Company registration number 02353848 (England and Wales)
SERVICOM (HIGH TECH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SERVICOM (HIGH TECH) LIMITED
COMPANY INFORMATION
Directors
Mr M P Scholes
Mrs E J Scholes
(Appointed 1 January 2024)
Company number
02353848
Registered office
Unit 8 The IO Centre
Nash Road
Park Farm North
Redditch
Worcestershire
B98 7AS
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
Church Green House
Redditch
Worcestershire
B98 8DG
SERVICOM (HIGH TECH) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SERVICOM (HIGH TECH) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SERVICOM (HIGH TECH) LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Servicom (High Tech) Limited for the year ended 30 June 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Servicom (High Tech) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Servicom (High Tech) Limited and state those matters that we have agreed to state to the board of directors of Servicom (High Tech) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Servicom (High Tech) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Servicom (High Tech) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Servicom (High Tech) Limited. You consider that Servicom (High Tech) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Servicom (High Tech) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
14 November 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SERVICOM (HIGH TECH) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
940,128
706,868
Current assets
Stocks
548,861
653,550
Debtors
4
1,384,033
896,345
Cash at bank and in hand
1,406,816
602,328
3,339,710
2,152,223
Creditors: amounts falling due within one year
5
(1,228,239)
(620,800)
Net current assets
2,111,471
1,531,423
Total assets less current liabilities
3,051,599
2,238,291
Provisions for liabilities
6
(126,078)
(78,996)
Net assets
2,925,521
2,159,295
Capital and reserves
Called up share capital
8
50
50
Revaluation reserve
7
109,394
109,394
Capital redemption reserve
50
50
Profit and loss reserves
2,816,027
2,049,801
Total equity
2,925,521
2,159,295

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SERVICOM (HIGH TECH) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr M P Scholes
Director
Company registration number 02353848 (England and Wales)
SERVICOM (HIGH TECH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Servicom (High Tech) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8 The IO Centre, Nash Road, Park Farm North, Redditch, Worcestershire, B98 7AS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Long leasehold
2% on cost
Plant, machinery and computer equipment
at varying rates
Fixture and fittings
15% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SERVICOM (HIGH TECH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SERVICOM (HIGH TECH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
32
29
3
Tangible fixed assets
Long leasehold
Plant, machinery and computer equipment
Fixture and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 July 2023
415,000
1,842,306
75,016
321,859
2,654,181
Additions
-
0
389,745
-
0
258,236
647,981
Disposals
-
0
(364,022)
-
0
(110,755)
(474,777)
At 30 June 2024
415,000
1,868,029
75,016
469,340
2,827,385
Depreciation and impairment
At 1 July 2023
174,754
1,506,975
62,203
203,381
1,947,313
Depreciation charged in the year
8,300
301,905
4,224
87,290
401,719
Eliminated in respect of disposals
-
0
(364,022)
-
0
(97,753)
(461,775)
At 30 June 2024
183,054
1,444,858
66,427
192,918
1,887,257
Carrying amount
At 30 June 2024
231,946
423,171
8,589
276,422
940,128
At 30 June 2023
240,246
335,331
12,813
118,478
706,868

Long leasehold with a carrying amount of £240,246 were revalued at 5 March 2007 by Harris Lamb Chartered Surveyors.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
305,606
305,606
Accumulated depreciation
(145,860)
(139,748)
Carrying value
159,746
165,858
SERVICOM (HIGH TECH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,142,666
824,128
Other debtors
241,367
72,217
1,384,033
896,345
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
206,317
138,801
Taxation and social security
593,809
396,960
Other creditors
428,113
85,039
1,228,239
620,800
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
126,078
78,996
7
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
109,394
109,394
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
40
40
40
40
Ordinary B of £1 each
10
10
10
10
50
50
50
50
SERVICOM (HIGH TECH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan accounts
2.25
-
152,769
3,127
155,896
-
152,769
3,127
155,896

The directors loan accounts were repaid within nine months of the year end.

10
Ultimate controlling party

The ultimate controlling party is Mr M P Scholes.

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