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Registration number: 3008394

Site-Equip Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Site-Equip Limited

Contents

Company Information

1

Profit and Loss Account and Statement of Retained Earnings

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Site-Equip Limited

Company Information

Directors

Mr GD Gilbert

Miss AC Gilbert

Mr AT Gilbert

Adam Paul Lockyer

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Site-Equip Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

7,112,641

7,099,229

Cost of sales

 

(2,220,568)

(2,231,255)

Gross profit

 

4,892,073

4,867,974

Administrative expenses

 

(3,482,718)

(3,006,570)

Operating profit

 

1,409,355

1,861,404

Interest payable and similar charges

 

(57,025)

(59,927)

 

(57,025)

(59,927)

Profit before tax

1,352,330

1,801,477

Taxation

 

(336,285)

(294,054)

Profit for the financial year

 

1,016,045

1,507,423

Retained earnings brought forward

 

2,018,460

1,811,037

Dividends paid

 

(1,845,000)

(1,300,000)

Retained earnings carried forward

 

1,189,505

2,018,460

 

Site-Equip Limited

(Registration number: 3008394)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,726,948

3,008,706

Current assets

 

Stocks

5

731,326

673,250

Debtors

6

1,378,190

2,730,766

Cash at bank and in hand

 

159,758

106,154

 

2,269,274

3,510,170

Creditors: Amounts falling due within one year

7

(2,272,740)

(2,391,560)

Net current (liabilities)/assets

 

(3,466)

1,118,610

Total assets less current liabilities

 

2,723,482

4,127,316

Creditors: Amounts falling due after more than one year

7

(508,240)

(1,049,006)

Provisions for liabilities

(582,637)

(616,750)

Net assets excluding pension asset/(liability)

 

1,632,605

2,461,560

Net pension liability 1

(443,000)

(443,000)

Net assets

 

1,189,605

2,018,560

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,189,505

2,018,460

Shareholders' funds

 

1,189,605

2,018,560

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

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

 

Site-Equip Limited

(Registration number: 3008394)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

.........................................
Mr GD Gilbert
Director

 

Site-Equip Limited

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

1

General information

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

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
The Avenue
Lasham
Alton
GU34 5SU
England

These financial statements were authorised for issue by the Board on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

 

Site-Equip Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

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

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

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Land and buildings

nil

Leasehold improvements

over 5 years

 

Site-Equip Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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

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

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

 

Site-Equip Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

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

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 75 (2023 - 63).

 

Site-Equip Limited

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

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

700,905

49,168

4,162,256

-

2,015,684

Additions

73,190

5,952

309,433

44,994

264,062

Disposals

-

-

-

-

(517,060)

At 31 March 2024

774,095

55,120

4,471,689

44,994

1,762,686

Depreciation

At 1 April 2023

605,598

13,159

2,504,791

-

795,759

Charge for the year

35,478

8,393

491,728

3,749

327,565

Eliminated on disposal

-

-

-

-

(404,584)

At 31 March 2024

641,076

21,552

2,996,519

3,749

718,740

Carrying amount

At 31 March 2024

133,019

33,568

1,475,170

41,245

1,043,946

At 31 March 2023

95,307

36,009

1,657,465

-

1,219,925

 

Site-Equip Limited

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

Total
£

Cost or valuation

At 1 April 2023

6,928,013

Additions

697,631

Disposals

(517,060)

At 31 March 2024

7,108,584

Depreciation

At 1 April 2023

3,919,307

Charge for the year

866,913

Eliminated on disposal

(404,584)

At 31 March 2024

4,381,636

Carrying amount

At 31 March 2024

2,726,948

At 31 March 2023

3,008,706

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £133,019 (2023 - £95,307) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

731,326

673,250

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

645,006

459,496

Amounts owed by related parties

646,289

2,198,058

Prepayments

 

86,242

69,462

Other debtors

 

653

3,750

   

1,378,190

2,730,766

 

Site-Equip Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

626,722

652,232

Trade creditors

 

233,931

576,529

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

83,146

109,947

Taxation and social security

 

628,906

208,449

Accruals and deferred income

 

678,094

641,769

Other creditors

 

21,941

202,634

 

2,272,740

2,391,560

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

508,240

1,049,006

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

66,667

116,667

Hire purchase contracts

441,573

932,339

508,240

1,049,006

 

Site-Equip Limited

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

Current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

50,000

Hire purchase contracts

576,722

602,232

626,722

652,232

10

Parent and ultimate parent undertaking

Site-Equip Limited is a100% owned subsidiary of GASA Group Limited.
GASA Group Limited is 50% owned by The Double AG Company Limited.


 The company's immediate parent is GASA Group Limited, incorporated in England.

 The ultimate parent is The Double AG Company Limited, incorporated in England.