Company registration number 11103037 (England and Wales)
4S DISTRIBUTION LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
4S DISTRIBUTION LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
4S DISTRIBUTION LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
910,038
1,276,954
Current assets
Debtors
4
1,364,651
1,328,964
Cash at bank and in hand
67,457
194,744
1,432,108
1,523,708
Creditors: amounts falling due within one year
5
(949,450)
(978,156)
Net current assets
482,658
545,552
Total assets less current liabilities
1,392,696
1,822,506
Creditors: amounts falling due after more than one year
6
(358,615)
(802,213)
Provisions for liabilities
(227,100)
(271,900)
Net assets
806,981
748,393
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
806,980
748,392
Total equity
806,981
748,393

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 19 June 2024 and are signed on its behalf by:
D J Simpson
Director
Company registration number 11103037 (England and Wales)
4S DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

4S Distribution Ltd is a private company, limited by shares and incorporated in England and Wales. The registered office is BHI House, Bessemer Way, Rotherham, S60 1FB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% Straight line
Fixtures and fittings
33% Straight line
Computers
33% Straight line
Motor vehicles
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

4S DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
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
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
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.

 

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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

4S DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

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

2023
2022
Number
Number
Total
42
49
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
26,975
1,966
22,960
1,526,553
1,578,454
Additions
27,628
-
0
858
798,320
826,806
Disposals
(26,579)
-
0
(501)
(1,021,900)
(1,048,980)
At 31 December 2023
28,024
1,966
23,317
1,302,973
1,356,280
Depreciation and impairment
At 1 January 2023
15,771
1,801
16,614
267,314
301,500
Depreciation charged in the year
10,687
96
3,608
269,205
283,596
Eliminated in respect of disposals
(18,727)
-
0
(432)
(119,695)
(138,854)
At 31 December 2023
7,731
1,897
19,790
416,824
446,242
Carrying amount
At 31 December 2023
20,293
69
3,527
886,149
910,038
At 31 December 2022
11,204
165
6,346
1,259,239
1,276,954
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
633,383
1,058,678
Amounts owed by group undertakings
571,658
94,534
Other debtors
-
0
28,457
Prepayments and accrued income
159,610
147,295
1,364,651
1,328,964
4S DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
216,992
-
0
Obligations under finance leases
204,843
359,529
Trade creditors
345,244
535,575
Amounts owed to group undertakings
13,917
-
0
Corporation tax
51,451
-
0
Other taxation and social security
87,238
45,569
Other creditors
18,837
15,148
Accruals and deferred income
10,928
22,335
949,450
978,156

Obligations under finance leases are secured against the assets to which they belong.

 

Bank loans and overdrafts includes a factoring account balance of £216,992 (2022 £nil) secured against the debts to which they belong.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
358,615
802,213

Obligations under finance leases are secured against the assets to which they belong.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

4S DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Audit report information
(Continued)
- 6 -

Qualified opinion on financial statements

We have audited the financial statements of 4S Distribution Ltd (the 'company') for the year ended 31 December 2023 which comprise , the balance sheet 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, except for the effects of the matter described in the basis for qualified opinion paragraph, the financial statements:

 

Basis for qualified opinion

Although Hart Shaw LLP have produced the financial statements for a number of years 4S Distribution Ltd only required an audit for the first time for the year ended 31 December 2022. The balance sheet as at 31 December 2021 was not audited and we were unable to carry out procedures to audit this balance sheet. Consequently we were unable to determine whether there were any matters which would impact the profit and loss account for the year ended 31 December 2022. Our audit opinion on the financial statements for the year ended 31 December 2022 was modified accordingly. Our opinion on the current year's financial statements is also modified because of the possible effect of this matter on the comparability of the current year's figures and the corresponding figures.

 

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 qualified opinion.

Senior Statutory Auditor:
Martin McDonagh
Statutory Auditor:
Hart Shaw LLP
Date of audit report:
11 September 2024
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
583,333
-
0
4S DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited cross guarantee in favour of Lloyds Bank in respect of bank borrowings of fellow group undertakings. The outstanding borrowings of these companies at 31 December 2023 were £7,469,446.

11
Parent company

The parent company of 4S Distribution Ltd is BHI Group Limited and its registered office is BHI House, Bessemer Way, Rotherham, S60 1FB.

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