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Registration number: 06454146

S.R.S Facilities Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

S.R.S Facilities Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

S.R.S Facilities Limited

Company Information

Directors

Mr P E McTigue

Mrs E Mctigue

Company secretary

Mrs E Mctigue

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

S.R.S Facilities Limited

(Registration number: 06454146)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

64,453

85,372

Current assets

 

Stocks

5

750

750

Debtors

6

95,792

108,233

Cash at bank and in hand

 

27,574

74,375

 

124,116

183,358

Creditors: Amounts falling due within one year

7

(133,496)

(170,925)

Net current (liabilities)/assets

 

(9,380)

12,433

Total assets less current liabilities

 

55,073

97,805

Creditors: Amounts falling due after more than one year

7

(22,521)

(66,548)

Provisions for liabilities

(18,246)

(22,220)

Net assets

 

14,306

9,037

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

14,206

8,937

Shareholders' funds

 

14,306

9,037

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 September 2024 and signed on its behalf by:
 

 

S.R.S Facilities Limited

(Registration number: 06454146)
Balance Sheet as at 31 March 2024

.........................................
Mr P E McTigue
Director

 

S.R.S Facilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
88 Elm Grove
Hayling Island
PO11 9EH

These financial statements were authorised for issue by the Board on 21 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

S.R.S Facilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Fixtures and fittings

20% straight line basis

Motor vehicles

25% straight line basis

Computer equipment

33% straight line basis

Leasehold improvements

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

S.R.S Facilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

S.R.S Facilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

22,091

167,742

189,833

Additions

350

64,936

65,286

Disposals

-

(109,758)

(109,758)

At 31 March 2024

22,441

122,920

145,361

Depreciation

At 1 April 2023

12,215

92,246

104,461

Charge for the year

4,783

26,543

31,326

Eliminated on disposal

-

(54,879)

(54,879)

At 31 March 2024

16,998

63,910

80,908

Carrying amount

At 31 March 2024

5,443

59,010

64,453

At 31 March 2023

9,876

75,496

85,372

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

S.R.S Facilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

750

750

6

Debtors

Current

2024
£

2023
£

Trade debtors

28,954

80,616

Prepayments

10,922

11,830

Other debtors

55,916

15,787

 

95,792

108,233

 

S.R.S Facilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

15,536

28,335

Trade creditors

 

14,791

86,785

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

57,207

20,000

Taxation and social security

 

32,411

22,890

Accruals and deferred income

 

8,000

8,000

Other creditors

 

5,551

4,915

 

133,496

170,925

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

22,521

66,548

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,390

23,726

Hire purchase contracts

9,131

42,822

22,521

66,548

 

S.R.S Facilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,335

9,988

Hire purchase contracts

5,201

18,347

15,536

28,335

10

Related party transactions

Summary of transactions with other related parties

SRS Management Holdings Limited
SRS Facilities Limited is a wholly owned subsidiary of SRS Management Holdings Limited.
Management charges of £160,000 (2023 £70,000) were paid to the company during the year along with £20,000 paid in dividends (2023 - £100,000). At the balance sheet date the amount due from SRS Management Holdings Limited was £55,916 (2023 - £15,787).

SRS Renewables Limited
SRS Renewables Limited is a company which is also owned by the directors of SRS Facilities Limited. At the balance sheet date the amount due to SRS Renewables Limited was £57,208 (2023 - £20,000).

 

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr and Mrs McTigue.