Registration number:
South Tees Site Company Limited
for the Year Ended 31 March 2023
South Tees Site Company Limited
Contents
Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Income Statement |
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Statement of Financial Position |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
South Tees Site Company Limited
Company Information
Directors |
Mr John Baker Mrs Julie Gilhespie Mr Gary James Macdonald Mr Derek Weatherill Cllr Mary Lanigan |
Company secretary |
Endeavour Secretary Limited |
Registered office |
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Auditor |
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South Tees Site Company Limited
Strategic Report for the Year Ended 31 March 2023
The directors present their strategic report for the year ended 31 March 2023.
Principal activity
The principal activity of the company is to manage, operate and maintain the Redcar Steelworks site now known as Teesworks and to provide support, advice, and co-operation to the South Tees Development Corporation.
Fair review of the business
South Tees Site Company (STSC) Limited was incorporated on 12 October 2016 following a report produced by the Health & Safety executive for BEIS which flagged several public health, safety and environmental risks at the steelworks site.
The STSC transitioned into local control under South Tees Development Corporation (STDC) on 8 October 2020. This followed a successful Compulsory Purchase Order (CPO) process, in April 2020, that enabled STDC to acquire all the relevant land assembly interests in the site now known as Teesworks.
The purpose of the acquisition of STSC was as follows: -
• To provide leadership and governance ensuring the company has processes, procedures, and competence to deliver safe and effective delivery of services to STDC in support of delivering its key objectives
• To provide leadership and governance for all EHSS matters across the STDC Group; and
• To provide efficient and effective site/estate management services to all customers.
The wider responsibilities of the Teesworks site were to enable STDC to deliver its core objective, which was to regenerate the Teesworks site, driving forward its redevelopment to create jobs, secure investment and transform the region. This objective of the Teesworks site has always had two key phases of activity identified since before the CPO process began, namely: -
• Phase 1 – site decontamination (including removal of COMAH status), demolition and remediation; and
• Phase 2 – site infrastructure and development to secure inward investment.
During the reporting period, the company has ensured the health and safety of its employees, contractors, other site residents and visitors to site. It has ensured that the environment has been carefully managed and adherence to environmental permits. STSC and STDC have worked together, executing a programme of site investigations, providing support to potential investors and demolition works and assisting in the execution of the masterplan for the site.
Significant progress was made during the period on phase 1 and ongoing work to decontaminate and remediate the land, now Teesworks, has reached such an advanced stage that the functions of STSC are deemed not to be required for a further 12 months and as a result the organisation will be wound up. As such, the directors have not prepared the financial statements on a going concern basis.
South Tees Site Company Limited
Strategic Report for the Year Ended 31 March 2023 (continued)
Financial review
The statement of comprehensive net income shows revenue of £38,653,897 (2022: £48,007,073), for the year and corresponding expenditure to break even. The company’s financial performance was in line with the business plans agreed with BEIS, for day-to-day operations and keep safe activities.
Community and Environment
Sustainability is core to our strategy, we are committed to achieving Net Zero ahead of the government target of 2050. We are building sustainability and low carbon solutions into all our future infrastructure works and construction projects. We continue to focus on renewable energy.
Regulatory environment
We are subject to regulation by three regulatory bodies: Environment Agency, the Health and Safety Executive and the Competent Authority for the control of Major Accident Hazards. STSC has ensured full legal compliance with the three appropriate regulatory bodies. However, as previously reported, on 19th September 2019, there was an incident during the preparation for the demolition at South Bank Coke Ovens. Regrettably two contractors lost their lives in the incident. The cause of the incident continues to be investigated and the results of the investigation are not known at this time. Costs have been incurred since the incident however, the full financial implication of the incident is unknown at this time, consequently no provision or contingent liability has been made.
Principal risks and uncertainties
Ground conditions
There are unquantifiable amounts of localised sub-surface contamination from c.100 years of steel making on the site, some of which might pre-date any existing records. Current keep safe activity is managing this unknown contamination through monitoring of outflows in the River Tees under the existing environmental permit. The company has mitigated the risk as far as possible by commissioning site investigations. They are carefully controlled and supervised under the company’s permitting system. However certain high-risk areas cannot safely be assessed in this way. STSC has been provided an indemnity by BEIS. As the site has continued to be remediated in the period this risk is reducing.
Future developments
South Tees Site company continues to provide support at the Teesworks site as the site transitions to Phase 2 being site infrastructure and development to secure inward investment.
The requirements of STSC are reducing as the site is remediated and developed. As a result, a rundown process continues. Going forward a reduced number of employees will remain to support the remaining services and compliant responsibilities on the site. As a result, STSC are deemed not to be required for a further 12 months and as a result the organisation will be wound up. As such, the directors have not prepared the financial statements on a going concern basis.
South Tees Site Company Limited
Strategic Report for the Year Ended 31 March 2023 (continued)
Approved and authorised for issue by the
......................................... |
South Tees Site Company Limited
Directors' Report for the Year Ended 31 March 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company finances its activities with a combination of agreed business case funding with government and cash and short-term deposits. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the company's operating activities.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
Price risk is the risk that changes in utility prices have the potential to impact on the profitability of the company. The company does not consider that it is materially exposed to price risk.
Credit risk
Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Company policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The company does not consider that it is materially exposed to credit risk.
Cash flow and liquidity risk
Cash flow and liquidity risk is the risk that a company's available cash will not be sufficient to meet its financial obligations. The company actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the Company is deemed sufficient to minimise the Company's exposure to cash flow and liquidity risk.
Foreign Exchange risk
Foreign exchange risk refers to the potential for loss from exposure to foreign exchange rate fluctuations. Company policies are aimed at minimising this risk. The company does not consider that it is materially exposed to foreign exchange risk
Future developments
See disclosures within the Strategic Report regarding future developments of the company.
South Tees Site Company Limited
Directors' Report for the Year Ended 31 March 2023 (continued)
Going concern
The South Tees Site Company (STSC) Limited was incorporated on 12 October 2016 by the Department of Business, Energy and Industrial Strategy, with responsibilities over managing the health, safety, security and environmental risks inherent on the former Redcar steelworks site. In October 2020 the STSC transitioned into local control under the South Tees Development Corporation following the acquisition of the outstanding land on the site. Due to the progress of the phase 1 activity on the site, now Teesworks, in decontamination, demolition and remediation, considerable hazards previously on-site have been removed. As such, the functions of the South Tees Site Company in keep-safe and security are not required beyond the next 12 months and as such the company will therefore be wound up. Negative reserves will be consolidated into the parent company.
The company has made the decision to stop trading and will transfer the remaining business to a fellow subsidiary company within 12 months of the signing of these financial statements. Therefore the directors consider it inappropriate to prepare the financial statements on a going concern basis and have prepared the financial statements on a breakup basis as set out under the basis of preparation (Note 2).
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditor
The auditor Azets Audit Services Limited will be deemed to be reappointed under section 487 (2) of the Companies Act 2006.
Dividends
No dividends were declared during the period of accounts.
Approved and authorised for issue by the
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South Tees Site Company Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business (as explained in note 2, the directors do not believe that it is appropriate to prepare these financial statements on a going concern basis). |
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.
South Tees Site Company Limited
Independent Auditor's Report to the Members of South Tees Site Company Limited
Opinion
We have audited the financial statements of South Tees Site Company Limited (the 'company') for the year ended 31 March 2023, which comprise the Income Statement, Statement of Financial Position, 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:
• | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 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.
Emphasis of matter - financial statement prepared on a basis other than going concern
As outlined in note 2, these financial statements has not been prepared on a going concern basis as the directors have taken the decision to wind down operations.
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.
South Tees Site Company Limited
Independent Auditor's Report to the Members of South Tees Site Company Limited (continued)
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and 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:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], 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.
South Tees Site Company Limited
Independent Auditor's Report to the Members of South Tees Site Company Limited (continued)
Auditor 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); anti-bribery and corruption; and compliance with the UK Companies Act.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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.
......................................
For and on behalf of
Chartered Accountants
Statutory Auditor
Wynyard Park House
Wynyard Avenue
Wynyard
TS22 5TB
Azets Audit Services is a trading name of Azets Audit Services Limited.
South Tees Site Company Limited
Income Statement for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Staff costs |
( |
( |
|
Other expenses |
( |
( |
|
Provision against bad debts |
163,817 |
(637,245) |
|
Operating profit/(loss) |
|
( |
|
Profit/(loss) before tax |
|
( |
|
Profit/(loss) for the year |
|
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
South Tees Site Company Limited
(Registration number: 10424065)
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
Approved and authorised for issue by the
......................................... |
South Tees Site Company Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Profit and loss account |
Total |
|
At 1 April 2021 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 March 2022 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 April 2022 |
|
( |
( |
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 March 2023 |
|
( |
( |
South Tees Site Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
As set out in the Directors' Report, due to the company ceasing to trade the directors have decided to prepare the financial statements on a basis other than that of a going concern. The financial statements have been prepared on a break-up basis at the year end. In adopting the break-up basis at the year end the following policies and procedures were implemented:
- all assets have been disclosed at the value at which they are expected to be realised; and
- all liabilities reflect the full amount at which they are expected to materialise.
These financial statements are prepared in sterling which is the functional currency of the entity.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) Disclosures in respect of share-based payments have not been presented.
(e) No disclosure has been given for the aggregate remuneration of key management personnel.
The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.
South Tees Site Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Going concern
The South Tees Site Company (STSC) Limited was incorporated on 12 October 2016 by the Department of Business, Energy and Industrial Strategy, with responsibilities over managing the health, safety, security and environmental risks inherent on the former Redcar steelworks site. In October 2020 the STSC transitioned into local control under the South Tees Development Corporation following the acquisition of the outstanding land on the site. Due to the progress of the phase 1 activity on the site, now Teesworks, in decontamination, demolition and remediation, considerable hazards previously on-site have been removed. As such, the functions of the South Tees Site Company in keep-safe and security are not required beyond the next 12 months and as such the company will therefore be wound up. Negative reserves will be consolidated into the parent company.
The company has made the decision to stop trading and will transfer the remaining business to a fellow subsidiary company within 12 months of the signing of these financial statements. Therefore the directors consider it inappropriate to prepare the financial statements on a going concern basis and have prepared the financial statements on a breakup basis as set out under the basis of preparation.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
In the course of preparing the financial statements, no significant accounting judgements have been made in the process of applying the company’s accounting policies, with the exception of the assessment of the financial implications of the South Bank incident. The incident is currently under investigation by the HSE and the outcomes and/or implication are not known. At the date of signing these accounts no conclusions have been reached and no contingent liability is reported as, in the judgement of management, the risk of such a liability is considered remote. |
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Impairment of debtors - The company makes an estimate of the recoverable value of the trade and other debtors. When assessing impairment of trade and other debtor, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
South Tees Site Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
The company recognises revenue from the following major sources:
Government grants for revenue purposes from Tees Valley Combined Authority are recognised as income over the period in which the company recognises the related costs for which the grant was intended to fund, making neither profit or loss in accordance with FRS 102.
Contracts with customers comprise of contracts to manage site assets in the form of a management agreement for services including electricity and site security. This contract revenue is recognised in accordance with FRS 102. The company acts as principal as it controls the site and all activities and hence revenue is recorded as the gross amount billed. The contract is cancellable with notice of not less than one year. Following the year end contracts will either be cancelled or novation will occur with other Tees Valley Combined Authority group members.
Other revenue is recognised when goods or services are provided in accordance with the purchase order received from the customer or with written instructions received from an authorised customer.
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.
Stocks
Stocks include tangible assets that are held for sale or will be transferred to other group entities after the year end due to the winding down process. These are stated at the lower of the carrying value of the tangible assets and estimated selling price less costs to sell.
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.
South Tees Site Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Rendering of services |
|
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
- |
|
Vehicle and equipment hire |
|
|
Bad debt provision |
(163,817) |
637,245 |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Redundancy costs |
- |
|
|
|
South Tees Site Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
5 |
Staff costs (continued) |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors have been remunerated by other Tees Valley Combined Authority group companies.
Directors remuneration for the year was £nil (2022: £nil).
South Tees Site Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Stocks |
2023 |
2022 |
|
Assets held for sale |
|
|
Impairment of stocks
The amount of impairment loss included in profit or loss is £86,176 (2022 - £Nil).
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Amounts owed by related parties |
- |
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Creditors |
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accrued expenses and deferred income |
|
|
|
|
South Tees Site Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Contingent liabilities |
The majority of the company’s staff were transferred from SSI UK in Liquidation in a TUPE-like arrangement. An enhanced payment in lieu of notice terms were offered to those staff members who remained committed to the company throughout its liquidation, and this will be honoured under contractual arrangements upon the successful decommissioning of the site and its subsequent sale to STDC. There is a potential maximum outflow of £191,964 (2022: £169,126) which is dependent upon the staff remaining and the successful decommissioning of the site. If staff resign from their post, they will not receive the enhanced terms. Consequently, the timing and amount are uncertain, and hence no provision has been recorded.
Parent and ultimate parent undertaking |
The most senior parent entity producing publicly available financial statements is