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e:LeasedAssetsHeldAsLessee 2023-03-31 08915332 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08915332









SSSI LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SSSI LIMITED
 
 
COMPANY INFORMATION


Director
R J Lord 




Registered number
08915332



Registered office
Deptford Recycling Centre
Landmann Way

London

SE14 5RS




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
SSSI LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3
Director's Responsibilities Statement
 
4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10 - 12
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13 - 14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 32


 
SSSI LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
This is a balance and comprehensive review of the performance of our business during the year and its position
at the year end consistent with the size and nature of our business and is written in the context of the risks and
uncertainties we face.

Business review
 
The Company has had a transitional year in 2023/24, as it prepares for processing its waste feedstocks in a different way to feed new waste fuel feedstock offtake contracts. The Company has secured four new Long-term UK based Waste to Energy disposal Contracts, each with a minimum of ten-year terms. The first contract commenced in February 2024, the second commences in October 2025. Contract three commences in 2028, and the fourth is 2029. These new contracts will release additional capacity capability within the business in the 2024/25 year allowing growth to return. 
However, the new specifications of fuel feedstock required significant operational changes during the 2023/24 year, causing initial volume restrictions at the main operating centre of Deptford Recycling Centre. Processing volume capabilities were also reduced due to some old offtake facilities coming to an end in advance of new contracted offtake facilities becoming operational.
The operational restrictions also effected the processing of metals & mattresses at the Deptford Recycling centre, with significant tonnages needing to be processed at a third-party facility, which had a detrimental effect on the profitability of these waste streams.
As a result of the above the Company's turnover has decreased to £27,533,608 compared to £28,290,270 in 2023.

Principal risks and uncertainties
 
The company's operations expose it to a variety of principal risks that include the threat of failing to react to legislative and market dynamics.
The company regularly reviews the service it provides to ensure it is fully compliant with regulation and so that it can meet the needs of its customers.
The company's principal financial instruments include bank accounts, the main purpose of which is to raise finance for the company's operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.
Liquidity risk 
The company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. 
Foreign currency risk
The company's principal foreign currency exposure arise from trading with overseas companies. The company does not hedge against this risk as the director considers that the volume of transactions does not warrant this. 
 
Page 1

 
SSSI LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Credit risk 
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

Financial key performance indicators
 
Turnover and gross profit are considered to be the company's main monthly performance indicators. However, the Company also operates a detailed business costing model, that tracks volumes, unit prices, and waste mix. This activity-based costing model allows the Company to make strategic decisions on each individual customer, and each waste type delivered. The gross profit margin for the year increased to 17.5% compared to 10.2% in 2023.

Other key performance indicators
 
The Company has instigated several new KPI’s into the business this year, with daily reporting schedules produced by the data system for management to understand the trading levels & waste mix in a timelier manner. As a result, management have identified underperforming business and are able to optimise the volumes delivered.


This report was approved by the board on 4 April 2025 and signed on its behalf.





................................................
R J Lord
Director

Page 2

 
SSSI LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Principal activity

The principal activity of the company continued to be that of the provision of waste disposal.

Director

The director who served during the year was:

R J Lord 

Results and dividends

The profit for the year, after taxation, amounted to £894,762 (2023 - loss £913,769).

The directors recommended no payment of a dividend (2023 - £Nil).

Future developments

The rapidly evolving nature of its market produces many opportunities to further develop the Company's business. There are currently a number of projects under consideration to realise the potential of this market. 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 4 April 2025 and signed on its behalf.
 





................................................
R J Lord
Director

Page 3

 
SSSI LIMITED
 
 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Page 4

 
SSSI LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SSSI LIMITED
 

Opinion


We have audited the financial statements of SSSI Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
SSSI LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SSSI LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which 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 director's 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 Director's Responsibilities Statement set out on page 4, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 6

 
SSSI LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SSSI LIMITED (CONTINUED)


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 an Auditors' Report 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 legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety legislation and tax legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.


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.


Page 7

 
SSSI LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SSSI LIMITED (CONTINUED)


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Charalambos Patsalides ACA FCCA (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

4 April 2025
Page 8

 
SSSI LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
27,533,608
28,290,270

Cost of sales
  
(22,716,828)
(25,414,886)

Gross profit
  
4,816,780
2,875,384

Administrative expenses
  
(3,925,216)
(3,835,167)

Fair value movements
  
-
(11,000)

Other operating charges
  
(500)
-

Operating profit/(loss)
 5 
891,064
(970,783)

Interest receivable and similar income
 8 
181,833
176,978

Interest payable and similar expenses
 9 
(124,484)
(153,676)

Profit/(loss) before tax
  
948,413
(947,481)

Tax on profit/(loss)
 10 
(53,651)
33,712

Profit/(loss) for the financial year
  
894,762
(913,769)

Other comprehensive income for the year
  

Fixed asset revaluation
 11 
-
242,437

Total comprehensive income for the year
  
894,762
(671,332)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 16 to 32 form part of these financial statements.

Page 9

 
SSSI LIMITED
REGISTERED NUMBER: 08915332

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
As restated 2023
As restated 2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 11 
4,442,653
3,989,104

Investment property
 12 
-
170,000

  
4,442,653
4,159,104

Current assets
  

Stocks
 13 
-
19,566

Debtors: amounts falling due after more than one year
 14 
3,294,961
2,505,360

Debtors: amounts falling due within one year
 14 
10,912,707
9,374,482

Cash at bank and in hand
 15 
143,670
972,737

  
14,351,338
12,872,145

Creditors: amounts falling due within one year
 16 
(8,443,486)
(7,276,633)

Net current assets
  
 
 
5,907,852
 
 
5,595,512

Total assets less current liabilities
  
10,350,505
9,754,616

Creditors: amounts falling due after more than one year
 17 
(579,238)
(1,026,415)

Provisions for liabilities
  

Deferred tax
 21 
(757,391)
(609,087)

  
 
 
(757,391)
 
 
(609,087)

Net assets
  
9,013,876
8,119,114


Capital and reserves
  

Called up share capital 
 22 
100
100

Revaluation reserve
 23 
242,437
242,437

Investment property reserve
 23 
-
8,190

Profit and loss account
 23 
8,771,339
7,868,387

  
9,013,876
8,119,114


Page 10

 
SSSI LIMITED
REGISTERED NUMBER: 08915332
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 April 2025.




................................................
R J Lord
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 11

 
SSSI LIMITED
REGISTERED NUMBER: 08915332

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022
100
-
16,200
8,774,146
8,790,446


Comprehensive income for the year

Loss for the year
-
-
-
(913,769)
(913,769)

Deferred tax movements
-
-
-
(80,812)
(80,812)

Revaluation of other fixed assets
-
-
-
323,249
323,249

Transfer between reserves
-
242,437
(8,010)
(234,427)
-



At 1 April 2023
100
242,437
8,190
7,868,387
8,119,114


Comprehensive income for the year

Profit for the year
-
-
-
894,762
894,762

Transfer between reserves
-
-
(8,190)
8,190
-


At 31 March 2024
100
242,437
-
8,771,339
9,013,876


The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
SSSI LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
As restated 2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
894,762
(913,769)

Adjustments for:

Depreciation of tangible assets
807,462
680,694

Loss on disposal of tangible assets
-
60,336

Interest paid
124,484
153,676

Interest received
(181,833)
(176,978)

Taxation charge
53,651
(33,712)

Decrease in stocks
19,566
312,094

(Increase)/decrease in debtors
(2,510,697)
1,622,196

Increase/(decrease) in creditors
1,468,754
(161,083)

Net fair value losses recognised in P&L
-
11,000

Corporation tax (paid)/received
(24,505)
-

Net cash generated from operating activities

651,644
1,554,454


Cash flows from investing activities

Purchase of tangible fixed assets
(1,281,011)
(859,083)

Sale of tangible fixed assets
20,000
350,000

Sale of investment properties
170,000
-

Interest received
181,833
113

HP interest paid
(66,730)
(94,345)

Net cash from investing activities

(975,908)
(603,315)
Page 13

 
SSSI LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(500,000)
(500,000)

Repayment of/new finance leases
52,951
(250,541)

Interest paid
(57,754)
(59,331)

Net cash used in financing activities
(504,803)
(809,872)

Net (decrease)/increase in cash and cash equivalents
(829,067)
141,267

Cash and cash equivalents at beginning of year
972,737
831,470

Cash and cash equivalents at the end of year
143,670
972,737


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
143,670
972,737


The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
SSSI LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

972,737

(829,067)

143,670

Debt due after 1 year

(500,000)

-

(500,000)

Debt due within 1 year

(536,110)

513,314

(22,796)

Finance leases

(830,913)

19,738

(811,175)


(894,286)
(296,015)
(1,190,301)

The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

SSSI Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 08915332. The address of the registered office and principal place of business is Deptford Recycling Centre, Landmann Way, London, SE14 5RS. The principal activity of the company continued to be that of the provision of waste disposal.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The company functional currency is GBP and the financial statements are rounded to the nearest Pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements for the Company have been prepared on a going concern basis as the director is satisfied that the business has access to sufficient cash resources to be considered a going concern for at least the 12 months following signing of these financial statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Revenue is recognised upon the receipt of waste from customers.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 16

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 17

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Improvements to property
-
20%
reducing balance
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Other fixed assets
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Other assets, being assets held for resale, are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence.valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. 

 
2.12

Investment property

Investment property is carried at fair value determined annually and derived from the current market values for similar properties, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 18

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 20

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Details of the company's significant accounting judgements and critical accounting estimates include:
Tangible fixed assets
Each year the company reviews the estimated useful lives and residual values of tangible fixed assets and these are adjusted if appropriate. The depreciation rates are calculated according to the useful economic life that management believe to be appropriate based on the nature of the asset in operation. The residual value is determined by management based on their external valuation where possible and their judgement of all available information and their experience of asset usage.
Impairment of trade debtors
The recoverability has been assess at the year end and up until the date of signing the financial statements. Management have based the decision to provide for any amounts based on their judgement of all available information and their experience of the specific nature of trade debtors and other debtors in question.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Waste management
20,449,341
21,472,045

Metal
2,769,551
3,200,203

Mattresses
4,312,043
3,610,565

Tyres
2,673
7,457

27,533,608
28,290,270


All turnover arose within the United Kingdom.

Page 21

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Other operating lease rentals
400,000
400,000


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,000
22,000

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
700,487
657,230

Social security costs
72,582
71,985

Cost of defined contribution scheme
16,002
14,943

789,071
744,158


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Director
1
1



Administration
18
18

19
19

Page 22

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Interest receivable

2024
2023
£
£


Other interest receivable
181,833
176,978


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
57,754
57,214

Finance leases and hire purchase contracts
66,730
94,345

Other interest payable
-
2,117

124,484
153,676


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
810
-

Adjustments in respect of previous periods
(95,463)
-


Total current tax
(94,653)
-

Deferred tax


Origination and reversal of timing differences
148,304
(33,712)


Tax on profit/(loss)
53,651
(33,712)
Page 23

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
948,413
(947,481)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
237,103
(180,021)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,230
3,069

Capital allowances for year in excess of depreciation
(135,959)
(71,514)

Rollover relief on profit on disposal of fixed assets
-
17,125

Adjustments to tax charge in respect of prior periods
(95,463)
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
702
(238)

Unrelieved tax losses carried forward
(103,266)
231,579

Deferred tax
148,304
(33,712)

Total tax charge for the year
53,651
(33,712)


Factors that may affect future tax charges

There are no factors that may affect future tax charge. 

Page 24
 


 
SSSI LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


11.


Tangible fixed assets






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£
£



As restated cost or valuation


At 1 April 2023
762,254
5,225,914
324,784
36,935
1,667,332
8,017,219


Additions
-
1,270,805
8,500
1,706
-
1,281,011


Disposals
-
(20,000)
-
-
-
(20,000)



At 31 March 2024

762,254
6,476,719
333,284
38,641
1,667,332
9,278,230



Depreciation


At 1 April 2023
488,369
2,730,282
198,580
28,552
582,332
4,028,115


Charge for the year on owned assets
51,084
348,472
15,041
1,883
217,000
633,480


Charge for the year on financed assets
-
163,366
10,616
-
-
173,982



At 31 March 2024

539,453
3,242,120
224,237
30,435
799,332
4,835,577



Net book value



At 31 March 2024
222,801
3,234,599
109,047
8,206
868,000
4,442,653



At 31 March 2023
273,885
2,495,632
126,204
8,383
1,085,000
3,989,104

Page 25
 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           11.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
222,801
273,884


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,043,101
1,513,281

Motor vehicles
42,463
53,079

1,085,564
1,566,360


12.


Investment property


Freehold investment property

£





At 1 April 2023
170,000


Disposals
(170,000)



At 31 March 2024
-

The 2024 valuations were made by the director, on an open market value for existing use basis.





13.


Stocks

2024
2023
£
£

Metal stock
-
19,566


Page 26

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
3,294,961
2,085,360

Prepayments and accrued income
-
420,000

3,294,961
2,505,360


2024
As restated 2023
£
£

Due within one year

Trade debtors
3,823,806
4,871,288

Other debtors
6,532,648
4,194,134

Prepayments and accrued income
556,253
309,060

10,912,707
9,374,482



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
143,670
972,737



16.


Creditors: Amounts falling due within one year

2024
As restated 2023
£
£

Bank loans
500,000
500,000

Trade creditors
2,852,326
5,492,667

Other taxation and social security
467,087
255,128

Obligations under finance lease and hire purchase contracts
304,626
304,498

Other creditors
3,381,746
286,110

Accruals and deferred income
937,701
438,230

8,443,486
7,276,633


Page 27

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
500,000

Net obligations under finance leases and hire purchase contracts
579,238
526,415

579,238
1,026,415


The following liabilities were secured:

2024
2023
£
£



Bank loans
500,000
1,000,000

Net obligations under finance leases and hire purchase contracts
811,175
830,913

1,311,175
1,830,913

Details of security provided:

All bank loans and overdafts of the Company are secured by a fixed charge over the property, plant and equipment, share capital and stock. There is also a floating charge over any current or future assets the business owns which is not covered by the fixed charge.
All obligations under finance lease and hire purchase contracts are secured against the asset to which they relate.


18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
500,000
500,000

Amounts falling due 1-2 years

Bank loans
-
500,000



500,000
1,000,000


Page 28

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
304,626
298,910

Between 1-5 years
579,238
526,415

883,864
825,325


20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
143,670
972,737

Financial assets that are debt instruments measured at amortised cost
12,106,471
9,374,482

12,250,141
10,347,219


Financial liabilities


Financial liabilities measured at amortised cost
(8,251,011)
(7,217,007)


Financial assets measured at fair value through profit or loss comprise cash at bank.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors, prepayments and accrued income.


Financial liabilities measured at amortised cost comprise bank loans, trade creditors, other creditors, accruals and deferred income.


21.


Deferred taxation




2024


£






At beginning of year
(609,087)


Charged to profit or loss
(148,304)



At end of year
(757,391)

Page 29

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(882,852)
(859,934)

Revalued assets
(60,609)
(70,609)

Fair value movements
-
(2,250)

Pensions
(702)
-

Losses carried forward
186,772
323,706

(757,391)
(609,087)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



23.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative fair value movements on assets which are being held for sale.

Investment property revaluation reserve

The investment property revaluation reserve represents cumulative fair value movements on the investment property less associated deferred taxation. 

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 30

 
SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Prior year adjustment

Prior year adjustments have been processed to fixed assets, trade debtors and VAT. The overall impact of the restatement on the Comparative Statement of Comprehensive Income (as at 31 March 2023) leading to no change to profits or reserves.
During the year, the company identified an error in accounting for a disposal of a fixed asset. An adjustment was made to fixed assets, trade debtors and VAT on the balance as at 31 March 2023 to decrease fixed assets by £350,000, increase trade debtors by £420,000 and decrease VAT by £70,000. There has been no impact to the profit and loss reserve.


25.


Contingent liabilities

The company has a fixed charge over all assets of the company in favour of Lloyds Bank Plc, and is joined in cross guarantee in respect of the charges with P & D Material Recovery Ltd.


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,002 (2023 - £14,943). Contributions totalling £2,808 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
400,000
400,000

Later than 1 year and not later than 5 years
400,000
800,000

800,000
1,200,000

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SSSI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Related party transactions

Information about related party transactions and outstanding balances is outlined below.
Key management personnel compensation for the year totalled £94,709 (2023: £107,071).
As well as the below the company had use of assets owned by other related parties and for which it did not incur any charges.
Assets owned by SSSI Limited were used by other related parties but for which no charge was made..


2024 Sales
2024 Purchases
2023 Sales
2023 Purchases
£
£
£
£

Other related parties
2,162,237
(6,600,493)
1,483,482
(3,879,272)
Entities that provide key management personnel services to the entity
-
(56,375)
-
(68,737)

During the year £142,532 (2023: £106,249)  was received in the form of interest from related parties. 
At the year-end the following amounts were due from/(to) the related parties:



2024
2023
£
£
Other related parties

2,365,112

2,757,140

Key management personnel of the company

(54,990)

(36,110)



29.


Controlling party

The ultimate controlling party is P F Connolly by virtue of his majority shareholding.

 
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