Registration number:
Sybron (UK) Limited
for the Year Ended 31 March 2024
Sybron (UK) Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Sybron (UK) Limited
Company Information
Directors |
Mr T Henwood Mr S Henwood Miss KA Henwood Mr M C Newson Mr G Mason Mr B Henwood Mr C Henwood |
Company secretary |
Mr T Henwood |
Registered office |
|
Auditors |
|
Sybron (UK) Limited
Strategic Report for the Year Ended 31 March 2024
The directors present their strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the company is that of the supply of catering, cleaning and hygiene disposable products to the service sector.
Executive Summary
Sybron, a family-owned business, has emerged as a leading supplier of cleaning, hygiene, and catering products Sybron, a family-owned business, has established itself as a leading supplier of cleaning, hygiene, and catering products in the UK, boasting an impressive annual turnover of £24.2 million. Sybron’s unwavering commitment to reliability, exceptional service, and competitive pricing are the pillars of its success. This report outlines Sybron’s strategic objectives, key values, and market positioning, highlighting the company's continued journey of growth and innovation.
Contents:
Report Contributors;
Kathryn Henwood, Executive Director; Trevor Henwood, Finance Director; Bradley Henwood, Operations Director; George Mason, Sales & Marketing Director; Chris Henwood, Business Development Director
Sybron (UK) Limited
Strategic Report for the Year Ended 31 March 2024
1.Company Overview
With operations based in Harlow, Essex, Sybron employs 74 dedicated professionals who support a robust logistical network servicing over 1,400 sites across the UK. The company’s fleet of 26 vehicles delivers a diverse portfolio of over 2,000 stocked products. Maintaining a remarkable 98% customer retention rate, Sybron not only provides products but positions itself as a trusted partner to its clients.
2. Objectives
Sybron’s strategic objectives are rooted in its commitment to both clients and employees.
3. Competitive Advantage
Sybron’s market position is underpinned by four key competitive advantages:
Reliability: A commitment to continuous improvement in the supply chain ensures dependable service, setting Sybron apart in a market where consistency is crucial.
Service: Sybron’s approach to customer service goes beyond fulfilling orders, positioning the company as a reliable partner invested in the success of its clients.
Price: Sybron balances competitive pricing with quality, ensuring that customers receive the best value without compromising on service standards.
Growth: Controlled and responsible growth is a hallmark of Sybron’s business strategy, allowing the company to expand without losing sight of its core values.
4. Key Strategies
Sybron’s strategic approach focuses on:
People: Investing in talent acquisition, retention, and development to ensure a skilled and motivated workforce.
Service Differentiation: Elevating customer service as a distinct competitive advantage, going beyond product offerings to provide a comprehensive support experience.
Innovation: Committing to continuous improvement across all aspects of the business to maintain competitive advantage and drive growth.
Controlled Growth: Balancing expansion with the need to protect operational integrity and maintain high service standards.
Social Responsibility: Emphasizing sustainable practices and diversity initiatives, including achieving carbon neutrality and adhering to rigorous environmental standards.
Sybron (UK) Limited
Strategic Report for the Year Ended 31 March 2024
5. Core Values
Sybron’s core values are the foundation of its operational ethos:
Family Run: The company’s family-run nature fosters a positive, collaborative, and productive workplace culture.
Innovation: In a competitive and evolving market, Sybron’s commitment to innovation drives its business forward, ensuring that the company remains relevant and competitive.
Customer Service: Distinguished by its dedication to service, Sybron’s approach creates a unique value proposition that resonates with clients.
Teamwork: Collaboration is central to Sybron’s success, enabling greater efficiency and a shared commitment to excellence.
6. SWOT Analysis
A recent SWOT analysis highlights Sybron’s strengths, areas for improvement, opportunities, and potential threats:
Sybron (UK) Limited
Strategic Report for the Year Ended 31 March 2024
7. Strategy Summary
Drivers of Revenue Growth:
A key contributor to our growth is strong business retention, with 23% of Sybron’s revenue secured through contracts ranging from one to four years. This contractual commitment enables us to invest in enhancing our unique selling propositions (USPs), which continues to attract new business. Subsequently, our improved service offerings are now drawing in larger corporate clients, with four of our top ten customers joining Sybron during the financial year. The board remains confident in the current growth trajectory, supported by a robust strategy for managing expansion.
Financial Highlights:
Sybron achieved pre-tax earnings of £3.7 million, reflecting a 59% increase from the previous financial year. Revenue rose by 18% to £24.2 million. Net profit improved to 11.3% of revenue, up from 9% in the prior year, demonstrating stable and profitable growth.
Operational Improvements:
Our gross margin increased to 36.6%, a 2.2% improvement over the previous year. Strategic investments in technology and process enhancements have enabled Sybron to scale efficiently without proportional increases in headcount, fleet, or office space. Under the guidance of the directors, the company continues to optimise operations, fine-tuning every aspect of the business to work smarter.
Outlook for the Future:
Looking ahead, the directors anticipate another strong year for Sybron, with revenue projected between £26 million and £28 million. Our focus remains on controlled growth to ensure that service levels are not compromised. By prioritising strategic investments and carefully selecting business opportunities, Sybron is committed to maintaining service continuity for all stakeholders.
8. Sector & Market Review
The market analysis positions Sybron among the leading firms in the industry, with growth rates and profitability metrics that outperform many peers. Despite challenges such as declining gross margins industry-wide, Sybron’s focus on efficiency and value creation allows it to maintain a strong market presence. The graph below shows Sybrons (labelled as ‘You’) position amongst the industry.
Sybron (UK) Limited
Strategic Report for the Year Ended 31 March 2024
9. Recent Achievements
We proudly celebrated 20 years in business and are excited to continue collaborating with all our stakeholders as we advance. We became the UK distribution partner for Mydrap and successfully launched a new line of proprietary products, including a range of bamboo paper items under our SySoft brand. Additionally, we implemented a new CRM system to enhance our customer relationship management.
10. Conclusion
Sybron continues to navigate a dynamic market landscape with a clear focus on its core values of service, innovation, and growth. The company’s strategic initiatives are designed to enhance its market position, support its employees, and deliver exceptional value to its clients. As Sybron looks toward the future, it remains dedicated to upholding its legacy of excellence while embracing new opportunities for success.
Approved and authorised by the
......................................... |
Sybron (UK) Limited
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The directors are responsible for managing the financial risks the company is exposed to and closely monitor such risks to mitigate them to the greatest possible extent.
Price risk, credit risk, liquidity risk and cash flow risk
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and bank borrowings. The main purpose of these instruments is to finance the business's operations.
In respect of bank balances and borrowings, advice on the financial risks is closely monitored by the company to maintain appropriate balances and to ensure all such risks are mitigated to an acceptable level.
Trade debtors are monitored by the company, managing the credit risks through the appropriate use of financial references and regular monitoring of amounts outstanding. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Sybron (UK) Limited
Directors' Report for the Year Ended 31 March 2024
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 UK 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. |
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.
Disclosure of information to the auditors
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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Landmark Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
......................................... |
Sybron (UK) Limited
Independent Auditor's Report to the Members of Sybron (UK) Limited
Opinion
We have audited the financial statements of Sybron (UK) Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 2024 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Sybron (UK) Limited
Independent Auditor's Report to the Members of Sybron (UK) Limited
Opinion on other matter 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 where 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 8], 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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Sybron (UK) Limited
Independent Auditor's Report to the Members of Sybron (UK) Limited
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
Sybron (UK) Limited
Independent Auditor's Report to the Members of Sybron (UK) Limited
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 Auditors
Leavesden Park
5 Hercules Way
Hertfordshire
WD25 7GS
Sybron (UK) Limited
Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
84,009 |
3,451 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
2,677,616 |
1,137,628 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
4,976,596 |
2,677,616 |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Sybron (UK) Limited
(Registration number: 04624360)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|||
£ |
£ |
£ |
£ |
||
Fixed assets |
|||||
Intangible assets |
|
|
|||
Tangible assets |
|
|
|||
|
|
||||
Current assets |
|||||
Stocks |
|
|
|||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts falling due within one year |
( |
( |
|||
Net current assets |
|
|
|||
Total assets less current liabilities |
|
|
|||
Provisions for liabilities |
( |
( |
|||
Net assets |
|
|
|||
Capital and reserves |
|||||
Called up share capital |
|
|
|||
Retained earnings |
|
|
|||
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
Sybron (UK) Limited
Statement of Cash Flows for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Corporation tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Corporation taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
- |
( |
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
2,378,087 |
950,603 |
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
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
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of these accounts is £ Sterling. The level of rounding is to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Sybron (UK) 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 assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% Straight line |
Fixtures, fittings & equipment |
20% Straight line |
Office equipment |
25% Straight line |
Motor vehicles |
25% Straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development costs |
25% Straight line |
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 are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
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
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.
Financial instruments
Classification
Recognition and measurement
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
Gain on disposal of Tangible assets |
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Distribution |
|
|
Directors |
|
|
|
|
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
676,546 |
682,590 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax increase from other short-term timing differences |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
Accelerated capital allowances |
|
|
2023 |
Liability |
Accelerated capital allowances |
|
|
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Intangible assets |
Website development costs |
Total |
|
Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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Amortisation charge |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Amortisation of intangible fixed assets is included in administrative expenses.
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||||
At 1 April 2023 |
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|
|
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|
Additions |
|
|
|
|
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Disposals |
- |
( |
( |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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|
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Charge for the year |
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|
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Eliminated on disposal |
- |
( |
( |
( |
( |
At 31 March 2024 |
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|
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Restriction on title and pledged as security
Stocks |
2024 |
2023 |
|
Goods for resale |
|
|
The carrying amount of stocks pledged as security for liabilities amounted to £1,660,828 (2023 - £1,488,621).
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
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|
Prepayments |
|
|
|
Accrued income |
|
|
|
Corporation tax asset |
|
|
|
|
|
Details of non-current trade and other debtors
£Nil (2023 -£45,816) of other debtors is classified as non current.
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
( |
( |
Cash and cash equivalents in statement of cash flows |
2,378,087 |
950,603 |
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
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Loans and borrowings |
|
|
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Trade creditors |
|
|
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Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Accruals |
|
|
|
Corporation tax |
447,982 |
434,548 |
|
|
|
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 March 2024 |
|
|
|
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
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
850 |
|
850 |
|
|
150 |
|
150 |
|
|
|
|
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
- |
|
Bank overdrafts |
|
|
|
|
The bank borrowings and overdrafts of £698,846 (2023 - £632,935) are secured by legal charges over all assets of the company.
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 |
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Later than one year and not later than five years |
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|
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
2024 |
2023 |
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Interim dividend of £ |
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Interim dividend of £ |
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Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Related party transactions |
Key management personnel
Key management personnel consists of the company's directors.
Transactions with directors |
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
Loans to Directors (interest accrued at 2% to 2.25% and repayable on demand) |
|
|
( |
|
Loans to Directors (interest accrued at 3% and repayable in instalments) |
|
- |
( |
- |
291,807 |
632,883 |
(397,875) |
526,815 |
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
Loans to Directors (interest accrued at 2% to 2.25% and repayable on demand) |
|
|
( |
|
Loans to Directors (interest accrued at 3% and repayable in instalments) |
|
|
( |
|
246,820 |
335,287 |
(290,300) |
291,807 |
|
Dividends paid to directors
2024 |
2023 |
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Dividends paid to directors |
340,000 |
238,000 |
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Summary of transactions with other related parties
During the year the company paid dividends of £94,001 (2023 - £74,600) to other related parties.
During the year the company paid pension contributions of £40,000 (2023 - £60,000) to other related parties.
Sybron (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans to related parties
2024 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
Interest transactions |
|
|
At end of period |
|
|
|
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
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