SSC Contractors Limited
Annual Report and Financial Statements
For the year ended 30 September 2024
Company Registration No. 09588676 (England and Wales)
SSC Contractors Limited
Company Information
Director
M R Stephenson
Company number
09588676
Registered office
Provender Mill
Mill Bay Lane
Horsham
West Sussex
United Kingdom
RH12 1SS
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
SSC Contractors Limited
Strategic Report
For the year ended 30 September 2024
Page 1

The director presents the strategic report for the year ended 30 September 2024.

Fair review of the business

The principal activity of the company in the year under review was that of the engagement and supply of subcontractor labour to the construction industry, specifically, the M R Stephenson Limited group in which M R Stephenson has a material interest.

 

The M R Stephenson Limited group works selectively in markets throughout the UK in the construction of reinforced concrete structures and developments incorporating the latest technologies and products available for both on and offsite techniques.

The M R Stephenson Limited group has seen good levels of growth in the year ending September 2024. It has a significant number of secured orders for the next year and a strong pipeline. The M R Stephenson Limited group has continued to invest heavily in training and asset purchasing to ensure our methods of construction are provided consistently and we safely execute quality builds across the country.

Turnover has increased to £25.3m (2023: £19.4m) which is representative of the M R Stephenson Limited group’s overall increase in secured contract work driven by average size of secured contracts being larger and therefore higher in value.

 

Operating profit has increased to £230k (2023: £49k) and gross margin has maintained at around 5% (2023: 4.8%) which is as expected with the arrangements in place to recharge costs.

The balance sheet shows a net asset position of £246k (2023: £53km). The increase in the net assets was driven largely by an increase in total debtors which was over and above the increase in total creditors. This is in line with expectations. Total debtors was £15.1m (2023: £10.5m) and total creditors was £14.9m (2023: £10.5m). The cash balance is overdrawn at £4.7m (2023: £3.2m). Whilst this shows a bank overdraft, it forms part of the overall pooling arrangements of companies in which M R Stephenson has a material interest, which operates on a cash positive position at all times, as described by note 13. There is no overdraft facility or borrowings from the bank.

Our retained profit and facility will assist us in future investment into our staff and assets, throughout the M R Stephenson Limited group, to continue our growth independently without the requirements of large bank loans.

SSC Contractors Limited
Strategic Report (Continued)
For the year ended 30 September 2024
Page 2

Key Performance Indicators and Financials

 

Health & Safety

Our primary focus is on the health and safety and well-being of our workforce along with the impact that our operations can have beyond the boundary of the projects where we operate. We are proud of the whole team and the initiatives we have implemented which has strengthened our commitment to achieve zero incidents on site.

 

Quality and Environmental

Our Quality Management System, focusing on 'Do it right first time', is central to our processes and operations and remains under constant review. This along with maintaining industry accreditation / certification such as Achilles, Cares, FSC, FIRAS, Considerate Contractors means we are able to meet both our own and our client's quality expectations.

 

Our Environmental Management System is there to not only manage but mitigate the impact of all aspects of our operations, sustainability, waste, emissions, energy consumption, procurement etc on the environment as a whole.

 

Financial
The key aspects of the sustainable growth are as follows:

            Sept 24        Sept 23        Sept 22        Sept 21        

Turnover            £32.8m        £21.0m        £20.3m        £9.9m

Gross margin        4.76%        4.80%        4.88%        5.00%

Net (liabilities)/assets    £246k        £53k        £3.6k        £134k    

SSC Contractors Limited
Strategic Report (Continued)
For the year ended 30 September 2024
Page 3

Principal risks and uncertainties

 

The principal risks and uncertainties continue, as is the case with many other businesses within the UK, to revolve around the economic cycles within the UK economy. With that comes opportunities, so with the company's low and flexible overhead structure, strong company balance sheet, and with well-established connections in the industry it is very well placed for the future, with a continued secured workload from related parties.

 

Financial risk management

The company does not operate any overdraft with the banks, however, does have a pooling arrangement within a wider related party facility. The overall group always operates on a cash positive position. Trade debtors and creditors arise directly from the Company’s and related parties operating activities.

 

Liquidity risk

The directors review the liquidity position on a regular basis and are confident that the business has sufficient cash resources to meet its trading needs. The Company's risk is managed by financial management on its major contracts within the wider group by negotiating appropriate payment terms with respective customers and suppliers. The Company's objective is to ensure an overall positive or neutral cash flow on all projects within the related party group.

 

Price risk

The company is subject to commodity price and other cost inflationary risks, however, manages this risk by entering into wherever possible fixed pricing agreements with its supply chain and subcontractors. The related party recharging of costs is provided with an overhead mark up and has therefore no risk.

 

Cashflow risk

Fixed payment terms for both debtors and creditors allow the effective management of a positive cashflow, within the arrangements of the pooling facility of the related parties.

 

Credit risk

Fixed payment terms for construction contracts within the related party group provide for regular monthly payments against the full contract value. The creditworthiness of new customers is assessed by the relevant related party company prior to entering into a contract. The wider group actively manages the collection of payments to ensure that they are received promptly and in accordance with the agreed terms, thereby ensuring the wider group’s exposure to bad debts in minimised.

 

Promoting the success of the company

The Director believes that they have effectively implemented their duties under section 172 of the Companies Act 2006.  The company has considered the long-term strategy of the business in the Strategic Report and consider that this strategy will continue to deliver long term success of the business and it’s stakeholders.

 

The company is committed to maintaining an excellent reputation and strives to achieve high standards.  They are highly selective about which suppliers are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.

 

The Director recognises the importance of the wider stakeholders in delivering their strategy and achieving sustainability within the business.  The main stakeholders in the company are considered to be the employees, sub-contractors and suppliers.

 

In ensuring that all our stakeholders are considered as part of every decision process, we believe we act fairly between all members of the company.

SSC Contractors Limited
Strategic Report (Continued)
For the year ended 30 September 2024
Page 4

On behalf of the board

M R Stephenson
Director
20 May 2025
SSC Contractors Limited
Director's Report
For the year ended 30 September 2024
Page 5

The director presents his annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company in the year under review was that of construction activities for the building trade.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

M R Stephenson
Director's insurance

The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.

Future developments

The company has further strengthened and maintained its strong relationship with key clients and supply chain partners in the industry and has secured a very healthy forward workload for the years ahead that has secured a path of future investment and sustainable growth.

 

The principal risks and uncertainties continue, as is the case with many other businesses within the UK, to revolve around the economic cycles within the UK economy. With that comes opportunities, so with the group's low and flexible overhead structure, strong balance sheet, and with well-established connections in the industry it is very well placed for the future.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
M R Stephenson
Director
20 May 2025
SSC Contractors Limited
Director's Responsibilities Statement
For the year ended 30 September 2024
Page 6

The director is responsible for preparing the Strategic report, the Directors report, the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. He 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.

SSC Contractors Limited
Independent Auditor's Report
To the Member of SSC Contractors Limited
Page 7
Opinion

We have audited the financial statements of SSC Contractors Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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's 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 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.

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 director is 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.

 

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.

SSC Contractors Limited
Independent Auditor's Report (Continued)
To the Member of SSC Contractors Limited
Page 8

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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:

 

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement, 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.

SSC Contractors Limited
Independent Auditor's Report (Continued)
To the Member of SSC Contractors Limited
Page 9
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

SSC Contractors Limited
Independent Auditor's Report (Continued)
To the Member of SSC Contractors Limited
Page 10

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

SSC Contractors Limited
Independent Auditor's Report (Continued)
To the Member of SSC Contractors Limited
Page 11
Colin Turnbull
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
21 May 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
SSC Contractors Limited
Statement of Comprehensive Income
For the year ended 30 September 2024
Page 12
2024
2023
Notes
£
£
Turnover
3
32,783,932
20,993,826
Cost of sales
(31,466,985)
(19,986,407)
Gross profit
1,316,947
1,007,419
Administrative expenses
(1,086,874)
(958,043)
Operating profit
230,073
49,376
Interest payable and similar expenses
6
(233)
-
0
Profit before taxation
229,840
49,376
Tax on profit
7
(37,150)
-
0
Profit for the financial year
192,690
49,376

There was no other comprehensive income for 2024 (2023: NIL).

SSC Contractors Limited
Balance Sheet
As at 30 September 2024
Page 13
2024
2023
Notes
£
£
£
£
Current assets
Debtors
8
15,110,713
10,528,387
Creditors: amounts falling due within one year
9
(14,865,022)
(10,475,386)
Net current assets
245,691
53,001
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
245,690
53,000
Total equity
245,691
53,001
The financial statements were approved and signed by the director and authorised for issue on 20 May 2025
M R Stephenson
Director
Company Registration No. 09588676
SSC Contractors Limited
Statement of Changes in Equity
For the year ended 30 September 2024
Page 14
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
1
3,624
3,625
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
49,376
49,376
Balance at 30 September 2023
1
53,000
53,001
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
192,690
192,690
Balance at 30 September 2024
1
245,690
245,691
SSC Contractors Limited
Statement of Cash Flows
For the year ended 30 September 2024
Page 15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
15
(1,551,117)
(142,251)
Interest paid
(233)
-
0
Net cash outflow from operating activities
(1,551,350)
(142,251)
Net decrease in cash and cash equivalents
(1,551,350)
(142,251)
Cash and cash equivalents at beginning of year
(3,221,553)
(3,079,302)
Cash and cash equivalents at end of year
(4,772,903)
(3,221,553)
Relating to:
Bank overdrafts included in creditors payable within one year
(4,772,903)
(3,221,553)
SSC Contractors Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 16
1
General Information
Company information

SSC Contractors Limited is a company limited by shares incorporated in England and Wales. The registered office is Provender Mill, Mill Bay Lane, Horsham, West Sussex, RH12 1SS. The principal activity of the company in the year under review was that of construction activities for the building trade.

1.1
Accounting policies

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.

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.

1.2
Going concern

The company derives its income from truerelated parties in the M R Stephenson Limited group and is party to a multilateral cross guarantee for a bank pooling facility with certain companies in the M R Stephenson Limited group as outlined in note 13. As such the company is wholly reliant on the M R Stephenson group to remain a going concern. The directors are aware that the M R Stephenson Limited group is profitable and has a strong solvent balance sheet position with projections showing that this is not expected to change or any reason why this would cease to be the case. As such the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.

1.6
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SSC Contractors Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
General Information
(Continued)
Page 17
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.

1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

The company is reliant on related parties for its income. In making the going concern assessment, the directors have made the judgement that the related parties will continue to be profitable and continue to pay for the services of the company.

3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Construction costs
32,783,932
20,993,826
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
32,783,932
20,993,826
SSC Contractors Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 18
4
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
15,000
2,225
For other services
All other non-audit services
1,500
1,000
5
Employees

The average monthly number of persons employed by the company during the year was 10 (2023: 8).

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
548,029
223,819
Social security costs
69,080
25,195
Pension costs
18,057
10,726
635,166
259,740
6
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
233
-
0
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
37,150
-
0
SSC Contractors Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
7
Taxation
(Continued)
Page 19

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
229,840
49,376
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
57,460
10,868
Change in unrecognised deferred tax assets
(20,310)
(10,868)
Taxation charge for the year
37,150
-
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,900,658
10,528,387
Prepayments and accrued income
210,055
-
0
15,110,713
10,528,387
9
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
4,772,903
3,221,553
Trade creditors
4,902,799
2,833,684
Corporation tax
37,156
6
Other taxation and social security
348,172
551,675
Other creditors
4,544,416
3,163,696
Accruals and deferred income
259,576
704,772
14,865,022
10,475,386
SSC Contractors Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 20
10
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
4,772,903
3,221,553
Payable within one year
4,772,903
3,221,553
11
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
18,057
10,726

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totalling £5,861 (2023: £4,961) were payable to the fund at the balance sheet date and are included in creditors.

12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
13
Financial commitments, guarantees and contingent liabilities

The company has provided security under a multilateral cross guarantee for a bank pooling facility covering a number of connected companies. The facility allows there to be overdrawn bank accounts across the companies involved up to a total of £20,000,000, providing there are also positive bank balances across the companies that match or exceed the overdrawn accounts.

SSC Contractors Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 21
14
Related party transactions

During the year the company made sales to the following companies in which M R Stephenson has a material interest:

 

Stephenson Construction (Southern) Limited - £29,306,949 (2023: £16,695,366). Included within trade debtors at the end of the year was £13,819,545 (2023: £8,967,234).

 

Stephenson Construction (North) Limited - £3,476,982 (2023: £4,298,460). Included within trade debtors at the end of the year was £1,081,112 (2023: £1,561,153).

 

During the year the company incurred management charges of £1,000,000 (2023: £700,000) from M R Stephenson Limited.

 

Included in other creditors at the year end was a balance of £3,544,416 (2023: £3,163,696) due to M R Stephenson Limited. Included in other creditors at the year end was an accrual of £1,000,000 (2023: £700,000) due to M R Stephenson Limited.

 

As disclosed in note 13 there is a multilateral cross guarantee for a bank pooling facility with M R Stephenson Limited and its subsidiaries.

15
Cash absorbed by operations
2024
2023
£
£
Profit for the year after tax
192,690
49,376
Adjustments for:
Taxation charged
37,150
-
0
Finance costs
233
-
0
Movements in working capital:
(Increase)/decrease in debtors
(4,582,326)
432,035
Increase/(decrease) in creditors
2,801,136
(623,662)
Cash absorbed by operations
(1,551,117)
(142,251)
16
Analysis of changes in net debt
1 October 2023
Cash flows
30 September 2024
£
£
£
Bank overdrafts
(3,221,553)
(1,551,350)
(4,772,903)
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