Company registration number 04847440 (England and Wales)
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
COMPANY INFORMATION
Director
J Farriol
Secretary
J Farriol
Company number
04847440
Registered office
Unit AA
St. Michaels Close
Aylesford
Kent
ME20 7BU
Auditor
Azets Audit Services
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
ME14 3EN
Business address
Unit AA
St. Michaels Close
Aylesford
Kent
ME20 7BU
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
6
-
-
Tangible assets
7
435,694
607,547
435,694
607,547
Current assets
Stocks
8
51,861
40,411
Debtors
9
1,127,326
1,413,551
Cash at bank and in hand
131,889
55,415
1,311,076
1,509,377
Creditors: amounts falling due within one year
10
(128,894)
(300,163)
Net current assets
1,182,182
1,209,214
Total assets less current liabilities
1,617,876
1,816,761
Deferred tax liability
11
(101,474)
(142,836)
Net assets
1,516,402
1,673,925
Capital and reserves
Called up share capital
1,391,727
1,391,727
Profit and loss reserves
124,675
282,198
Total equity
1,516,402
1,673,925
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 10 April 2025
J Farriol
Director
Company Registration No. 04847440
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Steam & Air Blowing Service Company (SABSCO) Limited (the 'company') is a private company limited by shares incorporated in England and Wales. The registered office is Unit AA, St. Michaels Close, Aylesford, Kent, ME20 7BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Séché Environnement S.A.. These consolidated financial statements are available from its registered office, Les Hêtres BP20, 53811 Changé, France.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
Profit is recognised on long-term contracts if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets other than goodwill
Intangible fixed assets, meeting the recognition criteria prescribed by s18 FRS 102, are initially measured at cost and subsequently measured at cost net of amortisation and any impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% - 30% on cost
Development Costs
20% on cost
1.5
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 or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% - 33.3% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost (as calculated using an average cost technique) and estimated selling price. At each reporting date an assessment is made for impairment. Any excess in value is charged as an impairment loss to the profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the 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.
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company contributes to personal pension plans and the pension charge represents the amounts payable by the company.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
26,440
20,650
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
16
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(8,239)
23,794
Foreign current tax on profits for the current period
3,294
(25,444)
Total current tax
(4,945)
(1,650)
Deferred tax
Origination and reversal of timing differences
(41,362)
82,674
Total tax (credit)/charge
(46,307)
81,024
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Intangible fixed assets
Software
Development Costs
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
11,499
197,439
208,938
Amortisation and impairment
At 1 January 2024 and 31 December 2024
11,499
197,439
208,938
Carrying amount
At 31 December 2024
At 31 December 2023
7
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2024
1,285,439
Additions
25,456
Disposals
(11,387)
At 31 December 2024
1,299,508
Depreciation and impairment
At 1 January 2024
677,892
Depreciation charged in the year
190,638
Eliminated in respect of disposals
(4,716)
At 31 December 2024
863,814
Carrying amount
At 31 December 2024
435,694
At 31 December 2023
607,547
8
Stocks
2024
2023
£
£
Raw materials and consumables
20,480
1,547
Finished goods
31,381
38,864
51,861
40,411
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
167,614
266,157
Corporation tax recoverable
13,239
Amounts owed by group undertakings
479,265
1,019,105
Other debtors
64,461
128,289
724,579
1,413,551
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
402,747
Total debtors
1,127,326
1,413,551
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,158
87,206
Amounts owed to group undertakings
60,230
65,927
Corporation tax
23,794
Other taxation and social security
42,430
50,634
Other creditors
14,076
72,602
128,894
300,163
11
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
101,474
142,836
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 January 2024
142,836
Credit to profit or loss
(41,362)
Liability at 31 December 2024
101,474
The deferred tax liability set out above relates to accelerated capital allowances and are expected to reverse as tangible fixed assets are depreciated over their estimated useful economic lives.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Claire Parry FCA
Statutory Auditor:
Azets Audit Services Limited
Date:
10 April 2025
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
107,114
113,105
STEAM & AIR BLOWING SERVICE COMPANY (SABSCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
44,873
-
21,544
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
-
21,544
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
-
44,873
Other information
The company seeks to invoke the exemption provided in section 33.1A of Financial Reporting Standard 102, allowing non disclosure of related party transactions for wholly owned subsidiaries.
15
Parent company
The immediate parent undertaking is Solarca S.L., which has its registered office at C/De la Química nº3, Polígono Industrial Xalamec – Parcela C1, La Selva del Camp, 43470 Tarragona, Spain.
The ultimate parent undertaking is Séché Environnement S.A., a company incorporated in France.
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