Company No:
Contents
DIRECTORS | T Hilde |
G Koller |
SECRETARY | J J Babcock |
REGISTERED OFFICE | Satellite Industries Pool Road Industrial Estate |
Pool Road | |
Nuneaton | |
CV10 9AE | |
United Kingdom |
COMPANY NUMBER | 03004731 (England and Wales) |
AUDITOR | S&W Partners Audit Limited |
Statutory Auditor | |
103 Colmore Row | |
Birmingham | |
B3 3AG |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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220,803 | 230,590 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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54,800 | 51,771 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (105,681) | (132,796) | ||
Total assets less current liabilities | 115,122 | 97,794 | ||
Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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The financial statements of Satellite Industries GB Limited (registered number:
J J Babcock
Secretary |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Satellite Industries GB Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Pool Road Industrial Estate, Pool Road, Nuneaton, Coventry, CV10 9AE.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements have been prepared on a going concern basis. The directors have received confirmation from the ultimate parent company, Satellite Industries Inc., that it will continue to use the Company to service its markets in the UK for the period covering at least the next 12 months from the date of signing of these accounts. The company is dependent for its working capital on funds provided to it by Satellite Industries Inc. Satellite Industries Inc. has provided the company with an undertaking that for at least 12 months from the date of approval of these financial statements that it will continue to make available the funds needed by the company in order to meet its liabilities as they fall due for repayment. Any outstanding inter-company liabilities owed by the company to fellow group members will not be called in within the next 12 months from date of signing these financial statements. The directors are satisfied that Satellite Industries Inc. would be in a position to provide such support to the company if required. This will enable the company to continue in operational existence for the foreseeable future.
Based on this understanding, and the directors' intention to continue to trade as set out within principal activities of the Directors' Report, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments which would result from the basis of preparation being inappropriate.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
AII translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
Revenue is recognised on the transaction price set out in the contracts with other Satellite Industries businesses. Revenue derived from the recharge of costs incurred on behalf of activities performed for other group businesses is based on cost plus a markup.
Revenue is recognised upon completion of the relevant service, when the performance obligations contained within the related contract are satisfied.
AII revenue derives from the main activity of the company and from continuing operations. All revenue originates from the United Kingdom but is billed to Belgium.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The holiday year for the company ends at the reporting date and employees are not entitled to carry forward unused holiday.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the em oyment of an em oyee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements.
Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
Leasehold improvements |
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Plant and machinery |
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Vehicles |
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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.
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
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.
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.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Other 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2024 |
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Additions |
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At 31 December 2024 |
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Accumulated depreciation | |||||||
At 01 January 2024 |
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Charge for the financial year |
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At 31 December 2024 |
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Net book value | |||||||
At 31 December 2024 |
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At 31 December 2023 |
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2024 | 2023 | ||
£ | £ | ||
Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Amounts owed to Group undertakings |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited to the Profit and Loss Account |
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At the end of financial year | (
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At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024 | 2023 | ||
£ | £ | ||
Leases due within one year | 60,000 | 60,000 | |
Leases due between two and five years | 175,000 | 235,000 | |
0 | 0 | ||
235,000 | 295,000 |
We draw attention to note 1 of the financial statements, which describes the Company's reliance on the financial support of its immediate parent company, Satellite Industries Inc.
The audit report was signed on 6 May 2025 by Stephen Drew (Senior Statutory Auditor) on behalf of S&W Partners Audit Limited.
The company which leads the smallest and largest group in which the results of the company are consolidated is Satellite Industries Inc. a company incorporated in the United States of America. The registered office of Satellite Industries, Inc. is 2530 Xenium Lane N., Minneapolis, MN 55441 - 3695 USA.