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REGISTERED NUMBER: 05829313 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st May 2024

for

SYKES SPECIALIST CONTRACTING LIMITED

SYKES SPECIALIST CONTRACTING LIMITED (REGISTERED NUMBER: 05829313)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SYKES SPECIALIST CONTRACTING LIMITED

Company Information
for the Year Ended 31st May 2024







DIRECTOR: Mr CAV Sykes





REGISTERED OFFICE: 41 St Thomas's Road
Chorley
Lancashire
PR7 1JE





REGISTERED NUMBER: 05829313 (England and Wales)





ACCOUNTANTS: BK Plus - Chorley
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

SYKES SPECIALIST CONTRACTING LIMITED (REGISTERED NUMBER: 05829313)

Balance Sheet
31st May 2024

31.5.24 31.5.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 217,963 182,210

CURRENT ASSETS
Stocks 12,500 15,000
Debtors 5 252,335 290,233
Cash at bank and in hand 1,020,037 697,751
1,284,872 1,002,984
CREDITORS
Amounts falling due within one year 6 648,585 433,909
NET CURRENT ASSETS 636,287 569,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

854,250

751,285

CREDITORS
Amounts falling due after more than one
year

7

(87,957

)

(58,193

)

PROVISIONS FOR LIABILITIES (9,843 ) (10,294 )
NET ASSETS 756,450 682,798

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 756,350 682,698
SHAREHOLDERS' FUNDS 756,450 682,798

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SYKES SPECIALIST CONTRACTING LIMITED (REGISTERED NUMBER: 05829313)

Balance Sheet - continued
31st May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28th May 2025 and were signed by:





Mr CAV Sykes - Director


SYKES SPECIALIST CONTRACTING LIMITED (REGISTERED NUMBER: 05829313)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

Sykes Specialist Contracting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 33.3% on cost

Impairment of Assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all 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.

SYKES SPECIALIST CONTRACTING LIMITED (REGISTERED NUMBER: 05829313)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st June 2023 75,030 76,222 162,898 11,958 326,108
Additions - - 56,831 - 56,831
At 31st May 2024 75,030 76,222 219,729 11,958 382,939
DEPRECIATION
At 1st June 2023 10,507 50,987 71,823 10,581 143,898
Charge for year 1,501 4,162 14,373 1,042 21,078
At 31st May 2024 12,008 55,149 86,196 11,623 164,976
NET BOOK VALUE
At 31st May 2024 63,022 21,073 133,533 335 217,963
At 31st May 2023 64,523 25,235 91,075 1,377 182,210

SYKES SPECIALIST CONTRACTING LIMITED (REGISTERED NUMBER: 05829313)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st June 2023 78,282
Additions 56,831
Transfer to ownership (29,750 )
At 31st May 2024 105,363
DEPRECIATION
At 1st June 2023 18,814
Charge for year 9,631
Transfer to ownership (14,996 )
At 31st May 2024 13,449
NET BOOK VALUE
At 31st May 2024 91,914
At 31st May 2023 59,468

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 200,926 276,101
VAT 37,743 -
Prepayments 13,666 14,132
252,335 290,233

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 10,284 10,021
Hire purchase contracts (see note 8) 14,384 13,347
Trade creditors 224,891 307,813
Tax 88,967 43,786
Social security and other taxes 11,502 21,413
VAT - 27,062
Other creditors 294,674 4,997
Directors' current accounts 1,083 2,820
Accrued expenses 2,800 2,650
648,585 433,909

SYKES SPECIALIST CONTRACTING LIMITED (REGISTERED NUMBER: 05829313)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans - 1-2 years 10,236 10,284
Bank loans - 2-5 years - 10,236
Hire purchase contracts (see note 8) 77,721 37,673
87,957 58,193

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 14,384 13,347
Between one and five years 77,721 37,673
92,105 51,020

9. SECURED DEBTS

Hire purchase contracts are secured on the asset to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At 31 May 2024, the company owed £1,083 to its directors (2023: company owed £2,820 to its directors). No interest has been charged on this loan and it is repayable on demand.

12. ULTIMATE CONTROLLING PARTY

Throughout the current and previous year, Mr CAV Sykes has controlled the company by virtue of his majority holding of the issued ordinary share capital.