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REGISTERED NUMBER: 04906215 (England and Wales)











Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

S & B Industrial Investments Limited

S & B Industrial Investments Limited (Registered number: 04906215)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


S & B Industrial Investments Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Miss S R Broadley
Miss S J Broadley





SECRETARY: Mrs K J Broadley





REGISTERED OFFICE: 39 High Street
Wednesfield
Wolverhampton
West Midlands
WV11 1ST





BUSINESS ADDRESS: 26 Purbrook Road
Monmore Green
Wolverhampton
West Midlands
WV1 2EJ





REGISTERED NUMBER: 04906215 (England and Wales)





AUDITORS: Crowther Jordan Limited
Chartered Accountants
Statutory Auditors
39 High Street
Wednesfield
Wolverhampton
West Midlands
WV11 1ST

S & B Industrial Investments Limited (Registered number: 04906215)

Group Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The results for the financial year and the financial position of the group are shown in the annexed financial statements.

The group continued to operate principally as a UK based waste management and recycling operator. The majority of group operating income is derived from S & B Waste Management & Recycling Limited. Group Turnover increased by 1.8% compared to 2023 and net profit before tax increased by 57% to £4,452,932. The directors are satisfied with the improvement in turnover and gross profit margin achieved during the year.

The Company's key financial and other performance indicators during the year were as follows:

2024 2023
Turnover £13,530,009 £13,294,129
Gross profit £ 5,678,418 £ 4,632,139
Gross profit % 41.97 34.84
Profit before taxation £ 4,452,932 £ 2,834,073

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties affecting the company relate mainly to the subsidiary company, S & B Waste Management & Recycling Limited.

The waste management and recycling sector has experienced volatility in recent years and expansion has been difficult to predict. The outlook for 2025 and beyond is uncertain with the UK economy fluctuating between recession and growth. Local competition. and continuing increases in landfill taxes remains a key risk to the group.
.
The waste industry remains under pressure to reduce landfill and develop innovative and environmentally friendly techniques and processes to manage waste and waste product. The group is continually evolving processes and procedures to minimise the costs of landfill and increase levels of recycling and continues to investigate the technical and financial feasibility of waste to energy technology. Management believe this technology is key to future development and success.Whilst remaining fully committed to Waste to Energy, entry to this segment of the waste sector is challenging as the costs of developing and commissioning the technology, already high, continue to increase. Identifying a suitable partner is also proving problematic as financial and technological risks mount. More recently, public opposition and adverse media coverage of these plants has further increased reducing the appetite for new installations.

DEVELOPMENT AND FUTURE OUTLOOK
The market for waste management is expected to remain volatile in the short to medium term with overall demand remaining at current levels due to the recessionary influences acting on the economy. The directors are committed to ensuring that the group operates in an environmentally aware, efficient manner and that it remains competitive in a changing market place by investing principally in new, innovative technologies.

The activities of the group are expected to continue unchanged for the foreseeable future.


S & B Industrial Investments Limited (Registered number: 04906215)

Group Strategic Report
for the Year Ended 31 March 2024

CONCLUSION
The directors expect provision of core services to remain at current levels in 2025 with modest non-inflationary growth only. Any UK recession may impact on overall levels of demand but the volatility of the sector could present additional opportunities for growth.

Investment in plant, equipment and associated technologies will be maintained and working practices improved to produce greater operating efficiencies and greater profitability.

ON BEHALF OF THE BOARD:





Miss S R Broadley - Director


26 November 2024

S & B Industrial Investments Limited (Registered number: 04906215)

Report of the Directors
for the Year Ended 31 March 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of waste management.

DIVIDENDS
Interim dividends totalling £3400 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 680,000 .

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

Miss S R Broadley
Miss S J Broadley

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

S & B Industrial Investments Limited (Registered number: 04906215)

Report of the Directors
for the Year Ended 31 March 2024



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 group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Miss S R Broadley - Director


26 November 2024

Report of the Independent Auditors to the Members of
S & B Industrial Investments Limited

Opinion
We have audited the financial statements of S & B Industrial Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
S & B Industrial Investments Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
S & B Industrial Investments 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:

We identified areas of laws and regulation that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors, and other management, and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws, and regulations through our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), pensions legislation, and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the the procedures undertaken to detect irregularities vary from audit to audit, based on the specific audit risks identified and assessed as material, the procedures may include the following:

* Enquiry of management and key staff

* Reviewing minutes of meetings

* Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

* Performing audit work over the risk of management override including testing of journals and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

In addition, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines. We identified the following areas as those most likely to have such an effect: health and safety, General Data Protection Regulation (GDP), fraud, bribery and corruption and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
S & B Industrial Investments 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.




Stephen Gray BSc, FCA (Senior Statutory Auditor)
for and on behalf of Crowther Jordan Limited
Chartered Accountants
Statutory Auditors
39 High Street
Wednesfield
Wolverhampton
West Midlands
WV11 1ST

26 November 2024

S & B Industrial Investments Limited (Registered number: 04906215)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 13,530,009 13,294,129

Cost of sales (7,851,591 ) (8,661,994 )
GROSS PROFIT 5,678,418 4,632,135

Administrative expenses (1,501,985 ) (1,853,252 )
4,176,433 2,778,883

Other operating income 13,129 8,458
OPERATING PROFIT 4 4,189,562 2,787,341

Interest receivable and similar income 268,612 58,282
4,458,174 2,845,623

Interest payable and similar expenses 5 (5,242 ) (11,552 )
PROFIT BEFORE TAXATION 4,452,932 2,834,071

Tax on profit 6 (1,188,810 ) (520,199 )
PROFIT FOR THE FINANCIAL YEAR 3,264,122 2,313,872

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

3,264,122

2,313,872

Profit attributable to:
Owners of the parent 3,264,122 2,313,872

Total comprehensive income attributable to:
Owners of the parent 3,264,122 2,313,872

S & B Industrial Investments Limited (Registered number: 04906215)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 25,053 37,579
Tangible assets 10 5,236,921 5,341,994
Investments 11 - -
Investment property 12 1,710,000 1,710,000
6,971,974 7,089,573

CURRENT ASSETS
Stocks 13 55,750 55,000
Debtors 14 5,581,289 5,282,197
Cash at bank and in hand 7,689,496 4,961,527
13,326,535 10,298,724
CREDITORS
Amounts falling due within one year 15 (1,385,933 ) (1,153,905 )
NET CURRENT ASSETS 11,940,602 9,144,819
TOTAL ASSETS LESS CURRENT LIABILITIES 18,912,576 16,234,392

CREDITORS
Amounts falling due after more than one year 16 - (15,661 )

PROVISIONS FOR LIABILITIES 19 (582,751 ) (473,028 )
NET ASSETS 18,329,825 15,745,703

CAPITAL AND RESERVES
Called up share capital 20 200 200
Other reserves 21 377,588 377,588
Retained earnings 21 17,952,037 15,367,915
SHAREHOLDERS' FUNDS 18,329,825 15,745,703

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Miss S R Broadley - Director


S & B Industrial Investments Limited (Registered number: 04906215)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 7,300 10,950
Tangible assets 10 2,650,985 2,652,498
Investments 11 746,393 746,393
Investment property 12 4,346,334 4,346,334
7,751,012 7,756,175

CURRENT ASSETS
Debtors 14 1,579,138 1,517,136
Cash at bank 7,180,681 4,705,342
8,759,819 6,222,478
CREDITORS
Amounts falling due within one year 15 (3,471,691 ) (1,557,416 )
NET CURRENT ASSETS 5,288,128 4,665,062
TOTAL ASSETS LESS CURRENT LIABILITIES 13,039,140 12,421,237

PROVISIONS FOR LIABILITIES 19 (478,031 ) (395,608 )
NET ASSETS 12,561,109 12,025,629

CAPITAL AND RESERVES
Called up share capital 20 200 200
Other reserves 21 1,463,469 1,463,469
Retained earnings 21 11,097,440 10,561,960
SHAREHOLDERS' FUNDS 12,561,109 12,025,629

Company's profit for the financial year 1,215,480 1,088,220

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Miss S R Broadley - Director


S & B Industrial Investments Limited (Registered number: 04906215)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 April 2022 200 13,234,043 377,588 13,611,831

Changes in equity
Dividends - (180,000 ) - (180,000 )
Total comprehensive income - 2,313,872 - 2,313,872
Balance at 31 March 2023 200 15,367,915 377,588 15,745,703

Changes in equity
Dividends - (680,000 ) - (680,000 )
Total comprehensive income - 3,264,122 - 3,264,122
Balance at 31 March 2024 200 17,952,037 377,588 18,329,825

S & B Industrial Investments Limited (Registered number: 04906215)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 April 2022 200 9,653,740 1,463,469 11,117,409

Changes in equity
Dividends - (180,000 ) - (180,000 )
Total comprehensive income - 1,088,220 - 1,088,220
Balance at 31 March 2023 200 10,561,960 1,463,469 12,025,629

Changes in equity
Dividends - (680,000 ) - (680,000 )
Total comprehensive income - 1,215,480 - 1,215,480
Balance at 31 March 2024 200 11,097,440 1,463,469 12,561,109

S & B Industrial Investments Limited (Registered number: 04906215)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,914,782 3,690,039
Interest element of hire purchase payments
paid

(5,242

)

(11,552

)
Finance costs paid (1 ) -
Tax paid (850,923 ) (384,977 )
Net cash from operating activities 4,058,616 3,293,510

Cash flows from investing activities
Purchase of tangible fixed assets (827,031 ) (1,021,509 )
Sale of tangible fixed assets 24,872 68,663
Interest received 268,612 58,282
Net cash from investing activities (533,547 ) (894,564 )

Cash flows from financing activities
Capital repayments in year (117,100 ) (104,041 )
Equity dividends paid (680,000 ) (180,000 )
Net cash from financing activities (797,100 ) (284,041 )

Increase in cash and cash equivalents 2,727,969 2,114,905
Cash and cash equivalents at beginning of
year

2

4,961,527

2,846,622

Cash and cash equivalents at end of year 2 7,689,496 4,961,527

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

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

31.3.24 31.3.23
£    £   
Profit before taxation 4,452,932 2,834,071
Depreciation charges 914,508 941,605
Loss on disposal of fixed assets 5,251 4,770
Finance costs 5,242 11,552
Finance income (268,612 ) (58,282 )
5,109,321 3,733,716
Increase in stocks (750 ) (500 )
Increase in trade and other debtors (203,981 ) (46,203 )
Increase in trade and other creditors 10,192 3,026
Cash generated from operations 4,914,782 3,690,039

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 7,689,496 4,961,527
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 4,961,527 2,846,622


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 4,961,527 2,727,969 7,689,496
4,961,527 2,727,969 7,689,496
Debt
Finance leases (132,761 ) 117,100 (15,661 )
(132,761 ) 117,100 (15,661 )
Total 4,828,766 2,845,069 7,673,835

S & B Industrial Investments Limited (Registered number: 04906215)

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

1. STATUTORY INFORMATION

S & B Industrial Investments 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 General 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 as modified by the revaluation of certain assets.

Basis of consolidation
The accompanying financial statements and related notes present the consolidated financial position as of 31 March 2023 and the consolidated results of the operations and cash flows. All significant intercompany transactions have been eliminated.

Turnover
Turnover represents amounts chargeable in respect of goods and services supplied, excluding value added tax. Turnover from the provision of skips is recognised when the skips are physically delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance and 15% on reducing balance
Skips - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Investment property
The Group carries its investment property at fair value, with changes in fair value being recognised in the profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 1,809,891 1,664,711
Social security costs 174,501 163,735
Other pension costs 28,432 106,314
2,012,824 1,934,760

The average number of employees during the year was as follows:
31.3.24 31.3.23

Management 4 4
Administration 10 10
Direct Labour 50 51
64 65

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 64 (2023 - 65 ) .

31.3.24 31.3.23
£    £   
Directors' remuneration 77,865 74,430
Directors' pension contributions to money purchase schemes - 80,000

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 901,981 847,659
Depreciation - assets on hire purchase contracts - 81,420
Loss on disposal of fixed assets 5,251 4,770
Goodwill amortisation 8,876 8,876
Computer software amortisation 3,650 3,650
Auditors' remuneration 10,500 10,000
Auditors' remuneration for non audit work 9,800 7,750

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Hire purchase 5,242 11,552

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 1,079,087 442,937

Deferred tax 109,723 77,262
Tax on profit 1,188,810 520,199

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

6. TAXATION - continued

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

31.3.24 31.3.23
£    £   
Profit before tax 4,452,932 2,834,071
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

1,113,233

538,473

Effects of:
Expenses not deductible for tax purposes 6,436 15,329
Capital allowances in excess of depreciation (39,254 ) (110,865 )
Marginal relief (1,328 ) -
Deferred tax 109,723 77,262
Total tax charge 1,188,810 520,199

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31.3.24 31.3.23
£    £   
Interim 680,000 180,000

9. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 88,760 18,251 107,011
AMORTISATION
At 1 April 2023 62,132 7,300 69,432
Amortisation for year 8,876 3,650 12,526
At 31 March 2024 71,008 10,950 81,958
NET BOOK VALUE
At 31 March 2024 17,752 7,301 25,053
At 31 March 2023 26,628 10,951 37,579

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

9. INTANGIBLE FIXED ASSETS - continued

Company
Computer
software
£   
COST
At 1 April 2023
and 31 March 2024 18,250
AMORTISATION
At 1 April 2023 7,300
Amortisation for year 3,650
At 31 March 2024 10,950
NET BOOK VALUE
At 31 March 2024 7,300
At 31 March 2023 10,950

10. TANGIBLE FIXED ASSETS

Group
Freehold Plant and
property machinery Skips
£    £    £   
COST
At 1 April 2023 2,259,612 4,087,103 701,630
Additions - 562,395 -
Disposals - (20,348 ) (85,380 )
At 31 March 2024 2,259,612 4,629,150 616,250
DEPRECIATION
At 1 April 2023 355,839 2,177,665 374,794
Charge for year 24,186 370,175 154,063
Eliminated on disposal - (16,343 ) (85,380 )
At 31 March 2024 380,025 2,531,497 443,477
NET BOOK VALUE
At 31 March 2024 1,879,587 2,097,653 172,773
At 31 March 2023 1,903,773 1,909,438 326,836

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 4,389,830 125,618 11,563,793
Additions 249,632 15,004 827,031
Disposals (66,917 ) (6,118 ) (178,763 )
At 31 March 2024 4,572,545 134,504 12,212,061
DEPRECIATION
At 1 April 2023 3,239,773 73,728 6,221,799
Charge for year 343,703 9,854 901,981
Eliminated on disposal (42,003 ) (4,914 ) (148,640 )
At 31 March 2024 3,541,473 78,668 6,975,140
NET BOOK VALUE
At 31 March 2024 1,031,072 55,836 5,236,921
At 31 March 2023 1,150,057 51,890 5,341,994

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 346,090
Transfer to ownership (259,695 )
At 31 March 2024 86,395
DEPRECIATION
At 1 April 2023 101,832
Transfer to ownership (64,033 )
At 31 March 2024 37,799
NET BOOK VALUE
At 31 March 2024 48,596
At 31 March 2023 244,258

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Plant and Motor Computer
machinery Skips vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 3,534,811 579,380 4,005,663 78,208 8,198,062
Additions 485,500 - 229,632 13,820 728,952
Disposals (20,348 ) (85,380 ) (66,917 ) (6,118 ) (178,763 )
At 31 March 2024 3,999,963 494,000 4,168,378 85,910 8,748,251
DEPRECIATION
At 1 April 2023 2,058,113 333,241 3,099,842 54,368 5,545,564
Charge for year 293,729 123,499 277,645 5,469 700,342
Eliminated on disposal (16,343 ) (85,380 ) (42,003 ) (4,914 ) (148,640 )
At 31 March 2024 2,335,499 371,360 3,335,484 54,923 6,097,266
NET BOOK VALUE
At 31 March 2024 1,664,464 122,640 832,894 30,987 2,650,985
At 31 March 2023 1,476,698 246,139 905,821 23,840 2,652,498

11. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 April 2023
and 31 March 2024 746,393
NET BOOK VALUE
At 31 March 2024 746,393
At 31 March 2023 746,393

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

S & B Waste Management & Recycling Limited
Registered office:
Nature of business: Waste Management
%
Class of shares: holding
Ordinary A Shares 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 7,200,127 5,127,312
Profit for the year 3,072,815 2,249,825


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,710,000
NET BOOK VALUE
At 31 March 2024 1,710,000
At 31 March 2023 1,710,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 20,022
Valuation in 2022 397,490
Cost 1,292,488
1,710,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 1,292,488 1,292,488
Aggregate depreciation 151,599 145,924

Investment property was valued on an open market basis on 28 November 2022 by Andrew Dixon & Company .

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

12. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 4,346,334
NET BOOK VALUE
At 31 March 2024 4,346,334
At 31 March 2023 4,346,334

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 83,182
Valuation in 2022 711,052
Cost 3,552,100
4,346,334

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 3,552,099 3,552,099
Aggregate depreciation 529,401 499,541

Investment property was valued on an open market basis on 28 November 2022 by Andrew Dixon & Company .

13. STOCKS

Group
31.3.24 31.3.23
£    £   
Finished goods 55,750 55,000

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 2,823,645 3,059,772 1,799 8,174
Other Debtors 568,149 16,432 6,000 -
Amounts owed by related party undertakings 1,671,620 1,805,243 1,047,485 1,151,108
Tax 427,917 332,806 427,917 332,806
VAT - - 72,729 13,483
Prepayments 89,958 67,944 23,208 11,565
5,581,289 5,282,197 1,579,138 1,517,136

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Hire purchase contracts (see note 17) 15,661 117,100 - -
Trade creditors 648,231 498,672 162 1,773
Amounts owed to group undertakings - - 3,465,529 1,543,061
Tax 437,656 114,381 - 6,582
Social security and other taxes 45,606 370,290 - -
VAT 179,081 - - -
Other creditors 36,409 29,838 - -
Accrued expenses 23,289 23,624 6,000 6,000
1,385,933 1,153,905 3,471,691 1,557,416

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 17) - 15,661

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.24 31.3.23
£    £   
Gross obligations repayable:
Within one year 16,412 122,342
Between one and five years - 16,412
16,412 138,754

Finance charges repayable:
Within one year 751 5,242
Between one and five years - 751
751 5,993

Net obligations repayable:
Within one year 15,661 117,100
Between one and five years - 15,661
15,661 132,761

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts 15,661 132,761

Hire purchase liabilities are secured on the specific asset to which the liability relates.

19. PROVISIONS FOR LIABILITIES

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 503,233 393,510 326,633 244,210
Other timing differences 79,518 79,518 151,398 151,398
582,751 473,028 478,031 395,608

S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 April 2023 473,028
Charge to Statement of Comprehensive Income during year 109,723
Balance at 31 March 2024 582,751

Company
Deferred
tax
£   
Balance at 1 April 2023 395,608
Charge to Income Statement during year 82,423
Balance at 31 March 2024 478,031

20. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
200 Share capital £1 200 200

21. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 April 2023 15,367,915 377,588 15,745,503
Profit for the year 3,264,122 3,264,122
Dividends (680,000 ) (680,000 )
At 31 March 2024 17,952,037 377,588 18,329,625

Company
Retained Other
earnings reserves Totals
£    £    £   

At 1 April 2023 10,561,960 1,463,469 12,025,429
Profit for the year 1,215,480 1,215,480
Dividends (680,000 ) (680,000 )
At 31 March 2024 11,097,440 1,463,469 12,560,909


S & B Industrial Investments Limited (Registered number: 04906215)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Entities over which the entity has control, joint control or significant influence
31.3.24 31.3.23
£    £   
Net loans to related parties during the year (30,000 ) 30,000
Amount due from related party 624,134 654,134

The loan is interest free and there are no specific repayment terms.

Key management personnel of the entity or its parent (in the aggregate)
31.3.24 31.3.23
£    £   
Net loans (repaid)/ made to related party in year (103,623 ) 127,090
Amount due from related party 1,047,485 1,151,108

The loan is interest free and there are no specific repayment terms.

Other related parties

The loan is interest free and there are no specific repayment terms.