J. Sives Surfacing Limited SC115796 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is provision of surfacing contractor services. Digita Accounts Production Advanced 6.30.9574.0 true true SC115796 2023-04-01 2024-03-31 SC115796 2024-03-31 SC115796 bus:OrdinaryShareClass1 2024-03-31 SC115796 bus:OrdinaryShareClass2 2024-03-31 SC115796 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 SC115796 core:CurrentFinancialInstruments 2024-03-31 SC115796 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC115796 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC115796 core:WithinOneYear 2024-03-31 SC115796 core:FurnitureFittingsToolsEquipment 2024-03-31 SC115796 core:MotorVehicles 2024-03-31 SC115796 core:ParentEntities 2024-03-31 SC115796 bus:SmallEntities 2023-04-01 2024-03-31 SC115796 bus:Audited 2023-04-01 2024-03-31 SC115796 bus:FilletedAccounts 2023-04-01 2024-03-31 SC115796 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC115796 bus:RegisteredOffice 2023-04-01 2024-03-31 SC115796 bus:Director1 2023-04-01 2024-03-31 SC115796 bus:Director3 2023-04-01 2024-03-31 SC115796 bus:Director6 2023-04-01 2024-03-31 SC115796 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC115796 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC115796 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC115796 core:FurnitureFittings 2023-04-01 2024-03-31 SC115796 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC115796 core:MotorVehicles 2023-04-01 2024-03-31 SC115796 core:OfficeEquipment 2023-04-01 2024-03-31 SC115796 core:PlantMachinery 2023-04-01 2024-03-31 SC115796 core:ParentEntities 2023-04-01 2024-03-31 SC115796 countries:Scotland 2023-04-01 2024-03-31 SC115796 2023-03-31 SC115796 core:FurnitureFittingsToolsEquipment 2023-03-31 SC115796 core:MotorVehicles 2023-03-31 SC115796 core:ParentEntities 2023-03-31 SC115796 2022-04-01 2023-03-31 SC115796 2023-03-31 SC115796 bus:OrdinaryShareClass1 2023-03-31 SC115796 bus:OrdinaryShareClass2 2023-03-31 SC115796 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC115796 core:CurrentFinancialInstruments 2023-03-31 SC115796 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC115796 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC115796 core:WithinOneYear 2023-03-31 SC115796 core:FurnitureFittingsToolsEquipment 2023-03-31 SC115796 core:MotorVehicles 2023-03-31 SC115796 core:ParentEntities 2023-03-31 SC115796 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC115796 core:ParentEntities 2022-04-01 2023-03-31 SC115796 core:ParentEntities 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC115796

J. Sives Surfacing Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

J. Sives Surfacing Limited

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Balance Sheet

3

Notes to the Financial Statements

4 to 10

 

J. Sives Surfacing Limited

Company Information

Directors

C M Smith

J Ross

C Rogers

Registered office

91B West Savile Terrace
Edinburgh
Lothian
EH9 3DP

Auditors

Brown, Scott & Main
Statutory Auditor
31 Townsend Place
Kirkcaldy
Scotland
KY1 1HB

 

J. Sives Surfacing 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;

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 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.

 

J. Sives Surfacing Limited

(Registration number: SC115796)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

174,784

386

Current assets

 

Stock

6

5,913

500

Debtors

7

934,311

550,597

Cash at bank and in hand

 

345,622

736,327

 

1,285,846

1,287,424

Creditors: Amounts falling due within one year

8

(1,023,512)

(894,597)

Net current assets

 

262,334

392,827

Total assets less current liabilities

 

437,118

393,213

Creditors: Amounts falling due after more than one year

8

(126,140)

-

Provisions for liabilities

(43,697)

(74)

Net assets

 

267,281

393,139

Capital and reserves

 

Called up share capital

15

200,000

200,000

Retained earnings

67,281

193,139

Shareholders' funds

 

267,281

393,139

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

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

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

.........................................
C M Smith
Director

 

J. Sives Surfacing Limited

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

1

General information

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

The address of its registered office and place of business is:
91B West Savile Terrace
Edinburgh
Lothian
EH9 3DP
UK

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentation currency is sterling.

Going concern

The financial statements have been prepared on the going concern basis. The company achieved a profit after taxation of £347,262 (2023 £585,471) in the year and at its year end had net assets of £267,281 (2023 £393,139). The directors are satisfied the company will be able to meet its working capital requirements as they fall due and the company will be able to continue to trade for the foreseeable future.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 10 October 2024 was Alexander Main CA, who signed for and on behalf of Brown, Scott & Main.

.........................................

Revenue recognition

Turnover represents the total value of work done during the year on short term construction contracts, excluding value added tax and including retentions receivable on work done. Revenue is recognised as earned to the extent that the company obtains the right to consideration in exchange for its performance under those contracts. For incomplete contracts, where their outcome can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion of the contract at the balance sheet date. Unbilled revenue at the year end is included in debtors and amounts billed in advance of revenue earned is included in creditors. Where it is probable that contract costs paid exceed the total contract turnover, the expected loss is recognised as an expense immediately.

Tax

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

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

Tax losses surrendered to any group company are paid in full by the claimant company.

 

J. Sives Surfacing Limited

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

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost less residual value of each asset over its estimated useful life, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% per annum straight line

Office equipment

25% per annum straight line

Furniture and fittings

25% per annum straight line

Motor vehicles

20% oer annum straight line


Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank 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 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.

Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and 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.

Borrowings

 

J. Sives Surfacing Limited

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

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

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

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

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.

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

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

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates defined contribution schemes which are pension plans 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.

The pension costs charged in the financial statements represent amounts paid to two (2023 - two) defined contribution schemes. In the previous year one of those schemes was operated for a director. The other two schemes are automatic enrolment schemes operated for the company's office and site based employees. The assets of these schemes are held separately from those of the company in independently administered funds. Employer pension contributions to defined contribution plans are recognised as an employee benefit expense when they are due.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 22).

 

J. Sives Surfacing Limited

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

4

Taxation

2024

2023

£

£

Current tax:

UK corporation tax

74,623

138,310

Deferred tax

43,623

(125)

118,246

138,185

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

65,316

-

65,316

Additions

369

182,133

182,502

At 31 March 2024

65,685

182,133

247,818

Depreciation

At 1 April 2023

64,930

-

64,930

Charge for the year

463

7,641

8,104

At 31 March 2024

65,393

7,641

73,034

Carrying amount

At 31 March 2024

292

174,492

174,784

At 31 March 2023

386

-

386

6

Stock

2024
£

2023
£

Work in progress

5,413

-

Materials

500

500

5,913

500

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

893,424

481,603

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

14

-

54,000

Prepayments

 

-

3,170

Other debtors

 

40,887

11,824

 

934,311

550,597

 

J. Sives Surfacing Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

32,796

-

Trade creditors

 

546,437

449,893

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

14

-

90,000

Taxation and social security

 

119,735

290,528

Accruals and deferred income

 

26,261

64,176

Other creditors

 

298,283

-

 

1,023,512

894,597

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £32,796 (2023 - £-Nil).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

126,140

-

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £126,140 (2023 - £Nil).

9

Provisions for liabilities

2024

2023

£

£

Deferred tax liabilities

43,697

74

Deferred tax

£

Balance at

1 April 2023

74

Charge to income statement during year

43,623

Balance at

31 March 2024

43,697

 

J. Sives Surfacing Limited

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

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

13,200

22,027

The amount of non-cancellable operating lease payments recognised as an expense during the year was £22,027 (2023 - £19,726).

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase and finance lease liabilities

126,140

-

Current loans and borrowings

2024
£

2023
£

Hire purchase and finance lease liabilities

32,796

-

12

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividends of £2.957 (2023 - £2.9375) per each S Ordinary share(s)

 

473,120

 

470,000

         

13

Financial commitments, guarantees and contingencies

Guarantee
The company has provided a floating charge over all its property, undertakings, assets and rights in favour of The Royal Bank of Scotland PLC for its obligations. At 31 March 2024 its holding company's borrowings amounted to £143,601 (2023 - £274,599).

 

J. Sives Surfacing Limited

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

14

Related party transactions

Loans to related parties

2024

Parent
£

At start of period

54,000

Repaid

(54,000)

At end of period

-

2023

Parent
£

At start of period

49,826

Advanced

42,000

Repaid

(37,826)

At end of period

54,000

Terms of loans to related parties

The balance due from the company's current parent undertaking, CJC Surfacing Ltd, was interest free and had no fixed repayment date.

 

15

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

S Ordinary share(s) of £1 each

160,000

160,000

160,000

160,000

G Ordinary share(s) of £1 each

40,000

40,000

40,000

40,000

200,000

200,000

200,000

200,000