IRIS Accounts Production v24.3.0.553 07210512 Board of Directors 1.4.23 31.3.24 31.3.24 Installing energy efficient insulation true false true true false false false true false Ordinary 0.10000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh072105122023-03-31072105122024-03-31072105122023-04-012024-03-31072105122022-03-31072105122022-04-012023-03-31072105122023-03-3107210512ns15:EnglandWales2023-04-012024-03-3107210512ns14:PoundSterling2023-04-012024-03-3107210512ns10:Director12023-04-012024-03-3107210512ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3107210512ns10:FRS1022023-04-012024-03-3107210512ns10:Audited2023-04-012024-03-3107210512ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3107210512ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3107210512ns10:FullAccounts2023-04-012024-03-310721051212023-04-012024-03-3107210512ns10:OrdinaryShareClass12023-04-012024-03-3107210512ns10:Director22023-04-012024-03-3107210512ns10:CompanySecretary12023-04-012024-03-3107210512ns10:RegisteredOffice2023-04-012024-03-3107210512ns5:CurrentFinancialInstruments2024-03-3107210512ns5:CurrentFinancialInstruments2023-03-3107210512ns5:Non-currentFinancialInstruments2024-03-3107210512ns5:Non-currentFinancialInstruments2023-03-3107210512ns5:ShareCapital2024-03-3107210512ns5:ShareCapital2023-03-3107210512ns5:RetainedEarningsAccumulatedLosses2024-03-3107210512ns5:RetainedEarningsAccumulatedLosses2023-03-3107210512ns5:ShareCapital2022-03-3107210512ns5:RetainedEarningsAccumulatedLosses2022-03-3107210512ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3107210512ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3107210512ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3107210512ns5:ComputerSoftware2023-04-012024-03-3107210512ns5:PlantMachinery2023-04-012024-03-3107210512ns5:FurnitureFittings2023-04-012024-03-3107210512ns5:MotorVehicles2023-04-012024-03-3107210512ns5:ComputerEquipment2023-04-012024-03-3107210512ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-04-012024-03-3107210512ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-04-012023-03-3107210512ns5:OwnedAssets2023-04-012024-03-3107210512ns5:OwnedAssets2022-04-012023-03-3107210512ns5:ComputerSoftware2022-04-012023-03-3107210512112023-04-012024-03-3107210512112022-04-012023-03-3107210512ns5:HirePurchaseContracts2023-04-012024-03-3107210512ns5:HirePurchaseContracts2022-04-012023-03-3107210512ns10:OrdinaryShareClass12022-04-012023-03-3107210512ns5:ComputerSoftware2023-03-3107210512ns5:ComputerSoftware2024-03-3107210512ns5:ComputerSoftware2023-03-3107210512ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3107210512ns5:LeaseholdImprovements2023-03-3107210512ns5:PlantMachinery2023-03-3107210512ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3107210512ns5:LeaseholdImprovements2023-04-012024-03-3107210512ns5:ShortLeaseholdAssetsns5:LandBuildings2024-03-3107210512ns5:LeaseholdImprovements2024-03-3107210512ns5:PlantMachinery2024-03-3107210512ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3107210512ns5:LeaseholdImprovements2023-03-3107210512ns5:PlantMachinery2023-03-3107210512ns5:FurnitureFittings2023-03-3107210512ns5:MotorVehicles2023-03-3107210512ns5:ComputerEquipment2023-03-3107210512ns5:FurnitureFittings2024-03-3107210512ns5:MotorVehicles2024-03-3107210512ns5:ComputerEquipment2024-03-3107210512ns5:FurnitureFittings2023-03-3107210512ns5:MotorVehicles2023-03-3107210512ns5:ComputerEquipment2023-03-3107210512ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3107210512ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107210512ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3107210512ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3107210512ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3107210512ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3107210512ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3107210512ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107210512ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3107210512ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3107210512ns5:HirePurchaseContracts2024-03-3107210512ns5:HirePurchaseContracts2023-03-3107210512ns5:WithinOneYear2024-03-3107210512ns5:WithinOneYear2023-03-3107210512ns5:BetweenOneFiveYears2024-03-3107210512ns5:BetweenOneFiveYears2023-03-3107210512ns5:AllPeriods2024-03-3107210512ns5:AllPeriods2023-03-3107210512ns5:DeferredTaxation2023-03-3107210512ns5:DeferredTaxation2024-03-3107210512ns10:OrdinaryShareClass12024-03-3107210512ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: 07210512 (England and Wales)









SOUTH COAST INSULATION SERVICES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


SOUTH COAST INSULATION SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: N M I Gillanders
Mrs B C Davis



SECRETARY: Mrs B C Davis



REGISTERED OFFICE: Unit 12a
I O Centre
Stephenson Road
Fareham
Hants
PO15 5RU



REGISTERED NUMBER: 07210512 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Underwood



AUDITORS: Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Principal activity
The principal activity of the company is that of sourcing and installing insulation and other energy saving measures to create safer, warmer, more energy efficient homes.

Business Review
During the year to March 2024, the company delivered strong revenue and profit growth, in a challenging market. The business entered into a new funded market half-way through the year, which has the potential grow significantly over the following years. By successfully navigating this change the company was able to continue growing.

SCIS Ltd became one of a number of group companies in the year when the parent company (SCIS Holdings) acquired a renewable energy business. This has added significant market opportunities and synergy across the Operational functions.

SCIS Ltd have reinforced the close relationships with both its supplier and customer base, becoming a key stakeholder throughout the supply chain. This has been facilitated by a focus on adding value whilst ensuring suppliers are always paid in full and on time, which has resulted in an effective cashflow.

The company has continued to invest in all growth areas needed to realise future forecasts and has maintained focus on the business plan whist dealing with the industry requirements.

Financial Key Performance Indicators
Turnover: £36.04m (2023: £21.85m)
Gross profit: £9.60m (2023: £7,99m)
Profit before tax: £1.644m (2023 £2.676m)

Principal Risks And Uncertainties
The directors consider the principal risks that the company face to be:

Sales and Profit Risk
The company operates in a highly competitive industry that is constantly evolving. The business must be able to adapt quickly to new policy changes and meet the growing demand of its supply partners. By expanding its product offering the company has increased its capabilities to meet obligations whilst diversifying risk.

Debt Risk
The company has a succinct customer base which consists of the big six utility companies. This reduces the risk of potential bad debt due to the scale and funding of these organisations. Furthermore, the majority of the revenue generated is from long-term government backed schemes, which are contracted for a set period of time.

Future Developments of the Company
The company will continue to invest in its people and processes as it grows organically from the strong levels of performance achieved in the year to March 2024. However, the business operates in a competitive market and therefore, alongside organic growth, will be pursuing strategies of growth through acquisition coupled with diversification into complementary markets.

ON BEHALF OF THE BOARD:





N M I Gillanders - Director


14 November 2024

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £1,106,411.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

N M I Gillanders
Mrs B C Davis

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Morris Crocker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N M I Gillanders - Director


14 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH COAST INSULATION SERVICES LIMITED

Opinion
We have audited the financial statements of South Coast Insulation Services Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Auditors' 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH COAST INSULATION SERVICES LIMITED


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 Report of the Directors.

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 three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH COAST INSULATION SERVICES LIMITED


Auditors' 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 a Report of the Auditors 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:

From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern.

Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues and management override concerning the size of the organisation.

We set financial statement materiality level based on the level of income. As a trading organisation generating income is its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level.

Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough testing confirmed documented systems which have been designed to act as a preventative measure against fraud and error which appear to be operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested.

Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override.

The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation.

Management assessed there is no going concern risk. The audit undertook a review of budgets, management accounts and the review of board minutes and came to the same conclusion as management.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH COAST INSULATION SERVICES 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 a Report of the Auditors 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.




Paul Underwood (Senior Statutory Auditor)
for and on behalf of Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU

19 November 2024

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 36,046,573 21,846,815

Cost of sales 26,486,617 13,866,822
GROSS PROFIT 9,559,956 7,979,993

Administrative expenses 7,855,341 5,269,735
OPERATING PROFIT 4 1,704,615 2,710,258


Interest payable and similar expenses 5 60,736 33,837
PROFIT BEFORE TAXATION 1,643,879 2,676,421

Tax on profit 6 356,063 576,876
PROFIT FOR THE FINANCIAL YEAR 1,287,816 2,099,545

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,287,816 2,099,545


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,287,816

2,099,545

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 41,533 68,901
Tangible assets 10 2,813,488 1,492,026
2,855,021 1,560,927

CURRENT ASSETS
Stocks 11 8,602,827 6,747,776
Debtors 12 6,768,304 4,068,098
Cash at bank and in hand 963,161 2,517,330
16,334,292 13,333,204
CREDITORS
Amounts falling due within one year 13 5,902,133 2,304,145
NET CURRENT ASSETS 10,432,159 11,029,059
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,287,180

12,589,986

CREDITORS
Amounts falling due after more than one
year

14

(1,250,743

)

(880,634

)

PROVISIONS FOR LIABILITIES 17 (502,503 ) (356,823 )
NET ASSETS 11,533,934 11,352,529

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 11,533,834 11,352,429
SHAREHOLDERS' FUNDS 11,533,934 11,352,529

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





N M I Gillanders - Director


SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 10,386,118 10,386,218

Changes in equity
Dividends - (1,133,234 ) (1,133,234 )
Total comprehensive income - 2,099,545 2,099,545
Balance at 31 March 2023 100 11,352,429 11,352,529

Changes in equity
Dividends - (1,106,411 ) (1,106,411 )
Total comprehensive income - 1,287,816 1,287,816
Balance at 31 March 2024 100 11,533,834 11,533,934

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 397,762 (1,197,250 )
Interest paid 6,633 (3,075 )
Interest element of hire purchase
payments paid

(67,369

)

(30,762

)
Tax paid (35,219 ) (1,181,821 )
Net cash from operating activities 301,807 (2,412,908 )

Cash flows from investing activities
Purchase of intangible fixed assets - (70,292 )
Purchase of tangible fixed assets (126,586 ) (430,348 )
Sale of intangible fixed assets 16,637 -
Sale of tangible fixed assets 3,567 8,500
Net cash from investing activities (106,382 ) (492,140 )

Cash flows from financing activities
Loan repayments in year (379,554 ) (173,463 )
Capital repayments in year (263,629 ) (254,108 )
Equity dividends paid (1,106,411 ) (1,133,234 )
Net cash from financing activities (1,749,594 ) (1,560,805 )

Decrease in cash and cash equivalents (1,554,169 ) (4,465,853 )
Cash and cash equivalents at
beginning of year

2

2,517,330

6,983,183

Cash and cash equivalents at end of
year

2

963,161

2,517,330

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,643,879 2,676,421
Depreciation charges 604,654 316,669
Profit on disposal of fixed assets (3,567 ) (8,500 )
Non cash adjustment - Bad debts 191,859 121,707
Finance costs 60,736 33,837
2,497,561 3,140,134
Increase in stocks (1,855,051 ) (2,875,786 )
Increase in trade and other debtors (3,156,177 ) (1,449,091 )
Increase/(decrease) in trade and other creditors 2,911,429 (12,507 )
Cash generated from operations 397,762 (1,197,250 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 963,161 2,517,330
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,517,330 6,983,183


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 2,517,330 (1,554,169 ) 963,161
2,517,330 (1,554,169 ) 963,161
Debt
Finance leases (745,391 ) (782,018 ) (1,527,409 )
Debts falling due within 1 year (167,085 ) 167,085 -
Debts falling due after 1 year (384,571 ) 384,571 -
(1,297,047 ) (230,362 ) (1,527,409 )
Total 1,220,283 (1,784,531 ) (564,248 )

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

South Coast Insulation Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting estimates
There has been a significant change in the amortization estimate for intangible assets. This change has been applied prospectively.

CategoryPrevious PolicyNew Policy
Computer softwareStraight line over 10 yearsStraight line over 5 years

This change in policy has been implemented to better reflect the usage and economic benefit derived from this asset. The revised amortisation rate is intended to provide a more accurate allocation of the cost of intangible fixed assets over their useful lives.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company, the revenue can be reliably measured and the revenue can be matched in the same period the service was rendered to the customer. Revenue is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost and 15% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

The measurement basis for the gross carrying amount of tangible fixed assets is cost less depreciation less any identified impairment.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other 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.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Right of use assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,622,745 4,334,147
Social security costs 333,346 238,994
Other pension costs 84,481 38,845
7,040,572 4,611,986

The average number of employees during the year was as follows:
2024 2023

Employees 78 87

2024 2023
£    £   
Directors' remuneration 82,883 71,852

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 261,624 214,998
Other operating leases 45,500 104,607
Depreciation - owned assets 593,922 315,277
Profit on disposal of fixed assets (3,567 ) (8,500 )
Computer software amortisation 10,731 1,391
Health and Safety 38,692 10,547
Auditor's Remuneration 21,875 30,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest (11,650 ) (18,035 )
Bank loan interest 5,017 21,110
Hire purchase interest 67,369 30,762
60,736 33,837

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 210,383 323,388

Deferred tax 145,680 253,488
Tax on profit 356,063 576,876

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,643,879 2,676,421
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

410,970

508,520

Effects of:
Expenses not deductible for tax purposes 40,242 19,438
Capital allowances in excess of depreciation (144,782 ) (202,953 )
non-trading loan relationships
Deferred tax 145,680 253,488
Loss/(profit) on disposal of fixed assets (892 ) (1,615 )
Group relief (96,705 ) (2 )
Amortisation 1,550 -
Total tax charge 356,063 576,876

Finance (No. 2) Act 2015 was substantively enacted on 26 October 2015 and reduced the main rate of corporation tax in the UK to 19% from 1 April 2017.

Finance Bill 2021 was substantively enacted on 24 May 2021 so from 1 April 2023 the main rate of corporation tax in the UK will increase to 25% for businesses with profits over £250,000, with a marginal rate between that and profits under £50,000, which will continue to be taxed at 19%.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on the tax rates that have been substantively enacted at the balance sheet date.

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £0.1 each
Interim 1,106,411 1,133,234

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. PRIOR YEAR ADJUSTMENT

Cashflow statement:
An adjustment made to the prior period figures in our cash flow statement. Non-cash items pertaining to hire purchases were previously disclosed within the cash flow from operations note and on the face of the cashflow statement under financing activities, which was found to be incorrect.This restatement ensures greater accuracy and transparency in our financial reporting, aligning with the principles of FRS 102.

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023 70,292
Disposals (16,637 )
At 31 March 2024 53,655
AMORTISATION
At 1 April 2023 1,391
Amortisation for year 10,731
At 31 March 2024 12,122
NET BOOK VALUE
At 31 March 2024 41,533
At 31 March 2023 68,901

10. TANGIBLE FIXED ASSETS
Improvements
Right of to Plant and
Use asset property machinery
£    £    £   
COST
At 1 April 2023 - - 283,908
Additions 1,327,401 59,187 58,176
Reclassification/transfer - 649,054 -
At 31 March 2024 1,327,401 708,241 342,084
DEPRECIATION
At 1 April 2023 - - 128,451
Charge for year 206,301 82,744 10,726
At 31 March 2024 206,301 82,744 139,177
NET BOOK VALUE
At 31 March 2024 1,121,100 625,497 202,907
At 31 March 2023 - - 155,457

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 372,918 1,446,192 74,929 2,177,947
Additions 374,967 25,684 69,969 1,915,384
Reclassification/transfer (649,054 ) - - -
At 31 March 2024 98,831 1,471,876 144,898 4,093,331
DEPRECIATION
At 1 April 2023 103,208 407,853 46,409 685,921
Charge for year (61,780 ) 327,275 28,656 593,922
At 31 March 2024 41,428 735,128 75,065 1,279,843
NET BOOK VALUE
At 31 March 2024 57,403 736,748 69,833 2,813,488
At 31 March 2023 269,710 1,038,339 28,520 1,492,026

Assets included within Motor Vehicles with a net book value of £459,093 (2023: £936,299) were held under hire purchase contracts.

During the current financial year, the Company entered into three new lease agreements which are property related. The right-of-use assets recognized for these leases are included within tangible fixed assets.

11. STOCKS
2024 2023
£    £   
Work-in-progress 8,602,827 6,747,776

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,495,175 699,681
Amounts owed by group undertakings 1,765,619 1,598,855
Other debtors 49,174 33,030
Loan - New Elite Ltd 734 734
Retentions 95,280 21,972
VAT 224,136 443,195
Prepayments 3,138,186 1,270,631
6,768,304 4,068,098

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) - 167,085
Hire purchase contracts (see note 16) 276,666 249,328
Trade creditors 3,254,521 1,365,627
American Express Card - 11,450
Amounts owed to group undertakings 849,807 165,343
Corporation tax 210,383 43,868
Social security and other taxes 313,609 78,111
Other creditors 43,283 4,505
Retentions 383,657 -
Pensions Contribution unpaid 30,107 13,410
Accrued expenses 540,100 205,418
5,902,133 2,304,145

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) - 384,571
Hire purchase contracts (see note 16) 1,250,743 496,063
1,250,743 880,634

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 167,085

Amounts falling due between one and two years:
Bank loans - 1-2 years - 160,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 224,571

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 276,666 249,328
Between one and five years 1,250,743 496,063
1,527,409 745,391

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 101,472 101,472
Between one and five years - 101,472
101,472 202,944

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 502,503 356,823

Deferred
tax
£   
Balance at 1 April 2023 356,823
Accelerated capital allowances 145,680
Balance at 31 March 2024 502,503

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £0.1 100 100

The ordinary shares each carry one voting right.

19. RESERVES
Retained
earnings
£   

At 1 April 2023 11,352,429
Profit for the year 1,287,816
Dividends (1,106,411 )
At 31 March 2024 11,533,834

20. PENSION COMMITMENTS

Pension commitments at the year end included in the balance sheet total £30,107 (2023: £13,410).

The amount of pension commitments that are not reflected in the balance sheet is £nil (2023: £nil).

The amount of pension commitments that relate to past directors is £nil (2023: £nil).

SOUTH COAST INSULATION SERVICES LIMITED (REGISTERED NUMBER: 07210512)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

21. ULTIMATE PARENT COMPANY

Mimi & Marble Holdings Limited is regarded by the directors as being the company's ultimate parent company.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have provided a guarantee for the bank loan. The balance outstanding at the year end was £nil (2023: £7,085).

The directors have not had to make any payments to fulfill the bank loan.

23. RELATED PARTY DISCLOSURES

VoltwaveUK Ltd was incorporated 16/09/2023 with Mr Gillanders owning 50% of the shares. The transactions during the year with this company totalled £307,470 with £0 outstanding at year end.

24. INTEREST RATE BENCHMARK REFORM

The company are unaffected by the Interest Rate Benchmark Reform.