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Registered number: 03554289










SCOMAC SERVICES LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
SCOMAC SERVICES LTD
 
 
COMPANY INFORMATION


Directors
D O McCloskey 
D Scott 
T Higham 
C Townsend 




Registered number
03554289



Registered office
Scomac House
247 High Street

Aldershot

Hampshire

GU12 4NG




Independent auditors
Shaw Gibbs (Audit) Limited

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT




Accountants
Shaw Gibbs Limited
Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
SCOMAC SERVICES LTD
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Profit and loss account
 
9
Statement of comprehensive income
 
10
Statement of financial position
 
11 - 12
Statement of changes in equity
 
13 - 14
Statement of cash flows
 
15 - 16
Analysis of net debt
 
17
Notes to the financial statements
 
18 - 33


 
SCOMAC SERVICES LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The results for the year and financial position of the company are shown in the attached financial statements.  The Directors are satisfied with the results for the year in which, compared with the previous year, gross profits increased, although the operating profits decreased, despite the decrease in the annual turnover.

Business review
 
Scomac Services Ltd has continued to operate as a building services engineering company within the United Kingdom.  The company has a good client base which results in repeat business throughout the financial year. 
The principal activity of Scomac Services Limited continues to be fit out and refurbishment projects within the high-end residential market and TV/film studios. 
 
Contract Work: These projects are generally within the high-end residential market as well as the fit-out of                     TV and film studio space.  The contract size will vary from £100,000 to in excess of £20,000,000.
Small Works: These projects vary in size from £5,000 to £100,000 
Maintenance: The company provides bespoke maintenance programmes for properties within the high-end residential market, as well as film and TV studios, art galleries, leisure centres, social housing, retail and restaurants, as well the education sector.

Principal risks and uncertainties
 
Whilst working in the construction industry has always been challenging, the effects of rising inflation (up to 10%), increases in labour costs and the lasting effects following the global pandemic on the availability of materials continued to have an impact on the business.  However, the company has continued to trade successfully throughout this period.  Cash flow has been identified as a risk to the business, but there are sufficient reserves within the business for this to be managed.   

Financial key performance indicators
 
Although the Company’s turnover for the year to 30 April 2024 was lower than the previous year (2024: £18,392,746 compared with 2023: £36,158,363) the gross profit margin has increased, whilst the operating profit has decreased.
Key Performance Indicators for the year are as follows:
Profitability ratio Gross Profit %  32% (2023 - 31%)
   Operating Profit %            14% (2023 - 23%)
The company continued to benefit from recurring contract revenues with our key clients

Other key performance indicators
 
The company has no other key performance indicators.

Page 1

 
SCOMAC SERVICES LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


This report was approved by the board and signed on its behalf.



D O McCloskey
Director

Date: 12 December 2024

Page 2

 
SCOMAC SERVICES LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,992,974 (2023 - £6,699,859).



Directors

The directors who served during the year were:

D O McCloskey 
D Scott 
T Higham 
C Townsend 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
SCOMAC SERVICES LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsShaw Gibbs (Audit) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D O McCloskey
Director

Date: 12 December 2024

Page 4

 
SCOMAC SERVICES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOMAC SERVICES LTD
 

Opinion


We have audited the financial statements of Scomac Services Ltd (the 'Company') for the year ended 30 April 2024, which comprise the Profit and loss account, the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
SCOMAC SERVICES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOMAC SERVICES LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SCOMAC SERVICES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOMAC SERVICES LTD (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to , the Companies Act 2006 and UK tax legislation. 
Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel . There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.


Page 7

 
SCOMAC SERVICES LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOMAC SERVICES LTD (CONTINUED)





Stephen South  FCA (Senior statutory auditor)
  
for and on behalf of
Shaw Gibbs (Audit) Limited
 
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

13 December 2024
Page 8

 
SCOMAC SERVICES LTD
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,392,746
36,158,363

Cost of sales
  
(12,596,082)
(25,051,554)

Gross profit
  
5,796,664
11,106,809

Administrative expenses
  
(3,192,907)
(2,835,152)

Other operating income
 5 
591
949

Fair value movements
  
-
(10,000)

Operating profit
  
2,604,348
8,262,606

Interest receivable and similar income
 9 
170,028
38,031

Interest payable and similar expenses
 10 
(115,991)
(5,576)

Profit before tax
  
2,658,385
8,295,061

Tax on profit
 11 
(665,411)
(1,595,202)

Profit for the financial year
  
1,992,974
6,699,859

The notes on pages 18 to 33 form part of these financial statements.

Page 9

 
SCOMAC SERVICES LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£


Profit for the financial year

  

1,992,974
6,699,859

Other comprehensive income
  


Unrealised surplus/(deficit) on revaluation of tangible fixed assets
  
-
(45,715)

Capital distributions
  
(3,000,000)
(8,345,100)

Other comprehensive income for the year
  
(3,000,000)
(8,390,815)

Total comprehensive income for the year
  
(1,007,026)
(1,690,956)

The notes on pages 18 to 33 form part of these financial statements.

Page 10

 
SCOMAC SERVICES LTD
REGISTERED NUMBER: 03554289

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
582,209
606,568

Investment property
 13 
145,000
145,000

  
727,209
751,568

Current assets
  

Stocks
 14 
13,807
12,955

Debtors: amounts falling due within one year
 15 
3,980,473
8,175,525

Cash at bank and in hand
 16 
6,571,413
8,760,324

  
10,565,693
16,948,804

Creditors: amounts falling due within one year
 17 
(3,331,577)
(8,725,865)

Net current assets
  
 
 
7,234,116
 
 
8,222,939

Total assets less current liabilities
  
7,961,325
8,974,507

Creditors: amounts falling due after more than one year
 18 
(52,346)
(47,400)

Provisions for liabilities
  

Deferred tax
 20 
(37,418)
(48,520)

  
 
 
(37,418)
 
 
(48,520)

Net assets
  
7,871,561
8,878,587


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Revaluation reserve
 22 
99,285
99,285

Investment property reserve
 22 
63,730
63,730

Profit and loss account
 22 
7,707,546
8,714,572

  
7,871,561
8,878,587


Page 11

 
SCOMAC SERVICES LTD
REGISTERED NUMBER: 03554289
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2024.




D O McCloskey
Director

The notes on pages 18 to 33 form part of these financial statements.

Page 12

 
SCOMAC SERVICES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 May 2023
1,000
99,285
63,730
8,714,572
8,878,587


Comprehensive income for the year

Profit for the year

-
-
-
1,992,974
1,992,974

Cpaital distribution
-
-
-
(3,000,000)
(3,000,000)


Other comprehensive income for the year
-
-
-
(3,000,000)
(3,000,000)


Total comprehensive income for the year
-
-
-
(1,007,026)
(1,007,026)


Total transactions with owners
-
-
-
-
-


At 30 April 2024
1,000
99,285
63,730
7,707,546
7,871,561


The notes on pages 18 to 33 form part of these financial statements.

Page 13

 
SCOMAC SERVICES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 May 2022 (as previously stated)
1,000
145,000
73,730
10,091,961
10,311,691

Prior year adjustment - correction of error
-
-
-
257,852
257,852

At 1 May 2022 (as restated)
1,000
145,000
73,730
10,349,813
10,569,543


Comprehensive income for the year

Profit for the year

-
-
-
6,699,859
6,699,859

Deficit on revaluation of freehold property
-
(45,715)
-
-
(45,715)

Cpaital distribution
-
-
-
(8,345,100)
(8,345,100)

Reclassification
-
-
(10,000)
10,000
-


Other comprehensive income for the year
-
(45,715)
(10,000)
(8,335,100)
(8,390,815)


Total comprehensive income for the year
-
(45,715)
(10,000)
(1,635,241)
(1,690,956)


Total transactions with owners
-
-
-
-
-


At 30 April 2023
1,000
99,285
63,730
8,714,572
8,878,587


The notes on pages 18 to 33 form part of these financial statements.

Page 14

 
SCOMAC SERVICES LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,992,974
6,699,859

Adjustments for:

Depreciation of tangible assets
104,190
88,482

Loss on disposal of tangible assets
(7,573)
(7,930)

Interest paid
115,991
5,576

Interest received
(170,028)
(38,031)

Taxation charge
847,208
1,595,202

(Increase) in stocks
(852)
(2,955)

Decrease in debtors
4,195,050
714,177

(Decrease) in creditors
(6,044,494)
(188,225)

Net fair value losses recognised in P&L
-
10,000

Corporation tax (paid)
(210,994)
(2,036,502)

Net cash generated from operating activities

821,472
6,839,653


Cash flows from investing activities

Purchase of tangible fixed assets
(82,415)
(109,627)

Sale of tangible fixed assets
10,157
25,666

Interest received
170,028
38,031

Net cash from investing activities

97,770
(45,930)

Cash flows from financing activities

New secured loans
7,838
-

Repayment of loans
-
(15,536)

Capital distribution
-
(8,345,100)

Capital distribution
(3,000,000)
-

Interest paid
(115,991)
(5,576)

Net cash used in financing activities
(3,108,153)
(8,366,212)

Net (decrease) in cash and cash equivalents
(2,188,911)
(1,572,489)

Cash and cash equivalents at beginning of year
8,760,324
10,332,813

Cash and cash equivalents at the end of year
6,571,413
8,760,324


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,571,413
8,760,324
Page 15

 
SCOMAC SERVICES LTD
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£


6,571,413
8,760,324


The notes on pages 18 to 33 form part of these financial statements.

Page 16

 
SCOMAC SERVICES LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

8,760,324

(2,188,911)

6,571,413

Debt due after 1 year

(47,400)

(4,946)

(52,346)

Debt due within 1 year

(60,020)

2,172

(57,848)


8,652,904
(2,191,685)
6,461,219

The notes on pages 18 to 33 form part of these financial statements.

Page 17

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Scomac Services Ltd is a private company limited by shares and incorporated in England and Wales.  Its registered office is 247 High Street, Aldershot, Hampshire, England, GU12 4NG

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 18

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 19

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing method.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
20%
reducing balance
Computer equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Stocks

Stocks are valued at the lower of cost or net realisable value.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 21

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 22

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

n the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based upon historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Amounts recoverable under contract
As described in note 2.2, revenue from a contract is recognised in the period in which the services are provided.  The directors have considered stage of completion, expected losses and consideration due to ensure the revenue is recognised in the correct accounting period and the asset is recoverable.

Page 23

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Turnover
18,392,746
36,158,363

18,392,746
36,158,363


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Sundry income
591
949

591
949



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,000
25,000
Page 24

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,954,563
2,493,931

Social security costs
350,783
286,169

Cost of defined contribution scheme
69,948
50,365

3,375,294
2,830,465


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
50
51



Directors
4
3

54
54


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
391,030
61,878

391,030
61,878



9.


Interest receivable

2024
2023
£
£


Other interest receivable
170,028
38,031

170,028
38,031

Page 25

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
11,080
5,576

Other interest payable
104,911
-

115,991
5,576


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
676,513
1,623,300


676,513
1,623,300


Total current tax
676,513
1,623,300

Deferred tax


Origination and reversal of timing differences
(11,102)
(28,098)

Total deferred tax
(11,102)
(28,098)


Tax on profit
665,411
1,595,202
Page 26

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,658,385
8,295,061


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
664,596
2,073,765

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
220
19,915

Capital allowances for year in excess of depreciation
9,905
(11,858)

Other differences
209
-

Changes in provisions leading to an increase (decrease) in the tax charge
1,583
63

Deferred tax
(11,102)
(28,098)

Change in tax rate
-
(458,585)

Total tax charge for the year
665,411
1,595,202


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
415,000
13,505
427,581
176,672
1,032,758


Additions
-
-
78,994
3,421
82,415


Disposals
-
-
(20,844)
-
(20,844)



At 30 April 2024

415,000
13,505
485,731
180,093
1,094,329



Depreciation


At 1 May 2023
-
12,496
274,601
139,093
426,190


Charge for the year on owned assets
-
202
-
8,467
8,669


Charge for the year on financed assets
-
-
95,521
-
95,521


Disposals
-
-
(18,260)
-
(18,260)



At 30 April 2024

-
12,698
351,862
147,560
512,120



Net book value



At 30 April 2024
415,000
807
133,869
32,533
582,209



At 30 April 2023
415,000
1,009
152,980
37,579
606,568




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
415,000
415,000

415,000
415,000


Revalued Assets

The freehold property was last valued in 2023 by Matthew Seary of Derwent Hillside, an independent valuer, using market based evidence for similar properties sold in the local area.
The carrying amount that would have been recognised as at 30 April 2023 had the freehold property been carried under the cost model is £214,355.

Page 28

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
145,000



At 30 April 2024
145,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 May 2023
63,730
73,730

At 30 April 2024
63,730
73,730



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
81,270
81,270

Accumulated depreciation and impairments
(21,500)
(19,505)

59,770
61,765


14.


Stocks

2024
2023
£
£

Raw materials and consumables
13,807
12,955

13,807
12,955


Page 29

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Debtors

2024
2023
£
£


Trade debtors
1,115,335
2,006,936

Other debtors
261,126
50,134

Prepayments and accrued income
2,604,012
6,118,455

3,980,473
8,175,525



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,571,413
8,760,324

6,571,413
8,760,324



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
47,783
44,891

Trade creditors
2,110,095
4,734,681

Corporation tax
635,892
1,726,859

Other taxation and social security
78,385
1,254,907

Other creditors
26,330
66,799

Accruals and deferred income
433,092
897,728

3,331,577
8,725,865


The following liabilities were secured:




Details of security provided:

.The bank loans are secured against the freehold properties and by a fixed and floating charge.

Page 30

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
52,346
47,400

52,346
47,400


The following liabilities were secured:




Details of security provided:

The bank loans are secured against the freehold properties and by a fixed and floating charge.


19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
47,783
44,891


47,783
44,891

Amounts falling due 1-2 years

Bank loans
52,346
47,400


52,346
47,400



100,129
92,291


Page 31

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Deferred taxation




2024


£






At beginning of year
(48,520)


Utilised in year
11,102



At end of year
(37,418)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(26,989)
(36,894)

Short term timing differences
2,517
1,320

Capital gains
(12,946)
(12,946)

(37,418)
(48,520)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



22.


Reserves

Revaluation reserve

This reserve is a non-distributable reserve and is the cumulative balance of the fair value movements on the the freehold property held by the company within fixed assets.

Investment property revaluation reserve

This reserve is a non-distributable reserve and is the cumulative balance of the fair value movements on the investment property held by the company within investment properties

Profit and loss account

This reserve represents the accumulated distributable reserves of the company after taking into account any dividends and capital distribution.

Page 32

 
SCOMAC SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Capital Distributions

As shown in the Statement of Changes in Equity, there was a capital distributions of £3,000,000 (2023 - £8,345,100), which is recognised directly against the profit and loss account. These payments were gifts to the Scomac Services Limited Employee Ownership Trust to facilitate their purchase of proportion of Scomac Services Limited shares.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £69,948 (2023 - £50,365). Contributions totalling £10,064 (2023 - £10,069) were payable to the fund at the reporting date and are included in creditors.


25.


Transactions with directors

During the year the directors had the following transactions with the company:
Mr D McCloskey has a directors loan account which was overdrawn by £2,981 (£nil) at the year end. The amount is interest free and repayable on demand.
Mr D Scott has a directors loan account which was overdrawn by £2,023 (£nil) at the year end. The amount is interest free and repayable on demand.


26.


Related party transactions

Total key management personnel compensation excluding dividends amounted to £nil (2023 - £120,003).


27.


Controlling party

The parent undertaking of this company is The Scomac Services Limited Employee Ownership Trust, a trust registered in England and Wales, by virtue of the fact that it owns 100% of the ordinary share capital of the company.

 
Page 33