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Registered number: 05151270









SUSCOM INDUSTRIES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SUSCOM INDUSTRIES LIMITED
 
 
COMPANY INFORMATION


Directors
D Tartaglione 
D A Tartaglione 
M B Tartaglione 




Company secretary
M B Tartaglione



Registered number
05151270



Registered office
Unit 8, Leopold Street
Lamberhead Industrial Estate

Pemberton

Wigan

Lancashire

WN5 8DH




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

249 Silbury Boulevard

Milton Keynes

Buckinghamshire

MK9 1NA





 
SUSCOM INDUSTRIES LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Balance Sheet
 
10
Statement of Cash Flows
 
11 - 12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 31


 
SUSCOM INDUSTRIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Company’s principal activity is manufacturing and sale of furniture components to many sectors including and not limited to; medical, office, education and other.

Business review
 
The Company's financial performance for the year ending 2023 presents a nuanced picture of resilience and strategic adaptation. Although turnover decreased to £14.43 million from £15.63 million in 2022, gross profit increased from 23.3% in 2022 to 27.6% in 2023.
The reduction in turnover is largely attributable to the challenging market environment, particularly as the impacts of COVID-19 continued to influence demand and operational conditions. Since the pandemic, the Company made the strategic decision to pass on cost reductions to customers, which contributed to a decline in turnover. This decision also strengthened our market position and customer relationships, enabling us to maintain competitiveness.
In response to the fluctuating economic conditions, we focused on streamlining operations, which included further reducing our product ranges and closer supplier relationships. The Company's ability to adapt to changing market dynamics has been a key factor in maintaining profitability during this period.
The Directors are pleased with the outcome of these strategic initiatives. Despite the reduction in turnover, the Company's focus on cost efficiency and margin improvement has positioned us well for future growth. As a hybrid business involved in both manufacturing and importing, we continue to invest in our people and technology, ensuring both sides of our operations remain strong pillars for sustained future growth.

Principal risks and uncertainties
 
Currency Risk
Given that many of the companies trading partners are based overseas, the Company is exposed to foreign exchange risk. To mitigate this, the Company employs hedging strategies to maintain price stability over longer periods.
Impact of COVID-19
The market is showing signs of recovery despite the ongoing effects of COVID-19. Working from home has opened new markets despite changing overall environment of the office sector. The Company is continuing to monitor the impacts that this will have long term on sectors it supplies to.
Raw Material and Shipping Prices
The COVID-19 pandemic caused significant volatility in raw material prices. The Company actively managed this risk by securing supply contracts and closely monitoring geographical sourcing. Many items where have been reshored to help reduce costs and lead time where possible.
Trade Debtors and Creditors
The Company continually reviews trade debtors and creditors to minimize cash flow risks. This includes monitoring payment terms, credit facilities, and liquidity to ensure the Company can meet its financial obligations.
Other Risks
The Directors regularly monitor both known and emerging risks, implementing necessary actions to minimize
Page 1

 
SUSCOM INDUSTRIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

potential negative impacts on the business.

Financial key performance indicators
 
                                     2023      2022
                                     £000      £000
Turnover                       14,428    15,631 
Gross profit                    3,977      3,637 
Gross profit margin         27.6%     23.3% 


This report was approved by the board and signed on its behalf.





................................................
M B Tartaglione
Director

Date: 4 October 2024

Page 2

 
SUSCOM INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,000,071 (2022 - £1,048,069).

The total distribution of dividends for the year were £445,000 (2022 - £436,000).

Directors

The directors who served during the year were:

D Tartaglione 
D A Tartaglione 
M B Tartaglione 

Future developments

The Company will continue to invest in and grow both the manufacturing and importing sides of its business. 

Page 3

 
SUSCOM INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Hillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
M B Tartaglione
Director

Date: 4 October 2024

Page 4

 
SUSCOM INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUSCOM INDUSTRIES LIMITED
 

Opinion


We have audited the financial statements of Suscom Industries Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 December 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'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 United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
SUSCOM INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUSCOM INDUSTRIES LIMITED (CONTINUED)


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 ReportOur 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.


Opinion 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the 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 the 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 or 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 Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
SUSCOM INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUSCOM INDUSTRIES LIMITED (CONTINUED)


Auditor's 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:
we consider the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;

any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
 
the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
 
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
 
Page 7

 
SUSCOM INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUSCOM INDUSTRIES LIMITED (CONTINUED)


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located 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 2006Our 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.





Neal Carter ACA (Senior Statutory Auditor)
for and on behalf of
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
249 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 1NA

4 October 2024
Page 8

 
SUSCOM INDUSTRIES LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
14,428,285
15,631,092

Cost of sales
  
(10,451,200)
(11,993,964)

Gross profit
  
3,977,085
3,637,128

Administrative expenses
  
(2,758,587)
(2,248,709)

Other operating income
 5 
32,560
32,560

Operating profit
 6 
1,251,058
1,420,979

Amounts written off investments
  
-
(86)

Interest payable and similar expenses
 10 
(32,329)
(42,928)

Profit before tax
  
1,218,729
1,377,965

Tax on profit
 11 
(218,658)
(329,896)

Profit after tax
  
1,000,071
1,048,069

  

  

Retained earnings at the beginning of the year
  
4,432,954
3,820,885

Profit for the year
  
1,000,071
1,048,069

Dividends declared and paid
  
(445,000)
(436,000)

Retained earnings at the end of the year
  
4,988,025
4,432,954
The notes on pages 14 to 31 form part of these financial statements.

Page 9

 
SUSCOM INDUSTRIES LIMITED
REGISTERED NUMBER: 05151270

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
258

Tangible assets
 14 
1,241,246
1,354,107

  
1,241,246
1,354,365

Current assets
  

Stocks
 15 
3,835,573
4,268,025

Debtors: amounts falling due within one year
 16 
2,410,854
2,606,689

Cash at bank and in hand
 17 
519,165
96,147

  
6,765,592
6,970,861

Creditors: amounts falling due within one year
 18 
(2,459,439)
(3,040,761)

Net current assets
  
 
 
4,306,153
 
 
3,930,100

Total assets less current liabilities
  
5,547,399
5,284,465

Creditors: amounts falling due after more than one year
 19 
(312,890)
(573,366)

Provisions for liabilities
  

Deferred tax
 21 
(246,378)
(278,039)

Net assets
  
4,988,131
4,433,060


Capital and reserves
  

Called up share capital 
 22 
106
106

Profit and loss account
 23 
4,988,025
4,432,954

  
4,988,131
4,433,060


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M B Tartaglione
Director

Date: 4 October 2024

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
SUSCOM INDUSTRIES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,000,071
1,048,069

Adjustments for:

Amortisation of intangible assets
258
969

Depreciation of tangible assets
477,050
516,106

Government grants
(32,560)
(32,560)

Interest paid
32,329
42,928

Taxation charge
218,658
329,896

Decrease/(increase) in stocks
432,452
(780,645)

Decrease in debtors
195,829
55,435

(Decrease) in creditors
(73,637)
(103,086)

Corporation tax (paid)
(266,622)
(116,117)

Net cash generated from operating activities

1,983,828
960,995


Cash flows from investing activities

Purchase of tangible fixed assets
(364,189)
(152,165)

Government grants received
32,560
32,560

Sale of fixed asset investments
-
86

Net cash from investing activities

(331,629)
(119,519)

Cash flows from financing activities

Issue of ordinary shares
6
-

Repayment of/new finance leases
(232,755)
63,288

Movements on invoice discounting
(510,062)
(452,916)

Dividends paid
(445,000)
(436,000)

Interest paid
(32,329)
(42,928)

Net cash used in financing activities
(1,220,140)
(868,556)
Page 11

 
SUSCOM INDUSTRIES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Net increase/(decrease) in cash and cash equivalents
432,059
(27,080)

Cash and cash equivalents at beginning of year
87,106
114,186

Cash and cash equivalents at the end of year
519,165
87,106


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
519,165
96,147

Bank overdrafts
-
(9,041)

519,165
87,106


The notes on pages 14 to 31 form part of these financial statements.

Page 12

 
SUSCOM INDUSTRIES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

96,147

423,018

519,165

Bank overdrafts

(9,041)

9,041

-

Debt due within 1 year

(4,019)

(42,352)

(46,371)

Finance leases

(749,297)

232,755

(516,542)


(666,210)
622,462
(43,748)

The notes on pages 14 to 31 form part of these financial statements.

Page 13

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Suscom Industries Limited is a company limited by shares, incorporated in England and Wales. The address of the Company's registered office is Unit 8, Leopold Street, Lamberhead Industrial Estate, Pemberton, Wigan, Lancashie, WN5 8DH.
The Company's principal activity is that of imported, manufacturer and distributor of office chair components.
The financial statement are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation existence for a period of at least 12 months following the approval of these financial statements. The Directors are of the option that the Company can meet its liabilities as they fall due. 

Page 14

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 15

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Property improvements
-
2%
straight-line
Plant and machinery
-
20%
straight-line
Motor vehicles
-
20%
straight-line
Office equipment
-
20%
straight-line
Tools and equipment
-
20%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include  attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 18

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 19

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Valuation of stock 
Raw materials are value at landed cost, which includes freight costs allocated based on volume of shipment. 
Finished goods and work in progress include cost of raw materials, allocation of overheads and adjustment for estimated wastage of materials. 


4.


Turnover

The whole of the turnover is attributable to the main principal activity of the Company.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
13,710,024
14,697,787

Rest of Europe
718,261
899,766

Rest of the world
-
33,539

14,428,285
15,631,092



5.


Other operating income

2023
2022
£
£

Government grants receivable
32,560
32,560



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
17,448
6,728

Page 21

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
16,500
15,000

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
917,407
931,201

Social security costs
77,195
75,702

Cost of defined contribution scheme
393,517
109,196

1,388,119
1,116,099


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
42
42


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
48,192
48,066

Company contributions to defined contribution pension schemes
379,302
95,302

427,494
143,368


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The Directors are considered to be the key management personnel. 

Page 22

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
32,329
42,928


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
306,037
322,340

Adjustments in respect of previous periods
(55,718)
-


Total current tax
250,319
322,340

Deferred tax


Origination and reversal of timing differences
(31,661)
7,556

Total deferred tax
(31,661)
7,556


Tax on profit
218,658
329,896
Page 23

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,218,729
1,377,965


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
304,682
261,813

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,864
1,301

Capital allowances for year in excess of depreciation
(17,813)
66,762

Adjustments to tax charge in respect of prior periods
(55,718)
-

Changes in provisions leading to an increase (decrease) in the tax charge
-
20

Marginal relief
(18,357)
-

Total tax charge for the year
218,658
329,896


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends paid
445,000
436,000

Page 24

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
29,750



At 31 December 2023

29,750



Amortisation


At 1 January 2023
29,492


Charge for the year on owned assets
258



At 31 December 2023

29,750



Net book value



At 31 December 2023
-



At 31 December 2022
258



Page 25

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Property improvements
Plant and machinery
Motor vehicles
Office equipment
Tools and equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
118,664
10,199
17,950
151,161
3,814,003


Additions
69,499
-
24,264
1,649
268,777


Disposals
-
-
(8,700)
-
-



At 31 December 2023

188,163
10,199
33,514
152,810
4,082,780



Depreciation


At 1 January 2023
3,973
10,199
14,822
133,839
2,595,037


Charge for the year on owned assets
3,763
-
1,846
7,469
198,585


Charge for the year on financed assets
-
-
404
-
264,983


Disposals
-
-
(8,700)
-
-



At 31 December 2023

7,736
10,199
8,372
141,308
3,058,605



Net book value



At 31 December 2023
180,427
-
25,142
11,502
1,024,175



At 31 December 2022
114,691
-
3,128
17,322
1,218,966
Page 26

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
4,111,977


Additions
364,189


Disposals
(8,700)



At 31 December 2023

4,467,466



Depreciation


At 1 January 2023
2,757,870


Charge for the year on owned assets
211,663


Charge for the year on financed assets
265,387


Disposals
(8,700)



At 31 December 2023

3,226,220



Net book value



At 31 December 2023
1,241,246



At 31 December 2022
1,354,107

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
23,860
-

Tools and equipment
452,451
717,434

476,311
717,434

Page 27

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Stocks

2023
2022
£
£

Work in progress
427,755
540,784

Finished goods and goods for resale
3,407,818
3,727,241



16.


Debtors

2023
2022
£
£


Trade debtors
2,267,969
2,492,935

Other debtors
4,775
3,525

Called up share capital not paid
-
6

Prepayments and accrued income
138,110
110,223

2,410,854
2,606,689



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
519,165
96,147

Less: bank overdrafts
-
(9,041)

519,165
87,106


Page 28

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
9,041

Trade creditors
520,965
629,068

Corporation tax
306,037
322,340

Other taxation and social security
651,657
652,933

Obligations under finance lease and hire purchase contracts
249,302
254,140

Proceeds of factored debts
575,913
1,085,975

Other creditors
49,415
6,804

Accruals and deferred income
106,150
80,460

2,459,439
3,040,761



19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
267,240
495,157

Accruals and deferred income
45,650
78,209

312,890
573,366



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
249,302
254,140

Between 1-5 years
267,240
495,157

516,542
749,297

Page 29

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation




2023
2022


£

£






At beginning of year
278,039
270,483


Charged to profit or loss
(31,661)
7,556



At end of year
246,378
278,039

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
246,378
278,039


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) A Ordinary share of £1.00
1
1
1 (2022 - 1) B Ordinary share of £1.00
1
1
1 (2022 - 1) C Ordinary share of £1.00
1
1
1 (2022 - 1) D Ordinary share of £1.00
1
1
1 (2022 - 1) E Ordinary share of £1.00
1
1
1 (2022 - 1) F Ordinary share of £1.00
1
1
100 (2022 - 100) Ordinary shares of £1.00 each
100
100

106

106



23.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 30

 
SUSCOM INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £393,517 2022 - £109,196). Contributions totalling £3,044 (2022 - £2,785) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
246,732
246,732

Later than 1 year and not later than 5 years
980,000
980,000

Later than 5 years
921,667
1,166,667

2,148,399
2,393,399


26.


Related party transactions

At the year end, the directors were owed £46,371 (2022 - £4,019).
The Company paid dividends of £252,000 (2022 - £247,000) to the directors, who are shareholders, during the year. 
During the year purchases totalling £41,333 were made from an entity with common control, no amount was outstanding at teh year end. 


27.


Controlling party

The Company is controlled by it's director and shareholders Mr D and Mrs M B Tartaglione.

 
Page 31