Company Registration No. 04121857 (England and Wales)
Sale Service and Maintenance Limited
Annual report and financial statements
for the year ended 31 December 2024
Sale Service and Maintenance Limited
Company information
Directors
Peter Sale
Sean Dailey
Kelvin Lyons
Niall Giblin
Neil Parker
(Appointed 1 May 2024)
Company number
04121857
Registered office
Sale House
25 Upper Mulgrave Road
Cheam
Sutton
SM2 7AY
Independent auditor
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Sale Service and Maintenance Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 23
Sale Service and Maintenance Limited
Strategic report
For the year ended 31 December 2024
1
The directors present the strategic report for the year ended 31 December 2024.
Introduction
Despite the continued unsettled economic and political environment 2024 has been another successful year for the Sale Group, and we look towards 2025 with great optimism.
Sale Group is now one of the largest family-owned Mechanical and Building Services companies in the UK. The ambition remains to deliver a best-in-class service to all our customers. We do this by practising our motto, “Big enough to support, Small enough to care” throughout all our business interactions. The result is a happy and loyal client, employee and supply chain base which is so important in an ever more unsettled world. We pride ourselves on developing strong collaborative relationships and as such a significant element of our work comes through existing clients and recommendation.
Principal activities
The principal activity of the business is Mechanical fit-out and maintenance services.
Sale Group operates in the following sectors:
Commercial office fit-out
Super prime residential fit-out
Historic buildings
Healthcare & life sciences
Retail
Leisure facilities
Education
Financial services
Restaurants
Financial highlights
This year we have seen continued success as measured by the key performance indicators, some of which are shown below. The detailed results for the business are set out in in the financial statements but include the following key figures:
2024
2023
£
£
Turnover
42,249,932
34,956,177
Gross profit
6,314,622
3,685,770
Profit before Tax
2,785,397
617,488
Cash position
5,923,132
3,465,889
The turnover for the financial year was ahead of budget and that of the previous year. The board will only approve contracts which have the potential to add value to the business in terms of profit and cash. Our cash position remains stronger than ever.
Our forward order book for 2025 stands at £60m with the vast majority of this to be completed in the next twelve months. We also have a strong order book for 2026 and on into 2027.
Sale Service and Maintenance Limited
Strategic report (continued)
For the year ended 31 December 2024
2
Risk management
Sale Group implement a range of control measures to minimise risk and exposure for the business. We maintain close links with our supply chain partners and monitor all relevant market data which relates to our sector.
We employ highly competent professionals in all areas of our business. Each project has a designated team of project managers, quantity surveyors and designers who work closely with our clients and supply chain to ensure there is quality communication throughout each project and its life cycles.
Sale Group's clients are leading names in the industry such as Collins, Unispace, University Of Portsmouth, Morgan Lovell, Structuretone, 8Build, Knight Harward, Mace, Parkeray, Overbury and All England Tennis Club, to manage operational risk and their expectations, Sale Group businesses are highly accredited and certified with trade bodies.
These include Gold membership of Constructionline, Facilitiesline , REFCOM Elite, (Fortus) and Achilles, which helps us to manage our supply chain risk. We are also a member of the Supply Chain Sustainability school which covers all aspects of the built environment with a focus on sustainability.
Sale Group are ISO 45001 certified for Occupational Health and Safety. We also have CHAS Elite status, Alcumus Safe contractor and Acclaim accreditation, which prove that our business meets excellent standards in Health and Safety. We have a dedicated manager in house to ensure that we maintain safe environments for all our supply chain.
We have a highly competent in-house preconstruction and CAD/Design department who attempt to derisk our projects at the design stage.
Sale Group are also ISO9001 accredited for quality management systems which enables us to meet all our stakeholders statutory and regulatory requirements relating to products and services.
Sale Group businesses are Daikin Premium partners and a Mitsubishi Diamond Quality Partner which recognises our standards for excellence in design, training and installation workmanship.
Business continuity risk
Sale Group continues to be a completely debt free business. The principal has always been to grow the business organically by reinvesting profits. This has built up cash reserves to assist the business to weather potential setbacks such as Covid 19, Cyber threats and supply chain failures. This approach ensures a stable long-term platform and means we can make less pressurised commercial decisions.
As a business we have a strong reputation in our market for the quality of our work and much of our work is negotiated with repeat clients. Sale Group has a diversified client base, and we do not put all our eggs in any one basket. This ensures protection against client-side failures. The true importance of this approach to risk management was evident this year with the demise of ISG. Whilst the failure of ISG was unfortunate, it had minimal impact upon our results. This resilience is built into our business model.
We have commercial reviews and financial checks in place for all our projects on a continuous basis. These include checks for quality, health and safety, timeliness and profitability. We insure against all our clients and review the levels of cover necessary on an ongoing basis.
We have invested heavily in our IT Infrastructure both hardware and software to enable us to work remotely if necessary.
Sale Service and Maintenance Limited
Strategic report (continued)
For the year ended 31 December 2024
3
Management risks
The long-term growth of the business depends on the Company’s ability to attract and retain high quality people. We manage this risk using personal development plans for all our employees. These plans are backed by specific policies and procedures in areas of training, management development, performance management and continuing professional development.
We are mindful of the huge role that our staff play in our business. Their dedication and skill sets are what set us apart. As a family business, Sale Group has always carefully selected the right person for the role and aim to nurture each one to fulfil their own unique potential. We endeavour to maintain a culture of caring for our staff and a friendly working environment based on respect for all.
We are a registered Mindful Employer, supporting a positive approach to mental health at work.
We operate a highly successful apprenticeship program throughout the business, offering a chance for ambitious people to qualify in building services engineering, quantity surveying, estimating , design and administrative roles.
Commitment to our local community
Sale Group is committed to the welfare of the greater community and each year we carefully select organisations and charities where we feel we can make a difference.
2024 saw us participate in the Mental Health World Cup which aims to promote mental health awareness in the construction industry as well as providing a chance for people to meet up in a fun environment and make connections.
Each year Sale Group run what many consider the best Golf Day in the industry. We bring our entire supply chain together to raise vital money for local charity The Children’s Trust, who assist children with brain injuries. This year we raised over £35,000 on the day, something we are very proud of.
Each year we also contribute to Great Ormond Street so that children in hospital over Christmas can have as much joy as possible.
Wider community
In broader terms we are an environmentally conscious organisation. A structured management plan is in place to guide us to becoming a Net Zero organisation. We are PAS 2060 and Achilles certified and aim to be carbon neutral. In 2024 we supported a community-based project in Bolivia to offset our carbon usage.
Current market conditions
As mentioned earlier, Sale Group have secured £60m turnover for 2025 with a diverse range of clients and we have many more exciting projects in the pipeline. The key focus for 2025 will be to continue to grow our market leading, quality service to our clients. We will continue to deepen our regional offering in the Southern Home Counties and the eastern regions.
This report has been prepared in compliance with Section 172 of the Companies Act 2006 to promote the success of the Company.
Peter Sale
Director
14 July 2025
Sale Service and Maintenance Limited
Directors' report
For the year ended 31 December 2024
4
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £1,130,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Peter Sale
Mark Johnson
(Resigned 10 April 2024)
Sean Dailey
Claire Boot
(Resigned 19 January 2024)
Kelvin Lyons
Niall Giblin
Neil Parker
(Appointed 1 May 2024)
Auditor
Saffery LLP have expressed their willingness to continue in office as auditors of the company.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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. They are 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.
Matters covered in the strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial risk management.
Sale Service and Maintenance Limited
Directors' report (continued)
For the year ended 31 December 2024
5
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Peter Sale
Director
14 July 2025
Sale Service and Maintenance Limited
Independent auditor's report
To the member of Sale Service and Maintenance Limited
6
Opinion
We have audited the financial statements of Sale Service and Maintenance Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 Financial Reporting Standard 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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.
Sale Service and Maintenance Limited
Independent auditor's report (continued)
To the member of Sale Service and Maintenance Limited
7
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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.
Sale Service and Maintenance Limited
Independent auditor's report (continued)
To the member of Sale Service and Maintenance Limited
8
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Sale Service and Maintenance Limited
Independent auditor's report (continued)
To the member of Sale Service and Maintenance Limited
9
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.
Andrew Watkinson
Senior Statutory Auditor
For and on behalf of Saffery LLP
15 July 2025
Accountants
Statutory Auditors
St John's Court
Easton Street
High Wycombe
HP11 1JX
Sale Service and Maintenance Limited
Statement of comprehensive income
For the year ended 31 December 2024
10
2024
2023
Notes
£
£
Turnover
3
42,249,932
34,956,177
Cost of sales
(35,935,310)
(31,270,407)
Gross profit
6,314,622
3,685,770
Administrative expenses
(3,539,161)
(3,097,643)
Other operating income
1,000
2,000
Operating profit
4
2,776,461
590,127
Interest receivable and similar income
8,936
27,361
Profit before taxation
2,785,397
617,488
Tax on profit
7
(729,773)
(605,801)
Profit for the financial year
2,055,624
11,687
The income statement has been prepared on the basis that all operations are continuing operations.
Sale Service and Maintenance Limited
Statement of financial position
As at 31 December 2024
31 December 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
330,022
38,655
Current assets
Stocks
10
-
181,380
Debtors
11
8,727,354
9,150,838
Cash at bank and in hand
5,923,132
3,465,889
14,650,486
12,798,107
Creditors: amounts falling due within one year
12
(10,150,709)
(9,013,140)
Net current assets
4,499,777
3,784,967
Total assets less current liabilities
4,829,799
3,823,622
Provisions for liabilities
Deferred tax liability
13
80,553
(80,553)
-
Net assets
4,749,246
3,823,622
Capital and reserves
Called up share capital
15
100
100
Profit and loss reserves
4,749,146
3,823,522
Total equity
4,749,246
3,823,622
The financial statements were approved by the board of directors and authorised for issue on 14 July 2025 and are signed on its behalf by:
Peter Sale
Director
Company Registration No. 04121857
Sale Service and Maintenance Limited
Statement of changes in equity
For the year ended 31 December 2024
12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
6,048,197
6,048,297
Year ended 31 December 2023:
Profit and total comprehensive income
-
11,687
11,687
Cash settled dividends
8
(200,000)
(200,000)
Dividend in specie
8
-
(2,036,362)
(2,036,362)
Balance at 31 December 2023
100
3,823,522
3,823,622
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,055,624
2,055,624
Dividends
8
-
(1,130,000)
(1,130,000)
Balance at 31 December 2024
100
4,749,146
4,749,246
Sale Service and Maintenance Limited
Notes to the financial statements
For the year ended 31 December 2024
13
1
Accounting policies
Company information
Sale Service and Maintenance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sale House, 25 Upper Mulgrave Road, Cheam, Sutton, SM2 7AY.
1.1
Accounting convention
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Sale Group Limited. These consolidated financial statements are available from its registered office, Sale House, 25 Upper Mulgrave Road, Cheam, Sutton, England, SM2 7AY.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
Revenue from contracts for the provision of construction services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
14
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land & buildings
straight line over the life of the lease, being 6 years
Fixtures, fittings & equipment
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is estimated on the basis of income applied for on completed works by the company's experienced quantity surveyors.
Work in progress is included in the financial statements where costs have been incurred in excess of income on a project, and it is probable that they will be recovered.
1.6
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.
1.7
Financial instruments
The company applies the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset 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.
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
15
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
16
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
17
2
Critical accounting judgements and key sources of estimation uncertainty
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 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.
Stage of completion and expected margin on construction contracts
In preparing the financial statements, it is necessary to estimate the stage of completion, expected profit achievable and recoverability on ongoing construction contracts. This judgement significantly effects revenue, cost of sales, work in progress and accruals.
It is the opinion of the directors that the figures shown in the financial statements give a true and fair view of the stage of completion of contracts completed in the period or ongoing at the balance sheet date.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Construction contract income
42,249,932
34,956,177
2024
2023
£
£
Other significant revenue
Grants received
1,000
2,000
Grants received in the current and prior year relate to the apprenticeship incentive scheme. No conditions or contingencies are attached to the government grant and amounts do not require to be repaid.
All turnover is derived from sales within the United Kingdom.
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
18
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,900
20,400
Depreciation of owned tangible fixed assets
45,672
24,641
Profit on disposal of tangible fixed assets
(21,230)
(7,183)
Operating lease charges
233,435
229,663
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Direct operatives
41
28
Technical
16
16
Management and administration
20
24
Total
77
68
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,046,542
4,819,071
Social security costs
576,616
523,074
Pension costs
145,215
136,757
5,768,373
5,478,902
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
921,477
1,175,322
Company pension contributions to defined contribution schemes
19,080
24,043
940,557
1,199,365
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 6).
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
Directors' remuneration (continued)
19
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
234,099
554,995
Company pension contributions to defined contribution schemes
6,133
-
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
649,220
184,111
Adjustments in respect of prior periods
421,690
Total current tax
649,220
605,801
Deferred tax
Origination and reversal of timing differences
86,163
Adjustment in respect of prior periods
(5,610)
Total deferred tax
80,553
Total tax charge
729,773
605,801
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
2,785,397
617,488
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
696,349
145,233
Tax effect of expenses that are not deductible in determining taxable profit
39,034
32,285
Permanent capital allowances in excess of depreciation
1,292
Under/(over) provided in prior years
(5,610)
421,690
Utilisation of provisions
5,301
Taxation charge for the year
729,773
605,801
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
20
8
Dividends
2024
2023
£
£
Interim dividend paid
1,130,000
200,000
Dividend in specie
-
2,036,362
During the prior year a group restructure took place resulting in the hive up of £2,036,362 due from a connected party to Sale Group Limited, the parent company, by way of a dividend in specie.
9
Tangible fixed assets
Leasehold land & buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
177,267
535,967
80,851
794,085
Additions
251,809
85,230
337,039
Disposals
(22,395)
(22,395)
At 31 December 2024
177,267
787,776
143,686
1,108,729
Depreciation and impairment
At 1 January 2024
177,267
528,264
49,899
755,430
Depreciation charged in the year
29,282
16,390
45,672
Eliminated in respect of disposals
(22,395)
(22,395)
At 31 December 2024
177,267
557,546
43,894
778,707
Carrying amount
At 31 December 2024
230,230
99,792
330,022
At 31 December 2023
7,703
30,952
38,655
10
Stocks
2024
2023
£
£
Work in progress
-
181,380
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
21
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,889,770
2,532,443
Gross amounts due from contract customers
4,672,364
4,091,555
Other debtors
1,430,617
2,365,704
Prepayments
734,603
161,136
8,727,354
9,150,838
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,366,845
4,465,116
Corporation tax
779,017
313,908
Other taxation and social security
176,144
141,248
Other creditors
209,698
150,694
Accruals and deferred income
4,619,005
3,942,174
10,150,709
9,013,140
13
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
80,553
-
2024
Movements in the year:
£
Liability at 1 January 2024
-
Charge to profit or loss
80,553
Liability at 31 December 2024
80,553
Fixed asset timing differences are expected to reverse in line with each corresponding fixed asset class and the classes depreciation rates, as noted in the accounting policies.
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
22
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
145,215
136,757
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.
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Each share is entitled to one vote in any circumstance and has equal dividend rights.
16
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
620
620
Between two and five years
1,757
2,377
2,377
2,997
Sale Service and Maintenance Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
23
17
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
From connected parties
403,397
265,573
131,596
463,668
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
From connected parties
-
153,584
Key management personnel
208,351
75,123
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
From connected parties
951,026
1,795,467
18
Directors' transactions
Dividends totalling £nil (2023 - £200,000) were paid in the year in respect of shares held by the company's directors.
19
Ultimate controlling party
The immediate parent undertaking is Sale Group Limited, a company whose registered office is Sale House 25 Upper Mulgrave Road, Cheam, Sutton, England, SM2 7AY.
The ultimate controlling party is considered to be Peter Sale, by virtue of his shareholding.
2024-12-312024-01-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityPeter SaleMark JohnsonSean DaileyClaire BootKelvin LyonsNiall GiblinNeil Parkerfalsefalse041218572024-01-012024-12-3104121857bus:Director12024-01-012024-12-3104121857bus:Director32024-01-012024-12-3104121857bus:Director52024-01-012024-12-3104121857bus:Director62024-01-012024-12-3104121857bus:Director72024-01-012024-12-3104121857bus:Director22024-01-012024-12-3104121857bus:Director42024-01-012024-12-3104121857bus:RegisteredOffice2024-01-012024-12-31041218572023-01-012023-12-31041218572024-12-31041218572023-12-3104121857core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3104121857core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3104121857core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-12-3104121857core:FurnitureFittings2024-12-3104121857core:MotorVehicles2024-12-3104121857core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3104121857core:FurnitureFittings2023-12-3104121857core:MotorVehicles2023-12-3104121857core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3104121857core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104121857core:CurrentFinancialInstruments2024-12-3104121857core:CurrentFinancialInstruments2023-12-3104121857core:ShareCapital2024-12-3104121857core:ShareCapital2023-12-3104121857core:RetainedEarningsAccumulatedLosses2024-12-3104121857core:RetainedEarningsAccumulatedLosses2023-12-3104121857core:ShareCapital2022-12-3104121857core:RetainedEarningsAccumulatedLosses2022-12-3104121857core:ShareCapital2023-01-012023-12-3104121857core:LandBuildingscore:LongLeaseholdAssets2024-01-012024-12-3104121857core:FurnitureFittings2024-01-012024-12-3104121857core:MotorVehicles2024-01-012024-12-3104121857core:UKTax2024-01-012024-12-3104121857core:UKTax2023-01-012023-12-310412185712024-01-012024-12-310412185712023-01-012023-12-310412185722024-01-012024-12-310412185722023-01-012023-12-3104121857core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3104121857core:FurnitureFittings2023-12-3104121857core:MotorVehicles2023-12-31041218572023-12-3104121857core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-01-012024-12-3104121857core:WithinOneYear2024-12-3104121857core:WithinOneYear2023-12-3104121857core:BetweenTwoFiveYears2024-12-3104121857core:BetweenTwoFiveYears2023-12-3104121857bus:PrivateLimitedCompanyLtd2024-01-012024-12-3104121857bus:FRS1022024-01-012024-12-3104121857bus:Audited2024-01-012024-12-3104121857bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP