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Service 2000 Machine Tools Limited
Unaudited financial statements
30 September 2024
Company Registration Number 07773834
Service 2000 Machine Tools Limited
Financial statements
year ended 30 September 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Service 2000 Machine Tools Limited
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
59,950
77,072
Current assets
Debtors
6
170,827
155,373
Cash at bank and in hand
75,573
37,828
---------
---------
246,400
193,201
Creditors: amounts falling due within one year
7
178,275
110,603
---------
---------
Net current assets
68,125
82,598
---------
---------
Total assets less current liabilities
128,075
159,670
Creditors: amounts falling due after more than one year
8
65,035
111,278
---------
---------
Net assets
63,040
48,392
---------
---------
Service 2000 Machine Tools Limited
Statement of financial position (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
62,940
48,292
--------
--------
Shareholders funds
63,040
48,392
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 September 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 were approved by the board of directors and authorised for issue on 31 May 2025 , and are signed on behalf of the board by:
Mr A Bellamy
Mr A Hopkinson
Director
Director
Company registration number: 07773834
Service 2000 Machine Tools Limited
Notes to the financial statements
year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Highgrounds Way, Rhodesia, Worksop, Notts, S80 3AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
3.1 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.
3.2 Revenue recognition
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.
3.3 Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
3.4 Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
3.5 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
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
3.6 Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3.7 Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
3.8 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 as a finance cost 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 6 (2023: 6 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
19,985
106,340
2,975
129,300
Additions
2,613
537
3,150
Disposals
( 2,900)
( 2,900)
--------
---------
-------
---------
At 30 September 2024
22,598
103,440
3,512
129,550
--------
---------
-------
---------
Depreciation
At 1 October 2023
13,140
37,698
1,390
52,228
Charge for the year
1,985
16,925
419
19,329
Disposals
( 1,957)
( 1,957)
--------
---------
-------
---------
At 30 September 2024
15,125
52,666
1,809
69,600
--------
---------
-------
---------
Carrying amount
At 30 September 2024
7,473
50,774
1,703
59,950
--------
---------
-------
---------
At 30 September 2023
6,845
68,642
1,585
77,072
--------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
97,954
91,900
Other debtors
72,873
63,473
---------
---------
170,827
155,373
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
52,338
48,769
Trade creditors
22,648
3,988
Corporation tax
46,651
25,330
Social security and other taxes
26,966
8,148
Other creditors
29,672
24,368
---------
---------
178,275
110,603
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
53,029
84,191
Other creditors
12,006
27,087
--------
---------
65,035
111,278
--------
---------
9. Directors' advances, credits and guarantees
During the year no advances were made to directors (2023 - £22,400).