Year Ended
Registration number:
Sycamore Process Engineering Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Sycamore Process Engineering Limited
Company Information
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Directors |
Mr W J Hosking Mr P I Manning Mr J B Matthews Mr J V Redman Mr J R Routledge Mr T Sharp |
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Company secretary |
Mr T Sharp |
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Registered office |
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Auditors |
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Sycamore Process Engineering Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is design, manufacture and installation of process plant and equipment for the dairy, food and beverage industries.
Fair review of the business
The directors are satisfied with the financial performance for the year ended 31 March 2025. The results for the second half of the year have shown considerable improvement, following a disappointing first half of the year where there were a lack of significant orders.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
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Turnover |
£ |
10,103,278 |
11,446,321 |
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Gross Profit |
£ |
2,275,846 |
2,017,419 |
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Gross Profit margin |
% |
23 |
18 |
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Profit before tax |
£ |
328,880 |
222,622 |
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Net Cashflow |
£ |
873,927 |
(1,241,427) |
As at the 31 March 2025 the balance sheet of the company has remained stable with net assets of £1,187,304 (2024: £1,127,586). The directors continue to take opportunities to develop the business, whilst growing the Company's reputation.
Future outlook
The directors are confident that the year ahead will be around consolidation and the continued pursuit of growth opportunities. The focus remains on existing sectors and achieving market growth within these. The directors expect the financial position to remain strong and that there is still no certainty as to the trading conditions given the current economic climate.
Principal risks and uncertainties
The directors regularly undertake business risks assessments - the most recent of which was undertaken in October 2025 - and have identified the following principal risks and uncertainties facing the business:
Political and economic threats
The UK economy is facing uncertainties including potential recession and tariffs. The economic impact of these events is impossible to accurately predict but the directors are aware that prolonged recession could have a detrimental impact on our customers.
Availability of qualified workforce
For an extended period there has been a shortage of suitably qualified and experienced engineers and project managers in our sector. As a company we have tried to mitigate this through our apprenticeship scheme and embracing international relocation in order to attract and recruit talent. We also mitigate the risk by ensuring that our workforce are offered training and development opportunities and by ensuring that we offer the best employee value proposition that we can.
Sycamore Process Engineering Limited
Strategic Report for the Year Ended 31 March 2025
Changing Government legislation
The directors have identified that sudden and substantial changes in legislation could create significant financial or operational challenges for the business. An example being inflation in general staff costs arising from National Minimum Wage increases. The company monitors legislation closely in order to plan accordingly.
Approved and authorised by the
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Sycamore Process Engineering Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Financial instruments
Objectives and policies
The Company's activities expose it to a number of financial risks, including credit risk, cash flow risk and liquidity risk. The use and nature of financial instruments are determined by the directors in the context of trading terms made available to the company by customers and suppliers, with the objective of securing the liquidity and profitability of the company.
Price risk, credit risk, liquidity risk and cash flow risk
The Company's overall objective is to ensure that it is able to meet its financial commitments as they fall due. Accordingly, surplus funds are held available to meet expected cash flows. The company deposits its money with reputable financial institutions. The Company has access to an overdraft facility provided by Barclays. The maturity profile of banking facilities is regularly reviewed and such facilities are extended or replaced well in advance of their expiry. The company's credit risk is primarily attributable to its trade debtors. To manage this, appropriate credit checks are carried out on potential customers before orders are accepted.
Future outlook
The future outlook has been disclosed within the Strategic Report.
Dividends
During the year the Company has declared dividends of £156,575 (2024: £174,000).
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
Sycamore Process Engineering Limited
Directors' Report for the Year Ended 31 March 2025
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Sycamore Process Engineering Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Sycamore Process Engineering Limited
Independent Auditor's Report to the Members of Sycamore Process Engineering Limited
Opinion
We have audited the financial statements of Sycamore Process Engineering Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, and 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 company's affairs as at 31 March 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Sycamore Process Engineering Limited
Independent Auditor's Report to the Members of Sycamore Process Engineering Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of 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 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
Sycamore Process Engineering Limited
Independent Auditor's Report to the Members of Sycamore Process Engineering Limited
We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which the company operates. We identified the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety, employment law, and the General Data Protection ("GDPR"). We also considered other laws and regulations that have a direct impact on the preparation of the financial statements, such as The Companies Act 2006 and relevant tax legislation. We considered the extent to which any non-compliance with these laws and regulations may have on the company's ability to continue trading and the risk of a material misstatement in the financial statements. We also evaluated the risk of misstatement of profit, including management bias for long term contracts and accounting estimates.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
• We made enquiries of senior management as to their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud.
• We identified the individuals with responsibility for ensuring the company complies with laws and regulations and discussed with them the procedures and policies in place.
• We obtained the latest Health and Safety accreditations.
• We reviewed the Information Commissioner's Office (ICO) website for any enforcement actions or decision notices impacting the company
• We reviewed minutes of meetings of senior management and those charged with governance.
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As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud.
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Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
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Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. |
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Performed cut off procedures for revenue recognition both before the year end and after; and |
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Investigated the rationale behind significant or unusual transactions. |
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
Sycamore Process Engineering Limited
Independent Auditor's Report to the Members of Sycamore Process Engineering Limited
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 auditor's report.
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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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First Floor
Blackbrook Gate 1
Blackbrook Business Park
Somerset
TA1 2PX
Sycamore Process Engineering Limited
Statement of Income and Retained Earnings
Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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(9,161) |
(5,284) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
1,121,586 |
1,151,294 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
1,181,304 |
1,121,586 |
Sycamore Process Engineering Limited
Balance Sheet
31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
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Company Registration Number: 05383053
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
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, unless otherwise stated.
Statement of compliance
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 Section 1A and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The functional currency of the company is considered to be pounds sterling, because this is the currency of the primary economic environment in which the company operates.
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cash flow statement, intra-group transactions, auditors remuneration and remuneration of key management.
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Going concern
On the basis of their assessment of the company's financial position and resources, the directors believe that the company is well placed to manage its business risks. Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and the directors are satisfied that it remains appropriate for the company to adopt the going concern basis of accounting in preparing these financial statements. In making their going concern assessment, the directors have given consideration to the business impacts of global economic uncertainty, in addition to the performance of the UK dairy and food industries, its key trade customers, and the potential wider economic impact arising from general pressures caused by higher interest rates. In particular the directors have considered the financial performance of the company subsequent to 31 March 2025, and forecasted performance of a period greater than 12 months following the approval of the accounts.
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key accounting judgement in these financial statements is that of going concern. As described in the note above, having considered a period above twelve months from the date of approval of these financial statements, the directors are satisfied that the going concern basis of preparation remains appropriate.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:
The directors have made key assumptions regarding the stage of completion and future costs to complete of some long term contracts. The amount receivable from customers on such contracts at the end of the reporting period has been estimated at £299,135 (2024 - £201,513).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
In respect of long term contracts, turnover represents revenue measured by reference to the stage of completion of the contract activity. Revenue relating to the sale of parts or maintenance services is recognised in the profit and loss account when the parts have been delivered or service completed.
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Government grants
Grants receivable are accounted for using the accrual model. Grants relating to revenue are credited to the profit and loss account on a straight line basis over the relevant period in which the related costs are incurred. Grants which are for the purpose of giving immediate financial support to the entity, with no future related costs, are recognised as income in the period in which they become receivable. Grants relating to assets are recognised in income over the expected useful life of the asset, and any element of the grant that is deferred is recognised as deferred income.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings - leasehold |
5 years straight line |
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Plant and machinery |
6.67 years straight line |
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Office equipment |
5 years straight line |
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Computer equipment |
5 years straight line |
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Vehicles |
20% reducing balance |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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Asset class |
Amortisation method and rate |
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Goodwill |
Now fully amortised |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Leases
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.
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.
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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Sale of goods and services |
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Operating profit |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Depreciation expense |
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Operating lease expense - plant and machinery |
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Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2025 |
2024 |
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Production |
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Administration and support |
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Other departments |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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Contributions paid to money purchase schemes |
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292,593 |
289,625 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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2025 |
2024 |
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Accruing benefits under money purchase pension scheme |
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In respect of the highest paid director:
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2025 |
2024 |
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Remuneration |
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Company contributions to money purchase pension schemes |
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Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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Auditor's remuneration |
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2025 |
2024 |
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Audit of the financial statements |
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Other interest receivable and similar income |
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2025 |
2024 |
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Interest income on bank deposits |
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Other finance income |
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Interest payable and similar expenses |
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2025 |
2024 |
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Interest on bank overdrafts and borrowings |
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Interest expense on other finance liabilities |
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Taxation |
Tax charged/(credited) in the profit and loss account
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2025 |
2024 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
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91,675 |
63,601 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2025 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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2025 |
2024 |
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Profit before tax |
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Corporation tax at standard rate |
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Tax increase from effect of capital allowances and depreciation |
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Effect of expense not deductible in determining taxable profit (tax loss) |
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Increase in UK and foreign current tax from unrecognised tax loss or credit |
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Deferred tax credit from unrecognised temporary difference from a prior period |
- |
( |
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Tax increase from other tax effects |
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- |
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Total tax charge |
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|
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
At 31 March 2025 |
|
|
|
Amortisation |
||
|
At 1 April 2024 |
|
|
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 31 March 2025 |
- |
- |
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 April 2024 |
|
- |
- |
- |
|
|
Additions |
- |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
|
- |
- |
- |
|
|
Charge for the year |
|
|
- |
|
|
|
At 31 March 2025 |
|
|
- |
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
- |
- |
- |
|
Included within the net book value of land and buildings above is £67,323 (2024 - £89,387) in respect of short leasehold land and buildings.
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Stocks |
|
2025 |
2024 |
|
|
Stock and raw materials |
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Amounts recoverable on contracts |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
- |
|
|
|
|
|
Bank overdrafts |
- |
( |
|
Cash and cash equivalents in statement of cash flows |
874,421 |
82 |
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax |
90,825 |
86,960 |
|
|
Payments on account |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Bank overdrafts |
- |
|
|
|
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
Bank borrowings
The £260,000 6 year variable rate loan is denominated in sterling with a nominal interest rate of 3.79% above base rate, and the final instalment is due on 1 July 2026. The carrying amount at year end is £69,355 (2024 - £121,372).
The bank loans are secured by a fixed charge over the property owned by another group company.
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Financial commitments |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 April 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
|
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
|||
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,400 |
|
2,400 |
|
|
|
2,400 |
|
2,400 |
|
|
|
600 |
|
600 |
|
|
|
600 |
|
600 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
All Ordinary shares have the following rights, preferences and restrictions: |
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
|
Financial guarantee contracts |
The total amount of guarantees not included in the balance sheet is £144,544 (2024 - £168,705). The company has entered into a cross-guarantee with Camelot Chase Limited (a group company) to guarantee amounts outstanding to the company's bankers. This guarantee is secured on the company's assets.
|
Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is
The address of Camelot Chase Holdings Limited is:
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Sycamore Process Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Related party transactions |
|
Other transactions with directors |
During the year the directors had loan accounts in place. Amounts drawn down totalled £91,758 (2024 - £179,283), dividends paid totalled £133,216 (2024 - £127,000) and other movements totalled £23,245 (2024 - £23,245). The amounts due by the company to the directors at year end are £35,325 (2024 - £16,816).