Sarcon (No.191) Limited Group accounts (Group and Company)

Sarcon (No.191) Limited Group accounts (Group and Company)

SARCON (NO. 191) LIMITED - Company Information

Print Friendly Version

90 true false false true true false false false false false false true false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 596,141 503,616 10 487,044 487,044 487,044 487,044 487,044 487,044 4,416,026 4,416,026 4,416,026 557,603 9,023 566,626 1 80 80 xbrli:pure xbrli:shares iso4217:GBP NI057166 2022-01-01 2022-12-31 NI057166 2022-12-31 NI057166 2021-01-01 2021-12-31 NI057166 2021-12-31 NI057166 bus:Consolidated 2022-01-01 2022-12-31 NI057166 core:NetGoodwill 2022-01-01 2022-12-31 NI057166 bus:Consolidated core:NetGoodwill 2022-01-01 2022-12-31 NI057166 bus:Consolidated core:Subsidiary1 2022-01-01 2022-12-31 NI057166 bus:RegisteredOffice 2022-01-01 2022-12-31 NI057166 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 NI057166 bus:Consolidated bus:OrdinaryShareClass1 2022-01-01 2022-12-31 NI057166 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 NI057166 bus:Consolidated bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 NI057166 bus:Director1 2022-01-01 2022-12-31 NI057166 bus:Director2 2022-01-01 2022-12-31 NI057166 bus:Director3 2022-01-01 2022-12-31 NI057166 bus:Director4 2022-01-01 2022-12-31 NI057166 bus:Consolidated 2022-12-31 NI057166 bus:Consolidated core:WithinOneYear 2022-12-31 NI057166 bus:Consolidated core:WithinOneYear 2021-12-31 NI057166 core:WithinOneYear 2022-12-31 NI057166 core:WithinOneYear 2021-12-31 NI057166 core:AfterOneYear bus:Consolidated 2022-12-31 NI057166 core:AfterOneYear bus:Consolidated 2021-12-31 NI057166 core:NetGoodwill 2022-12-31 NI057166 bus:Consolidated core:NetGoodwill 2022-12-31 NI057166 bus:Consolidated core:PlantMachinery 2021-12-31 NI057166 bus:Consolidated core:MotorVehicles 2021-12-31 NI057166 bus:Consolidated 2021-12-31 NI057166 bus:Consolidated core:PlantMachinery 2022-12-31 NI057166 bus:Consolidated core:MotorVehicles 2022-12-31 NI057166 bus:Consolidated core:PlantMachinery 2022-01-01 2022-12-31 NI057166 bus:Consolidated core:MotorVehicles 2022-01-01 2022-12-31 NI057166 bus:Consolidated 2021-01-01 2021-12-31 NI057166 bus:Consolidated 2021-12-31 NI057166 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI057166 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 NI057166 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI057166 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 NI057166 bus:AllOrdinaryShares bus:Consolidated 2022-01-01 2022-12-31 NI057166 bus:AllOrdinaryShares bus:Consolidated 2021-01-01 2021-12-31 NI057166 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-12-31 NI057166 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2020-12-31 NI057166 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-12-31 NI057166 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-12-31 NI057166 core:RetainedEarningsAccumulatedLosses 2021-12-31 NI057166 core:RetainedEarningsAccumulatedLosses 2020-12-31 NI057166 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI057166 core:RetainedEarningsAccumulatedLosses 2021-12-31 NI057166 bus:Consolidated core:ShareCapital 2022-12-31 NI057166 bus:Consolidated core:ShareCapital 2021-12-31 NI057166 bus:Consolidated core:SharePremium 2022-12-31 NI057166 bus:Consolidated core:SharePremium 2021-12-31 NI057166 core:CapitalRedemptionReserve bus:Consolidated 2022-12-31 NI057166 core:CapitalRedemptionReserve bus:Consolidated 2021-12-31 NI057166 core:ShareCapital 2022-12-31 NI057166 core:ShareCapital 2021-12-31 NI057166 core:CapitalRedemptionReserve 2022-12-31 NI057166 core:CapitalRedemptionReserve 2021-12-31 NI057166 core:BetweenOneFiveYears bus:Consolidated 2022-12-31 NI057166 core:BetweenOneFiveYears bus:Consolidated 2021-12-31 NI057166 bus:Consolidated core:DeferredTaxation 2022-01-01 2022-12-31 NI057166 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 NI057166 core:Non-currentFinancialInstruments 2022-12-31 NI057166 core:Non-currentFinancialInstruments 2021-12-31 NI057166 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-12-31 NI057166 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2021-12-31 NI057166 bus:Consolidated core:RestatedAmount 2021-01-01 2021-12-31 NI057166 bus:Consolidated core:PlantMachinery 2021-12-31 NI057166 bus:Consolidated core:MotorVehicles 2021-12-31 NI057166 bus:Consolidated core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-12-31 NI057166 bus:Consolidated core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-12-31 NI057166 bus:Consolidated core:LeasedAssetsHeldAsLessee 2022-12-31 NI057166 bus:Consolidated core:LeasedAssetsHeldAsLessee core:PlantMachinery 2021-12-31 NI057166 bus:Consolidated core:LeasedAssetsHeldAsLessee core:MotorVehicles 2021-12-31 NI057166 bus:Consolidated core:LeasedAssetsHeldAsLessee 2021-12-31 NI057166 bus:Consolidated core:DeferredTaxation 2021-12-31 NI057166 bus:Consolidated core:DeferredTaxation 2022-12-31 NI057166 bus:Consolidated countries:UnitedKingdom 2022-01-01 2022-12-31 NI057166 bus:Consolidated countries:UnitedKingdom 2021-01-01 2021-12-31 NI057166 bus:Consolidated bus:LeadAgentIfApplicable 2021-01-01 2021-12-31 NI057166 bus:SmallEntities 2022-01-01 2022-12-31 NI057166 bus:Audited 2022-01-01 2022-12-31 NI057166 bus:FullAccounts 2022-01-01 2022-12-31 NI057166 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 NI057166 bus:OrdinaryShareClass1 2022-12-31 NI057166 bus:Consolidated bus:OrdinaryShareClass1 2022-12-31 NI057166 bus:OrdinaryShareClass1 2021-12-31 NI057166 bus:Consolidated bus:OrdinaryShareClass1 2021-12-31 NI057166 countries:Ireland bus:Consolidated 2022-01-01 2022-12-31 NI057166 countries:Ireland bus:Consolidated 2021-01-01 2021-12-31
COMPANY REGISTRATION NUMBER: NI057166
Sarcon (No.191) Limited
Financial Statements
31 December 2022
Sarcon (No.191) Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of income and retained earnings
9
Company statement of income and retained earnings
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
The following pages do not form part of the financial statements
Company detailed income statement
28
Notes to the company detailed income statement
29
Sarcon (No.191) Limited
Strategic Report
Year ended 31 December 2022
Business review The directors of the group offer the following general assessment of the business and its key factors during the financial year to 31st December 2022. The print industry remained challenging throughout 2022 but the strategy was to grow the business and support customers by keeping prices as competitive as possible in the face of significant supplier cost increases. The sales strategy was successful with turnover increasing from £11.44 million in 2021 to £13.8 million The business has worked tirelessly on a strategy of organisational change and asset replacement, and believe strongly that this will, with continued investment in people and processes, facilitate efficiencies and productivity gains crucial to continued success. Our ability to trade successfully is in no small part due to the exceptional work and dedication of all our staff. Financial risk management objectives and policies Risk and Uncertainties The group is exposed to a variety of risks including credit risk, currency risk, raw material price control risk and risk inherent in the general printing environment. The group's management endeavour to mitigate these risks by implementing regular strategic and operational reviews. Credit Risk The nature of the business necessitates the provision of customer credit facilities. The group has implemented policies through its credit control procedures to manage this risk and ensure appropriate credit checks are performed on customers when sales are made. Currency Risk The group operates in several currency markets and uses both natural hedges and banking financial instruments as part of its overall currency risk strategy. Market Risk The group continually monitors and reviews market penetration and customer profitability and works to generate new access to market opportunities wherever possible. Key Performance Indicators The group uses several key performance indicators to manage the day to day running of the business. The directors do not feel however that the use of KPI's in the statutory accounts are necessary currently. Future Development The group recognises the need to constantly review its market offering and will continue to invest through the purchase and development of modern technology. The company also realises that alongside new equipment, there is a need to continually develop internal processes and intends to recruit and develop suitably qualified staff to this end. Capital Expenditure The group constantly researches and invests in ways to improve the consistency and quality of its printed products. An agreement has been reached with Komori UK to further upgrade current press room capability in 2019 with the addition of a new Komori printing press to include camera control quality monitoring and improvement systems.
Brexit The group is monitoring the ongoing events relating to BREXIT for any potential impact this may have on the business. We will continue to manage any potential business challenges that may arise to maintain the ability of the group to support our customers and trading partners with the high standard of service we strive to deliver. COVID-19 The COVID-19 crisis has naturally impacted the performance of the business since this accountancy period has ended, but the company entered a period of reduced turnover as a healthy business and the directors are confident of navigating the challenge ahead. The directors have carried out assessments of the principle risks facing it, specifically such areas as macro-economic uncertainty, performance, liquidity and cash flows, supply chain and operational risk and believe that the group will emerge from the pandemic as a stronger, more competitive and efficient company, better able to compete in the changing markets in which it operates. The company has taken advantage of both the Government's CBILS (Coronavirus Business Interruption Loan scheme) lending scheme and also the Job Retention Scheme and Tax deferment schemes.
This report was approved by the board of directors on 31 July 2023 and signed on behalf of the board by:
Mr P Moffett
Mr T Brennan
Director
Director
Registered office:
Newpark Industrial Estate
Greystone Press
Caulside Drive
Antrim
BT412RS
Sarcon (No.191) Limited
Directors' Report
Year ended 31 December 2022
The directors present their report and the financial statements of the group for the year ended 31 December 2022 .
Directors
The directors who served the company during the year were as follows:
Mr P Moffett
Mr T Brennan
Mr N Halligan
Mr D Hinds
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
The directors will continue to develop the business and will seek to take advantage of opportunities that arise in the future.
Disclosure of information in the strategic report
The directors have chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 31 July 2023 and signed on behalf of the board by:
Mr P Moffett
Mr T Brennan
Director
Director
Registered office:
Newpark Industrial Estate
Greystone Press
Caulside Drive
Antrim
BT412RS
Sarcon (No.191) Limited
Independent Auditor's Report to the Members of Sarcon (No.191) Limited
Year ended 31 December 2022
Opinion
We have audited the financial statements of Sarcon (No.191) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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 FRS 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 group's and of the parent company's affairs as at 31 December 2022 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 directors' 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the 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 the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 directors' responsibilities statement, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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: Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006 and compliance with FRS102 and laws and regulations concerned with UK government COVID-19 support schemes; and we assessed the risks of material misstatement in respect of fraud with the consideration of the company's own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection, employment and health and safety regulations. Audit procedures designed to respond to the risks of fraud: We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Conor McCaffrey
(Senior Statutory Auditor)
For and on behalf of
Hill Vellacott
Chartered accountants & statutory auditor
22 Great Victoria Street
Belfast
BT2 7BA
31 July 2023
Sarcon (No.191) Limited
Consolidated Statement of Income and Retained Earnings
Year ended 31 December 2022
2022
2021
Note
£
£
Turnover
4
13,810,421
11,449,002
Cost of sales
9,490,407
8,299,131
-------------
-------------
Gross profit
4,320,014
3,149,871
Distribution costs
1,292,948
1,226,604
Administrative expenses
2,627,590
1,931,837
Other operating income
5
302,205
549,525
------------
------------
Operating profit
6
701,681
540,955
Other interest receivable and similar income
10
( 55,945)
( 53,260)
Interest payable and similar expenses
11
40,572
66,205
------------
------------
Profit before taxation
605,164
421,490
Tax on profit
12
9,023
( 82,126)
---------
---------
Profit for the financial year and total comprehensive income
596,141
503,616
---------
---------
Dividends paid and payable
13
( 180,000)
( 180,000)
Retained earnings at the start of the year
1,674,347
1,350,731
------------
------------
Retained earnings at the end of the year
2,090,488
1,674,347
------------
------------
All the activities of the group are from continuing operations.
Sarcon (No.191) Limited
Company Statement of Income and Retained Earnings
Year ended 31 December 2022
2022
2021
Note
£
£
Profit for the financial year and total comprehensive income
175,574
166,697
Dividends paid and payable
13
( 180,000)
( 180,000)
Retained earnings at the start of the year
133,826
147,128
---------
---------
Retained earnings at the end of the year
129,400
133,825
---------
---------
Sarcon (No.191) Limited
Consolidated Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
15
3,944,272
4,773,487
Current assets
Stocks
17
887,217
886,066
Debtors
18
2,291,455
2,372,025
Cash at bank and in hand
545,737
232,538
------------
------------
3,724,409
3,490,629
Creditors: amounts falling due within one year
20
3,539,940
3,959,051
------------
------------
Net current assets/(liabilities)
184,469
( 468,422)
------------
------------
Total assets less current liabilities
4,128,741
4,305,065
Creditors: amounts falling due after more than one year
21
1,431,173
2,032,661
Provisions
23
566,626
557,603
------------
------------
Net assets
2,130,942
1,714,801
------------
------------
Capital and reserves
Called up share capital
27
80
80
Share premium account
28
40,354
40,354
Capital redemption reserve
28
20
20
Profit and loss account
28
2,090,488
1,674,347
------------
------------
Shareholders funds
2,130,942
1,714,801
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 31 July 2023 , and are signed on behalf of the board by:
Mr P Moffett
Mr T Brennan
Director
Director
Company registration number: NI057166
Sarcon (No.191) Limited
Company Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Investments
16
4,416,026
4,416,026
Creditors: amounts falling due within one year
20
4,286,526
4,282,101
------------
------------
Net current liabilities
4,286,526
4,282,101
------------
------------
Total assets less current liabilities
129,500
133,925
---------
---------
Capital and reserves
Called up share capital
27
80
80
Capital redemption reserve
28
20
20
Profit and loss account
28
129,400
133,825
---------
---------
Shareholders funds
129,500
133,925
---------
---------
The profit for the financial year of the parent company was £ 175,574 (2021: £ 166,697 ).
These financial statements were approved by the board of directors and authorised for issue on 31 July 2023 , and are signed on behalf of the board by:
Mr P Moffett
Mr T Brennan
Director
Director
Company registration number: NI057166
Sarcon (No.191) Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2022
2022
2021
Note
£
£
Cash flows from operating activities
Profit for the financial year
596,141
503,616
Adjustments for:
Depreciation of tangible assets
890,165
873,167
Government grant income
( 25,806)
( 202,955)
Other interest receivable and similar income
55,945
53,260
Interest payable and similar expenses
40,572
66,205
Gains on disposal of tangible assets
–
( 9,926)
Tax on profit
9,023
( 82,126)
Accrued (income)/expenses
( 44,518)
359,887
Changes in:
Stocks
( 1,151)
( 298,448)
Trade and other debtors
80,570
6,991
Trade and other creditors
( 387,229)
( 45,907)
------------
------------
Cash generated from operations
1,213,712
1,223,764
Interest paid
( 96,517)
( 119,465)
------------
------------
Net cash from operating activities
1,117,195
1,104,299
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 60,950)
( 316,832)
Proceeds from sale of tangible assets
–
11,500
------------
------------
Net cash used in investing activities
( 60,950)
( 305,332)
------------
------------
Cash flows from financing activities
Repayments of borrowings
( 490,590)
( 160,756)
Government grant income
25,806
202,955
Payments of finance lease liabilities
( 18,734)
( 379,836)
Dividends paid
( 180,000)
( 180,000)
------------
------------
Net cash used in financing activities
( 663,518)
( 517,637)
------------
------------
Net increase in cash and cash equivalents
392,727
281,330
Cash and cash equivalents at beginning of year
(180,929)
(462,259)
---------
---------
Cash and cash equivalents at end of year
19
211,798
( 180,929)
---------
---------
Sarcon (No.191) Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Newpark Industrial Estate, Greystone Press, Caulside Drive, Antrim, BT412RS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Significant judgements
There are no significant judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies.
Fixed assets
Management have estimated the useful life of its main printing assets based on extensive experience in the printing industry.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Sarcon (No.191) Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
8% - 33% straight line
Motor vehicles
-
17% - 33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2022
2021
£
£
Sale of goods
13,810,421
11,449,002
-------------
-------------
The whole of the turnover is attributable to one class of business and represents amounts invoiced during the year.
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2022
2021
£
£
United Kingdom
7,485,756
6,092,843
Republic of Ireland
6,324,665
5,356,159
-------------
-------------
13,810,421
11,449,002
-------------
-------------
5. Other operating income
2022
2021
£
£
Government grant income
25,806
202,955
Other operating income
276,399
346,570
---------
---------
302,205
549,525
---------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2022
2021
£
£
Depreciation of tangible assets
890,165
873,167
Gains on disposal of tangible assets
–
( 9,926)
Impairment of trade debtors
(50,179)
(27,344)
Operating lease rentals
53,317
66,381
Foreign exchange differences
1,702
16,169
---------
---------
7. Auditor's remuneration
2022
2021
£
£
Fees payable for the audit of the financial statements
13,300
12,700
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2022
2021
No.
No.
Production staff
66
51
Distribution staff
6
5
Administrative staff
18
31
----
----
90
87
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2022
2021
£
£
Wages and salaries
2,859,118
2,470,234
Social security costs
289,733
268,845
Other pension costs
130,570
125,074
------------
------------
3,279,421
2,864,153
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2022
2021
£
£
Remuneration
154,330
121,812
---------
---------
10. Other interest receivable and similar income
2022
2021
£
£
Interest on loans and receivables
(55,945)
(53,260)
--------
--------
11. Interest payable and similar expenses
2022
2021
£
£
Interest on obligations under finance leases and hire purchase contracts
40,559
64,843
Other interest payable and similar charges
13
1,362
--------
--------
40,572
66,205
--------
--------
12. Tax on profit
Major components of tax income
2022
2021
£
£
Deferred tax:
Origination and reversal of timing differences
9,023
( 82,126)
-------
--------
Tax on profit
9,023
( 82,126)
-------
--------
Reconciliation of tax expense/(income)
The tax assessed on the profit on ordinary activities for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
605,164
421,490
---------
---------
Profit on ordinary activities by rate of tax
115,822
80,083
Effect of capital allowances and depreciation
111,355
( 61,431)
Utilisation of tax losses
( 218,154)
( 100,778)
---------
---------
Tax on profit
9,023
( 82,126)
---------
---------
13. Dividends
2022
2021
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
180,000
180,000
---------
---------
14. Intangible assets
Group and company
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
487,044
---------
Amortisation
At 1 January 2022 and 31 December 2022
487,044
---------
Carrying amount
At 1 January 2022 and 31 December 2022
–
---------
At 31 December 2021
–
---------
The basis of amortisation is set out in note 3 .
15. Tangible assets
Group
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2022
10,485,642
47,227
10,532,869
Additions
60,950
–
60,950
-------------
--------
-------------
At 31 December 2022
10,546,592
47,227
10,593,819
-------------
--------
-------------
Depreciation
At 1 January 2022
5,737,701
21,681
5,759,382
Charge for the year
884,878
5,287
890,165
-------------
--------
-------------
At 31 December 2022
6,622,579
26,968
6,649,547
-------------
--------
-------------
Carrying amount
At 31 December 2022
3,924,013
20,259
3,944,272
-------------
--------
-------------
At 31 December 2021
4,747,941
25,546
4,773,487
-------------
--------
-------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2022
3,715
20,265
23,980
-------
--------
--------
At 31 December 2021
18,248
23,082
41,330
--------
--------
--------
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2022 and 31 December 2022
4,416,026
------------
Impairment
At 1 January 2022 and 31 December 2022
–
------------
Carrying amount
At 1 January 2022 and 31 December 2022
4,416,026
------------
At 31 December 2021
4,416,026
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
W&G Baird Limited
Ordinary
100
Sarcon (No 191) Limited purchased 100% of the shares of W&G Baird Limited on 12 May 2006 for a consideration of £4,416,026. The investment is stated at fair value at the balance sheet date. W & G Baird Limited's principal activity is printing of magazines, brochures, books and advertising materials. The subsidiary has an issued share capital of two £1 ordinary shares and prepares accounts to 31 December. The results for the year include a profit of £600,567 in relation to the subsidiary. The subsidiary has net assets of £6,417,468 at 31 December 2022.
17. Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
745,331
596,173
–
–
Work in progress
141,886
289,893
–
–
---------
---------
----
----
887,217
886,066
–
–
---------
---------
----
----
18. Debtors
Group
Company
2022
2021
2022
2021
£
£
£
£
Trade debtors
2,043,222
2,102,932
–
–
Prepayments and accrued income
152,720
122,570
–
–
Other debtors
95,513
146,523
–
–
------------
------------
----
----
2,291,455
2,372,025
–
–
------------
------------
----
----
19. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2022
2021
£
£
Cash at bank and in hand
545,737
232,538
Bank overdrafts
( 333,939)
( 413,467)
---------
---------
211,798
( 180,929)
---------
---------
20. Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans and overdrafts
884,439
892,232
–
–
Trade creditors
1,730,885
2,097,272
–
–
Amounts owed to group undertakings
–
–
4,257,006
4,254,821
Accruals and deferred income
769,409
813,927
–
–
Social security and other taxes
79,897
74,576
–
–
Obligations under finance leases and hire purchase contracts
11,118
18,735
–
–
Director loan accounts
29,520
27,280
29,520
27,280
Other creditors
34,672
35,029
–
–
------------
------------
------------
------------
3,539,940
3,959,051
4,286,526
4,282,101
------------
------------
------------
------------
The following security is held on the bank loan:(a) a fixed charge over book debts of the company as per Bank of Ireland Commercial Finance Agreement; (b) a debenture charging all of the assets and undertaking of the borrower;(c) an assignment of the life policy on the life of Patrick Moffett with sufficient cover to be acceptable to the Bank; (d) an assignment of the life policy on the life of Trevor Brennan with sufficient cover to be acceptable to the bank; (e) an assignment of the life policy on the life of David Hinds with sufficient cover to be acceptable to the bank; (f) an assignment of the life policy on the life of Niall Halligan with sufficient cover to be acceptable to the bank; (g) a guarantee and indemnity from Sarcon (No.191) Limited in the sum of £150,000.
21. Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans and overdrafts
1,276,484
1,841,049
–
–
Accruals and deferred income
143,212
169,018
–
–
Obligations under finance leases and hire purchase contracts
11,477
22,594
–
–
------------
------------
----
----
1,431,173
2,032,661
–
–
------------
------------
----
----
22. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Not later than 1 year
11,118
18,734
–
–
Later than 1 year and not later than 5 years
11,477
22,595
–
–
--------
--------
----
----
22,595
41,329
–
–
--------
--------
----
----
23. Provisions
Group
Deferred tax (note 24)
£
At 1 January 2022
557,603
Charge against provision
9,023
---------
At 31 December 2022
566,626
---------
The company does not have any provisions.
Deferred taxation has been fully provided in respect of the following and represents the full potential liability.
24. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Included in provisions (note 23)
566,626
557,603
–
–
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2022
2021
2022
2021
£
£
£
£
Accelerated capital allowances
566,626
557,603
–
–
---------
---------
----
----
25. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 130,570 (2021: £ 125,074 ).
26. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Recognised in creditors:
Deferred government grants due within one year
25,806
25,806
–
–
Deferred government grants due after more than one year
143,212
169,018
–
–
---------
---------
----
----
169,018
194,824
–
–
---------
---------
----
----
Recognised in other operating income:
Government grants recognised directly in income
–
181,815
–
2,188
Government grants released to profit or loss
25,806
21,140
–
–
--------
---------
----
-------
25,806
202,955
–
2,188
--------
---------
----
-------
27. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
80
80
80
80
----
----
----
----
28. Reserves
Profit and loss account -This reserve records retained earnings and accumulated losses. Share Premium account -This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital Redemtion reserve -This reserve records the nominal value of shares repurchased by the company.
29. Ultimate controlling party
The ultimate controlling party are the shareholders of Sarcon (No.191) Limited .
30. Analysis of changes in net debt
At 1 Jan 2022
Cash flows
At 31 Dec 2022
£
£
£
Cash at bank and in hand
232,538
313,199
545,737
Bank overdrafts
(413,467)
79,528
(333,939)
Debt due within one year
(524,780)
(66,358)
(591,138)
Debt due after one year
(1,863,643)
575,682
(1,287,961)
------------
---------
------------
( 2,569,352)
902,051
( 1,667,301)
------------
---------
------------
31. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Not later than 1 year
31,677
35,104
–
–
Later than 1 year and not later than 5 years
33,270
18,605
–
–
--------
--------
----
----
64,947
53,709
–
–
--------
--------
----
----
32. Limitation of auditors liability
The group has entered into a liability limitation agreement with the group's auditor which was approved on 8 February 2022. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
33. Related party transactions
Company
W & G Baird Limited is a 100% subsidiary of Sarcon (No.191) Limited . The Related party transaction are set out in the Directors advances note. During the year the company entered into the following transactions with related parties: The directors operated current accounts within the company during the year. During the year the directors advanced net funds of £177,760 (2021: £193,280) and received dividends of £180,000 (2021: £180,000). At the balance sheet date, the company owed the directors £29,520 (2021: £27,280).
Sarcon (No.191) Limited
Management Information
Year ended 31 December 2022
The following pages do not form part of the financial statements.
Sarcon (No.191) Limited
Company Detailed Income Statement
Year ended 31 December 2022
2022
2021
£
£
Overheads
Administrative expenses
216,132
183,513
Other operating income
211,706
170,210
---------
---------
Operating loss
( 4,426)
( 13,303)
Income from shares in group undertakings
180,000
180,000
---------
---------
Profit before taxation
175,574
166,697
---------
---------
Sarcon (No.191) Limited
Notes to the Company Detailed Income Statement
Year ended 31 December 2022
2022
2021
£
£
Administrative expenses
Directors fees
154,330
121,812
Shareholders pensions
60,000
60,001
Sundry expenses
2
–
Auditors remuneration
1,800
1,700
---------
---------
216,132
183,513
---------
---------
Other operating income
Management charges receivable
211,706
168,022
Government grant income
–
2,188
---------
---------
211,706
170,210
---------
---------
Income from shares in group undertakings
Income from group undertakings
180,000
180,000
---------
---------