51 49 SLX Limited 12198744 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of the renting of media entertainment equipment and associated technical services. Digita Accounts Production Advanced 6.30.9574.0 true true 12198744 2024-01-01 2024-12-31 12198744 2024-12-31 12198744 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-12-31 12198744 core:AcceleratedTaxDepreciationDeferredTax 2024-12-31 12198744 core:RetainedEarningsAccumulatedLosses 2024-12-31 12198744 core:ShareCapital 2024-12-31 12198744 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 12198744 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-12-31 12198744 core:CurrentFinancialInstruments 2024-12-31 12198744 core:WithinOneYear 2024-12-31 12198744 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-12-31 12198744 bus:SmallEntities 2024-01-01 2024-12-31 12198744 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 12198744 bus:FilletedAccounts 2024-01-01 2024-12-31 12198744 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12198744 bus:RegisteredOffice 2024-01-01 2024-12-31 12198744 bus:Director1 2024-01-01 2024-12-31 12198744 bus:Director3 2024-01-01 2024-12-31 12198744 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-01-01 2024-12-31 12198744 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12198744 bus:Agent1 2024-01-01 2024-12-31 12198744 core:Buildings 2024-01-01 2024-12-31 12198744 core:FurnitureFittings 2024-01-01 2024-12-31 12198744 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 12198744 core:MotorCars 2024-01-01 2024-12-31 12198744 core:OfficeEquipment 2024-01-01 2024-12-31 12198744 core:PlantMachinery 2024-01-01 2024-12-31 12198744 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:SaleOrPurchaseGoods 2024-01-01 2024-12-31 12198744 countries:EnglandWales 2024-01-01 2024-12-31 12198744 2023-01-01 2023-12-31 12198744 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-12-31 12198744 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12198744 core:WithinOneYear 2023-12-31 12198744 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 12198744 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:SaleOrPurchaseGoods 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 12198744

SLX Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

Pages for filing with Registrar

 

SLX Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

SLX Limited

Company Information

Directors

A M J Currie

R J Payne

A Searle

Registered office

115 Burcott Road
Bristol
BS11 8AF

Registered number

12198744

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

SLX Limited

(Registration number: 12198744)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

5,219,970

4,863,413

Current assets

 

Work in progress

52,471

116,380

Debtors

6

669,871

920,305

Cash at bank and in hand

 

4,349

998,342

 

726,691

2,035,027

Creditors: Amounts falling due within one year

7

(1,923,925)

(3,147,202)

Net current liabilities

 

(1,197,234)

(1,112,175)

Total assets less current liabilities

 

4,022,736

3,751,238

Creditors: Amounts falling due after more than one year

7

(2,469,947)

(2,398,073)

Provisions for liabilities

4

(280,000)

(260,707)

Net assets

 

1,272,789

1,092,458

Capital and reserves

 

Called up share capital

20,000

20,000

Profit and loss account

1,252,789

1,072,458

Total equity

 

1,272,789

1,092,458

 

SLX Limited

(Registration number: 12198744)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 11 August 2025 and signed on its behalf by:
 

.........................................

A M J Currie
Director

 

SLX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
115 Burcott Road
Bristol
BS11 8AF

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

SLX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Leasehold property

straight line over the life of the lease

Plant and machinery

20% straight line

Office equipment

33% straight line

Furniture and fixtures

33% straight line

Vehicles

33% and 100% straight line

Hire equipment

10% - 50% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposit.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

 

SLX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to profit or loss on
a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

SLX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 51 (2023 - 49).

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances (net of tax losses) at 19%

280,000

2023

Liability
£

Accelerated capital allowances (net of tax losses) at 19%

260,707

 

SLX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible fixed assets

Leasehold property
£

Office equipment
 £

Furniture and fixtures
 £

Hire equipment
 £

Plant and machinery
£

Vehicles
 £

Total
£

Cost

At 1 January 2024

609,415

79,845

40,858

6,359,044

64,763

182,275

7,336,200

Additions

-

5,133

541

1,443,648

1,515

129,804

1,580,641

Disposals

-

-

-

(62,359)

-

(1,815)

(64,174)

At 31 December 2024

609,415

84,978

41,399

7,740,333

66,278

310,264

8,852,667

Depreciation

At 1 January 2024

65,899

49,439

11,407

2,209,497

41,231

95,314

2,472,787

Charge for the year

30,198

17,266

12,648

1,057,407

12,789

83,778

1,214,086

Eliminated on disposal

-

-

-

(52,584)

-

(1,592)

(54,176)

At 31 December 2024

96,097

66,705

24,055

3,214,320

54,020

177,500

3,632,697

Carrying amount

At 31 December 2024

513,318

18,273

17,344

4,526,013

12,258

132,764

5,219,970

At 31 December 2023

543,516

30,406

29,451

4,149,547

23,532

86,961

4,863,413

Included within the net book value of hire equipment above is £684,324 (2023 - £780,631) in respect of assets held under hire purchase agreements.

 

SLX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

450,553

380,786

Other debtors

864

5,405

VAT

-

27,432

Prepayments and accrued income

218,454

481,682

Directors' loan accounts

-

25,000

669,871

920,305

7

Creditors

Note

2024
£

2023
£

Amounts falling due within one year

 

Trade creditors

 

515,750

1,482,610

Taxation and social security

 

204,885

52,556

Other creditors

 

13,962

27,276

Accruals and deferred income

 

479,723

1,006,417

Bank loan

8

210,000

210,000

Bank overdrafts

 

41,823

-

Hire purchase contracts

8

457,782

368,343

 

1,923,925

3,147,202

Note

2024
£

2023
£

Due after one year

 

Bank loan

8

221,667

431,667

Other borrowings

8

1,828,965

1,713,846

Hire purchase contracts

8

419,315

252,560

 

2,469,947

2,398,073

 

SLX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loan

210,000

210,000

Bank overdrafts

41,823

-

Hire purchase contracts

457,782

368,343

709,605

578,343

2024
£

2023
£

Non-current loans and borrowings

Bank loan

221,667

431,667

Other borrowings

1,828,965

1,713,846

Hire purchase contracts

419,315

252,560

2,469,947

2,398,073

The bank loan is the government backed Coronavirus Business Interruption Loan, an unsecured loan with a flexible repayment term of 5 years, charged at 3.25% interest above base.

Other borrowings is made up of loan notes issued to the company. These have an interest rate of 3% per annum over the base lending rate of Barclays Bank plc and the loan notes shall be redeemed at par on 31 December 2026. Other than the interest there are no other payments required before the redemption date.

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares shares of £1 each

20,000

20,000

20,000

20,000

         
 

SLX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Obligations under operating leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

4,077

29,561

11

Related party transactions

The loan notes disclosed in note 8 were issued to SLX Limited by Clifton Down Corporate Finance Limited. Clifton Down Corporate Finance Limited is controlled by a person with significant control of SLX Limited.

The company has an operating lease agreement with Clifton Down Investments Limited. Clifton Down Investments Limited is controlled by a person with significant control of SLX Limited. No operating lease commitment disclosure has been included in the financial statements because, while there is no break clause written into the agreement, it is understood that SLX can end the agreement at any point if it is in the best interests of the business.

 

SLX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Purchase of goods

27,034

Amounts payable to related party

-

2023

Entities with joint control or significant influence
£

Purchase of goods

49,629

Amounts payable to related party

10,338

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Sale of goods

209,161

Amounts receivable from related party

32,906

2023

Entities with joint control or significant influence
£

Sale of goods

232,428

Amounts receivable from related party

26,046