REGISTERED NUMBER: 12537495 (England and Wales) |
Scobie McIntosh Group Limited |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
REGISTERED NUMBER: 12537495 (England and Wales) |
Scobie McIntosh Group Limited |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
Scobie McIntosh Group Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
Atlantic House |
8 Bell Lane |
Bellbrook Industrial Estate |
Uckfield |
East Sussex |
TN22 1QL |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
FAIR REVIEW OF BUSINESS |
The strategy of the business is to provide equipment and maintenance solutions for a wide variety of clients within the food service and hospitality industry. The workforce is arranged around an operational centre in the south and a warehouse and refurb centre in the north. A national workforce of service and install engineers, are able to provide a 24/7 reactive and preventative maintenance service throughout the UK. Each cluster of engineers includes a mix of specialist skills to ensure that the engineering resource required is matched to the asset base of machines which are maintained under service contract. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Sales Strategy |
The company continues to focus on its five core market segments of bakery, catering, vending, coffee and refrigeration. Our strategy is to increase maintenance and equipment sales in each of these five segments. The business will redevelop its website and offer its equipment and services online to clients via a revamped digital platform. |
Competitive Environment |
The corporate environment remains extremely competitive. The principal risk to the business is the loss of key customer contracts on contract renewal. The business is operating within its contractual KPIs with its major clients. To mitigate risk, we establish good customer relationships and provide goods and services our clients demand which represent value for money. Constantly we are seeking new clients to reduce the dependency of the business on a limited number of clients. During the period, the company secured additional work for a variety of independent clients. |
People Strategy |
We continue to invest in our personnel, with ongoing technical training for all staff, from technical training in mechanical or electrical engineering through to specialist training in each business function of sales, operations, finance, information systems and human resources. |
Liquidity Risk |
The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of the business. This is managed through weekly updates of forecast cash positions. |
Credit Risk |
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. |
Acquisitions |
The business will grow through successful negotiation of new contracts or through acquisition of complimentary service-orientated businesses. A number of acquisition targets have been identified. |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
KEY PERFORMANCE INDICATORS |
The directors of the company focus on sustainable profitability and generating a sustainable long term return of invested capital to its shareholders, when measured against other potential investment classes. key operational indicators measured on a regular basis include: |
Finance - Increase or decrease in monthly cashflow; |
Maintenance - First Time Fix Rate and Work in Progress; |
Equipment - Equipment turn and margin achievement; |
Projects - Project Duration, allocated capital and net margin achievement; |
Storage & Logistics - Asset utilisation, handling and warehouse costs. |
ON BEHALF OF THE BOARD: |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the supply and maintenance of equipment. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2024. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Report of the Directors |
for the Year Ended 30 June 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Scobie McIntosh Group Limited |
Qualified opinion |
We have audited the financial statements of Scobie McIntosh Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the effects of the matter described in basis for qualified opinion paragraph, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion |
We did not observe the physical counting of opening stock as at 30 June 2023, as this was prior to our appointment as auditor of the group. The value of opening stock of £668,863 is material to the financial statements and we are unable to satisfy ourselves by alternative means concerning the stock quantities and therefore the value of stock held at 30 June 2023. |
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 group's and the parent 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. |
Report of the Independent Auditors to the Members of |
Scobie McIntosh Group Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Scobie McIntosh Group Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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's internal controls have been discussed with management and understood prior to our audit testing. Internal controls have been tested through walkthrough testing, to assess whether controls are adequate, whether they are being followed, and whether irregularities and fraud are prevented. |
- | deficiencies in internal controls have been highlighted and explained to management, along with recommendations as to how deficiencies can be improved and the risk of irregularity and fraud occurrence minimised. |
- | representations have been provided by management that there were no identified cases of fraud or instances of non-compliance during or since the accounting period. |
- | substantive testing has been carried out to test the validity of transactions, with entries in the accounting system vouched to corresponding third party documentation and evidence of appropriate authorisation |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Scobie McIntosh Group Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditor |
Atlantic House |
8 Bell Lane |
Bellbrook Industrial Estate |
Uckfield |
East Sussex |
TN22 1QL |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 16,690,385 | 17,966,373 |
Cost of sales | 10,978,322 | 12,486,461 |
GROSS PROFIT | 5,712,063 | 5,479,912 |
Administrative expenses | 4,976,902 | 5,052,733 |
OPERATING PROFIT | 4 | 735,161 | 427,179 |
Interest receivable and similar income | 5,435 | - |
740,596 | 427,179 |
Interest payable and similar expenses | 5 | 39,370 | 26,628 |
PROFIT BEFORE TAXATION | 701,226 | 400,551 |
Tax on profit | 6 | 178,302 | 86,447 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
522,924 |
314,104 |
Profit attributable to: |
Owners of the parent | 522,924 | 314,104 |
Total comprehensive income attributable to: |
Owners of the parent | 522,924 | 314,104 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Consolidated Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 93,445 | 102,130 |
Investments | 9 | - | - |
93,445 | 102,130 |
CURRENT ASSETS |
Stocks | 10 | 675,568 | 668,863 |
Debtors | 11 | 4,355,324 | 3,069,247 |
Cash at bank | 514,677 | 725,175 |
5,545,569 | 4,463,285 |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
12 |
3,602,412 |
3,063,245 |
NET CURRENT ASSETS | 1,943,157 | 1,400,040 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,036,602 |
1,502,170 |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
13 |
(285,902 |
) |
(346,885 |
) |
PROVISIONS FOR LIABILITIES | 16 | (80,487 | ) | (7,996 | ) |
NET ASSETS | 1,670,213 | 1,147,289 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 100 | 100 |
Merger reserve | 18 | (62,925 | ) | (62,925 | ) |
Retained earnings | 18 | 1,733,038 | 1,210,114 |
SHAREHOLDERS' FUNDS | 1,670,213 | 1,147,289 |
The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by: |
Mr G Gossal - Director |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Company Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
13 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's loss for the financial year | (9,841 | ) | (16,709 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Merger | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 100 | 896,010 | (62,925 | ) | 833,185 |
Changes in equity |
Total comprehensive income | - | 314,104 | - | 314,104 |
Balance at 30 June 2023 | 100 | 1,210,114 | (62,925 | ) | 1,147,289 |
Changes in equity |
Total comprehensive income | - | 522,924 | - | 522,924 |
Balance at 30 June 2024 | 100 | 1,733,038 | (62,925 | ) | 1,670,213 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2023 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2024 | ( |
) | ( |
) |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,778 | 196,840 |
Interest paid | (39,370 | ) | (26,628 | ) |
Tax paid | (85,358 | ) | (73,673 | ) |
Net cash from operating activities | (119,950 | ) | 96,539 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (35,000 | ) | (49,023 | ) |
Sale of tangible fixed assets | - | 14,795 |
Interest received | 5,435 | - |
Net cash from investing activities | (29,565 | ) | (34,228 | ) |
Cash flows from financing activities |
Movement in bank loans | (60,983 | ) | (69,782 | ) |
Net cash from financing activities | (60,983 | ) | (69,782 | ) |
Decrease in cash and cash equivalents | (210,498 | ) | (7,471 | ) |
Cash and cash equivalents at beginning of year |
2 |
725,175 |
732,646 |
Cash and cash equivalents at end of year |
2 |
514,677 |
725,175 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit for the financial year | 522,924 | 314,104 |
Depreciation charges | 43,684 | 32,182 |
Profit on disposal of fixed assets | - | (1,250 | ) |
Finance costs | 39,370 | 26,628 |
Finance income | (5,435 | ) | - |
Taxation | 178,302 | 86,447 |
778,845 | 458,111 |
(Increase)/decrease in stocks | (6,705 | ) | 9,003 |
Increase in trade and other debtors | (284,618 | ) | (46,474 | ) |
Decrease in trade and other creditors | (482,744 | ) | (223,800 | ) |
Cash generated from operations | 4,778 | 196,840 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 514,677 | 725,175 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 725,175 | 732,646 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank | 725,175 | (210,498 | ) | 514,677 |
725,175 | (210,498 | ) | 514,677 |
Debt |
Debts falling due within 1 year | (80,000 | ) | - | (80,000 | ) |
Debts falling due after 1 year | (346,885 | ) | 60,983 | (285,902 | ) |
(426,885 | ) | 60,983 | (365,902 | ) |
Total | 298,290 | (149,515 | ) | 148,775 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Scobie McIntosh Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company Scobie McIntosh Group Limited together with all the entities controlled by the parent company (its subsidiaries) and the group's share of its interest in joint ventures and associates. |
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All inter-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of th asset transferred. |
In the year to 30 June 2022, the parent company, Scobie McIntosh Group Limited, purchased any minority share holdings in group companies. The ultimate controlling equity holder remained the same and so the directors applied the merger method of consolidation. |
Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 and loss. Reversals of impairment losses are also recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Provisions |
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation recognised at present value.When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the profit or loss in the period where it arises. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,116,471 | 4,098,127 |
Social security costs | 410,450 | 435,888 |
Other pension costs | 110,633 | 112,088 |
4,637,554 | 4,646,103 |
The average number of employees during the year was as follows: |
2024 | 2023 |
The average number of employees |
2024 | 2023 |
£ | £ |
Directors' remuneration | 232,572 | 40,000 |
Information regarding the highest paid director for the year ended 30 June 2024 is as follows: |
2024 |
£ |
Emoluments etc | 140,572 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 4,342 | 1,201 |
Other operating leases | 240,174 | 677,825 |
Depreciation - owned assets | 43,685 | 32,184 |
Profit on disposal of fixed assets | - | (1,250 | ) |
Auditors' remuneration | 48,900 | 64,752 |
Foreign exchange differences | 40,197 | 53,008 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | - | 465 |
Bank loan interest | 22,419 | 17,987 |
Other interest payable | 16,951 | 8,176 |
39,370 | 26,628 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 180,811 | 86,112 |
Deferred tax | (2,509 | ) | 335 |
Tax on profit | 178,302 | 86,447 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 701,226 | 400,551 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.800 %) |
175,307 |
87,320 |
Effects of: |
Expenses not deductible for tax purposes | 6,234 | 213 |
Capital allowances in excess of depreciation | (503 | ) | (1,086 | ) |
Marginal relief | (227 | ) | - |
Deferred tax | (2,509 | ) | - |
Total tax charge | 178,302 | 86,447 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 | 16,041 | 133,581 | 1,785 | 151,407 |
Additions | - | 35,000 | - | 35,000 |
At 30 June 2024 | 16,041 | 168,581 | 1,785 | 186,407 |
DEPRECIATION |
At 1 July 2023 | 12,031 | 35,907 | 1,339 | 49,277 |
Charge for year | 4,010 | 39,229 | 446 | 43,685 |
At 30 June 2024 | 16,041 | 75,136 | 1,785 | 92,962 |
NET BOOK VALUE |
At 30 June 2024 | - | 93,445 | - | 93,445 |
At 30 June 2023 | 4,010 | 97,674 | 446 | 102,130 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Details of the company's subsidiaries at 30 June 2024 are as follows: |
Name of undertaking | Address | Class of | % held |
shares held | Direct | Indirect |
Scobie Equipment Limited | 1 | Ordinary | 100 |
Scobie Maintenance Limited | 1 | Ordinary | 100 |
Scobie Projects Limited | 1 | Ordinary | 100 |
Scobie McIntosh Logistics Limited | 1 | Ordinary | 100 |
Scobie Bakery Services Limited | 1 | Ordinary | 100 |
Scobie Catering Services Limited | 1 | Ordinary | 100 |
Scobie Coffee Services Limited | 1 | Ordinary | 100 |
Scobie Vending Services Limited | 1 | Ordinary | 100 |
Scobie Technical Services Limited | 1 | Ordinary | 100 |
Scobie Refrigeration Limited | 1 | Ordinary | 100 |
Registered office addresses (all UK unless otherwise indicated): |
1. Unit C1, Fleming Way, Crawley, England, RH10 9NN |
All indirectly held subsidiaries are wholly owned by Scobie Maintenance Limited. |
Details of associates at 30 June 2024 are as follows: |
Name of undertaking | Registered office | % held |
Direct |
Scobie Finance LLP | Gothic House, The Green, Richmond, England, TW9 1PL | 40 |
10. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 675,568 | 668,863 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 3,167,784 | 2,901,225 |
Provision for bad debts | (70,814 | ) | - | - | - |
Amounts owed by group undertakings | 1,001,459 | - |
Other debtors | 100 | 100 |
Prepayments and accrued income | 256,795 | 167,922 |
4,355,324 | 3,069,247 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 14) | 80,000 | 80,000 |
Trade creditors | 1,135,160 | 1,387,586 |
Amounts owed to group undertakings | 1,001,459 | - |
Corporation tax | 180,967 | 85,514 |
Social security and other taxes | 133,462 | 515,206 |
VAT | 295,098 | - | - | - |
Other creditors | 393,573 | 359,356 |
Accruals and deferred income | 382,693 | 635,583 |
3,602,412 | 3,063,245 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 14) | 83,334 | 158,760 |
Other loans (see note 14) | 202,568 | 188,125 |
285,902 | 346,885 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 80,000 | 80,000 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 83,334 | 20,000 |
Other loans | 202,568 | 188,125 | 202,568 |
285,902 | 208,125 |
Amounts falling due between two and | five years: |
Bank loans | - | 138,760 |
Bank loans represent a combination of two unsecured bank loans from Lloyds Bank plc and EquiFirst Capital Holdings Limited. The former loan was obtained through the Coronavirus Bounce Back Loan Scheme and is repayable over six years with no repayments required in the first year, and carries a fixed interest rate of 2.5% per annum. The latter loan was obtained through a loan facility and is repayable by 31 March 2025, and carries a fixed interest rate of 7.5% per annum. |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 403,728 | 496,857 |
Between one and five years | 834,784 | 596,566 |
In more than five years | 538,495 | - |
1,777,007 | 1,093,423 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 5,487 | 7,996 |
Other provisions | 75,000 | - |
Aggregate amounts | 80,487 | 7,996 |
Group |
Deferred |
tax | Dilapidations |
£ | £ |
Balance at 1 July 2023 | 7,996 | - |
Provided during year | - | 75,000 |
Credit to Statement of Comprehensive Income during year | (2,509 | ) | - |
Balance at 30 June 2024 | 5,487 | 75,000 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
18. | RESERVES |
Group |
Retained | Merger |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 1,210,114 | (62,925 | ) | 1,147,189 |
Profit for the year | 522,924 | 522,924 |
At 30 June 2024 | 1,733,038 | (62,925 | ) | 1,670,113 |
Scobie McIntosh Group Limited (Registered number: 12537495) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2024 | 2023 |
£ | £ |
Purchases | 137,508 | 137,508 |
Transfers | 83,986 | 160,596 |
Amount due to related party | 426,966 | 658,410 |
Other related parties |
2024 | 2023 |
£ | £ |
Purchases | 80,931 | 76,166 |
Amount due to related party | - | 635 |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr A B Alderson. |