Registration number:
Specialist Surfacing Limited
for the Year Ended 30 September 2024
Specialist Surfacing Limited
Contents
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Specialist Surfacing Limited
Strategic Report for the Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the company is that of macadam surfacing.
Fair review of the business
The financial year ended 30 September 2024 has been highly profitable with operating profits achieved in excess of £3.1 million. There has been an increase in the GP margin from 19.2% in the previous year to 22.5%. This has been due to a reduction in raw material costs.
The balance sheet remains in a strong position, with net cash and cash equivalents at the year-end of £4.4 million (£1.1 million in 2023).
The company remains in a good position as the company aims to improve the margin and to continue achieving a good level of profitability. We are therefore pleased with the performance in 2024 and the outlook for the 2025-year end.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£000 |
20,705 |
20,458 |
|
Gross profit |
£000 |
4,657 |
3,920 |
|
Gross margin |
% |
22 |
19 |
|
Operating profit |
£000 |
3,161 |
2,462 |
|
Operating profit margin |
% |
15 |
12 |
Principal risks and uncertainties
Company performance post year end remains in line with expectations. Despite this, the company still faces risks and uncertainties in the course of its day-to-day operations. The successful management of risk is essential to enable the company to deliver its strategic objectives.
Noted below are key risks and uncertainties applicable to the company. Control of each of these risks is essential to ensure the ongoing success of the business. As such, the management is primarily the responsibility of the directors which is supported by the management throughout the company.
Supply chain risk:
The supply chain crisis which followed the pandemic has eased slightly resulting improved margins. Unavailability of materials can lead to unexpected downtime. Thanks to our excellent relationship with suppliers, built on a partnership approach to delivering high quality surfacing to our customers, the company continues to mitigate the impact of this risk.
Financial risk:
As the company operates it is open to potential uncertainties such as financial risks, most notably credit risk and liquidity risk. The effects of credit risks are controlled by the adoption of policies that require appropriate credit checking and monitoring of new customers and also for supplier and subcontractors, particularly when placing large orders. The company has no ongoing disputes or debts. Liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds are available to meet amounts due for current and future operations. The company remains in a strong cash position but management are aware how suddenly this can fluctuate in the construction sector.
Specialist Surfacing Limited
Strategic Report for the Year Ended 30 September 2024
Market risk:
In order to minimise exposure to market risk we undertake contracts with a variety of customers. We plan to take advantage of long term public and private investment plans for road infrastructure, whilst maintaining our existing diverse workload. We recognise the risk of not focusing on completing our contractual obligations and therefore strive to fulfil these to a good quality, time scale and budget. Our success in this area generates repeat custom and protects the company position in the market place.
Workforce and materials risk:
If the availability of skilled workers, subcontractors or materials is insufficient to meet demand, this could lead to increased costs and therefore impact profitability. We maintain regular contact with suppliers, negotiating contract volumes, pricing and duration. We provide high level and site-specific programme information to the subcontractor base to aid with demand planning. When selecting our subcontractors, we consider competencies particularly in relation to health and safety, quality, previous performance and financial stability. Over the years we have built good relationships with subcontractors as management. For our own workforce, investment is continued to be made in their training and development. Should circumstances change whereby there is a major negative impact on supply chain, the company has the financial resources to ride out an enforced temporary reduction in its activity.
Health and safety risk:
The company has detailed procedures and policies in place to minimise health and safety risks which are inherent due to the nature of the business. The directors take this responsibility seriously and in order to manage this risk procedures and policies are constantly being reviewed.
Approved by the
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Specialist Surfacing Limited
Directors' Report for the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The directors take the management of risk very seriously and as such have policies and procedures in place which have been authorised by the Board. Managing risk is seen as a key attribute of the company, as such, regular Board meetings are held where current management accounts are available to highlight any financial risks to be dealt with.
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the availability of cash balances and the monies held in investments. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the Board on
Mr S A Hunt
Director
Specialist Surfacing Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Specialist Surfacing Limited
Independent Auditor's Report to the Members of Specialist Surfacing Limited
Opinion
We have audited the financial statements of Specialist Surfacing Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 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 30 September 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 auditor 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 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 original financial statements were 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
Specialist Surfacing Limited
Independent Auditor's Report to the Members of Specialist Surfacing Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 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 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.
Auditor's 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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Specialist Surfacing Limited
Independent Auditor's Report to the Members of Specialist Surfacing Limited
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
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the nature of the industry and sector, control environment and business performance; |
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the company’s own assessment of the risks that irregularities may occur either as a result of fraud or error; |
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results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
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the key laws and regulations under which the business operates and whether management were aware of any instances of noncompliance; and |
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whether the management have knowledge of any actual, suspected or alleged fraud. |
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As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue recognition; working capital transactions and management override. |
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In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override: |
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and |
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the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
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We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Tax legislation, and Regulations established by regulators in the key markets in which the company operates. |
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In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included the operating and environmental regulations relevant to the company as well as health and safety regulations relevant to the company. In addition to the above, our procedures to respond to risks identified included the following: |
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reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements; |
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enquiring of management, concerning any actual and potential litigation and claims; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
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in addressing the risk of fraud in revenue recognition, we have performed focussed testing on trades close to the year-end, depth testing and analytical review procedures to assess accuracy and completeness of revenue recognised; |
Specialist Surfacing Limited
Independent Auditor's Report to the Members of Specialist Surfacing Limited
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in addressing the risk of fraud in the use of purchase ledger/working capital transactions, we have reviewed the accounting treatments adopted by management against the specific contractual terms and arrangements associated with each individual transaction and reviewed the related disclosures in the financial statements; and |
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in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
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Due to 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
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A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 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 an auditor’s 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.
For and on behalf of
50-54 Oswald Road
North Lincolnshire
DN15 7PQ
Specialist Surfacing Limited
Profit and Loss Account for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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|
Turnover |
|
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
3,160,821 |
2,462,268 |
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
- |
( |
|
|
101,346 |
75,890 |
||
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Profit before tax |
|
|
|
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Tax on profit |
( |
( |
|
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Specialist Surfacing Limited
(Registration number: 3089788)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
|
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Fixed assets |
|||
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Tangible assets |
|
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Current assets |
|||
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Stocks |
|
|
|
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Debtors |
|
|
|
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Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
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Profit and loss account |
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|
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Total equity |
|
|
Approved and authorised by the
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Specialist Surfacing Limited
Statement of Changes in Equity for the Year Ended 30 September 2024
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Share capital |
Retained earnings |
Total |
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At 1 October 2023 |
|
|
|
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Profit for the year |
- |
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Total comprehensive income |
- |
|
|
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Dividends |
- |
( |
( |
|
At 30 September 2024 |
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|
|
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Share capital |
Retained earnings |
Total |
|
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At 1 October 2022 |
|
|
|
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Profit for the year |
- |
|
|
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Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 30 September 2023 |
480 |
2,995,967 |
2,996,447 |
Specialist Surfacing Limited
Statement of Cash Flows for the Year Ended 30 September 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
|
|
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
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Finance income |
( |
( |
|
|
Finance costs |
- |
|
|
|
Corporation tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
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Decrease/(increase) in stocks |
|
( |
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Decrease in trade debtors |
|
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Corporation tax paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 October |
|
|
|
|
Cash and cash equivalents at 30 September |
4,414,744 |
1,101,177 |
|
Specialist Surfacing Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Registered number: 3089788
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Specialist Surfacing Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furniture, fittings & equipment |
over 5 to 7 years |
|
Motor vehicles |
25% on cost per annum |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured less a provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.
Specialist Surfacing Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
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Rendering of services |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
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Other finance income |
( |
- |
|
|
|
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Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
Specialist Surfacing Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
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Wages and salaries |
|
|
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Social security costs |
|
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
|
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Production |
|
|
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Administration and support |
|
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|
|
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
370,295 |
322,483 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
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Remuneration |
|
|
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Company contributions to money purchase pension schemes |
|
|
Specialist Surfacing Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
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Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
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UK corporation tax |
|
|
|
Deferred taxation |
||
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Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Deferred tax (credit)/expense |
( |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Adjustments relating to changes in tax rates |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Difference between accumulated depreciation and amortisation and capital allowances |
|
Specialist Surfacing Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
2023 |
Liability |
|
Difference between accumulated depreciation and amortisation and capital allowances |
|
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 October 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
|
At 30 September 2024 |
|
|
|
|
Depreciation |
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|
At 1 October 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
( |
|
At 30 September 2024 |
|
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Stocks |
|
2024 |
2023 |
|
|
Other stocks |
|
|
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Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
- |
|
|
|
Prepayments |
|
|
|
|
VAT |
509,759 |
428,642 |
|
|
|
|
Specialist Surfacing Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
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Amounts due to group undertakings |
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|
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Social security and other taxes |
|
|
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Outstanding defined contribution pension costs |
|
|
|
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Other creditors |
|
|
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Accrued expenses and deferred income |
|
|
|
|
|
|
||
|
Due after one year |
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|
Other non-current financial liabilities |
- |
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 October 2023 |
|
|
|
Increase in existing provisions |
( |
( |
|
At 30 September 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Specialist Surfacing Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
360 |
|
360 |
|
|
|
120 |
|
120 |
|
|
|
|
|
|
|
Dividends |
Final dividends paid
|
2024 |
2023 |
|||
|
Final dividend of £ |
|
|
||
|
Final dividend of £ |
|
|
||
|
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Related party transactions |
|
Transactions with directors |
|
Mr D and Mrs G Hunt, Mr S Morse, Mr C Tate and Mr J Horton |
Ordinary dividends paid to directors in their capacity as shareholders during the year were £500,000 (2023 - £410,000).
At the balance sheet date the amount due to the directors was £499,920 (2023 - £578,756) of which £nil (2023 - £68,836) is due after one year. No interest is payable in respect of this balance.
Summary of transactions with parent
During the year the company sold goods to the value of £35,359 (2023 - £7,623) to, and purchased goods and services to the value of £594,844 (2023 - £285,605) from the parent company. At the balance sheet date the amount due to Hunt Group Limited was £1,987,376 (2023 - £1,268,329).
Summary of transactions with entities with joint control or significant interest
Specialist Surfacing Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
During the year the company sold goods to the value of £4,013,883 (2023 - £4,876,078) to group companies. At the balance sheet date the amount due from group companies was £9,750 (2023 - £1,579,417). During the year the company bought goods to the value of £108,070 (2023 - £27,431) from group companies. At the balance sheet date the amount owing to group companies was £nil (2023 - £19,443).
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Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
The address of Hunt Group Limited is:
Scunthorpe
North Lincolnshire
DN16 1DQ