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Company No: 11334356 ()

SERVICE CENTRE 57 LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SERVICE CENTRE 57 LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SERVICE CENTRE 57 LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
SERVICE CENTRE 57 LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Richard Avory
Steven Avory
Rachel Cornwell
REGISTERED OFFICE Unit 7
Hampstead Court
Hampstead Avenue
Mildenhall
Bury St Edmunds
Suffolk
IP28 7AS
BUSINESS ADDRESS Unit 7
Hampstead Court
Hampstead Avenue
Mildenhall
Bury St Edmunds
Suffolk
IP28 7AS
COMPANY NUMBER 11334356
ACCOUNTANT Corbett Accountants Limited
Bakersfield
82 Station Road
Soham
Ely
Cambridgeshire
CB7 5DZ
SERVICE CENTRE 57 LIMITED

BALANCE SHEET

As at 30 April 2024
SERVICE CENTRE 57 LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 232,495 74,846
232,495 74,846
Current assets
Stocks 23,000 18,000
Debtors 4 443,942 557,075
Cash at bank and in hand 224,691 84,237
691,633 659,312
Creditors: amounts falling due within one year 5 ( 681,674) ( 586,422)
Net current assets 9,959 72,890
Total assets less current liabilities 242,454 147,736
Creditors: amounts falling due after more than one year 6 ( 186,214) ( 91,717)
Provision for liabilities 7 ( 44,174) ( 14,779)
Net assets 12,066 41,240
Capital and reserves
Called-up share capital 8 592 592
Profit and loss account 11,474 40,648
Total shareholders' funds 12,066 41,240

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.

Directors' responsibilities:

The financial statements of Service Centre 57 Limited (registered number: 11334356) were approved and authorised for issue by the Board of Directors on 20 January 2025. They were signed on its behalf by:

Richard Avory
Director
SERVICE CENTRE 57 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SERVICE CENTRE 57 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Service Centre 57 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in . The address of the Company's registered office is Unit 7, Hampstead Court, Hampstead Avenue, Mildenhall, Bury St Edmunds, Suffolk, IP28 7AS. The principal place of business is Unit 7, Hampstead Court, Hampstead Avenue, Mildenhall, Bury St Edmunds, Suffolk, IP28 7AS.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 12

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 May 2023 27,397 119,359 18,181 164,937
Additions 30,311 195,567 8,160 234,038
Disposals ( 7,178) ( 38,868) 0 ( 46,046)
At 30 April 2024 50,530 276,058 26,341 352,929
Accumulated depreciation
At 01 May 2023 13,486 67,889 8,716 90,091
Charge for the financial year 8,371 46,224 3,522 58,117
Disposals ( 4,826) ( 22,948) 0 ( 27,774)
At 30 April 2024 17,031 91,165 12,238 120,434
Net book value
At 30 April 2024 33,499 184,893 14,103 232,495
At 30 April 2023 13,911 51,470 9,465 74,846

4. Debtors

2024 2023
£ £
Trade debtors 429,311 540,373
Other debtors 14,631 16,702
443,942 557,075

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 30,000 30,000
Trade creditors 153,876 249,233
Amounts owed to directors 91,820 140,679
Corporation tax 7,612 37,179
Other taxation and social security 101,235 65,468
Obligations under finance leases and hire purchase contracts 38,990 30,961
Other creditors 258,141 32,902
681,674 586,422

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 47,500 77,500
Obligations under finance leases and hire purchase contracts 138,714 14,217
186,214 91,717

Lloyds Bank Plc has a fixed and floating charge over the properties held by the company. The company's secured liabilities are £255,2024. ( 2023 - £152,678.)

7. Provision for liabilities

2024 2023
£ £
Deferred tax 44,174 14,779

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 A ordinary shares of £ 1.00 each 200 200
150 B ordinary shares of £ 1.00 each 150 150
100 C ordinary shares of £ 1.00 each 100 100
100 D ordinary shares of £ 1.00 each 100 100
40 E ordinary shares of £ 1.00 each 40 40
2 F ordinary shares of £ 1.00 each 2 2
592 592

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Included within creditors are directors' loans. These loans are interest free and there are no repayment terms. 91,820 140,679
Dividends were paid in the year in respect of shares held by the company's directors. 94,500 107,500