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Company registration number: 02168609
SCN UK Group Ltd
Filleted financial statements
31 March 2024
SCN UK Group Ltd
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SCN UK Group Ltd
Directors and other information
Directors C Koetsier
E Ahlqvist
M Fassi
Company number 02168609
Registered office 46 Hall Lane
Walsall Wood
Walsall
West Midlands
WS9 9DB
Auditor Lindley & Co
Suite 4 Europa House
Europa Way, Britannia Enterprise Park
Lichfield
Staffordshire
WS14 9TZ
Bankers Bank of Scotland
2 Bankshead
Crossway North
Edinburgh
EH11 4DT
SCN UK Group Ltd
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SCN UK Group Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,948 -
_______ _______
1,948 -
Current assets
Stocks 242,175 162,720
Debtors 6 306,293 161,596
Cash at bank and in hand 60,753 115,032
_______ _______
609,221 439,348
Creditors: amounts falling due
within one year 7 ( 442,126) ( 440,104)
_______ _______
Net current assets/(liabilities) 167,095 ( 756)
_______ _______
Total assets less current liabilities 169,043 ( 756)
Creditors: amounts falling due
after more than one year 8 ( 15,833) ( 25,833)
_______ _______
Net assets/(liabilities) 153,210 ( 26,589)
_______ _______
Capital and reserves
Called up share capital 100 100
Capital redemption reserve 210,000 210,000
Profit and loss account ( 56,890) ( 236,689)
_______ _______
Shareholders funds/(deficit) 153,210 ( 26,589)
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 June 2024 , and are signed on behalf of the board by:
E Ahlqvist
Director
Company registration number: 02168609
SCN UK Group Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 April 2022 100 210,000 ( 235,874) ( 25,774)
Profit/(loss) for the year ( 815) ( 815)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 815) ( 815)
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 100 210,000 ( 236,689) ( 26,589)
Profit/(loss) for the year 179,799 179,799
_______ _______ _______ _______
Total comprehensive income for the year - - 179,799 179,799
_______ _______ _______ _______
At 31 March 2024 100 210,000 ( 56,890) 153,210
_______ _______ _______ _______
SCN UK Group Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is SCN UK Group Ltd, 46 Hall Lane, Walsall Wood, Walsall, West Midlands, WS9 9DB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis assuming the continued support of the company's parent undertaking as outlined in note 12.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on shipping); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 - -
Additions 2,793 2,793
_______ _______
At 31 March 2024 2,793 2,793
_______ _______
Depreciation
At 1 April 2023 - -
Charge for the year 845 845
_______ _______
At 31 March 2024 845 845
_______ _______
Carrying amount
At 31 March 2024 1,948 1,948
_______ _______
At 31 March 2023 - -
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 198,748 158,402
Other debtors 107,545 3,194
_______ _______
306,293 161,596
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 117,730 129,995
Amounts owed to group undertakings and undertakings in which the company has a participating interest 250,000 100,000
Social security and other taxes 2,294 108,055
Other creditors 62,102 92,054
_______ _______
442,126 440,104
_______ _______
The bank loan is an unsecured Coronavirus Bounce Back loan. Interest is payable at 2.50%
There is an unsecured loan from a group undertaking totalling £250,000 (2023 £100,000).This loan is repayable as outlined in the going concern policy (Note 12) Interest is payable at 5.83%
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 15,833 25,833
_______ _______
The bank loan is an unsecured Coronavirus Bounce Back loan. Interest is payable at 2.50%
9. Summary audit opinion
The auditor's report dated 11 June 2024 was unqualified.
The senior statutory auditor was Sandra Kay Lindley for and on behalf of Lindley & Co
10. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
11. Controlling party
The company is a wholly owned subsidiary of Addtech Nordic AB, a company incorporated and registered in Sweden. The smallest group in which the results are incorporated is that headed by Addrech Nordic AB. The consolidated accounts are available from this company's website.
12. Going concern
The accounts have been prepared on a going concern basis assuming the continued support of the company's ultimate parent undertaking Addtech Nordic AB. The directors have prepared and continually review the company's forecasts and projections in particular taking into account the impact of the global economy and the cost reductions within the company following a restructuring in the year ended 31 March 2022. The directors have obtained a letter of support from Addrech Nordic AB which confirms both financial and operational support will be available, including the non recall of the loan referred to in note 8 and advancing of further amounts as required. The directors consider that the letter of support along with the continual changes and cost reductions in the business will be sufficient to ensure it's operational existence for at least the next 12 months and enable it to meet it's liabilities as they fall due. The directors believe that there is no reason to believe it is not appropriate for the company to continue to adopt the going concern basis in preparing it's financial statements