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REGISTERED NUMBER: 01088274 (England and Wales)















SERVICE OFFSET SUPPLIES LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024






SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SERVICE OFFSET SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: A P Fleming
O Anwar
R J Quinnell





REGISTERED OFFICE: 40 Oakwood Hill Industrial Estate
Oakwood Hill
Loughton
Essex
IG10 3TZ





REGISTERED NUMBER: 01088274 (England and Wales)





ACCOUNTANTS: Howard & Stapleton
2nd Floor Offices
26-28 West Street
Market Square
Rochford
Essex
SS4 1AJ

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 21,000 42,000
Tangible assets 5 131,194 157,848
Investments 6 35,840 44,590
188,034 244,438

CURRENT ASSETS
Stocks 7 339,061 402,048
Debtors 8 1,069,395 1,129,486
Cash at bank 363,361 441,863
1,771,817 1,973,397
CREDITORS
Amounts falling due within one year 9 1,079,669 1,166,695
NET CURRENT ASSETS 692,148 806,702
TOTAL ASSETS LESS CURRENT
LIABILITIES

880,182

1,051,140

CAPITAL AND RESERVES
Called up share capital 10 154,057 154,057
Retained earnings 726,125 897,083
SHAREHOLDERS' FUNDS 880,182 1,051,140

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

BALANCE SHEET - continued
31 DECEMBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by:




A P Fleming - Director O Anwar - Director




R J Quinnell - Director


SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Service Offset Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Office equipment - 33% on cost

Stocks
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 Statement of Income and Retained Earnings, 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.

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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.

Impairment
The carrying value of intangible and tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate that the value may not be recoverable.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under finance leases and hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Interest and dividend income, together with losses if the investments are impaired, are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 235,000
AMORTISATION
At 1 January 2024 193,000
Amortisation for year 21,000
At 31 December 2024 214,000
NET BOOK VALUE
At 31 December 2024 21,000
At 31 December 2023 42,000

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2024 18,545 12,277 82,613
Additions - 3,250 -
Disposals - - -
At 31 December 2024 18,545 15,527 82,613
DEPRECIATION
At 1 January 2024 17,495 9,953 80,310
Charge for year 525 1,581 863
Eliminated on disposal - - -
At 31 December 2024 18,020 11,534 81,173
NET BOOK VALUE
At 31 December 2024 525 3,993 1,440
At 31 December 2023 1,050 2,324 2,303

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 276,048 30,471 419,954
Additions 57,501 902 61,653
Disposals (81,985 ) - (81,985 )
At 31 December 2024 251,564 31,373 399,622
DEPRECIATION
At 1 January 2024 126,852 27,496 262,106
Charge for year 54,008 1,938 58,915
Eliminated on disposal (52,593 ) - (52,593 )
At 31 December 2024 128,267 29,434 268,428
NET BOOK VALUE
At 31 December 2024 123,297 1,939 131,194
At 31 December 2023 149,196 2,975 157,848

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2024 44,590
Impairments (8,750 )
At 31 December 2024 35,840
NET BOOK VALUE
At 31 December 2024 35,840
At 31 December 2023 44,590

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2024 is represented by:

Other
investments
£   
Valuation in 2021 15,670
Valuation in 2022 (18,375 )
Valuation in 2023 (2,485 )
Valuation in 2024 (8,750 )
Cost 49,780
35,840

If the fixed asset investments had not been revalued they would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 49,780 49,780

7. STOCKS
31.12.24 31.12.23
£    £   
Stocks 339,061 402,048

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,048,773 1,086,376
Other debtors 1,000 -
Prepayments and accrued income 19,622 43,110
1,069,395 1,129,486

SERVICE OFFSET SUPPLIES LIMITED (REGISTERED NUMBER: 01088274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 930,469 904,796
Corporation tax 46,055 50,213
Social security and other taxes - 29,460
VAT 51,600 116,182
Other creditors 36,037 49,557
Accrued expenses 15,508 16,487
1,079,669 1,166,695

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
152,594 Ordinary shares £1 152,594 152,594
1,463,062 Ordinary "B" shares 0.1p 1,463 1,463
154,057 154,057

11. CAPITAL COMMITMENTS

The company had neither contracted for nor authorised but not contracted for any commitments to future capital expenditure.

12. OTHER FINANCIAL COMMITMENTS

There is a fixed and floating charge over the assets of the company to secure the loan note debts of the ultimate holding company, Service Offset Supplies Group Limited. The amount outstanding on these loan notes at the balance sheet date was £514329.

13. PARENT AND ULTIMATE HOLDING COMPANY

The parent company is Service Offset Supplies Holdings Limited. The ultimate holding company is Service Offset Supplies Group Limited. The registered office of both companies is at 40 Oakwood Hill Industrial Estate, Oakwood Hill, Loughton, Essex IG10 3TZ.