Registration number:
SLX Group Limited
for the Year Ended 30 September 2024
SLX Group Limited
(Registration number: 00306440)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
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 |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Name of parent of group
These financial statements are consolidated in the financial statements of KAP Industries Limited.
The financial statements of KAP Industries Limited may be obtained from SLX House, 24-32 London Street, Andover, England, SP10 2PE.
Group accounts not prepared
The company is part of a medium group. The company has taken advantage of the the exemption provided by Section 400 of the Companies Act 2006 and has not prepared group accounts as it is itself a subsidiary undertaking.
Audit report
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available 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 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. |
Key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company’s accounting policies. The estimates and assumptions which have a risk of causing material adjustments to the carrying amount of assets and liabilities are as follows:
Depreciation – the company accounts for depreciation in line with FRS 102 1A. The depreciation expenses is the allocation of the cost of an asset over the periods in which the asset will be used. Judgements are therefore required to be made, and subsequently reviewed, on the estimated useful life of the company’s assets
Stock provision – In accordance with FRS 102 1A, the company makes provision against the cost of slow moving or obsolete stock. This is to ensure that stock is carried in the statement of financial position at the lower of cost and net realisable value. Judgements are therefore required to be made on the future saleability of stock when calculating the required provision.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and
the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or
receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also
be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in
accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Foreign currency transactions and balances
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are meausured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilites denominated in foreign currencies are recognised in the statement of comprehensive income except when deferred in other comprehensive income such as qualifying cash flow hedges.
Foreign exchange gains or losses that relate to borrowings and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the statement of comprehensive income within 'other operating income'.
Tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment
of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is
accounted for in respect of all material timing differences.
Deferred tax is measured at the tax rates which are expected to apply in the periods in which timing differences
reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax
assets and liabilities are not discounted.
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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line |
Computer software |
20% straight line |
Leasehold improvements |
33% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patent |
Over 5 years |
Computer software |
Over 5 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 at amortised cost using the effective interest method, less 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
Materials and services not yet invoiced to customers and stocks of finished goods are valued at the lower of cost and net realisable value. Stock is owned by SLX Group Limited. Stock is loaned to
Simplex-Turbulo Company Limited, Lincoln Diesels Limited and STW Engineering GmbH during each and every month in order to trade with. Any movement in stock during the month is a payable/receivable between the companies.
Provision for slow moving obsolete stock is calculated by writing down to a percentage of cost all stock which has been held for more than one year, unless at least a proportion of last year’s closing stock value has been sold in the current year. Even if more than a proportion of the previous years’ stock holding has been sold in the current year, any provision made in the previous year continues to be made unless the directors consider that the stock will be sold in the following year.
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
The Company operates a defined contribution plan for its employees. A defined contriution plan is a pension
plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been
paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due.
Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held
separately from the Company in independently administered funds.
Financial instruments
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to
related parties and investments in non-puttable ordinary shares.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Intangible assets |
Trademarks, patents and licenses |
Internally generated software development costs |
Total |
|
Cost or valuation |
|||
At 1 October 2023 |
|
- |
|
Additions acquired separately |
- |
|
|
At 30 September 2024 |
|
|
|
Amortisation |
|||
At 1 October 2023 |
|
- |
|
Amortisation charge |
- |
|
|
At 30 September 2024 |
|
|
|
Carrying amount |
|||
At 30 September 2024 |
|
|
|
At 30 September 2023 |
|
- |
|
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Tangible assets |
Land and buildings |
Computer software |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 October 2023 |
- |
|
|
|
Additions |
|
- |
|
|
At 30 September 2024 |
|
|
|
|
Depreciation |
||||
At 1 October 2023 |
- |
|
|
|
Charge for the year |
|
|
|
|
At 30 September 2024 |
|
|
|
|
Carrying amount |
||||
At 30 September 2024 |
|
|
|
|
At 30 September 2023 |
- |
|
|
|
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 October 2023 |
|
Disposals |
( |
At 30 September 2024 |
|
Provision |
|
Carrying amount |
|
At 30 September 2024 |
|
At 30 September 2023 |
|
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
The entire value of stock is included in the fixed, floating charge and negative pledge held by Arbuthnot Commercial Asset Based Lending Limited over the assets of the company.
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
Arbuthnot Commercial Asset Based Lending Limited holds a fixed, floating charge & negative pledge over the assets of the company.
HSBC UK Bank PLC holds security over cash deposits and a fixed & negative pledge over the assets of the company.
The directors have a personal guarantee in place which means they are jointly and severally liable for the entirety of the debt included in loans and borrowings. The directors are also jointly and severally liabile for the entirety of the loans and borrowings from Arbuthnot Commercial Asset Based Lending Limited in the subsidaries of the company.
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
- |
|
Other borrowings |
- |
|
- |
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
- |
|
Bank overdrafts |
- |
|
- |
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Advantage has been taken of the exemption under FRS 102 to not disclose details of all transactions with its parent company and other group companies on the grounds that the consolidated accounts are publicly available.
Loans to related parties
2023 |
Loan to director |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
- |
- |
|
SLX Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from SLX House, 24-32 London Street, Andover, SP10 2PE