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REGISTERED NUMBER: 04198992 (England and Wales)



















Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Steam Plant Engineering Limited

Steam Plant Engineering Limited (Registered number: 04198992)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Profit and Loss Account 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


Steam Plant Engineering Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: D J Garbett
D Hatswell
C M Fournier-Montgieux





SECRETARY: E C Newcombe





REGISTERED OFFICE: Victoria Works
Victoria Road
Halesowen
West Midlands
B62 8HZ





REGISTERED NUMBER: 04198992 (England and Wales)





AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Steam Plant Engineering Limited (Registered number: 04198992)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
An interim dividend of £200,000 was declared in the year to 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D J Garbett
D Hatswell
C M Fournier-Montgieux

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D J Garbett - Director


4 March 2025

Report of the Independent Auditors to the Members of
Steam Plant Engineering Limited

Opinion
We have audited the financial statements of Steam Plant Engineering Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and 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 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 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 opinion
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 Auditors' 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Steam Plant Engineering Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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.

Based on our understanding of the company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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
Steam Plant Engineering 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.




Wayne Thomas FCA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

14 March 2025

Steam Plant Engineering Limited (Registered number: 04198992)

Profit and Loss Account
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 4,201,873 4,256,658

Cost of sales 2,575,697 2,779,700
GROSS PROFIT 1,626,176 1,476,958

Administrative expenses 1,185,113 1,152,747
441,063 324,211

Other operating income 45,424 5,062
OPERATING PROFIT 486,487 329,273


Interest payable and similar expenses 4 6,264 8,552
PROFIT BEFORE TAXATION 5 480,223 320,721

Tax on profit 6 107,819 92,854
PROFIT FOR THE FINANCIAL YEAR 372,404 227,867


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

372,404

227,867

Steam Plant Engineering Limited (Registered number: 04198992)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Owned
Tangible assets 8 187,249 253,972
Right-of-use
Tangible assets 8, 14 313,137 372,335
500,386 626,307

CURRENT ASSETS
Stocks and work-in-progress 9 53,854 63,812
Debtors 10 1,775,984 2,045,906
Cash at bank 683,731 126,994
2,513,569 2,236,712
CREDITORS
Amounts falling due within one year 11 647,425 583,040
NET CURRENT ASSETS 1,866,144 1,653,672
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,366,530

2,279,979

CREDITORS
Amounts falling due after more than one
year

12

(261,602

)

(314,157

)

PROVISIONS FOR LIABILITIES 15 (59,828 ) (93,126 )
NET ASSETS 2,045,100 1,872,696

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 2,045,000 1,872,596
SHAREHOLDERS' FUNDS 2,045,100 1,872,696

The financial statements have been prepared 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 4 March 2025 and were signed on its behalf by:





D J Garbett - Director


Steam Plant Engineering Limited (Registered number: 04198992)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 1,644,729 1,644,829

Changes in equity
Total comprehensive income - 227,867 227,867
Balance at 31 December 2023 100 1,872,596 1,872,696

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 372,404 372,404
Balance at 31 December 2024 100 2,045,000 2,045,100

Steam Plant Engineering Limited (Registered number: 04198992)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Steam Plant Engineering 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.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52, 58, the second sentence of paragraph 89, and paragraphs 90,
91 and 93 of IFRS 16 Leases;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118,
119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present
comparative information in respect of:
- paragraphs 53(a), (h) and (j) of IFRS 16;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111
and 134 to 136 of IAS 1;
the requirements of
- paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and
- paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions
entered into between two or more members of a group;

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Lease accounting
Lease accounting requires an estimate with regards to the incremental borrowing rate applied to lease liabilities of the company. Judgement is required in assessing whether break or extension clauses within the leases will be taken by the group. Break clauses have been assumed not to be taken unless otherwise specifically identified as a proactive management decision.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Steam Plant Engineering Limited (Registered number: 04198992)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from providing services is recognised in the accounting period in which the services are completed.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property - Over life of lease
Plant and machinery - 25% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance
Leasehold transport - Over life of lease

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Steam Plant Engineering Limited (Registered number: 04198992)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Leases
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Steam Plant Engineering Limited (Registered number: 04198992)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,259,535 1,215,622
Social security costs 129,551 123,244
Other pension costs 120,897 117,925
1,509,983 1,456,791

The average number of employees during the year was as follows:
2024 2023

Administrative staff 10 10
Number of engineering staff 21 21
31 31

2024 2023
£    £   
Directors' remuneration 67,931 56,368
Directors' pension contributions to money purchase schemes 40,000 40,000

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes 1 1

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase interest 6,264 8,552

5. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:
2024 2023
£    £   
Depreciation - owned assets 66,016 82,861
Depreciation - assets on hire purchase contracts 59,198 58,947
Loss on disposal of fixed assets 3,202 -

6. TAXATION

Analysis of tax expense
2024 2023
£    £   
Current tax:
Tax 141,117 60,450

Deferred tax (33,298 ) 32,404
Total tax expense in profit and loss account 107,819 92,854

Steam Plant Engineering Limited (Registered number: 04198992)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. TAXATION - continued

Factors affecting the tax expense
The tax assessed for the year is lower (2023 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before income tax 480,223 320,721
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

120,056

80,180

Effects of:
Effect of expenses not deductible for tax purposes 800 48
Effect of other timing differences (33,267 ) 32,404
Losses utilised in current period - (39,823 )
Change in tax rate - (3,802 )
Depreciation in excess of capital allowances 30,925 34,354
Effect of allowable lease expenditure (10,695 ) (10,507 )
Tax expense 107,819 92,854

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 200,000 -

8. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2024 396,673 84,859 140,397
Additions - - 3,645
Disposals - - -
At 31 December 2024 396,673 84,859 144,042
DEPRECIATION
At 1 January 2024 106,514 68,094 50,846
Charge for year 45,544 4,077 15,644
Eliminated on disposal - - -
At 31 December 2024 152,058 72,171 66,490
NET BOOK VALUE
At 31 December 2024 244,615 12,688 77,552
At 31 December 2023 290,159 16,765 89,551

Steam Plant Engineering Limited (Registered number: 04198992)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS - continued

Motor Leasehold
vehicles transport Totals
£    £    £   
COST
At 1 January 2024 461,927 30,734 1,114,590
Additions - - 3,645
Disposals (38,550 ) - (38,550 )
At 31 December 2024 423,377 30,734 1,079,685
DEPRECIATION
At 1 January 2024 252,219 10,610 488,283
Charge for year 55,558 4,391 125,214
Eliminated on disposal (34,198 ) - (34,198 )
At 31 December 2024 273,579 15,001 579,299
NET BOOK VALUE
At 31 December 2024 149,798 15,733 500,386
At 31 December 2023 209,708 20,124 626,307

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


Land and
Buildings
Motor
vehicles
Leasehold
transport
Fixtures
and fittings

Total
£ £ £ £ £
At 31 December 2024 244,615 - 15,733 48,382 308,370
At 31 December 2023 290,159 - 20,124 62,052 372,335

9. STOCKS AND WORK-IN-PROGRESS
2024 2023
£    £   
Stocks and work-in-progress 53,854 63,812

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 927,755 943,915
Amounts owed by group undertakings 809,085 1,100,000
Other debtors 39,144 1,991
1,775,984 2,045,906

Steam Plant Engineering Limited (Registered number: 04198992)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Leases (see note 13) 51,488 57,393
Trade creditors 184,012 159,044
Tax 141,117 60,327
Social security and other taxes 199,361 199,833
Other creditors 18,563 18,854
Accrued expenses 52,884 87,589
647,425 583,040

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Leases (see note 13) 261,602 314,157

13. FINANCIAL LIABILITIES - BORROWINGS

2024 2023
£    £   
Current:
Leases (see note 14) 51,488 57,393

Non-current:
Leases (see note 14) 261,602 314,157

Terms and debt repayment schedule

1 year or More than
less 1-2 years 5 years Totals
£    £    £    £   
Leases 51,488 238,375 23,227 313,090

Steam Plant Engineering Limited (Registered number: 04198992)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

14. LEASING

Right-of-use assets

Tangible fixed assets

2024 2023
£    £   
COST
At 1 January 2024 500,774 500,774

DEPRECIATION
At 1 January 2024 128,439 69,492
Charge for year 59,198 58,947
187,637 128,439

NET BOOK VALUE 313,137 372,335

Lease liabilities

Minimum lease payments fall due as follows:

2024 2023
£    £   
Gross obligations repayable:
Within one year 56,841 63,724
Between one and five years 250,431 254,090
In more than five years 23,227 77,476

330,499 395,290

Finance charges repayable:
Within one year 5,353 6,331
Between one and five years 12,056 16,696
In more than five years - 713
17,409 23,740

Net obligations repayable:
Within one year 51,488 57,393
Between one and five years 238,375 237,394
In more than five years 23,227 76,763
313,090 371,550

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 59,828 93,126

Steam Plant Engineering Limited (Registered number: 04198992)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 93,126
Movement (33,298 )
Balance at 31 December 2024 59,828

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

17. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £120,897 (2023: £117,925).

18. CONTROLLING PARTY

The Company is a 100% subsidiary undertaking of Babcock Wanson UK Limited a company registered in England and Wales.

The ultimate parent Company is Aldebaran BW which is both the smallest and largest group in which the results of the Company are consolidated. These consolidated financial statements are available to the public by request at 106-110 Rue du Lieutenant Petit Le Roy in Chevilly Larue cedex (94669), France.

The ultimate controlling party is a private equity investment fund Ambienta IV.