REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
SELECT COMMISSIONING LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
SELECT COMMISSIONING LTD |
SELECT COMMISSIONING LTD (REGISTERED NUMBER: 10526502) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 APRIL 2024 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
SELECT COMMISSIONING LTD (REGISTERED NUMBER: 10526502) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his 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. |
SELECT COMMISSIONING LTD (REGISTERED NUMBER: 10526502) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 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 director and authorised for issue on |
SELECT COMMISSIONING LTD (REGISTERED NUMBER: 10526502) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Select Commissioning Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is 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 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. |
There are significant judgements and estimates involved in the preparation of the financial statements. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
Goodwill |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
SELECT COMMISSIONING LTD (REGISTERED NUMBER: 10526502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives |
Plant and machinery - 20% on reducing balance |
Motor vehicles - 20% on reducing balance |
The company has adopted the policy of not to depreciate the asset in the year of purchase, however full depreciation will be provided in the year of disposal. |
Inventories |
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
SELECT COMMISSIONING LTD (REGISTERED NUMBER: 10526502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Invoice discounting debts |
The company has all of its sales invoices subjected to invoice discounting. The company's invoice discounting arrangements can neither be called as derecognition nor linked presentation. Hence a separate presentation has been adopted whereby gross debts are shown as an asset on the balance sheet and proceeds from the invoice discounting facility are included within creditors as a liability. |
Cash and cash equivalents |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
SELECT COMMISSIONING LTD (REGISTERED NUMBER: 10526502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 APRIL 2024 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Transfer to ownership | - | (7,750 | ) | (7,750 | ) |
Reclassification/transfer |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Transfer to ownership | - | (3,782 | ) | (3,782 | ) |
Reclassification/transfer |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
Transfer to ownership | (7,750 | ) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Transfer to ownership | (3,782 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
SELECT COMMISSIONING LTD (REGISTERED NUMBER: 10526502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 APRIL 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 6,019 | 11,574 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Invoice factoring | 90,232 | 71,709 |
Loan is secured by way of fixed and floating charge on the assets of the company and contains a negative pledge. |
SELECT COMMISSIONING LTD (REGISTERED NUMBER: 10526502) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 APRIL 2024 |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year |
Balance at 30 April 2024 |