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Company registration number: 07961097
Slipform Engineering International (2000) Limited
Unaudited filleted financial statements
30 June 2024
Slipform Engineering International (2000) Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 5,579 10,136
_______ _______
5,579 10,136
Current assets
Stocks 2,865,703 2,350,163
Debtors 6 40,427 31,383
Cash at bank and in hand 8,426 37,636
_______ _______
2,914,556 2,419,182
Creditors: amounts falling due
within one year 7 ( 3,495,855) ( 2,928,182)
_______ _______
Net current liabilities ( 581,299) ( 509,000)
_______ _______
Total assets less current liabilities ( 575,720) ( 498,864)
Creditors: amounts falling due
after more than one year 8 ( 29,017) ( 34,211)
_______ _______
Net liabilities ( 604,737) ( 533,075)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 604,837) ( 533,175)
_______ _______
Shareholders deficit ( 604,737) ( 533,075)
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
Mrs P G Elliott
Director
Company registration number: 07961097
Slipform Engineering International (2000) Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Hazelwood, Gregory Lane, Durley, Southampton, SO32 2BS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors believe that the company will have adequate resources to meet its liabilities as they fall due and so to operate as a going concern for a period of at least twelve months from the date of these financial statements. The Directors therefore consider it appropriate to continue to adopt the going concern basis in the preparation of these accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 56,933 3,261 7,675 67,869
Disposals ( 40,785) - - ( 40,785)
_______ _______ _______ _______
At 30 June 2024 16,148 3,261 7,675 27,084
_______ _______ _______ _______
Depreciation
At 1 July 2023 50,967 1,720 5,049 57,736
Charge for the year 831 220 657 1,708
Disposals ( 37,939) - - ( 37,939)
_______ _______ _______ _______
At 30 June 2024 13,859 1,940 5,706 21,505
_______ _______ _______ _______
Carrying amount
At 30 June 2024 2,289 1,321 1,969 5,579
_______ _______ _______ _______
At 30 June 2023 5,966 1,541 2,626 10,133
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 40,427 31,383
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 5,106 5,195
Trade creditors 704 5,316
Social security and other taxes 1,280 -
Other creditors 3,488,765 2,917,671
_______ _______
3,495,855 2,928,182
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 29,017 34,211
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 8,238 (2023 £ 13,433 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loan is repayable by equal monthly installments to 31 May 2030 at a fixed rate of interest.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S W G Elliott ( 24,587) 24,587 -
Mrs P G Elliott - ( 35,655) ( 35,655)
_______ _______ _______
( 24,587) ( 11,068) ( 35,655)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S W G Elliott ( 26,311) 1,724 ( 24,587)
Mrs P G Elliott - - -
_______ _______ _______
The loans from the directors are interest free and repayable on demand.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Grand Hotel Excelsior Intl Ltd ( 846,657) 595,800 ( 1,939,241) ( 1,092,584)
Slipform Engineering International (HK) Ltd - - ( 560,913) (560,913)
Swan Capital Ltd ( 1,862) 2,522 (12,758) ( 10,896)
GHE (RS) Ltd 298,980 29,200 ( 908,760) ( 1,207,740)
Asia Pacific World Holdings Ltd ( 8,296) 5,632 ( 26,918) ( 18,622)
Excelsior Hotels International (UK) Ltd - - 50 50
Energy World (HK) Ltd - ( 4,000) 4,000 4,000
_______ _______ _______ _______
The loans to and from related companies are interest free and repayable on demand.
11. Controlling party
The company is controlled by Mrs P G Elliott .