| REGISTERED NUMBER: 11926365 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| SERVICE CEILINGS (HOLDINGS) LIMITED |
| REGISTERED NUMBER: 11926365 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| SERVICE CEILINGS (HOLDINGS) LIMITED |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Statement of Income and Retained Earnings | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Cash Flow Statement | 12 |
| Notes to the Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Financial Statements | 14 |
| SERVICE CEILINGS (HOLDINGS) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Robert Booty ACA FCCA CTA |
| AUDITORS: |
| Chartered Accountants, Tax Consultants |
| & Statutory Auditors |
| 27-29 Old Market |
| Wisbech |
| Cambridgeshire |
| PE13 1NE |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| The directors submit their strategic report for the year ended 31 March 2025. |
| Review of the Business |
| During the financial year ended 31 March 2025, the group has been engaged with its core operations covering suspended ceilings, partitioning, drylining and SFS (steel framing solutions). The group's turnover has been to expectations and the results of trading have been acceptable. The satisfactory performance of the group is attributable to the principals of quality delivery, strong level of communications with customers and its supply chain and being responsive to demand. |
| Key financial indicators for the year are: |
| 31 March 2025 | 31 March 2024 | Change |
| £ | £ |
| Turnover | 16,332,196 | 18,151,371 | (10.02% | ) |
| Gross Profit | 4,773,190 | 4,984,052 | (4.23% | ) |
| Equity | 5,164,667 | 4,706,985 | 9.72% |
| Average number of employees | 67 | 71 | (5.63% | ) |
| The total equity increased in the year from £4,706,985 to £5,164,667 as a result of the profit after tax of £1,207,680 less dividends declared during the year of £750,000 |
| The core purpose of the trading subsidiary, Service Ceilings Limited trading as SCL Interiors (SCL) is to provide specialist fit out and drylining services and SFS. The company looks to maintain its position in the marketplace by offering reliable, responsive and competitive services which exceed the needs and expectations of its customers. |
| Objectives |
| -The director's aim is to maintain the successful aspects of the business which have served them and the group's customers over numerous years of consistent trading. |
| -The development of further relationships within the supply chain and the retention of key workers throughout all levels of the business is also within aspirations. |
| -Operational efficiency where possible will be made to the benefit of all for a quality delivery and client satisfaction. |
| Principal risks and uncertainties |
| Market forces and macro-economic circumstances are always under review to enable the group to maintain its position within the industry and being able to offer its customers certainty and confidence in the delivery of projects by being competitive in conjunction with sustainable pricing. |
| Credit risk |
| All projects are constantly reviewed to ensure they are delivered to projected outcomes which are sustainable within the business model. Any credit allowed within contractual relationships is monitored to ensure payments are received on time and that over exposure to any one customer is mitigated. |
| Liquidity risk |
| The directors have reviewed the operational finance aspects of the business and are satisfied that sufficient resources are available to meet all obligations and commitments. |
| Future plans |
| The directors look to maintain the business within its place in the market whilst being able to be in such a position to take opportunities that may arise to achieve sustainable growth by having a responsive reciprocal dialogue with both its customers and its supply chain. |
| ON BEHALF OF THE BOARD: |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of specialists in interior ceilings and partition fit-outs. |
| DIVIDENDS |
| During the period the company paid dividends amounting to £750,000 (2024 £500,000). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| In accordance with Section 414C(11) of the Companies Act 2006 other matters, normally included within this report, are set out in the Strategic Report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| AUDITORS |
| The auditors, Wheelers, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SERVICE CEILINGS (HOLDINGS) LIMITED |
| Opinion |
| We have audited the financial statements of Service Ceilings (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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. |
| Basis for opinion |
| 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SERVICE CEILINGS (HOLDINGS) LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SERVICE CEILINGS (HOLDINGS) LIMITED |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| The primary responsibility for the prevention and detection of fraud rests with the directors. |
| We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are: |
| - Those that relate to the reporting framework (United Kingdom Accounting Standards in conformity with the |
| Companies Act 2006 and FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"). |
| - Relevant tax compliance regulations in the United Kingdom. |
| - In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements; and |
| - Laws and regulations relating to health and safety, employee matters and the environment. |
| We understood how the company is complying with those frameworks by making enquiries of management, those |
| responsible for legal and compliance procedures and the Company Secretary. We corroborated our enquiries through our review of Board minutes. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management and our prior knowledge of the company's activities and controls. We have carried out procedures including a review of journal entries and a review of accounting estimates and judgements which were designed to provide reasonable assurance that the financial statements are free from fraud or error. |
| Based on this understanding we designed audit procedures to identify non-compliance with such laws and regulations. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those |
| leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SERVICE CEILINGS (HOLDINGS) LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants, Tax Consultants |
| & Statutory Auditors |
| 27-29 Old Market |
| Wisbech |
| Cambridgeshire |
| PE13 1NE |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| CONSOLIDATED |
| STATEMENT OF INCOME AND |
| RETAINED EARNINGS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ |
| TURNOVER | 16,332,196 | 18,151,371 |
| Cost of sales | 11,559,006 | 13,167,319 |
| GROSS PROFIT | 4,773,190 | 4,984,052 |
| Administrative expenses | 3,176,832 | 3,499,822 |
| 1,596,358 | 1,484,230 |
| Other operating income | 3 | 66,085 | 28,360 |
| OPERATING PROFIT | 5 | 1,662,443 | 1,512,590 |
| Interest receivable and similar income | 35,873 | 6,705 |
| 1,698,316 | 1,519,295 |
| Interest payable and similar expenses | 6 | 57,438 | 86,836 |
| PROFIT BEFORE TAXATION | 1,640,878 | 1,432,459 |
| Tax on profit | 7 | 433,198 | 381,468 |
| PROFIT FOR THE FINANCIAL YEAR |
| Retained earnings at beginning of year | 4,701,987 | 4,150,994 |
| Dividends | 9 | (750,000 | ) | (500,000 | ) |
| RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
5,159,667 |
4,701,985 |
| Profit attributable to: |
| Owners of the parent | 1,207,680 | 1,050,991 |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| CONSOLIDATED BALANCE SHEET |
| 31 MARCH 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 33,535 | - |
| Tangible assets | 11 | 888,336 | 879,996 |
| Investments | 12 | - | - |
| 921,871 | 879,996 |
| CURRENT ASSETS |
| Stocks | 13 | 20,000 | 20,000 |
| Debtors | 14 | 3,295,961 | 4,846,965 |
| Cash at bank and in hand | 5,469,387 | 3,982,171 |
| 8,785,348 | 8,849,136 |
| CREDITORS |
| Amounts falling due within one year | 15 | 4,227,287 | 4,607,731 |
| NET CURRENT ASSETS | 4,558,061 | 4,241,405 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
5,479,932 |
5,121,401 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
(182,065 |
) |
(292,116 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (133,200 | ) | (122,300 | ) |
| NET ASSETS | 5,164,667 | 4,706,985 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 5,000 | 5,000 |
| Retained earnings | 22 | 5,159,667 | 4,701,985 |
| SHAREHOLDERS' FUNDS | 5,164,667 | 4,706,985 |
| The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2025 and were signed on its behalf by: |
| A J Nurse - Director |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| COMPANY BALANCE SHEET |
| 31 MARCH 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 20 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 800,071 | 568,771 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 31.3.25 | 31.3.24 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,568,458 | 3,371,805 |
| Interest paid | (47,808 | ) | (66,136 | ) |
| Tax paid | (229,753 | ) | (488,748 | ) |
| Net cash from operating activities | 2,290,897 | 2,816,921 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (33,535 | ) | - |
| Purchase of tangible fixed assets | (22,409 | ) | (12,721 | ) |
| Sale of tangible fixed assets | 64,088 | 48,070 |
| Interest received | 30,472 | 6,579 |
| Net cash from investing activities | 38,616 | 41,928 |
| Cash flows from financing activities |
| Loan repayments in year | (312,500 | ) | (312,500 | ) |
| Capital repayments in year | (182,909 | ) | (189,266 | ) |
| Amount withdrawn by directors | (25,459 | ) | - |
| Equity dividends paid | (321,429 | ) | (296,875 | ) |
| Net cash from financing activities | (842,297 | ) | (798,641 | ) |
| Increase in cash and cash equivalents | 1,487,216 | 2,060,208 |
| Cash and cash equivalents at beginning of year |
2 |
3,982,171 |
1,921,963 |
| Cash and cash equivalents at end of year | 2 | 5,469,387 | 3,982,171 |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Profit before taxation | 1,640,878 | 1,432,459 |
| Depreciation charges | 177,495 | 200,713 |
| Loss/(profit) on disposal of fixed assets | 3,001 | (8,090 | ) |
| Finance costs | 57,438 | 86,836 |
| Finance income | (35,873 | ) | (6,705 | ) |
| 1,842,939 | 1,705,213 |
| Increase in stocks | - | (10,000 | ) |
| Decrease in trade and other debtors | 1,207,448 | 2,541,648 |
| Decrease in trade and other creditors | (481,929 | ) | (865,056 | ) |
| Cash generated from operations | 2,568,458 | 3,371,805 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 March 2025 |
| 31.3.25 | 1.4.24 |
| £ | £ |
| Cash and cash equivalents | 5,469,387 | 3,982,171 |
| Year ended 31 March 2024 |
| 31.3.24 | 1.4.23 |
| £ | £ |
| Cash and cash equivalents | 3,982,171 | 1,921,963 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.4.24 | Cash flow | At 31.3.25 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 3,982,171 | 1,487,216 | 5,469,387 |
| 3,982,171 | 1,487,216 | 5,469,387 |
| Debt |
| Finance leases | (286,159 | ) | (47,608 | ) | (333,767 | ) |
| Debts falling due within 1 year | (311,526 | ) | 155,276 | (156,250 | ) |
| Debts falling due after 1 year | (157,224 | ) | 157,224 | - |
| (754,909 | ) | 264,892 | (490,017 | ) |
| Total | 3,227,262 | 1,752,108 | 4,979,370 |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Service Ceilings (Holdings) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Going concern |
| The directors believe that the group is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the financial statements. |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements: |
| Recoverability of long term contract balances |
| The recoverability of trade and contract receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable. |
| Revenue and profit recognition |
| The estimation techniques used for revenue and profit recognition in respect of the group's long term contracts requires forecasts to be made of the outcome which includes assessments and judgements to be made on the recovery of changes in scope of work, contract programmes, maintenance and defects liabilities and changes in costs. |
| Revenue recognition |
| Turnover represents the sales value of goods and services supplied, excluding value added tax, adjusted for ongoing contracts where a right to consideration exists. |
| Amounts recoverable on contracts are included in debtors and stated at cost, plus attributable profit to the extent that it is reasonably certain after making provisions for contingencies, any losses incurred or foreseen in bringing contracts to completion, and less amounts received as progress payments. Cost for this purpose includes the cost of materials and all overheads other than those relating to the general administration of the company. For any contracts where receipts exceed the sales value of goods and services supplied, the excess is included in creditors as payments on account. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets, except for freehold land and investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Freehold property | - 4% straight line |
| Tools and equipment | - 15% reducing balance |
| Motor vehicles | - 25% reducing balance |
| Office equipment | - 15% reducing balance |
| Depreciation is provided when the assets are available for use. |
| The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable, and are written down immediately to their recoverable amount. |
| Useful lives and residual values are reviewed annually and where adjustments are required, these are made accordingly. |
| Stocks and work in progress |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 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 group operates defined contribution pension schemes for both the directors of the group and other employees. The assets of these schemes are held separately from those of the company in independently administered funds. Contributions are recognised in the statement of comprehensive income in the year in which they become payable. |
| Impairment of non-financial assets |
| The group assesses at each reporting date whether an asset may be impaired. If any such indication exists the group estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the group estimates the recoverable amount of the cash generating unit to which the asset belongs. |
| The recoverable amount of an asset or cash generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in the statement of comprehensive income unless the asset is carried at a revalued amount where the impairment loss of the revalued asset is a revaluation decrease. |
| An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less. For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
| Short-term debtors and creditors |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other operating expenses. |
| Interest-bearing loans and borrowings |
| All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. The effective interest rate amortisation is included in finance revenue in the statement of comprehensive income. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement. The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including trade and other debtors, trade and other creditors, cash and bank balances at the transaction price. |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 3. | OTHER OPERATING INCOME |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Sundry income | 250 | - |
| Management charge | 15,000 | 15,000 |
| Other grants | 50,835 | 13,360 |
| 66,085 | 28,360 |
| Other grants relate to income received from the CITB to contribute towards the training of construction workers. |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Wages and salaries | 3,595,817 | 3,879,925 |
| Social security costs | 433,415 | 449,508 |
| Other pension costs | 247,441 | 223,350 |
| 4,276,673 | 4,552,783 |
| The average number of employees during the year was as follows: |
| 31.3.25 | 31.3.24 |
| Staff | 64 | 68 |
| Directors | 3 | 3 |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Directors' remuneration | 232,390 | 232,390 |
| Directors' pension contributions to money purchase schemes | 62,050 | 62,050 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 2 |
| Information regarding the highest paid director is as follows: |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Emoluments etc | 115,906 | 115,906 |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Hire of plant and machinery | 304,417 | 312,274 |
| Depreciation - owned assets | 57,073 | 63,453 |
| Depreciation - assets on hire purchase contracts | 120,422 | 137,258 |
| Loss/(profit) on disposal of fixed assets | 3,001 | (8,090 | ) |
| Auditors' remuneration | 26,490 | 20,620 |
| Auditors' remuneration for non audit work | 12,334 | 9,394 |
| Operating lease rentals - plant and machinery | 9,205 | 9,680 |
| Stocks recognised as an expense | 4,724,602 | 5,815,832 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Bank loan interest | 24,205 | 45,252 |
| Directors loan interest | 7,594 | 16,722 |
| Other loan interest | 2,036 | 3,978 |
| Hire purchase interest | 23,603 | 20,884 |
| 57,438 | 86,836 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Current tax: |
| UK corporation tax | 422,298 | 417,368 |
| Deferred tax | 10,900 | (35,900 | ) |
| Tax on profit | 433,198 | 381,468 |
| UK corporation tax has been charged at 25 % (2024 - 25 %). |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Profit before tax | 1,640,878 | 1,432,459 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) |
410,220 |
358,115 |
| Effects of: |
| Expenses not deductible for tax purposes | 23,153 | 23,325 |
| Deferred tax movement not provided for | (70 | ) | 28 |
| Marginal relief | (105 | ) | - |
| Total tax charge | 433,198 | 381,468 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Ordinary shares of £1 each |
| Final | 750,000 | 500,000 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Computer |
| software |
| £ |
| COST |
| Additions | 33,535 |
| At 31 March 2025 | 33,535 |
| NET BOOK VALUE |
| At 31 March 2025 | 33,535 |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2024 | 366,084 | 59,448 | 1,114,293 | 155,228 | 1,695,053 |
| Additions | - | 1,389 | 247,965 | 3,572 | 252,926 |
| Disposals | - | (11,624 | ) | (231,582 | ) | (19,714 | ) | (262,920 | ) |
| At 31 March 2025 | 366,084 | 49,213 | 1,130,676 | 139,086 | 1,685,059 |
| DEPRECIATION |
| At 1 April 2024 | 105,332 | 36,605 | 583,041 | 90,081 | 815,059 |
| Charge for year | 12,918 | 3,338 | 151,399 | 9,840 | 177,495 |
| Eliminated on disposal | - | (9,491 | ) | (173,649 | ) | (12,691 | ) | (195,831 | ) |
| At 31 March 2025 | 118,250 | 30,452 | 560,791 | 87,230 | 796,723 |
| NET BOOK VALUE |
| At 31 March 2025 | 247,834 | 18,761 | 569,885 | 51,856 | 888,336 |
| At 31 March 2024 | 260,752 | 22,843 | 531,252 | 65,147 | 879,994 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 April 2024 | 702,591 |
| Additions | 230,517 |
| Disposals | (29,070 | ) |
| Transfer to ownership | (200,864 | ) |
| At 31 March 2025 | 703,174 |
| DEPRECIATION |
| At 1 April 2024 | 296,597 |
| Charge for year | 120,422 |
| Eliminated on disposal | (18,064 | ) |
| Transfer to ownership | (124,490 | ) |
| At 31 March 2025 | 274,465 |
| NET BOOK VALUE |
| At 31 March 2025 | 428,709 |
| At 31 March 2024 | 405,994 |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Freehold |
| property |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Included in cost of land and buildings is freehold land of £ 8,436 (2024 - £ 8,436 ) which is not depreciated. |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Interests in group undertakings |
Name of undertaking |
Registered office |
Description ofshares held |
Holding |
Service Ceilings Limited |
Sovereign Way, Trafalgar Industrial Estate, Downham Market, Norfolk, PE38 9SW |
Ordinary £1 shares |
100% |
| The principal activity of Service Ceilings Limited is that of specialists in interior ceilings and partition fit-outs. |
| 13. | STOCKS |
| Group |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Raw materials | 20,000 | 20,000 |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |
| £ | £ | £ | £ |
| Trade debtors | 125,949 | 305,908 |
| Amounts owed by group undertakings | - | - |
| Amounts recoverable on |
| contracts | 2,436,502 | 2,937,282 |
| Other debtors | 333,718 | 1,164,063 |
| Prepayments and accrued income | 399,792 | 439,712 |
| 3,295,961 | 4,846,965 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | 156,250 | 311,526 |
| Hire purchase contracts (see note 18) | 153,711 | 153,374 |
| Trade creditors | 2,018,715 | 2,303,520 |
| Corporation tax | 422,237 | 229,708 |
| Social security and other taxes | 203,607 | 241,349 |
| Other creditors | 340,414 | 199,232 |
| Directors' current accounts | 342,202 | 396,483 | 342,202 | 396,483 |
| Accruals and deferred income | 590,053 | 772,441 |
| Deferred government grants | 98 | 98 |
| 4,227,287 | 4,607,731 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Bank loans (see note 17) | - | 157,224 |
| Hire purchase contracts (see note 18) | 180,056 | 132,785 |
| Deferred government grants | 2,009 | 2,107 |
| 182,065 | 292,116 |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 156,250 | 311,526 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | - | 157,224 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 153,711 | 153,374 |
| Between one and five years | 180,056 | 132,785 |
| 333,767 | 286,159 |
| Group |
| Non-cancellable operating | leases |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Within one year | 31,762 | 43,497 |
| Between one and five years | 50,996 | 85,519 |
| 82,758 | 129,016 |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Bank loans | 156,250 | 468,750 |
| Hire purchase contracts | 333,767 | 286,159 |
| 490,017 | 754,909 |
| Bank loans are secured by a fixed and floating charge over the assets of the company. |
| The obligations under hire purchase agreements are secured over the assets to which they relate. |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 20. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.3.25 | 31.3.24 | 31.3.25 | 31.3.24 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 133,200 | 122,300 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2024 | 122,300 |
| Provided during year | 10,900 |
| Balance at 31 March 2025 | 133,200 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2024 |
| Provided during year |
| Balance at 31 March 2025 |
| 21. | CALLED UP SHARE CAPITAL |
| Issued, called up and fully paid: |
| 31.3.2025 | 31.3.2024 |
| £ | £ |
| Ordinary 'A' class shares of £1 each | 1,750 | 1,750 |
| Ordinary 'B' class shares of £1 each | 1,250 | 1,250 |
| Ordinary 'C' class shares of £1 each | 2,000 | 2,000 |
| 5,000 | 5,000 |
| The Ordinary A shares of £1 each, Ordinary B shares of £1 each and Ordinary C shares of £1 each rank pari passu in all respects, with the exception that the Ordinary B shares shall be deemed to represent 37.5% of the value of all the issued shares of the company as a whole and not the proportion that they would otherwise bear and the issued Ordinary A shares and Ordinary C shares shall be deemed in aggregate to represent 62.5% of the value of the issued shares of the company as a whole and not the proportion that they would otherwise bear. |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 22. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 April 2024 | 4,701,987 |
| Profit for the year | 1,207,680 |
| Dividends | (750,000 | ) |
| At 31 March 2025 | 5,159,667 |
| Company |
| Retained |
| earnings |
| £ |
| At 1 April 2024 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 March 2025 |
| 23. | PENSION COMMITMENTS |
| The company makes contributions to defined contribution pension schemes whose assets are held separately from those of the company in independently administered funds. The pension charge represents contributions payable in the year by the company to the schemes and amounted to £247,441 (2024 - £223,350). |
| At 31 March 2025 outstanding pension contributions amounted to £11,743 (2024 - £18,685) and are included in other creditors. |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024: |
| 31.3.25 | 31.3.24 |
| £ | £ |
| A T Nurse |
| Balance outstanding at start of year | - | - |
| Amounts advanced | 1,035,787 | - |
| Amounts repaid | (1,035,787 | ) | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | - |
| During the year, interest was charged on overdrawn balances in excess of £10,000 at 2.25%. |
| SERVICE CEILINGS (HOLDINGS) LIMITED (REGISTERED NUMBER: 11926365) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 25. | RELATED PARTY DISCLOSURES |
| The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| The group had the following transactions, in the normal course of trade, with the below related parties, that are not part of the group:- |
| S C L Interiors (London) Limited |
| 31.3.25 | 31.3.24 |
| £ | £ |
| Debtor at 31 March 2025 | 78,169 | 982,026 |
| During the year Service Ceilings Limited acted as an undisclosed agent for S C L Interiors (London) Limited. The value of the goods supplied under this arrangement amounted to £13,923,870 (2024 - £14,449,169). A J Nurse and A T Nurse are directors of S C L Interiors (London) Limited. |
| 26. | ULTIMATE CONTROLLING PARTY |
| No one party has overall control of Service Ceilings (Holdings) Limited. |