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Registration number: 10561171

SDS Inc Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

SDS Inc Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

SDS Inc Ltd

(Registration number: 10561171)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,720,758

3,809,631

Current assets

 

Stocks

6

28,798

22,063

Debtors

7

103,067

168,356

Cash at bank and in hand

 

84,458

552

 

216,323

190,971

Creditors: Amounts falling due within one year

8

(1,307,570)

(828,086)

Net current liabilities

 

(1,091,247)

(637,115)

Total assets less current liabilities

 

2,629,511

3,172,516

Creditors: Amounts falling due after more than one year

8

(65,059)

(123,295)

Provisions for liabilities

(848,236)

(863,019)

Net assets

 

1,716,216

2,186,202

Capital and reserves

 

Called up share capital

9

120,100

120,100

Revaluation reserve

2,137,053

2,137,053

Retained earnings

(540,937)

(70,951)

Shareholders' funds

 

1,716,216

2,186,202

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

SDS Inc Ltd

(Registration number: 10561171)
Balance Sheet as at 30 April 2024

Approved and authorised by the director on 21 January 2025
 

.........................................
Shane McDonald
Director

   
     
 

SDS Inc Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Office 64
Viewpoint
Derwentside Business Centre
Consett
County Durham
DH8 6BN

These financial statements were authorised for issue by the director on 21 January 2025.

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

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.

 

SDS Inc Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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

5% Straight Line

Motor Vehicles

25% Reducing Balance

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.

 

SDS Inc Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

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.

 

SDS Inc Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

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 the director) during the year, was 1 (2023 - 2).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

91,754

91,487

5

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

400,000

-

3,735,265

4,135,265

Additions

-

133

2,748

2,881

At 30 April 2024

400,000

133

3,738,013

4,138,146

Depreciation

At 1 May 2023

-

-

325,634

325,634

Charge for the year

-

7

91,747

91,754

At 30 April 2024

-

7

417,381

417,388

Carrying amount

At 30 April 2024

400,000

126

3,320,632

3,720,758

At 30 April 2023

400,000

-

3,409,631

3,809,631

Included within the net book value of land and buildings above is £400,000 (2023 - £400,000) in respect of freehold land and buildings.
 

 

SDS Inc Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

6

stocks

2024
£

2023
£

Other inventories

28,798

22,063

7

debtors

Current

2024
£

2023
£

Trade debtors

12,840

12,793

Prepayments

70,000

105,522

Other debtors

20,227

50,041

 

103,067

168,356

 

SDS Inc Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

746,124

561,756

Trade creditors

 

255,637

147,985

Taxation and social security

 

1,242

939

Accruals and deferred income

 

27,000

15,025

Other creditors

 

277,567

102,381

 

1,307,570

828,086

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

65,059

123,295

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

120,100

120,100

120,100

120,100

       

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

2,137,053

2,137,053

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

SDS Inc Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

2,137,053

2,137,053

11

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

3

Other borrowings

746,124

561,753

746,124

561,756

12

Related party transactions

Summary of transactions with entities with joint control or significant interest

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

95,335

95,335

Advanced

63,028

63,028

At end of period

158,363

158,363