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Registration number: 10824414

Sobec Contracting Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Sobec Contracting Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Sobec Contracting Ltd

Company Information

Director

Mr Philip Dean Roebuck

Company secretary

Mr Simon Hall

Registered office

Suite 13, Dunston House
Livingstone Road
Hessle
East Yorkshire
HU13 0EG

Solicitors

Gunnercooke LLP
53 King Street
Manchester
M2 4LQ

Bankers

Lloyds Bank
Silver Street
Hull

Accountants

Flexibility Professional Services (UK) Ltd Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

Sobec Contracting Ltd

(Registration number: 10824414)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

6,901

10,401

Current assets

 

Stocks

6

110,479

58,715

Debtors

7

38,596

30,598

Cash at bank and in hand

 

398

2,421

 

149,473

91,734

Creditors: Amounts falling due within one year

8

(145,533)

(109,954)

Net current assets/(liabilities)

 

3,940

(18,220)

Total assets less current liabilities

 

10,841

(7,819)

Creditors: Amounts falling due after more than one year

8

(9,163)

(19,167)

Provisions for liabilities

(1,311)

(1,976)

Net assets/(liabilities)

 

367

(28,962)

Capital and reserves

 

Called up share capital

9

5,000

5,000

Retained earnings

(4,633)

(33,962)

Shareholders' funds/(deficit)

 

367

(28,962)

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

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 March 2025
 

 

Sobec Contracting Ltd

(Registration number: 10824414)
Balance Sheet as at 30 June 2024

.........................................
Mr Philip Dean Roebuck
Director

 

Sobec Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Suite 13, Dunston House
Livingstone Road
Hessle
East Yorkshire
HU13 0EG
United Kingdom

These financial statements were authorised for issue by the director on 25 March 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.

Contract revenue recognition

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when costs incurred and costs to complete can be reliably estimated. The stage of completion is calculated by comparing costs incurred in relation to contractual hourly labour rates and materials as a proportion of total costs. Where the outcome cannot be reliably estimated, revenue is recognised only to the extent of the expenses that are recoverable.

 

Sobec Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

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.

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

Motor vehicles

Reducing balance basis @ 35%

Plant and machinery

Reducing balance basis @ 25%

Office equipment

Reducing balance basis @ 25%

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

Website development

Straight line basis @ 20%

 

Sobec Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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.

 

Sobec Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 the director) during the year, was 3 (2023 - 3).

 

Sobec Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

3,225

3,225

At 30 June 2024

3,225

3,225

Amortisation

At 1 July 2023

3,225

3,225

At 30 June 2024

3,225

3,225

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

757

51,000

1,935

53,692

At 30 June 2024

757

51,000

1,935

53,692

Depreciation

At 1 July 2023

518

41,915

858

43,291

Charge for the year

51

3,180

269

3,500

At 30 June 2024

569

45,095

1,127

46,791

Carrying amount

At 30 June 2024

188

5,905

808

6,901

At 30 June 2023

239

9,085

1,077

10,401

6

Stocks

2024
£

2023
£

Other inventories

110,479

58,715

 

Sobec Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

26,039

8,429

Prepayments

3,720

2,936

Other debtors

8,837

19,233

 

38,596

30,598

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

80,874

67,458

Trade creditors

 

20,261

13,336

Taxation and social security

 

38,077

18,167

Accruals and deferred income

 

2,500

2,840

Other creditors

 

3,821

8,153

 

145,533

109,954

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

9,163

19,167

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

5,000

5,000

5,000

5,000

       
 

Sobec Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,163

19,167

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,667

11,667

Bank overdrafts

20,149

-

Hire purchase contracts

-

585

Other borrowings

49,058

55,206

80,874

67,458

Bank borrowings

PSA Finance is denominated in GBP with a nominal interest rate of 7.6%, and the final instalment is due on 31 August 2023. The carrying amount at year end is £Nil (2023 - £585).

Title retained by the lender over motor vehicles purchased with the borrowed funds.

Lloyds Bank is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 7 May 2026. The carrying amount at year end is £20,830 (2023 - £30,834).

Unsecured loan provided through Bounce Back Loan Scheme. No repayments or interest charged during the first 12 months. Interest rebate provided by UK government.

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

20,678

20,678

 

Sobec Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Loans from related parties

2024

Key management
£

Total
£

At start of period

55,206

55,206

Repaid

(6,148)

(6,148)

At end of period

49,058

49,058

2023

Key management
£

Total
£

At start of period

54,178

54,178

Advanced

1,028

1,028

At end of period

55,206

55,206

Terms of loans from related parties

Unsecured loan capital provided by the director with no repayment terms or interest charged.
 

12

Parent and ultimate parent undertaking

The company's immediate parent is Eco Modular Group Ltd, incorporated in England and Wales.