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Registration number: 02964471

Select Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Select Products Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Select Products Limited

Company Information

Directors

Christopher Charles Price

Mrs Sarah Price

Registered office

Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

Accountants

King Morter Proud & Co Limited
Chartered Accountants
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

 

Select Products Limited

(Registration number: 02964471)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

258,500

282,000

Tangible assets

5

1,761,360

1,838,410

 

2,019,860

2,120,410

Current assets

 

Stocks

6

111,687

119,328

Debtors

7

791,365

1,065,465

Cash at bank and in hand

 

3,778,154

2,453,262

 

4,681,206

3,638,055

Creditors: Amounts falling due within one year

8

(1,319,960)

(1,566,456)

Net current assets

 

3,361,246

2,071,599

Total assets less current liabilities

 

5,381,106

4,192,009

Creditors: Amounts falling due after more than one year

8

306

-

Provisions for liabilities

(269,375)

(290,925)

Net assets

 

5,112,037

3,901,084

Capital and reserves

 

Called up share capital

9

100,000

100,000

Revaluation reserve

91,441

91,441

Retained earnings

4,920,596

3,709,643

Shareholders' funds

 

5,112,037

3,901,084

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Select Products Limited

(Registration number: 02964471)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 10 February 2025 and signed on its behalf by:
 

.........................................
Christopher Charles Price
Director

 

Select Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

These financial statements were authorised for issue by the Board on 10 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision 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:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Select Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings freehold

at 2% per annum on building cost

Plant & machinery

at 10% per annum on cost

Fixtures, fittings and office equipment

at 10% per annum on cost

Commercial motor vehicles

at 15% per annum on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Select Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Select Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 28).

 

Select Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

470,000

470,000

At 31 August 2024

470,000

470,000

Amortisation

At 1 September 2023

188,000

188,000

Amortisation charge

23,500

23,500

At 31 August 2024

211,500

211,500

Carrying amount

At 31 August 2024

258,500

258,500

At 31 August 2023

282,000

282,000

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 September 2023

772,697

21,027

2,581,441

154,280

Additions

-

658

81,963

58,886

Disposals

-

-

(13,646)

-

At 31 August 2024

772,697

21,685

2,649,758

213,166

Depreciation

At 1 September 2023

53,232

11,676

1,545,732

80,395

Charge for the year

2,848

2,168

175,087

31,975

Eliminated on disposal

-

-

(7,167)

-

At 31 August 2024

56,080

13,844

1,713,652

112,370

Carrying amount

At 31 August 2024

716,617

7,841

936,106

100,796

At 31 August 2023

719,465

9,351

1,035,709

73,885

 

Select Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Total
£

Cost or valuation

At 1 September 2023

3,529,445

Additions

141,507

Disposals

(13,646)

At 31 August 2024

3,657,306

Depreciation

At 1 September 2023

1,691,035

Charge for the year

212,078

Eliminated on disposal

(7,167)

At 31 August 2024

1,895,946

Carrying amount

At 31 August 2024

1,761,360

At 31 August 2023

1,838,410

Included within the net book value of land and buildings above is £716,617 (2023 - £719,465) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

111,687

119,328

7

Debtors

Current

2024
£

2023
£

Trade debtors

789,872

1,065,465

Other debtors

1,493

-

 

791,365

1,065,465

 

Select Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

9,299

-

Trade creditors

 

361,208

813,374

Taxation and social security

 

697,064

588,815

Accruals and deferred income

 

18,639

17,139

Other creditors

 

233,750

147,128

 

1,319,960

1,566,456

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

(306)

-

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100,000

100,000

100,000

100,000

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

(306)

-

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

9,299

-

 

Select Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

11

Dividends

2024

2023

£

£

Interim dividend of £95,000.00 (2023 - £150,000.00) paid

95,000

150,000