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REGISTERED NUMBER: 03935688 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

SERVITECH INTERNATIONAL LTD

SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SERVITECH INTERNATIONAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: D Ward
C D Londer Ward
S M Laddle





REGISTERED OFFICE: Unit 10 Kenneth Way
Wilstead Industrial Estate
Wilstead
Bedfordshire
MK45 3PD





REGISTERED NUMBER: 03935688 (England and Wales)





ACCOUNTANTS: Rawlinson Pryde Limited
Chartered Accountants
Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY

SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)

BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 29,682 36,402
Tangible assets 5 694,044 272,831
723,726 309,233

CURRENT ASSETS
Stocks 6 2,218,239 1,899,402
Debtors 7 2,082,837 1,298,813
Cash at bank 58,067 123,605
4,359,143 3,321,820
CREDITORS
Amounts falling due within one year 8 2,298,809 1,718,118
NET CURRENT ASSETS 2,060,334 1,603,702
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,784,060

1,912,935

CREDITORS
Amounts falling due after more than one
year

9

(787,656

)

(473,656

)

PROVISIONS FOR LIABILITIES 11 (173,136 ) (45,661 )
NET ASSETS 1,823,268 1,393,618

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings 1,822,268 1,392,618
SHAREHOLDERS' FUNDS 1,823,268 1,393,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)

BALANCE SHEET - continued
30 APRIL 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:




D Ward - Director



S M Laddle - Director


SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Servitech International Ltd 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.

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.

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

Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill
Goodwill consists of an amount paid in connection with the acquisition of a business in 2001 which is being amortised evenly over its estimated useful life of twenty years together with the amount paid in connection with the acquisition of a business in 2018 which is being amortised over its estimated useful life of ten years.

Intangible assets
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences residual interest in the assets of the company after deduction any liabilities.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.


SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

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.

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.

Impairment
At each reporting date, tangible fixed assets are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the profit and loss account for the period.

If the recoverable amount of a tangible fixed asset subsequently increases as a result of a change in economic conditions or in the expected use of the asset, the net book amount shall be written back to the lower of recoverable amount and the amount at which the asset would have been recorded had the original write-down not been made. A reversal of an impairment loss is recognised in the profit and loss account for the period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 74 (2023 - 76 ) .

SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 302,967
AMORTISATION
At 1 May 2023 266,565
Amortisation for year 6,720
At 30 April 2024 273,285
NET BOOK VALUE
At 30 April 2024 29,682
At 30 April 2023 36,402

5. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 May 2023 2,503 38,915 66,782
Additions - - 4,700
Disposals - - -
At 30 April 2024 2,503 38,915 71,482
DEPRECIATION
At 1 May 2023 1,503 38,915 63,484
Charge for year 500 - 3,645
Eliminated on disposal - - -
At 30 April 2024 2,003 38,915 67,129
NET BOOK VALUE
At 30 April 2024 500 - 4,353
At 30 April 2023 1,000 - 3,298

SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 24,417 1,248,178 48,334 1,429,129
Additions 1,680 626,747 5,716 638,843
Disposals - (302,811 ) - (302,811 )
At 30 April 2024 26,097 1,572,114 54,050 1,765,161
DEPRECIATION
At 1 May 2023 24,417 980,445 47,534 1,156,298
Charge for year 70 208,923 1,874 215,012
Eliminated on disposal - (300,193 ) - (300,193 )
At 30 April 2024 24,487 889,175 49,408 1,071,117
NET BOOK VALUE
At 30 April 2024 1,610 682,939 4,642 694,044
At 30 April 2023 - 267,733 800 272,831

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023 642,967
Additions 626,746
Disposals (69,642 )
Transfer to ownership (187,695 )
At 30 April 2024 1,012,376
DEPRECIATION
At 1 May 2023 375,234
Charge for year 208,923
Eliminated on disposal (67,024 )
Transfer to ownership (187,695 )
At 30 April 2024 329,438
NET BOOK VALUE
At 30 April 2024 682,938
At 30 April 2023 267,733

SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. STOCKS
30.4.24 30.4.23
£    £   
Stocks 2,179,493 1,812,134
Work-in-progress 38,746 87,268
2,218,239 1,899,402

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 1,854,020 1,134,732
Doubtful debt provision (44,203 ) (46,727 )
Other debtors 675 433
Directors' current accounts - 4,500
Prepayments 272,345 205,875
2,082,837 1,298,813

Trade debts are subject to charges held by Lloyds Commercial Finance Services.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 417,691 279,870
Hire purchase contracts 209,761 124,055
Trade creditors 1,353,294 644,766
Amounts owed to group undertakings 12,000 -
Tax 54,932 101,042
Social security and other taxes 65,261 65,738
VAT 68,245 55,438
Other creditors - (11 )
Directors' current accounts 15,900 323,748
Accrued expenses 101,725 123,472
2,298,809 1,718,118

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 469,511 148,656
Directors' loan accounts 318,145 325,000
787,656 473,656

SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank overdrafts 417,691 279,870

The Lloyds Bank facilities are secured by a guarantee from Mr D Ward limited to £50,000 and by a fixed and floating charge in favour of Lloyds Bank Commercial Finance Ltd over the assets of the company.

11. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax
Accelerated capital allowances 173,136 45,661

Deferred
tax
£   
Balance at 1 May 2023 45,661
Charge to Income Statement during year 127,475
Balance at 30 April 2024 173,136

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

13. OTHER FINANCIAL COMMITMENTS

As at the balance sheet date the company had total commitments under non cancellable operating leases over the remaining life of those leases of £95,062 (2023: £137,978).

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

30.4.24 30.4.23
£    £   
S M Laddle
Balance outstanding at start of year 4,500 -
Amounts advanced - 4,500
Amounts repaid (4,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 4,500

SERVITECH INTERNATIONAL LTD (REGISTERED NUMBER: 03935688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

The Directors' loan is unsecured, interest free and repayable on demand.

There have been various transactions with the director during the year in the form of a director's current account. The information is therefore disclosed in an aggregated form.

15. RELATED PARTY DISCLOSURES

Mr D Ward provided long terms loans to the company which totalled £318,415 (2023: £325,000) as at balance sheet date. The loan is interest free and twelve months notice must be served before the loan must be repaid.