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REGISTERED NUMBER: 01892238 (England and Wales)















SCULLY U.K. LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






SCULLY U.K. LIMITED (REGISTERED NUMBER: 01892238)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SCULLY U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Ms R Scully
Mrs K Scully OHL





SECRETARY: Shakespeares Legal Secretaries Limited





REGISTERED OFFICE: Unit 33 - 37
Meridian House
Road One, Winsford Industrial Estate
Winsford
Cheshire
CW7 3QG





REGISTERED NUMBER: 01892238 (England and Wales)





AUDITORS: Murray Smith LLP
Chartered Accountants
Statutory Auditors
Darland House
44 Winnington Hill
Northwich
Cheshire
CW8 1AU

SCULLY U.K. LIMITED (REGISTERED NUMBER: 01892238)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,260 21,239
Investments 5 2 2
41,262 21,241

CURRENT ASSETS
Stocks 6 120,360 132,087
Debtors 7 1,233,749 913,326
Cash at bank 251,858 509,901
1,605,967 1,555,314
CREDITORS
Amounts falling due within one year 8 95,744 157,173
NET CURRENT ASSETS 1,510,223 1,398,141
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,551,485

1,419,382

CREDITORS
Amounts falling due after more than one
year

9

(106,766

)

(109,303

)

PROVISIONS FOR LIABILITIES 11 (9,674 ) (4,528 )
NET ASSETS 1,435,045 1,305,551

CAPITAL AND RESERVES
Called up share capital 12 127 127
Share premium 13 363,499 363,499
Retained earnings 13 1,071,419 941,925
SHAREHOLDERS' FUNDS 1,435,045 1,305,551

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





Mrs K Scully OHL - Director


SCULLY U.K. LIMITED (REGISTERED NUMBER: 01892238)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Scully U.K. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The accounts have been prepared on a going concern basis, having carried out a detailed review of the company and group position and at the date of signing the accounts with regard to the challenges presented by the current economic and health climate. Notwithstanding these uncertainties, the pledge by the parent undertaking to provide financial support as the company requires to meet its liabilities as they fall due for a period of not less than 12 months from the date of these accounts being signed has satisfied the Directors that it has adequate resources and sufficient cash flows to enable it to continue in operational existence for the foreseeable future.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary course of business. Turnover is recognised at the point of exchange of goods and services. Turnover is shown net of Value Added Tax.

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

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

Plant and machinery- 10% reducing balance
Office equipment- 20% reducing balance
Computer equipment- 20% reducing balance
Motor vehicles- 25% reducing balance

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

Investments in subsidiaries
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its fixed assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). An impairment loss is recognised immediately in the statement of income.

SCULLY U.K. LIMITED (REGISTERED NUMBER: 01892238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost or estimated selling price less costs to complete and sell.

At each reporting date, the company assesses whether stocks are impaired. Any excess of the carrying amount of stock over its estimated selling price less costs to sell is recognised as an impairment loss in the statement of income. Reversals of impairment losses are also recognised in the statement of income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

SCULLY U.K. LIMITED (REGISTERED NUMBER: 01892238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

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 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 trade debtors, other debtors and amounts owed by group undertakings are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

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 trade creditors, other creditors and amounts owed to group undertakings, are initially recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

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

Retirement benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year.

SCULLY U.K. LIMITED (REGISTERED NUMBER: 01892238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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 the present value basis.

Foreign exchange
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset and liabilities measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit and loss, except to the extent that they relate to gains and losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office Motor Computer
machinery equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 8,142 116,368 34,686 58,071 217,267
Additions - 722 24,995 891 26,608
At 30 June 2024 8,142 117,090 59,681 58,962 243,875
DEPRECIATION
At 1 July 2023 3,749 115,179 22,907 54,193 196,028
Charge for year 556 168 5,028 835 6,587
At 30 June 2024 4,305 115,347 27,935 55,028 202,615
NET BOOK VALUE
At 30 June 2024 3,837 1,743 31,746 3,934 41,260
At 30 June 2023 4,393 1,189 11,779 3,878 21,239

SCULLY U.K. LIMITED (REGISTERED NUMBER: 01892238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023 25,990
Transfer to ownership (12,675 )
At 30 June 2024 13,315
DEPRECIATION
At 1 July 2023 14,034
Charge for year 2,945
Transfer to ownership (7,606 )
At 30 June 2024 9,373
NET BOOK VALUE
At 30 June 2024 3,942
At 30 June 2023 11,956

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 2
NET BOOK VALUE
At 30 June 2024 2
At 30 June 2023 2

6. STOCKS
2024 2023
£    £   
Stocks 120,360 132,087

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 181,513 227,738
Amounts owed by group undertakings 1,040,160 677,541
Prepayments 12,076 8,047
1,233,749 913,326

SCULLY U.K. LIMITED (REGISTERED NUMBER: 01892238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 2,535 4,295
Trade creditors 15,945 9,672
Corporation tax 38,019 83,486
Social security and other taxes 27,690 49,796
Other creditors 37 24
Accrued expenses 11,518 9,900
95,744 157,173

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings 105,710 105,710
Hire purchase contracts (see note 10) 1,056 3,593
106,766 109,303

Creditors falling due after more than one year include a loan from the company's ultimate parent company, Scully Signal Co. The value of the loan is £105,710 (2023: £105,710). The loan has no fixed date of repayment. Scully Signal Co has agreed that no amount will be payable before 30 June 2025 and have agreed to provide financial support for the company for the foreseeable future.

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 2,535 4,295
Between one and five years 1,056 3,593
3,591 7,888

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 9,674 4,528

Deferred
tax
£   
Balance at 1 July 2023 4,528
Charge to Income Statement during year 5,146
Balance at 30 June 2024 9,674

SCULLY U.K. LIMITED (REGISTERED NUMBER: 01892238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
127 Ordinary £1 127 127

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 941,925 363,499 1,305,424
Profit for the year 129,494 129,494
At 30 June 2024 1,071,419 363,499 1,434,918

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Benson (Senior Statutory Auditor)
for and on behalf of Murray Smith LLP

15. RELATED PARTY TRANSACTIONS

During the year, the company purchased £1,157 (2023: £529) of goods and engineering services from Scully Systems NV, a fellow subsidiary of Scully Signal Co. group. During the year, the company sold £83,993 (2023: £72,640) of goods to Scully Systems NV. At the year end a total of £249,174 (2023: £286,478) was due from Scully Systems NV.

During the year, the company purchased £469,716 (2023: £686,539) of goods and engineering services from Scully Signal Co, the company's parent company. During the year, the company sold £20,907 (2023: £2,057) of goods to Scully Signal Co. At the year end a total of £790,986 (2023: £391,063) was due from Scully Signal Co.

At the year end £105,710 (2022: £105,710) was owed to Scully Signal Co, in respect of a loan due for repayment in more than one year.

16. ULTIMATE CONTROLLING PARTY

The company's parent company is Scully Signal Co., a company incorporated in the United States of America. Scully U.K. Limited accounts are consolidated in the accounts of Scully Signal Co. The registered office is 70 Industrial Way, Wilmington, MA 01887-4607, United States of America.