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Registered number: 03057795
S.E.S. Ltd.
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 May 2024
Stubbs Parkin
55 Hoghton Street
Southport
Merseyside
PR9 0PG
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Statement of Income and Retained Earnings 8
Balance Sheet 9—10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—22
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 May 2024.
Principal Activity
The company's principal activity continues to be that of the provision of professional manned security solutions for both the retail and commercial sectors.
Review of the Business
The business successfully met its strategic objectives for the financial year, achieving notable growth in both turnover and profitability. This positive trajectory reflects our strong market position, the successful execution of key contracts, and the sustained trust of our loyal client base.
Our increased revenue demonstrates the effectiveness of our targeted growth strategies, operational efficiencies, and commitment to service excellence. Profitability has also improved, driven by prudent cost management, enhanced productivity, and the successful expansion of our offerings in manned, physical, and electronic security systems.
We continue to invest in business infrastructure and specialised operating systems to ensure scalability and adaptability in a rapidly evolving market. These investments enhance our operational capabilities, allowing us to meet the dynamic needs of our clients while maintaining a competitive edge.
Looking ahead, we remain focused on expanding our market reach, strengthening client relationships, and further optimizing our operational efficiencies. With a strong financial foundation and a clear strategic vision, we are confident in sustaining this upward trajectory in the coming year.
We extend our gratitude to our dedicated employees and valued clients for their continued support, which has been instrumental in our success.
The company's key financial and other performance indicators during the year were as follows: 
Financial KPIs
Unit
2024
2023
Turnover
£
31,258,743
22,805,465
Turnover growth
%
37
(40)
Gross profit margin
%
11
11
Profit pre tax
£
2,832,785
1,757,290
At the end of the year, net assets totalled £4,854,760, (2023 - £4,662,135).
Page 1
Page 2
Principal Risks and Uncertainties
The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent security providers, employee retention and increasing legislation within the industry.
The company finances its operations through a mixture of retained profits, bank borrowings and trade credit from suppliers. Movements in interest rates on the companies facilities can impact profitability. In addition, a withdrawal of financing facilities or failure to renew them as they expire could lead to a reduction in the trading ability of the company. The utilisation of working capital is closely monitored and regular cashflow forecasts are prepared and compared to the facilities available. The company maintains relationships with several providers on finance to ensure that a comprehensive range of funding facilities is maintained.
On behalf of the board
Mr D C Quinn
Director
27th February 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 May 2024.
Dividends
The value of dividends paid to directors amounted to £1,907,925 .
Financial Instruments
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise foreign exchange, bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.
Foreign exchange, the price risk is managed by reviewing the currency exchange rates on a systematic basis with all exchange differences are included in the profit and loss account.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The business makes use of money market facilities were funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Loans comprise loans from banks. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.
Directors
The directors who held office during the year were as follows:
Mr S M Mawdsley
Mr D C Quinn
Mrs C S Shuker
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
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The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mr D C Quinn
Director
27th February 2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of S.E.S. Ltd. for the year ended 31 May 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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 profit/(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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
Page 5
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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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and 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 or 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—4, 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.
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Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • We made enquiries of management to assess any instances of non-compliance with laws and regulations that have a material effect on the financial statements by reviewing minutes of board meetings between the directors.
  • Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
  • Designed audit procedures to incorporate unpredictability around the nature, timing or extent of our testing, and
  • Reviewing legal expense nominals to identify indicators of potential non-compliance with laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that we are required to state to them in an auditor's 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.
Mrs K E Thompson FCA (Senior Statutory Auditor) (Senior Statutory Auditor)
for and on behalf of Stubbs Parkin Limited, 55 Hoghton Street, Southport, PR9 OPG , Statutory Auditor
27th February 2025
Page 7
Page 8
Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 3 31,258,743 22,805,465
Cost of sales (27,825,812 ) (20,204,849 )
GROSS PROFIT 3,432,931 2,600,616
Administrative expenses (692,966 ) (755,541 )
Other operating income (14,004 ) (37,571 )
OPERATING PROFIT 5 2,725,961 1,807,504
Fair value gains on investment properties 205,620 102,850
Profit on disposal of fixed assets 44,907 -
Other interest receivable and similar income 10 241,340 81,327
Interest payable and similar charges 11 (385,043 ) (234,390 )
PROFIT BEFORE TAXATION 2,832,785 1,757,291
Tax on Profit 12 (732,236 ) (363,238 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,100,549 1,394,053
RETAINED EARNINGS
As at 1 June 2023 4,658,136 5,302,083
Dividends paid (1,907,925) (2,038,000)
As at 31 May 2024 4,850,760 4,658,136
The notes on pages 12 to 22 form part of these financial statements.
Page 8
Page 9
Balance Sheet
Registered number: 03057795
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 607,952 596,929
Investment Properties 14 1,330,540 1,435,420
Investments 15 100 100
1,938,592 2,032,449
CURRENT ASSETS
Debtors 16 9,659,234 6,229,417
Cash at bank and in hand 6,690,754 6,494,389
16,349,988 12,723,806
Creditors: Amounts Falling Due Within One Year 17 (13,164,667 ) (9,682,184 )
NET CURRENT ASSETS (LIABILITIES) 3,185,321 3,041,622
TOTAL ASSETS LESS CURRENT LIABILITIES 5,123,913 5,074,071
Creditors: Amounts Falling Due After More Than One Year 18 (101,438 ) (324,463 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (167,715 ) (87,472 )
NET ASSETS 4,854,760 4,662,136
CAPITAL AND RESERVES
Called up share capital 23 4,000 4,000
Profit and Loss Account 4,850,760 4,658,136
SHAREHOLDERS' FUNDS 4,854,760 4,662,136
Page 9
Page 10
On behalf of the board
Mr D C Quinn
Director
27th February 2025
The notes on pages 12 to 22 form part of these financial statements.
Page 10
Page 11
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 541,967 2,588,581
Interest paid (385,043 ) (234,390 )
Tax paid (483,667 ) (941,547 )
Net cash (used in)/generated from operating activities (326,743 ) 1,412,644
Cash flows from investing activities
Purchase of tangible assets (43,602 ) -
Proceeds from disposal of tangible assets 366,461 -
Interest received 241,340 81,327
Net cash generated from investing activities 564,199 81,327
Cash flows from financing activities
Equity dividends paid (1,907,925 ) (2,038,000 )
Proceeds from new bank borrowings 1,660,160 4,052,593
Repayment of other loans - (5,030,743)
Repayment of finance leases (8,555 ) (14,666 )
Amount introduced by directors - 377
Amount withdrawn by directors (926) -
Net cash used in financing activities (257,246 ) (3,030,439 )
Decrease in cash and cash equivalents (19,790 ) (1,536,468 )
Cash and cash equivalents at beginning of year 2 6,425,502 7,961,970
Cash and cash equivalents at end of year 2 6,405,712 6,425,502
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 2,100,549 1,394,053
Adjustments for:
Tax on profit 732,236 363,238
Interest expense 385,043 234,703
Interest income (241,340 ) (81,327 )
Depreciation of tangible assets 21,525 26,549
Profit on disposal of tangible assets (44,907) -
Net fair value gains recognised in profit or loss (205,620) (102,850)
Foreign exchange gains - (314)
Movements in working capital:
(Increase)/decrease in trade and other debtors (3,429,817 ) 452,677
Increase in trade and other creditors 1,224,298 301,852
Net cash generated from operations 541,967 2,588,581
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 6,690,754 6,494,389
Overdraft facilities repayable on demand (285,042 ) (68,887 )
Cash and cash equivalents as stated in the Statement of Cash Flows 6,405,712 6,425,502
3. Analysis of changes in net funds
As at 1 June 2023 Cash flows As at 31 May 2024
£ £ £
Cash at bank and in hand 6,494,389 196,365 6,690,754
Overdraft facilities repayable on demand (68,887) (216,155) (285,042)
Cash and cash equivalents 6,425,502 (19,790) 6,405,712
Finance leases (8,555) 8,555 -
Debts falling due within one year (4,081,548 ) (1,883,185) (5,964,733 )
Debts falling due after more than one year (324,463) 223,025 (101,438)
2,010,936 (1,671,395) 339,541
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Notes to the Financial Statements
1. General Information
S.E.S. Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03057795 . The registered office is 82 Waterloo Road, Southport, Merseyside, PR8 4QW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The company's functional and presentational currency is £ GBP and no level of rounding has been used in presenting the financial statements.
2.2. Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when it is probable that economic benefits will flow to the company can be reliably measured.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 2% Striaght line basis
Plant & Machinery 15% Reducing balance basis
Motor Vehicles 25% Striaght line basis
Fixtures & Fittings 15% Reducing balance basis
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Investments
Investments in subsidiary undertakings are stated at cost less any provision for impairment. The company assesses the carrying value of investments annually and records an impairment loss where there is evidence that the investment's recoverable amount is lower than its carrying amount.
Dividends received from subsidiary undertakings are recognised in the profit and loss account when income is received.
Where investments are disposed of, the difference between the net proceeds and the carrying amount is recognised in the profit and loss account.
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2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receiveable and payable, loans from banks and other third parties, and loans to related parties.
Debt instruments that are payable or receiveable within one year, typically trade payables or receiveables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
The tax expense for the period comprises current and deferred tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.10. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Sales 31,258,743 22,805,465
4. Other Operating Income
2024 2023
£ £
Rental income (14,004 ) (37,571 )
(14,004) (37,571)
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 21,525 26,549
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 9,900 9,000
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7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 2,619,072 2,453,255
Social security costs 248,988 226,321
Other pension costs 44,761 40,432
2,912,821 2,720,008
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 10 10
Other departments 81 83
91 93
9. Directors' remuneration
2024 2023
£ £
Emoluments 65,413 52,989
10. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 235,673 81,327
Other interest receivable 5,667 -
241,340 81,327
11. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 384,011 232,107
Finance charges payable under finance leases and hire purchase contracts 1,032 1,615
Other finance charges - 668
385,043 234,390
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12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 25.0% 651,993 341,726
Deferred Tax
Deferred taxation 80,243 21,512
Total tax charge for the period 732,236 363,238
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 2,832,785 1,757,291
Tax on profit at 25% (UK standard rate) 708,196 439,323
Goodwill/depreciation not allowed for tax (5,846 ) -
Expenses not deductible for tax purposes 7,604 16,450
Tax losses utilised 6,647 (11,273 )
Capital allowances 4,985 5,166
Deferred tax relating to changes in tax rates or laws 80,243 5,378
Changes in tax provisions due to legislation (18,188 ) (91,806 )
Current tax from unrecognised tax loss or credit (51,405 ) -
Total tax charge for the period 732,236 363,238
13. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 June 2023 554,182 4,249 30,710 226,878 816,019
Additions 41,057 - - 2,545 43,602
Disposals - - (30,710 ) - (30,710 )
As at 31 May 2024 595,239 4,249 - 229,423 828,911
...CONTINUED
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Depreciation
As at 1 June 2023 35,064 2,909 19,656 161,461 219,090
Provided during the period 11,289 201 - 10,035 21,525
Disposals - - (19,656 ) - (19,656 )
As at 31 May 2024 46,353 3,110 - 171,496 220,959
Net Book Value
As at 31 May 2024 548,886 1,139 - 57,927 607,952
As at 1 June 2023 519,118 1,340 11,054 65,417 596,929
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Fixtures & Fittings - 30,904
14. Investment Property
2024
£
Fair Value
As at 1 June 2023 1,435,420
Disposals (310,500 )
Fair value adjustments 205,620
As at 31 May 2024 1,330,540
The fair value of investment property has been derived from the current market prices for comparable property.
There has been no valuation of investment property by an independent valuer.
15. Investments
Subsidiaries
£
Cost
As at 1 June 2023 100
As at 31 May 2024 100
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 100
As at 1 June 2023 100
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Subsidiaries
Details of the company's subsidiaries as at 31 May 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
SES House Holdings Limited 55 Hoghton Street, Southport, PR9 0PG Ordinary shares 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
SES House Holdings Limited 1 -
The principal activity of SES House Holdings Limited is that of a dormant company.
16. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,620,116 6,131,378
Other debtors 39,118 98,039
9,659,234 6,229,417
17. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 8,555
Trade creditors 5,652,228 4,468,510
Bank loans and overdrafts 6,249,775 4,150,435
Other creditors 39,721 107,819
Corporation tax 330,052 161,726
Taxation and social security 260,374 330,784
Accruals and deferred income 632,517 454,355
13,164,667 9,682,184
18. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 101,438 324,463
Of the creditors falling due after more than one year the following amounts are due after more than five years.
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2024 2023
£ £
Bank loans - 229,128
Monthly repayment with a rate of interest of 2.5% p.a over Base Rate.
19. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 5,964,733 4,081,548
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 101,438 95,335
2024 2023
£ £
Amounts falling due after more than five years:
Bank loans - 229,128
Bank loans and overdrafts
Bank loans are denominated in £ with a nominal interest rate of 5-10%, and the final instalment is due on 31 January 2029. The carrying amount at year end is £128,572 (2023 - £346,463).
The bank loans are secured against the property of the company, given in favour of Natwest Bank Plc. The mortgage is secured over the property.
In addition, security is provided over the overdrafts in the form of a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery is given in favour of The Royal Bank of Scotland Commercial Services Limited.
20. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 8,555
Hire purchase is denominated in £ with a nominal interest rate of 6.91%, and the final instalment is due on 31 December 2023. The carrying amount at year end is £nil (2023 - £8,555). Security is provided over the specific assets in the agreement.
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21. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 6,616 1,970
Revaluation of investment properties 73,627 19,542
Other timing differences 87,472 65,960
167,715 87,472
22. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 87,472 87,472
Additions 80,243 80,243
Balance at 31 May 2024 167,715 167,715
Deferred tax provided as a result of the gain on the fair value adjustment to investment property and the temporary tax difference in the carrying amount of assets and its tax base.
23. Share Capital
2024 2023
Allotted, called up and fully paid £ £
4,000 Ordinary Shares of £ 1.00 each 4,000 4,000
24. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 53,995 39,669
Later than one year and not later than five years 32,628 21,646
86,623 61,315
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25. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £44,761 (2023: £40,432).
At the balance sheet date contributions of £16,159 (2023: £4,770) were due to the fund and are included in creditors.
26. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 1,907,925 2,038,000
27. Reserves
Called-up share capital
This reserve represents the nominal value of shares that have been issued.
Revaluation reserve
The revaluation reserve represents gains on fixed assets.
Profit and loss account
The profit and loss reserve includes all current and prior period retained profits and losses less dividends voted. Plus non-distributable reserves for the fair value adjustment on investment properties.
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