Company registration number 08415666 (England and Wales)
SSS ENGINEERING SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
SSS ENGINEERING SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SSS ENGINEERING SERVICES LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
750,586
764,447
Current assets
Stocks
75,005
32,500
Debtors
4
234,685
175,511
Cash at bank and in hand
-
0
116,943
309,690
324,954
Creditors: amounts falling due within one year
5
(471,544)
(362,061)
Net current liabilities
(161,854)
(37,107)
Total assets less current liabilities
588,732
727,340
Creditors: amounts falling due after more than one year
6
(200,545)
(233,592)
Provisions for liabilities
(5,306)
(8,546)
Net assets
382,881
485,202
Capital and reserves
Called up share capital
100
100
Revaluation reserve
8
295,822
295,822
Profit and loss reserves
86,959
189,280
Total equity
382,881
485,202
SSS ENGINEERING SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
Mr J A Pesticcio
Director
Company Registration No. 08415666
SSS ENGINEERING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

SSS Welding And Fabrications Ltd, 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.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business and is shown net of VAT. The fair value of consideration takes into account trade and settlement discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold land and buildings
2% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
Property improvements
2% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SSS ENGINEERING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SSS ENGINEERING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SSS ENGINEERING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 28 (2023 - 30).

2024
2023
Number
Number
Total
28
30
SSS ENGINEERING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Property improvements
Total
£
£
£
£
Cost
At 1 March 2023
433,726
124,105
266,274
824,105
Additions
1,231
1,200
-
0
2,431
At 28 February 2024
434,957
125,305
266,274
826,536
Depreciation and impairment
At 1 March 2023
-
0
59,658
-
0
59,658
Depreciation charged in the year
-
0
16,292
-
0
16,292
At 28 February 2024
-
0
75,950
-
0
75,950
Carrying amount
At 28 February 2024
434,957
49,355
266,274
750,586
At 28 February 2023
433,726
64,447
266,274
764,447
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
212,444
175,511
Other debtors
22,241
-
0
234,685
175,511
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
87,344
37,268
Trade creditors
250,908
194,778
Corporation tax
47,885
45,217
Other taxation and social security
66,895
51,015
Other creditors
18,512
33,783
471,544
362,061
SSS ENGINEERING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
185,145
215,972
Other creditors
15,400
17,620
200,545
233,592
7
Loans and overdrafts
2024
2023
£
£
Bank loans
226,976
253,240
Bank overdrafts
45,513
-
0
272,489
253,240
Payable within one year
87,344
37,268
Payable after one year
185,145
215,972

The amount owed to Lloyds Bank Commercial Finance Limited included in other creditors is secured by a fixed and floating charge on all assets of the Company.

 

The bank loan owed to National Westminster Bank PLC is secured by a fixed charge on the Land & Buildings of the Company.

 

Assets held under hire purchase contracts are secured over the assets to which they relate.

8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
295,822
-
0
Other movements
-
295,822
At the end of the year
295,822
295,822

Land and buildings with a carrying amount of £ £700,00 were revalued by Mallard (Wales) Ltd, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

SSS ENGINEERING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 9 -
9
Directors' transactions

Dividends totalling £75,950 (2023 - £68,500) were paid in the year in respect of shares held by the company's directors.

During the year, the company advanced £8,065 (2023: £10,675 ) to the directors and was repaid £nil (2023: £nil) against the same balance. At 28 February 2024, the balance owed by the company to the directors was £10,434 (2023: £18,499). This balance is disclosed within other creditors - see note 6.

2024-02-282023-03-01false28 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr S PesticcioMr J A Pesticciofalsefalse084156662023-03-012024-02-28084156662024-02-28084156662023-02-2808415666core:LandBuildings2024-02-2808415666core:OtherPropertyPlantEquipment2024-02-2808415666core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-02-2808415666core:LandBuildings2023-02-2808415666core:OtherPropertyPlantEquipment2023-02-2808415666core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-02-2808415666core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2808415666core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2808415666core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2808415666core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2808415666core:CurrentFinancialInstruments2024-02-2808415666core:CurrentFinancialInstruments2023-02-2808415666core:Non-currentFinancialInstruments2024-02-2808415666core:Non-currentFinancialInstruments2023-02-2808415666core:ShareCapital2024-02-2808415666core:ShareCapital2023-02-2808415666core:RevaluationReserve2024-02-2808415666core:RevaluationReserve2023-02-2808415666core:RetainedEarningsAccumulatedLosses2024-02-2808415666core:RetainedEarningsAccumulatedLosses2023-02-2808415666core:RevaluationReserve2023-02-2808415666core:RevaluationReserve2022-02-2808415666bus:Director22023-03-012024-02-2808415666core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-012024-02-2808415666core:LandBuildingscore:LongLeaseholdAssets2023-03-012024-02-2808415666core:PlantMachinery2023-03-012024-02-2808415666core:FurnitureFittings2023-03-012024-02-2808415666core:ComputerEquipment2023-03-012024-02-2808415666core:MotorVehicles2023-03-012024-02-2808415666core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-012024-02-28084156662022-03-012023-02-2808415666core:LandBuildings2023-02-2808415666core:OtherPropertyPlantEquipment2023-02-2808415666core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-02-28084156662023-02-2808415666core:LandBuildings2023-03-012024-02-2808415666core:OtherPropertyPlantEquipment2023-03-012024-02-2808415666core:WithinOneYear2024-02-2808415666core:WithinOneYear2023-02-2808415666bus:PrivateLimitedCompanyLtd2023-03-012024-02-2808415666bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2808415666bus:FRS1022023-03-012024-02-2808415666bus:AuditExemptWithAccountantsReport2023-03-012024-02-2808415666bus:Director12023-03-012024-02-2808415666bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP