SLX Limited - Period Ending 2022-12-31
SLX Limited - Period Ending 2022-12-31
Registration number:
SLX Limited
for the Year Ended 31 December 2022
Pages for filing with Registrar
SLX Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
SLX Limited
Company Information
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Directors |
A M J Currie R J Payne |
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Registered office |
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Registered number |
12198744 |
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Accountants |
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SLX Limited
(Registration number: 12198744)
Balance Sheet as at 31 December 2022
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Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Work in progress |
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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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( |
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Net current liabilities |
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( |
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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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( |
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Provisions for liabilities |
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- |
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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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Total equity |
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SLX Limited
(Registration number: 12198744)
Balance Sheet as at 31 December 2022
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
SLX Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
SLX Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Leasehold property |
straight line over the life of the lease |
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Plant and machinery |
20% straight line |
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Office equipment |
33% straight line |
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Furniture and fixtures |
33% straight line |
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Motor vehicles |
33% straight line |
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Hire equipment |
10% - 50% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposit.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised at the transaction price.
SLX Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to profit or loss on
a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
SLX Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Taxation |
Deferred tax
Deferred tax assets and liabilities
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2022 |
Liability |
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Accelerated capital allowances (net of tax losses) at 19% |
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2021 |
Liability |
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Accelerated capital allowances (net of tax losses) at 19% |
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SLX Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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Tangible fixed assets |
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Leasehold property |
Office equipment |
Furniture and fixtures |
Hire equipment |
Plant and machinery |
Vehicles |
Total |
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Cost |
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At 1 January 2022 |
296,096 |
45,748 |
3,195 |
2,989,190 |
45,925 |
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3,380,154 |
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Additions |
125,479 |
13,606 |
8,752 |
2,056,486 |
14,514 |
167,093 |
2,385,930 |
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Disposals |
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(170,163) |
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(170,163) |
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At 31 December 2022 |
421,575 |
59,354 |
11,947 |
4,875,513 |
60,439 |
167,093 |
5,595,921 |
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Depreciation |
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At 1 January 2022 |
26,184 |
12,333 |
1,537 |
395,652 |
16,866 |
- |
452,572 |
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Charge for the year |
16,383 |
16,174 |
2,716 |
749,114 |
11,457 |
37,119 |
832,963 |
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Eliminated on disposal |
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- |
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(34,470) |
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(34,470) |
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At 31 December 2022 |
42,567 |
28,507 |
4,253 |
1,110,296 |
28,323 |
37,119 |
1,251,065 |
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Carrying amount |
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At 31 December 2022 |
379,008 |
30,847 |
7,694 |
3,765,217 |
32,116 |
129,974 |
4,344,856 |
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At 31 December 2021 |
269,912 |
33,415 |
1,658 |
2,593,538 |
29,059 |
- |
2,927,582 |
Included within the net book value of hire equipment above is £831,458 (2021 - £159,206) in respect of assets held under hire purchase agreements.
SLX Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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Debtors: amounts falling due within one year |
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2022 |
2021 |
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Trade debtors |
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Other debtors |
16,694 |
47,355 |
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Prepayments and accrued income |
349,822 |
426,128 |
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Creditors |
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2022 |
2021 |
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Amounts falling due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
12,646 |
6,079 |
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Accruals and deferred income |
783,297 |
765,774 |
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Bank loan |
210,000 |
185,000 |
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Hire purchase contracts |
264,764 |
67,592 |
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Note |
2022 |
2021 |
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Due after one year |
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Bank loan |
641,667 |
851,667 |
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Other borrowings |
1,613,315 |
1,558,088 |
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Hire purchase contracts |
443,705 |
- |
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2,698,687 |
2,409,755 |
SLX Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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Loans and borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank loan |
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Hire purchase contracts |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank loan |
641,667 |
851,667 |
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Other borrowings |
1,613,315 |
1,558,088 |
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Hire purchase contracts |
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- |
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The bank loan is the government backed Coronavirus Business Interruption Loan, an unsecured loan with a flexible repayment term of 5 years, charged at 3.25% interest above base.
Other borrowings is made up of loan notes issued to the company. These have an interest rate of 3% per annum over the base lending rate of Barclays Bank plc and the loan notes shall be redeemed at par on 31 December 2024. Other than the interest there are no other payments required before the redemption date.
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Share capital |
Allotted, called up and fully paid shares
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2022 |
2021 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
SLX Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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Obligations under operating leases |
Operating leases
The total of future minimum lease payments is as follows:
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2022 |
2021 |
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Related party transactions |
The loan notes disclosed in note 8 were issued to SLX Limited by Clifton Down Corporate Finance Limited. Clifton Down Corporate Finance Limited is controlled by a person with significant control of SLX Limited.
The company has an operating lease agreement with Clifton Down Investments Limited. Clifton Down Investments Limited is controlled by a person with significant control of SLX Limited. No operating lease commitment disclosure has been included in the financial statements because, while there is no break clause written into the agreement, it is understood that SLX can end the agreement at any point if it is in the best interests of the business.
Income and receivables from related parties
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2022 |
Entities with joint control or significant influence |
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Sale of goods |
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Amounts receivable from related party |
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2021 |
Entities with joint control or significant influence |
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Sale of goods |
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Amounts receivable from related party |
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SLX Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Expenditure with and payables to related parties
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2022 |
Entities with joint control or significant influence |
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Purchase of goods |
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Amounts payable to related party |
- |
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2021 |
Entities with joint control or significant influence |
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Purchase of goods |
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Amounts payable to related party |
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