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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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SSSI LIMITED
COMPANY INFORMATION
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SSSI LIMITED
CONTENTS
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SSSI LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
This is a balanced and comprehensive review of the performance of our business during the year and its position
at the year end consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
The main activities of the business are undertaken at the Deptford Recycling Centre in South London. However, it should be noted that the business also manages extensive sub-contract activities. These sub-contract activities involve specific waste streams being delivered & processed to four other strategically located partnership operations. All four of these partner locations are owned by third partner companies, however, operate within long-term contract services on behalf of SSSI Limited.
The Company has continued it’s transition during the year 2024/25, as it prepares for processing its waste feedstocks in a different way to feed new waste fuel feedstock offtake contracts. The Company secured four new long-term UK based Waste to Energy disposal Contracts, each with a minimum of ten-year terms. The first contract commenced in February 2024, the second commenced in August 2025. Contract three commences in 2027, and the fourth in 2029. These new contracts release additional capacity capability within the business allowing significant growth to return. However, the new specifications of fuel feedstock required significant operational changes during the last year, causing initial volume restrictions at the main operating centre of Deptford Recycling Centre. These restrictions at Deptford were mitigated by the working relationships with two partner companies located in Barking, East London. Both contracts have facilitated the continuation of the production of Refuse Derived Fuels (RDF) to supply into the Waste to Energy disposal contracts. Processing volume capabilities were also affected due to some old offtake facilities coming to an end in advance of new contracted offtake facilities becoming operational. The Business also performs the processing of scrap metals, End of Life Tyres & mattresses at the Deptford Recycling centre. Significant tonnages need to be processed at two third-party facilities, each located close by in Kent. The one located at Chatham specifically specialises in the processing of waste Mattresses, Meanwhile the facility located in Hawkhurst is focused on the processing of End-of-Life Tyres & Scrap Metals. As a result of the above the Company's turnover has decreased to £24,682,805 compared to £27,533,608 in 2024.
The company's operations expose it to a variety of principal risks that include the threat of failing to react to legislative and market dynamics.
The company regularly reviews the service it provides to ensure it is fully compliant with regulation and so that it can meet the needs of its customers. The company's principal financial instruments include bank accounts, the main purpose of which is to raise finance for the company's operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations. Liquidity risk The company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
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SSSI LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Cash flow risk
The Company manages it´s cash flow requirements on a daily basis, maintaining a close control over all bank balances with daily review and management of both trade receivables and payables. Foreign currency risk The company's principal foreign currency exposure arise from trading with overseas companies. The company does not hedge against this risk as the director considers that the volume of transactions does not warrant this. Credit risk Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
Turnover and gross profit are considered to be the company's main monthly performance indicators. However, the Company also operates a detailed business costing model, that tracks volumes, unit prices, and waste mix. This activity-based costing model allows the Company to make strategic decisions on each individual customer, and each waste type delivered. The gross profit margin for the year decreased to 14.8% compared to 17.5% in 2024.
The Company has instigated several new KPI’s into the business this year, with daily reporting schedules produced by the data system for management to understand the trading levels & waste mix in a timelier manner. As a result, management have identified underperforming business and are able to optimise the volumes delivered.
The financial statements have been prepared on a going concern basis. Please refer to note 2.2 of the financial statements for further details regarding the director's assessment with respect to a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern.
Future Developments The rapidly evolving nature of its market produces many opportunities to further develop the Company’s business. There are currently a number of projects under consideration to realise the potential of this market Post Balance Sheet Events On the 8th June 2026, the premises from which the company operates suffered a fire. Structural engineers have subsequently inspected the premises and damage and provided an initial assessment. Mangagement's current estimate of the costs of the repair work are £250,000.
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SSSI LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board on 6 August 2026 and signed on its behalf.
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SSSI LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents his report and the financial statements for the year ended 31 March 2025.
The profit for the year, after taxation, amounted to £278,867 (2024 - £894,762).
The directors recommended no payment of a dividend (2024 - £Nil).
The director who served during the year was:
The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SSSI LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
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SSSI LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SSSI LIMITED
We have audited the financial statements of SSSI Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Analysis of Net Debt, the Statement of Changes in Equity and the related notes, 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).
We draw attention to note 2.2 in the financial statements, which indicates that the continued operation of the business of the Company, including the repayment of a non-bank loan, is dependent on the realisation of cash inflows from certain other non-trade debtors, the timing of which remains uncertain. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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SSSI LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SSSI LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Director's Report.
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SSSI LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SSSI LIMITED (CONTINUED)
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 Auditors' 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:
Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety legislation and tax legislation. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below: The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. Procedures performed to address these were as follows: • Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud, • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process, • Challenging assumptions and judgements made by management in its significant accounting estimates; and • Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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SSSI LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SSSI LIMITED (CONTINUED)
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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SSSI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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SSSI LIMITED
REGISTERED NUMBER: 08915332
BALANCE SHEET
AS AT 31 MARCH 2025
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SSSI LIMITED
REGISTERED NUMBER: 08915332
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 35 form part of these financial statements.
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SSSI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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SSSI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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SSSI LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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SSSI LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SSSI Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 08915332. The address of the registered office and principal place of business is Deptford Recycling Centre, Landmann Way, London, SE14 5RS. The principal activity of the company continued to be that of the provision of waste disposal.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The company functional currency is GBP and the financial statements are rounded to the nearest Pound.
The following principal accounting policies have been applied:
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
In assessing the Company's ability to continue as a going concern, the director has prepared cash flow forecasts for a period of not less than twelve months from the date of approval of these financial statements. Note 15 details a secured loan of £1,200,000 that has a maturity date within 1 year. This loan was renegotiated post year end and increased to a total of £2,000,000 with a revised maturity date of May 2027. The repayment of this loan is dependant on certain elements of the cash flow forecasts being realised in a timely manner. Cash flows have certain dependence upon three specific projects, as well as the normal regular business trading: • The timely loan repayment of agreed values from a non-trade debtor loan account, as agreed & included within the cash flow forecast. • The timely commencement of loan repayments from another non-trade debtor, using cashflow generated from two specific new revenue projects within that entity´s business, namely: 1. the export of RDF/RCF to Scandinavia. Numerous contracts have already been executed, however, the commencement dates need to be timely to ensure the revenue forecast is achieved; and 2. the commencement of the import of waste, following the commencement of the export of sand & gravel from a quarry facility in Scotland, to which the entity has an agreement to manage. Again, the cash flow forecasts require this to start in a timely manner following receipt of the final approvals required and contracts execution. The forecasts indicate that the continued operation of the business including the repayment of the above loan is dependent on the realisation of cash inflows from certain other non-trade debtors, as well as the exception items listed above. The above circumstances indicate the existence of a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern and, therefore, on its ability to realise its assets and discharge its liabilities. The director of the business has a high degree of confidence in the success of the identified strategy & ability of the company to fulfil the loan repayments, specifically with the commonality of the director across the different business entities. The incoming cash flows in the forecasts already represent a cautious approach to the estimated actual expected loan repayment timings. The financial statements do not include any adjustments that would result if the Company were unable to continue as a going concern.
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 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. Details of the Company's significant accounting judgements and critical accounting estimates include: Judgments Going concern At each balance sheet date, the director makes a judgment as to the appropriateness of the application of the going concern basis in the preparation of the financial statements. In making this judgment, the director makes assumptions and applies estimates in order to assess the cash resources available to the Company over the period of the next twelve months from the date of signing the financial statements. Where the judgment of the director is that there is a material uncertainty relating to the application of the going concern basis in the preparation of the financial statements, this is disclosed and explained in the financial statements. See note 2.2 for further details. Key sources of estimation uncertainty Tangible fixed assets Each year the Company reviews the estimated useful lives and residual values of tangible fixed assets and these are adjusted if appropriate. The depreciation rates are calculated according to the useful economic life that management believe to be appropriate based on the nature of the asset in operation. The residual value is determined by management based on their external valuation where possible and their judgement of all available information and their experience of asset usage. At the balance sheet date, the Company reviews all tangible fixed assets for any indicators of impairment. Where this is deemed to be the case, the Company assesses whether there has been any impairment to carrying values taking account of all relevant evidence. The company has assessed that no impairment is required against tangible fixed assets as at the balance sheet date. See note 12 for the carrying amounts of tangible fixed assets as at the balance sheet date. Impairment of trade and other debtors The recoverability of trade and other debtors has been assessed at the balance sheet date and up until the date of signing the financial statements. Management have based the decision to provide for any amounts based on their judgement of all available information and their experience of the specific nature of the trade debtors and other debtors in question. See note 13 for the carrying amounts of trade and other debtors as at the balance sheet date.
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Judgments in applying accounting policies (continued)
At the balance sheet date, the Company assesses the likely repayment period for other debtors and loans that remain outstanding after more than one year from the balance sheet date. Management then determine an appropriate market rate of interest for a similar debt instrument as at the balance sheet date and these amounts are then discounted at that rate. See note 13 for the carrying amounts of other debtors as at the balance sheet date.
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SSSI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
There are no factors that may affect future tax charge.
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