Company Registration No. 03512006 (England and Wales)
SERVICETEC EMPLOYEE SHARE SCHEME COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SERVICETEC EMPLOYEE SHARE SCHEME COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SERVICETEC EMPLOYEE SHARE SCHEME COMPANY LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
30,841
30,841
Current assets
Debtors
4
87,966
104,512
Net current assets
87,966
104,512
Total assets less current liabilities
118,807
135,353
Accruals
5
(23,261)
Net assets
118,807
112,092
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
117,807
111,092
Total equity
118,807
112,092
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
D. J. Ison
Director
Company Registration No. 03512006
SERVICETEC EMPLOYEE SHARE SCHEME COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Servicetec Employee Share Scheme Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9A Meadway Court, Meadway Technology Park, Rutherford Close, Stevenage, Hertfordshire, United Kingdom, SG1 2EF.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation thattrue, with the support of the group, 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.
1.3
Fixed asset investments
Investments in equity instruments which are not subsidiaries, associates or joint ventures, are not publically traded, and whose fair values cannot be measured reliably are measured at cost less impairment.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
SERVICETEC EMPLOYEE SHARE SCHEME COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.5
Taxation
Current tax
Taxable profit differs from net profit as reported in the statement of income and retained earnings 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.
2
Employees
There were no employees in current and comparative year.
Wages and Salaries consist of bonuses for option holders. Please see note 7 for further information.
SERVICETEC EMPLOYEE SHARE SCHEME COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Fixed asset investments
2024
2023
£
£
Shares in parent undertakings
30,841
30,841
Movements in fixed asset investments
Shares in parent undertakings
£
Cost or valuation
At 1 July 2023 & 30 June 2024
30,841
Carrying amount
At 30 June 2024
30,841
At 30 June 2023
30,841
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
87,966
104,512
5
Accruals
2024
2023
£
£
Accruals
-
23,261
SERVICETEC EMPLOYEE SHARE SCHEME COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
6
ServiceTec Employee Share Trust 1998
The company acts as a Trustee for the ServiceTec Employee Share Trust 1998, established by a trust deed between the company and its ultimate parent company, ServiceTec Global Services Limited, on 27 March 1998 and amended on 15 December 2016. The beneficiaries of the deed are the employees, former employees and their representatives of any subsidiary of the ultimate parent company. The employee share option scheme adheres to the meaning of section 743 of the Companies Act 2006.
The company may allocate and distribute share options at their discretion in their capacity as trustees of the trust fund. The trustees hold the trust fund and its income for the benefit of the beneficiaries in accordance with the trust deed. The trustees are required to keep accurate accounts of the trust fund and may engage qualified and registered auditors to perform an annual audit on the accounts. The trustees are not required to engage in the management or conduct of the ultimate parent company or its subsidiaries. The trustees may pay any expenses relating to the fund's administration out of the fund's capital or income.
As at 30 June 2024, the company had granted the following options:
2024
2023
Number
Number
Outstanding at 1 July 2023
6,974
7,357
Expired
(100)
(383)
Outstanding at 30 June 2024
6,874
6,974
7
Parent company
The company's ultimate parent company and controlling entity is ServiceTec Global Services Limited which is incorporated in England and Wales. Its registered office is Unit 9A Meadway Court, Meadway Technology Park, Rutherford Close, Stevenage, Hertfordshire, SG1 2EF. Copies of the financial statements for this company and the group can be obtained from Companies House public registry. It is the largest entity in which the results are consolidated.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Gilles Siow.
The auditor was HW Fisher Audit.