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REGISTERED NUMBER: 03300301 (England and Wales)






















Specialist Engineering Services Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 July 2024






Specialist Engineering Services Limited (Registered number: 03300301)






Contents of the Financial Statements
for the year ended 31 July 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Specialist Engineering Services Limited

Company Information
for the year ended 31 July 2024







DIRECTORS: D Hyland
S Wrennall
E Shrimpton





REGISTERED OFFICE: SES House
Unit 3, Balby Court
Balby Carr Bank
Doncaster
DN4 8DE





REGISTERED NUMBER: 03300301 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

Specialist Engineering Services Limited (Registered number: 03300301)

Strategic Report
for the year ended 31 July 2024

The directors present their strategic report for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activities of the company in the year under review were those of a contractor to the rail industry.

REVIEW OF BUSINESS
The directors have reviewed the company's performance for the year and consider the results to be better than expected with Turnover, Gross Profit and Operating Profit all increasing when compared to the previous year and being ahead of the forecasted Business Plan for the year. The increase in profitable turnover was in the main due to the return to more normal trading operations after the conclusion of the company's main client's staff industrial action. Furthermore, the company also increased its profitable turnover in its Special Projects Business unit with a couple projects that continue into the current financial period.

PRINCIPAL RISKS AND UNCERTAINTIES
The company recognises the risks associated in relation to the current economic climate and whist it continues to operate its principal activities in the transport sector it is not without client budgetary pressures and cost increases in the supply of internal and external resources.

The company recognises that at the level at which it is placed in the rail industry there is inherent uncertainty in terms of turnover levels as it operates through framework contracts with no guaranteed volumes.

The company considers that it needs to maintain its strategy of trying to enhance its resources to maintain and improve its reputation in the marketplace to enable it to differentiate itself from the competition to ensure it secures suitable and sustainable turnover. As such the directors believe the company is well placed to continue to meet its future challenges and opportunities.

DEVELOPMENT AND PERFORMANCE
The strategy is to continue to develop the company to meet its own expectations. The performance expectations are to secure and execute profitable turnover in all its operating sectors to continue to add shareholder value. The company continues with its programme of acquisitions and recertification of its plant assets to enable it to meet the demand in this Railway Control Period (CP7).

The company is aware of its social responsibilities and has set objectives and targets to reduce the company's
carbon footprint and to demonstrate its commitment to Sustainability and Continual Improvement to enhance the knowledge, skills and training of staff.

The company recognises its staff as a key resource and looks to develop them through supervision, training, education and communication to improve performance, both for the individuals and the Company as a whole.


Specialist Engineering Services Limited (Registered number: 03300301)

Strategic Report
for the year ended 31 July 2024

KEY PERFORMANCE INDICATORS
The company continues to monitor its risk profile and its KPIs to both mitigate risks and identify new opportunities as they arise. As well as the financial KPIs that the company monitors in terms of its development and financial performance the company also monitors other KPIs to ensure it is performing to the satisfaction of the directors. These are incorporated into the company's externally audited Integrated Management System which includes Safety, Quality and Environmental Objectives and Targets (ISO 9001, ISO 14001 and ISO 45001). The company, and its customers, takes Health and Safety very seriously and maintaining its good accident statistics remains a key target for the company. Maintenance of its reputation in its marketplace is also very important to the directors and the company monitors feedback to gauge customer satisfaction levels.

ON BEHALF OF THE BOARD:





S Wrennall - Director


28 January 2025

Specialist Engineering Services Limited (Registered number: 03300301)

Report of the Directors
for the year ended 31 July 2024

The directors present their report with the financial statements of the company for the year ended 31 July 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

D Hyland
S Wrennall

Other changes in directors holding office are as follows:

E Shrimpton - appointed 30 April 2024

EMPLOYEES
It is our policy that people with disabilities have full and fair consideration for all vacancies. We are committed to interviewing those people with disabilities who fulfil the minimum criteria and endeavour to retain employees in the workforce if they become disabled during employment, we will retrain and adjust their environment where possible.

Employees are kept well informed of the performance and objective of the company through personal briefings, regular meetings, email and the company website.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Specialist Engineering Services Limited (Registered number: 03300301)

Report of the Directors
for the year ended 31 July 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





S Wrennall - Director


28 January 2025

Report of the Independent Auditors to the Members of
Specialist Engineering Services Limited

Opinion
We have audited the financial statements of Specialist Engineering Services Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 31 July 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Specialist Engineering Services Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
Specialist Engineering Services Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Specialist Engineering Services Limited


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 2006. Our 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 a Report of the Auditors 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.




Peter Dearing BSc FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

28 January 2025

Specialist Engineering Services Limited (Registered number: 03300301)

Income Statement
for the year ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 10,077,213 6,908,623

Cost of sales 6,317,257 3,991,149
GROSS PROFIT 3,759,956 2,917,474

Administrative expenses 2,765,343 2,635,941
994,613 281,533

Other operating income 30,000 180,000
OPERATING PROFIT 1,024,613 461,533

Interest receivable and similar income - 6,469
1,024,613 468,002

Interest payable and similar expenses 86,109 54,472
PROFIT BEFORE TAXATION 938,504 413,530

Tax on profit 4 201,066 68,694
PROFIT FOR THE FINANCIAL YEAR 737,438 344,836

Specialist Engineering Services Limited (Registered number: 03300301)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,859,543 925,525

CURRENT ASSETS
Stocks 35,159 35,159
Debtors 6 1,425,720 1,377,197
Cash at bank and in hand 1,756,996 787,126
3,217,875 2,199,482
CREDITORS
Amounts falling due within one year 7 1,884,880 1,090,400
NET CURRENT ASSETS 1,332,995 1,109,082
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,192,538

2,034,607

CREDITORS
Amounts falling due after more than one
year

8

(942,836

)

(424,296

)

PROVISIONS FOR LIABILITIES (453,802 ) (120,849 )
NET ASSETS 1,795,900 1,489,462

CAPITAL AND RESERVES
Called up share capital 11 15,400 15,400
Retained earnings 12 1,780,500 1,474,062
SHAREHOLDERS' FUNDS 1,795,900 1,489,462

The financial statements have been prepared 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 28 January 2025 and were signed on its behalf by:





D Hyland - Director


Specialist Engineering Services Limited (Registered number: 03300301)

Statement of Changes in Equity
for the year ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 15,400 1,414,226 1,429,626

Changes in equity
Dividends - (285,000 ) (285,000 )
Total comprehensive income - 344,836 344,836
Balance at 31 July 2023 15,400 1,474,062 1,489,462

Changes in equity
Dividends - (431,000 ) (431,000 )
Total comprehensive income - 737,438 737,438
Balance at 31 July 2024 15,400 1,780,500 1,795,900

Specialist Engineering Services Limited (Registered number: 03300301)

Notes to the Financial Statements
for the year ended 31 July 2024

1. STATUTORY INFORMATION

Specialist Engineering Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery- 12.5% - 50% on cost
Office equipment- 25% on cost
Motor vehicles- 25% - 33% on cost

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is stated at the lower of cost and net realisable value.

In the case of raw materials and consumable stores, cost means purchase price including transport and handling costs, less trade discounts, calculated on a first in first out basis.

Net realisable value means estimated selling price less all further costs to completion al costs to be incurred in marketing, selling and distribution.

Work in progress included in debtors is stated at net realisable value. Cumulative turnover (i.e the total turnover recorded in respect of the contract in profit and loss accounts of all accounting periods since inception of the contract) is compared with total payments on account. If turnover exceeds payments an "amount recoverable on contracts" is established and separately disclosed within debtors. If payments on account are greater than turnover to date, the excess is classified within creditors.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Specialist Engineering Services Limited (Registered number: 03300301)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Current tax and deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Dilapidations
Provisions for dilapidations to leased properties are made in anticipation of future costs in line with lease obligations.

3. EMPLOYEES AND DIRECTORS

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


20242023

Administration2624
Labour44
3028

Specialist Engineering Services Limited (Registered number: 03300301)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

4. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 76,609
Under/(Over) provided in
previous year (26,887 ) (28,166 )
Total current tax (26,887 ) 48,443

Deferred tax 227,953 20,251
Tax on profit 201,066 68,694

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 938,504 413,530
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

234,626

103,383

Effects of:
Expenses not deductible for tax purposes 3,027 9,270
Income not taxable for tax purposes (9,700 ) -
Depreciation in excess of capital allowances - 700
Adjustments to tax charge in respect of previous periods (26,887 ) (28,166 )
Adjustments due to change in tax rates - (14,568 )
Super deduction enhanced expenditure - (1,925 )
Total tax charge 201,066 68,694

Specialist Engineering Services Limited (Registered number: 03300301)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Plant and Office Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 August 2023 2,413,962 336,160 647,913 3,398,035
Additions 1,250,320 1,022 105,039 1,356,381
Disposals (279,112 ) - (94,749 ) (373,861 )
At 31 July 2024 3,385,170 337,182 658,203 4,380,555
DEPRECIATION
At 1 August 2023 1,831,188 318,567 322,755 2,472,510
Charge for year 266,788 7,690 116,120 390,598
Eliminated on disposal (250,926 ) - (91,170 ) (342,096 )
At 31 July 2024 1,847,050 326,257 347,705 2,521,012
NET BOOK VALUE
At 31 July 2024 1,538,120 10,925 310,498 1,859,543
At 31 July 2023 582,774 17,593 325,158 925,525

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2023 1,700,669 460,708 2,161,377
Additions 956,954 1,645 958,599
Transfer to ownership (1,575,169 ) (103,665 ) (1,678,834 )
At 31 July 2024 1,082,454 358,688 1,441,142
DEPRECIATION
At 1 August 2023 1,351,482 137,300 1,488,782
Charge for year 78,175 89,356 167,531
Transfer to ownership (1,296,358 ) (58,890 ) (1,355,248 )
At 31 July 2024 133,299 167,766 301,065
NET BOOK VALUE
At 31 July 2024 949,155 190,922 1,140,077
At 31 July 2023 349,187 323,408 672,595

Specialist Engineering Services Limited (Registered number: 03300301)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 969,172 1,108,005
Amounts recoverable on contracts 219,792 115,764
Other debtors 112,491 37,651
Prepayments and accrued income 124,265 115,777
1,425,720 1,377,197

Included within trade debtors are balances totalling £448,515 (2023 - £1,108,005) that are subject to factoring arrangements. The trade debtor balances do not qualify for derecognition on the basis that the risk/ reward is retained by the company. The associated liability recognised in creditors amounts to £nil (2023 - £nil).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 70,519 91,333
Hire purchase contracts (see note 10) 361,619 164,716
Trade creditors 445,856 384,359
Corporation tax 1,486 48,555
Social security and other taxes 353,422 46,509
Other creditors 183,499 99,845
Directors' current accounts 54,521 8,897
Accruals and deferred income 413,958 246,186
1,884,880 1,090,400

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 6,163 76,682
Hire purchase contracts (see note 10) 936,673 347,614
942,836 424,296

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 70,519 91,333

Amounts falling due between one and two years:
Bank loans - 1-2 years 6,163 76,682

Specialist Engineering Services Limited (Registered number: 03300301)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 448,699 197,764
Between one and five years 1,042,318 384,348
1,491,017 582,112

Finance charges repayable:
Within one year 87,080 33,048
Between one and five years 105,645 36,734
192,725 69,782

Net obligations repayable:
Within one year 361,619 164,716
Between one and five years 936,673 347,614
1,298,292 512,330

Non-cancellable operating leases
2024 2023
£    £   
Within one year 111,006 78,165
Between one and five years 184,655 93,750
295,661 171,915

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
15,400 Ordinary £1 15,400 15,400

Specialist Engineering Services Limited (Registered number: 03300301)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

12. RESERVES
Retained
earnings
£   

At 1 August 2023 1,474,062
Profit for the year 737,438
Dividends (431,000 )
At 31 July 2024 1,780,500

13. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 784,700 324,000

14. RELATED PARTY DISCLOSURES

Included in debtors are amounts due from related parties of £112,216 (2023 £189,216).

Included in creditors are amounts due to directors of £54,521 (2023 £8,897).

15. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by Engineering Services Group Limited its ultimate parent company.

Engineering Services Group Limited is controlled by Mr W T Shinkins by virtue of his shareholding in that company.