
6
Dividends
2024
2023
£
£
Final paid
333,316
361,260
7
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
8
524,406
524,406
8
Subsidiaries

Details of the company's subsidiaries at 28 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
SCS Building Solutions Limited
Newmarket House, Aberford Road, Stanley, Wakefield, WF3 4AL, United Kingdom
Ordinary
100.00
SCS Manufacturing & Training Limited
Newmarket House, Aberford Road, Stanley, Wakefield, WF3 4AL, United Kingdom
Ordinary
100.00
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,520,389
1,520,389
SPECIALIST CEILING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 17 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,675,960
1,675,960
11
Share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
40,000 W Ordinary of £1 each
40,000
40,000
20,000 X A Ordinary of £1 each
20,000
20,000
20,000 X B Ordinary of £1 each
20,000
20,000
20,000 Y A Ordinary of £1 each
20,000
20,000
20,000 Y B Ordinary of £1 each
20,000
20,000
20,000 Z A Ordinary of £1 each
20,000
20,000
20,000 Z B Ordinary of £1 each
20,000
20,000
160,000
160,000
12
Financial commitments, guarantees and contingent liabilities

The Company has provided an unlimited guarantee dated 8 August 2019 in respect of the bank borrowings by its ultimate parent company. As at 28 February 2023 this amounted to £nil as the charge was satisfied in December 2022(2022 - £1,004,557). The guarantee is secured by way of both a fixed and floating charge over the company assets.

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