Company registration number 05211703 (England and Wales)
SITE AND FIELD SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SITE AND FIELD SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
SITE AND FIELD SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
24,468
22,804
Tangible assets
4
2,036,602
1,690,928
2,061,070
1,713,732
Current assets
Stocks
5
4,191
80,888
Debtors
6
2,617,837
1,799,047
Cash at bank and in hand
21,069
7,402
2,643,097
1,887,337
Creditors: amounts falling due within one year
7
(1,847,680)
(1,256,516)
Net current assets
795,417
630,821
Total assets less current liabilities
2,856,487
2,344,553
Creditors: amounts falling due after more than one year
8
(229,559)
(165,737)
Provisions for liabilities
(193,980)
(95,752)
Net assets
2,432,948
2,083,064
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,431,948
2,082,064
Total equity
2,432,948
2,083,064
SITE AND FIELD SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 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 20 January 2025 and are signed on its behalf by:
B. P. Shaw
Director
Company Registration No. 05211703
SITE AND FIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Site and Field Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, United Kingdom, NE63 OYB.

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. 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 and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents
7 years straight line (from completion)
1.4
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.

SITE AND FIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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:

Land and buildings
No Depreciation
Plant and machinery
33% straight line
Fixtures and fittings
33% straight line
Computer equipment
20% straight line
Motor vehicles
25% 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.

1.5
Impairment of fixed assets

Intangible assets have been written down to their net realisable value as determined by the directors.

1.6
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.

1.7
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.

1.8
Financial instruments
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.

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.

SITE AND FIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.

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 statement of financial position 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.

SITE AND FIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
38
33
3
Intangible fixed assets
Patents
£
Cost
At 1 April 2023
33,574
Additions
7,273
At 31 March 2024
40,847
Amortisation and impairment
At 1 April 2023
10,770
Amortisation charged for the year
5,609
At 31 March 2024
16,379
Carrying amount
At 31 March 2024
24,468
At 31 March 2023
22,804
SITE AND FIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
1,299,423
1,344,217
-
0
78,108
65,163
2,786,911
Additions
328,744
121,172
25,992
10,351
14,495
500,754
Disposals
(12,072)
(60,120)
-
0
(14,176)
(46,090)
(132,458)
At 31 March 2024
1,616,095
1,405,269
25,992
74,283
33,568
3,155,207
Depreciation and impairment
At 1 April 2023
-
0
957,612
-
0
73,426
64,945
1,095,983
Depreciation charged in the year
-
0
134,036
2,642
5,507
823
143,008
Eliminated in respect of disposals
-
0
(60,120)
-
0
(14,176)
(46,090)
(120,386)
At 31 March 2024
-
0
1,031,528
2,642
64,757
19,678
1,118,605
Carrying amount
At 31 March 2024
1,616,095
373,741
23,350
9,526
13,890
2,036,602
At 31 March 2023
1,299,423
386,605
-
0
4,682
218
1,690,928
5
Stocks
2024
2023
£
£
Stocks
4,191
80,888
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,605,730
1,300,468
Corporation tax recoverable
-
0
33,373
Amounts owed by group undertakings
278,643
25,976
Other debtors
613,253
344,597
Prepayments and accrued income
120,211
94,633
2,617,837
1,799,047
SITE AND FIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Obligations under finance leases
97,126
76,052
Trade creditors
729,086
510,028
Corporation tax
77,327
-
0
Other taxation and social security
185,648
159,466
Other creditors
708,640
464,122
Accruals and deferred income
39,853
36,848
1,847,680
1,256,516

The bank loans, overdrafts and amounts due on hire purchase agreements (included within other creditors) are secured by the company. The company's invoice factoring agreement is secured over the company's book debtors.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,613
26,459
Hire purchase creditor
212,946
139,278
229,559
165,737

The bank loans, overdrafts and amounts due on hire purchase agreements (included within other creditors) are secured by the company.

9
Financial commitments, guarantees and contingent liabilities

Included in the statement of financial position are unpaid pension contributions of £5,979 (2023: £4,948).

10
Parent company

The company is 100% subsidiary of Offshore Mechanical Engineering Limited located at 1 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, NE63 0YB.

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