Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312024-05-31true50truetruetruetruefalsetrue2023-06-0168falsefalse 04442127 2023-06-01 2024-05-31 04442127 2022-06-01 2023-05-31 04442127 2024-05-31 04442127 2023-05-31 04442127 c:Director1 2023-06-01 2024-05-31 04442127 c:Director2 2023-06-01 2024-05-31 04442127 c:Director3 2023-06-01 2024-05-31 04442127 c:Director4 2023-06-01 2024-05-31 04442127 c:Director4 2024-05-31 04442127 c:Director5 2023-06-01 2024-05-31 04442127 c:Director5 2024-05-31 04442127 c:RegisteredOffice 2023-06-01 2024-05-31 04442127 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 04442127 d:Buildings d:LongLeaseholdAssets 2024-05-31 04442127 d:Buildings d:LongLeaseholdAssets 2023-05-31 04442127 d:PlantMachinery 2023-06-01 2024-05-31 04442127 d:PlantMachinery 2024-05-31 04442127 d:PlantMachinery 2023-05-31 04442127 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04442127 d:MotorVehicles 2023-06-01 2024-05-31 04442127 d:MotorVehicles 2024-05-31 04442127 d:MotorVehicles 2023-05-31 04442127 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04442127 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04442127 d:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 04442127 d:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 04442127 d:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 04442127 d:CurrentFinancialInstruments 2024-05-31 04442127 d:CurrentFinancialInstruments 2023-05-31 04442127 d:Non-currentFinancialInstruments 2024-05-31 04442127 d:Non-currentFinancialInstruments 2023-05-31 04442127 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 04442127 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04442127 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 04442127 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 04442127 d:ShareCapital 2024-05-31 04442127 d:ShareCapital 2023-05-31 04442127 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 04442127 d:RetainedEarningsAccumulatedLosses 2024-05-31 04442127 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 04442127 d:RetainedEarningsAccumulatedLosses 2023-05-31 04442127 d:RetainedEarningsAccumulatedLosses 2022-06-01 04442127 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 04442127 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 04442127 d:OtherDeferredTax 2024-05-31 04442127 d:OtherDeferredTax 2023-05-31 04442127 c:OrdinaryShareClass1 2023-06-01 2024-05-31 04442127 c:OrdinaryShareClass1 2024-05-31 04442127 c:OrdinaryShareClass1 2023-05-31 04442127 c:FRS102 2023-06-01 2024-05-31 04442127 c:Audited 2023-06-01 2024-05-31 04442127 c:FullAccounts 2023-06-01 2024-05-31 04442127 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04442127 d:WithinOneYear 2024-05-31 04442127 d:WithinOneYear 2023-05-31 04442127 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 04442127 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 04442127 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 04442127 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 04442127 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-05-31 04442127 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-31 04442127 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-05-31 04442127 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 04442127 d:LeasedAssetsHeldAsLessee 2024-05-31 04442127 d:LeasedAssetsHeldAsLessee 2023-05-31 04442127 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-06-01 2024-05-31 04442127 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 04442127







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024


FIBRE WORKS UK (GODSTONE) LIMITED






































img7c59.png                        

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
COMPANY INFORMATION


Directors
P Dellow 
D Fogelman 
R Wickings 




Registered number
04442127



Registered office
The Pavilion
Botleigh Grange Business Park

Hedge End

Southampton

SO30 2AF




Trading Address
Unit 3
Rooks Nest

Godstone

Surrey

RH9 8BY






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


FIBRE WORKS UK (GODSTONE) LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Notes to the Financial Statements
11 - 22


 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The directors present the strategic report for the year ended 31 May 2024.

Business review
 
It was a challenging year for the Company due to their largest customer ceasing their fibre network build.  This meant a considerable reduction in revenue for the year and led to a reorganisation of the business in early 2024.
The Company is now primarily dedicated to the delivery of in-home customer connections for ISPs across London and the home counties.  
The Company has focused on the quality and reliability of the service it provides and continues to drive the efficiency of field delivery.  Revenue for customer connections grew by 59% from Q1 to Q4.  
Demand for the Company’s services remains strong and the Directors are positive about the future despite the challenges faced this year.   

Principal risks and uncertainties
 
The Directors consider that the Company’s principal business risks are normal trading risks along with the uncertainty caused by the wider economic environment.  The Directors have systems in place to monitor and mitigate the risks and uncertainties that are faced.
Liquidity risk
The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
The Company places its cash with creditworthy institutions and performs ongoing credit evaluations of its debtors' financial condition. The carrying amount of cash and debtors represent the maximum credit risk that the Company is exposed to. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. All customers who wish to trade on credit terms are subject to credit verification procedures.
Price risk
The Directors consider the Company faces the usual pricing risk of any other Company operating in a competitive, commercial environment. The Company ensures it continues to offer competitive pricing whilst at the same time maintaining its high standard of customer service.

Financial key performance indicators
 
The directors use turnover growth, gross profit percentage and profit before tax as Key Performance Indicators for the company.

2024
2023
Turnover Growth (year on year)

(36.2%)

11.6%
 
Gross Profit %

25.1%

29.1%
 
Profit before tax

(£1.19m)

£0.01m
 

Page 1

 


FIBRE WORKS UK (GODSTONE) LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


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



P Dellow
Director

Date: 31 January 2025

Page 2

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The Directors present their report and the financial statements for the year ended 31 May 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 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 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.

Principal activity

The principal activity of the Company is the delivery of in-home customer connections for ISPs across London and the home counties.

Results and dividends

The loss for the year, after taxation, amounted to £1,146,611 (2023 - loss £78,177).

No dividends have been paid or proposed during the current or prior year.

Directors

The Directors who served during the year were:

P Dellow 
D Fogelman 
R Wickings 
H Mackenzie Smith (resigned 16 January 2024)
T Williams (resigned 31 May 2024)

Future developments

Management expects the Company to continue operating successfully in its chosen markets.

Page 3

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Matters covered in the Strategic Report

The Company has chosen in accordance with Section 414C(II) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 to set out within the Company’s Strategic Report, the information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the Directors' Report, such as the business review and details of the principal risks and uncertainties.

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.

Post balance sheet events

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

Auditors

The auditorsMenzies LLPwill 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.
 





P Dellow
Director

Date: 31 January 2025

Page 4

 


FIBRE WORKS UK (GODSTONE) LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIBRE WORKS UK (GODSTONE) LIMITED

Opinion


We have audited the financial statements of Fibre Works UK (Godstone) Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 31 May 2024 and of its loss 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.


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.


Page 5

 


FIBRE WORKS UK (GODSTONE) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIBRE WORKS UK (GODSTONE) LIMITED (CONTINUED)

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

 


FIBRE WORKS UK (GODSTONE) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIBRE WORKS UK (GODSTONE) LIMITED (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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reportinglegislation. We determined that the following laws and regulations were most significant including:

 The Companies Act 2006
 Financial Reporting Standard 102
UK employment legislation
 UK tax legislation

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financialstatement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries tomanagement and those responsible for legal and compliance procedures. We corroborated our inquiries through our reviewof relevant documentation.

The engagement partner assessed whether the engagement team collectively had the appropriate competence andcapabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area .
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud mightoccur. Audit procedures performed by the engagement team included:

 Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
 Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; 
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

 Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

Posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests


Because of 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. 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 Auditors' Report.


Page 7

 


FIBRE WORKS UK (GODSTONE) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FIBRE WORKS UK (GODSTONE) LIMITED (CONTINUED)

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.





Robin Hopkins FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

31 January 2025
Page 8

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,225,836
12,901,623

Cost of sales
  
(6,159,487)
(9,146,623)

Gross profit
  
2,066,349
3,755,000

Administrative expenses
  
(3,238,062)
(3,737,151)

Operating (loss)/profit
 5 
(1,171,713)
17,849

Interest payable and similar expenses
 9 
(21,349)
(11,748)

(Loss)/profit before tax
  
(1,193,062)
6,101

Tax on (loss)/profit
 10 
46,451
(84,278)

Loss after tax
  
(1,146,611)
(78,177)

  

  

Retained earnings at the beginning of the year
  
186,883
265,060

Loss for the year
  
(1,146,611)
(78,177)

Retained earnings at the end of the year
  
(959,728)
186,883
The notes on pages 11 to 22 form part of these financial statements.

Page 9

 


FIBRE WORKS UK (GODSTONE) LIMITED
REGISTERED NUMBER:04442127



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
-
172

Tangible assets
 12 
438,392
787,610

  
438,392
787,782

Current assets
  

Stocks
 13 
17,002
44,261

Debtors: amounts falling due within one year
 14 
927,656
5,889,181

Cash at bank and in hand
  
135,041
652,675

  
1,079,699
6,586,117

Creditors: amounts falling due within one year
 15 
(2,181,072)
(6,612,874)

Net current liabilities
  
 
 
(1,101,373)
 
 
(26,757)

Total assets less current liabilities
  
(662,981)
761,025

Creditors: amounts falling due after more than one year
 16 
(94,908)
(325,852)

Provisions for liabilities
  

Deferred tax
 18 
(51,839)
(98,290)

  
 
 
(51,839)
 
 
(98,290)

Net (liabilities)/assets
  
(809,728)
336,883


Capital and reserves
  

Called up share capital 
 19 
150,000
150,000

Profit and loss account
 20 
(959,728)
186,883

  
(809,728)
336,883


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P Dellow
Director

Date: 31 January 2025

The notes on pages 11 to 22 form part of these financial statements.

Page 10

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Fibre Works UK (Godstone) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pavilion, Botleigh Grange Business Park, Hedge End, Southampton, Hampshire, SO30 2AF.

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of SCCI Group Limited as at 31 May 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.4

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. Revenue on projects is recognised based on the stage of completion of the work completed.  Any unbilled amounts are included within accrued income.

Page 11

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

 
2.7

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.

Page 12

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Evident set up
-
25%
straight line

 
2.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the term of the lease
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Page 13

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Accrued income
Recognition of revenue on contracts is based on judgements made about the value of work which can be billed. Such judgements are arrived at based on the Directors' best estimate of the value of work, and are estimated on a contract by contract basis. The Company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review. 

Page 14

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Turnover

The whole of the turnover is attributable to the services provided in relation to the Company's principal activity.

All turnover arose within the United Kingdom.


5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
107,779
101,431


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
13,250
6,050


7.


Employees

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


2024
2023
£
£

Wages and salaries
1,899,361
2,434,189

Social security costs
206,445
268,287

Pension costs
37,653
41,456

2,143,459
2,743,932


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


        2024
        2023
            No.
            No.







Directors
1
1



Engineers
11
25



Administrative
38
42

50
68

Page 15

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
196,222
178,974

Company contributions to defined contribution pension schemes
1,321
1,321

197,543
180,295


During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
21,349
11,748

21,349
11,748


10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(46,451)
84,278

Total deferred tax
(46,451)
84,278


Tax on (loss)/profit
(46,451)
84,278
Page 16

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
10.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 - 20%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(1,193,062)
6,101


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
(298,266)
1,220

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
3,351

Capital allowances for year in excess of depreciation
23,888
(35,859)

Changes in tax rates
-
25,963

Change in unrecognised deferred tax assets
-
19,293

Group relief
227,927
70,310

Total tax charge for the year
(46,451)
84,278


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Intangible assets




Evident setup

£



Cost


At 1 June 2023
16,556



At 31 May 2024

16,556



Amortisation


At 1 June 2023
16,384


Charge for the year on owned assets
172



At 31 May 2024

16,556



Net book value



At 31 May 2024
-



At 31 May 2023
172



Page 18

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 June 2023
85,081
352,156
663,104
1,100,341


Additions
-
16,535
69,835
86,370


Disposals
-
-
(270,697)
(270,697)



At 31 May 2024

85,081
368,691
462,242
916,014



Depreciation


At 1 June 2023
25,682
176,673
110,376
312,731


Charge for the year on owned assets
21,270
69,087
154,109
244,466


Disposals
-
-
(79,575)
(79,575)



At 31 May 2024

46,952
245,760
184,910
477,622



Net book value



At 31 May 2024
38,129
122,931
277,332
438,392



At 31 May 2023
59,399
175,483
552,728
787,610

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
5,476
10,169

Motor vehicles
225,705
556,378

231,181
566,547


13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
17,002
44,261

17,002
44,261


Page 19

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

14.


Debtors

2024
2023
£
£


Trade debtors
69,469
3,232,850

Amounts owed by group undertakings
248,764
-

Other debtors
1,615
-

Prepayments and accrued income
548,357
2,596,880

Tax recoverable
59,451
59,451

927,656
5,889,181



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
216

Trade creditors
88,962
652,359

Amounts owed to group undertakings
1,577,288
4,043,064

Other taxation and social security
88,613
1,168,477

Obligations under finance lease and hire purchase contracts
150,087
219,096

Other creditors
11,906
30,961

Accruals and deferred income
264,216
498,701

2,181,072
6,612,874


Included within other creditors is £4,932 (2023 - £10,136) in relation to pension contributions.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
94,908
325,852

94,908
325,852


Page 20

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
244,995
220,293

Between 1-5 years
-
324,655

244,995
544,948

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Net obligations under finance leases are secured on the assets concerned.


18.


Deferred taxation




2024


£






At beginning of year
(98,290)


Charged to profit or loss
46,451



At end of year
(51,839)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(90,191)
(100,737)

Other timing differences
38,352
2,447

(51,839)
(98,290)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



150,000 (2023 - 150,000) Ordinary shares of £1.00 each
150,000
150,000


Page 21

 


FIBRE WORKS UK (GODSTONE) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

20.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


21.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
8,410

-
8,410


22.Other financial commitments

Loans included within entities of the group that the Company is a part are secured by fixed and floating charges over the assets of the Company and the group. At the year end the loans amounted to £66,833,106 (2023: £Nil).


23.


Controlling party

The immediate parent company is SCCI Group Limited and the ultimate parent company is Project Wexler Topco Limited.  Both companies registered office is the same as the Company.
The smallest group into which the Company is consolidated is that headed by SCCI Group Limited, also with the same registered office.  The largest group into which the Company is consolidated is that headed by Project Wexler Topco Limited. A copy of the consolidated accounts are available from Companies House on request. 
The Company's ultimate controlling party is Cadence Wexler GP LLP, an entity located in the United Kingdom.

 
Page 22