Company registration number 05553133 (England and Wales)
STRUCTURAL SCIENCE COMPOSITES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
STRUCTURAL SCIENCE COMPOSITES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
STRUCTURAL SCIENCE COMPOSITES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
135,701
181,830
Tangible assets
6
956,944
935,519
1,092,645
1,117,349
Current assets
Stocks
577,900
877,725
Debtors
7
942,533
1,004,234
Cash at bank and in hand
947,906
622,329
2,468,339
2,504,288
Creditors: amounts falling due within one year
8
(747,428)
(936,225)
Net current assets
1,720,911
1,568,063
Total assets less current liabilities
2,813,556
2,685,412
Creditors: amounts falling due after more than one year
9
(1,587,105)
(1,673,835)
Net assets
1,226,451
1,011,577
Capital and reserves
Called up share capital
10
2,806,735
2,806,735
Share premium account
880,074
880,074
Revaluation reserve
28,542
50,385
Capital redemption reserve
500
500
Other reserves
438,050
714,539
Profit and loss reserves
(2,927,450)
(3,440,656)
Total equity
1,226,451
1,011,577

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
Mr. H B Tegelaars
Director
Company Registration No. 05553133
STRUCTURAL SCIENCE COMPOSITES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
£
Balance at 1 January 2023
2,806,735
880,074
72,228
500
1,006,302
(3,682,933)
1,082,906
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
-
-
(71,329)
(71,329)
Other movements
-
-
0
(21,843)
-
(291,763)
313,606
-
Balance at 31 December 2023
2,806,735
880,074
50,385
500
714,539
(3,440,656)
1,011,577
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
-
-
214,874
214,874
Other movements
-
-
0
(21,843)
-
(276,489)
298,332
-
Balance at 31 December 2024
2,806,735
880,074
28,542
500
438,050
(2,927,450)
1,226,451
On transition to FRS 102, long term loans with related parties which do not carry a market rate of interest were discounted at a market rate with the resulting credit accounted for as a 'capital contribution' in Other reserves. Each year this discounting is unwound via a notional interest charge to the profit and loss account (see note 2 to the financial statements) which is offset by an equivalent transfer made from Other reserves to Profit and loss reserves, in accordance with FRS 102. In 2024, the reduction in Other reserves includes £276,489 (2023: £291,763) transferred to Profit and loss reserves, being the notional interest charge for the current year. The profit and loss account shows an operating profit level of £601,212 (2023: £240,560) before accounting for the loan discounting and associated notional interest.
STRUCTURAL SCIENCE COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Structural Science Composites Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, James Freel Court, James Freel Close, Barrow-In-Furness, Cumbria, United Kingdom, LA14 2NG.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Going concern

The company has has made an operating profit of £601,212 (2023: £240,560) in the period but at the balance sheet date has negative profit and loss reserves of £2,927,450 (2023: £3,440,656). The directors expect the company to generate significant profits in future years, and have prepared forecasts to demonstrate the future profitability of the business.

A t 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. Therefore in the opinion of the directors the financial statements should be prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional 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. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

STRUCTURAL SCIENCE COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated, and is amortised on a straight line basis over the anticipated life of the benefits arising from the completed product or project.

Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the profit and loss account.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents & trademarks
Between 10 and 20 years straight line
Development costs
20 years straight line
1.6
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.

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 and buildings
Over the lease term
Plant and equipment
Between 4 and 20 years straight line
Computer equipment
3 years straight line

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

STRUCTURAL SCIENCE COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

STRUCTURAL SCIENCE COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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 and loans from directors, 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 paymen ts 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. A m ounts 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.

1.11
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.

1.12
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 profit and loss account 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

STRUCTURAL SCIENCE COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 lease s asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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.

The Directors consider the key judgements and uncertainties relevant to the financial statements to be in respect to the carrying value of stock. The Directors apply their experience and knowledge of the industry to determine whether the carrying values are appropriate, and make provisions to reduce the carrying value where necessary.

3
Interest payable and similar expenses

Of the £288,168 interest payable, £276,489 (2023: £291,763) relates to notional interest charged on unwinding of the effects of discounting on loans from directors.

STRUCTURAL SCIENCE COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
19
17
5
Intangible fixed assets
Patents & trademarks
Development costs
Total
£
£
£
Cost
At 1 January 2024
294,595
404,913
699,508
Transfers
750
(750)
-
0
At 31 December 2024
295,345
404,163
699,508
Amortisation and impairment
At 1 January 2024
215,488
302,190
517,678
Amortisation charged for the year
28,394
17,735
46,129
At 31 December 2024
243,882
319,925
563,807
Carrying amount
At 31 December 2024
51,463
84,238
135,701
At 31 December 2023
79,107
102,723
181,830
STRUCTURAL SCIENCE COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
350,274
2,691,634
3,041,908
Additions
1,840
175,653
177,493
At 31 December 2024
352,114
2,867,287
3,219,401
Depreciation and impairment
At 1 January 2024
270,959
1,835,430
2,106,389
Depreciation charged in the year
10,522
145,546
156,068
At 31 December 2024
281,481
1,980,976
2,262,457
Carrying amount
At 31 December 2024
70,633
886,311
956,944
At 31 December 2023
79,315
856,204
935,519
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
169,403
145,507
Other debtors
114,062
95,875
283,465
241,382
Deferred tax asset
150,250
96,813
433,715
338,195
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
508,818
666,039
Total debtors
942,533
1,004,234
STRUCTURAL SCIENCE COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
53,738
69,294
Trade creditors
72,568
168,944
Taxation and social security
13,698
11,585
Other creditors
545,038
616,419
Accruals and deferred income
62,386
69,983
747,428
936,225

Net obligations under finance leases and hire purchase contracts due in less than and after more than one year are secured against the assets to which they relate.

9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
39,604
81,891
Other creditors
1,547,501
1,591,944
1,587,105
1,673,835

Loans included in other creditors are interest free, and are considered to represent a financing transaction under FRS 102. As such, the borrowings have been measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Loans included within other creditors due in less than and after more than one year amounting to £2,085,965 (2023: £2,204,476) are secured by a fixed and floating charge over the assets of the company.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
28,067,350
28,067,350
2,806,735
2,806,735
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Susanna Cassey
Statutory Auditor:
Azets Audit Services
STRUCTURAL SCIENCE COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
220,192
89,907
13
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
7,256
-
14
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Directors
2,085,965
2,204,476
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