S & B Industrial Investments Limited - Limited company accounts 16.3
S & B Industrial Investments Limited - Limited company accounts 16.3
REGISTERED NUMBER: 04906215 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 31 March 2017 |
for |
| S & B Industrial Investments Limited |
S & B Industrial Investments Limited (Registered number: 04906215) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2017 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 6 |
Consolidated Balance Sheet | 7 |
Company Balance Sheet | 8 |
Consolidated Statement of Changes in Equity | 9 |
Company Statement of Changes in Equity | 10 |
Consolidated Cash Flow Statement | 11 |
Notes to the Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Financial Statements | 13 |
S & B Industrial Investments Limited |
Company Information |
for the Year Ended 31 March 2017 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
39 High Street |
Wednesfield |
Wolverhampton |
West Midlands |
WV11 1ST |
S & B Industrial Investments Limited (Registered number: 04906215) |
Group Strategic Report |
for the Year Ended 31 March 2017 |
The director presents her strategic report of the company and the group for the year ended 31 March 2017. |
REVIEW OF BUSINESS |
The results for the financial year and the financial position of the group are shown in the annexed financial |
statements. |
The group continued to operate principally as a UK based waste management and recycling operator. The majority of |
group operating income is derived from S & B Waste Management & Recycling Limited. Whilst competition remained |
strong, turnover during the year increased by approximately 4.4%. Gross profit also increased as more cost increases |
were passed on to customers and measures taken to improve sorting and develop waste to energy products came on |
stream and better matched the range of waste product being managed. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Although the past twelve months has seen the intensity of local competition decrease, it remains a continuing risk to |
the group. |
The ability of the group to respond to changes in the type of waste being managed and to provide cost effective |
processing and disposal is a key challenge. The weakness of Sterling as a result of Brexit has increased disposal costs |
despite strong demand from Europe for Refuse derived Fuel products. In order to reduce this risk and uncertainty, the |
company is developing alternative waste products for use in the UK thereby reducing reliance on European users. |
DEVELOPMENT AND FUTURE OUTLOOK |
The market for waste management is expected to grow at a moderate rate in the short to medium term. National and |
international competitors are expected to have increasing influence on the local markets as economies of scale and |
currency volatility have more impact. |
The group remains committed to increasing productivity, minimising landfill and increasing levels of recycling through |
the adoption of new and innovative technologies. The company is working to develop additional waste to energy |
products and the identification of alternative ways of utilising waste product. |
CONCLUSION |
The director expects growth to continue during 2017. The development of additional waste to energy products for |
UK users is expected to reduce the adverse effects of the weak currency on disposal costs and enhance profitability. |
ON BEHALF OF THE BOARD: |
4 September 2017 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Report of the Director |
for the Year Ended 31 March 2017 |
The director presents her report with the financial statements of the company and the group for the year ended |
31 March 2017. |
PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of waste management. |
DIVIDENDS |
Interim dividends totalling £360 per share were paid during the year. The director recommends that no final dividend |
be paid. |
The total distribution of dividends for the year ended 31 March 2017 will be £ 72,000 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not |
approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the |
company and the group and of the profit or loss of the group for that period. In preparing these financial statements, |
the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. |
She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable |
steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a |
director in order to make herself aware of any relevant audit information and to establish that the group's auditors |
are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
S & B Industrial Investments Limited |
We have audited the financial statements of S & B Industrial Investments Limited for the year ended 31 March 2017 |
on pages six to twenty seven. The financial reporting framework that has been applied in their preparation is |
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'. |
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 a Report of the Auditors 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. |
Respective responsibilities of director and auditors |
Scope of the audit of the financial statements |
| An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
| reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or |
| error. This includes an assessment of: whether the accounting policies are appropriate to the group's and the parent |
| company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of |
| significant accounting estimates made by the director; and the overall presentation of the financial statements. In |
| addition, we read all the financial and non-financial information in the Group Strategic Report and the Report of the |
| Director to identify material inconsistencies with the audited financial statements and to identify any information that |
| is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the |
| course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we |
| consider the implications for our report. |
Opinion on financial statements |
| 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 March 2017 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Group Strategic |
Report and the Report of the Director for the financial year for which the financial statements are prepared is |
consistent with the financial statements, and has been prepared in accordance with applicable legal requirements. In |
the light of the knowledge and understanding of the group and the parent company and its environment, we have not |
identified any material misstatements in the Group Strategic Report or the Report of the Director. |
Report of the Independent Auditors to the Members of |
S & B Industrial Investments Limited |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to |
you if, in our opinion: |
- | adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
39 High Street |
Wednesfield |
Wolverhampton |
West Midlands |
WV11 1ST |
S & B Industrial Investments Limited (Registered number: 04906215) |
Consolidated Statement of Comprehensive Income |
for the Year Ended 31 March 2017 |
31.3.17 | 31.3.16 |
Notes | £ | £ |
TURNOVER | 8,418,287 | 8,059,274 |
Cost of sales | 6,146,185 | 6,233,809 |
GROSS PROFIT | 2,272,102 | 1,825,465 |
Administrative expenses | 1,319,544 | 1,202,954 |
952,558 | 622,511 |
Other operating income | 10,234 | 8,044 |
OPERATING PROFIT | 4 | 962,792 | 630,555 |
Interest receivable and similar income | 1,995 | 3,057 |
964,787 | 633,612 |
Interest payable and similar expenses | 5 | 14,580 | 13,512 |
PROFIT BEFORE TAXATION | 950,207 | 620,100 |
Tax on profit | 6 | 182,447 | 125,030 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 767,760 | 495,070 |
Profit attributable to: |
Owners of the parent | 767,760 | 495,070 |
Total comprehensive income attributable to: |
Owners of the parent | 767,760 | 495,070 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Consolidated Balance Sheet |
31 March 2017 |
31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 79,884 | - |
Tangible assets | 10 | 3,891,989 | 3,547,579 |
Investments | 11 | - | - |
Investment property | 12 | 955,000 | 955,000 |
4,926,873 | 4,502,579 |
CURRENT ASSETS |
Stocks | 13 | 26,400 | 17,500 |
Debtors | 14 | 3,214,263 | 3,070,777 |
Cash at bank and in hand | 1,121,130 | 1,459,893 |
4,361,793 | 4,548,170 |
CREDITORS |
Amounts falling due within one year | 15 | 1,229,722 | 1,529,868 |
NET CURRENT ASSETS | 3,132,071 | 3,018,302 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 8,058,944 | 7,520,881 |
CREDITORS |
Amounts falling due after more than one year | 16 | (27,773 | ) | (80,850 | ) |
PROVISIONS FOR LIABILITIES | 20 | (120,295 | ) | (224,915 | ) |
NET ASSETS | 7,910,876 | 7,215,116 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 200 | 200 |
Other reserves | 22 | 149,170 | 145,930 |
Retained earnings | 22 | 7,761,506 | 7,068,986 |
SHAREHOLDERS' FUNDS | 7,910,876 | 7,215,116 |
The financial statements were approved by the director on 4 September 2017 and were signed by: |
Miss S R Broadley - Director |
S & B Industrial Investments Limited (Registered number: 04906215) |
Company Balance Sheet |
31 March 2017 |
31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 20 | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Other reserves | 22 |
Fair value reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 800,548 | 541,174 |
The financial statements were approved by the director on |
S & B Industrial Investments Limited (Registered number: 04906215) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2017 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 April 2015 | 200 | 6,795,916 | 145,930 | 6,942,046 |
Changes in equity |
Dividends | - | (222,000 | ) | - | (222,000 | ) |
Total comprehensive income | - | 495,070 | - | 495,070 |
Balance at 31 March 2016 | 200 | 7,068,986 | 145,930 | 7,215,116 |
Changes in equity |
Dividends | - | (72,000 | ) | - | (72,000 | ) |
Total comprehensive income | - | 764,520 | 3,240 | 767,760 |
Balance at 31 March 2017 | 200 | 7,761,506 | 149,170 | 7,910,876 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2017 |
Called up | Fair |
share | Retained | Other | value | Total |
capital | earnings | reserves | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2015 |
Changes in equity |
Dividends | - | ( | ) | - | - | ( | ) |
Total comprehensive income | - |
Balance at 31 March 2016 |
Changes in equity |
Dividends | - | ( | ) | - | - | ( | ) |
Total comprehensive income | - | - |
Balance at 31 March 2017 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2017 |
31.3.17 | 31.3.16 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,159,322 | 1,226,161 |
Interest paid | (3,761 | ) | (5,641 | ) |
Interest element of hire purchase payments paid | (10,819 | ) | (7,871 | ) |
Fair value loss on investment property | - | 1 |
Tax paid | (255,279 | ) | (137,122 | ) |
Net cash from operating activities | 889,463 | 1,075,528 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (88,760 | ) | - |
Purchase of tangible fixed assets | (974,784 | ) | (494,606 | ) |
Sale of tangible fixed assets | 12,900 | 99,267 |
Interest received | 1,995 | 3,057 |
Net cash from investing activities | (1,048,649 | ) | (392,282 | ) |
Cash flows from financing activities |
Loan repayments in year | (50,000 | ) | (75,000 | ) |
Capital repayments in year | (72,463 | ) | 7,641 |
Amount introduced by directors | 64,886 | 102,646 |
Amount withdrawn by directors | - | (64,886 | ) |
Other provisions | (50,000 | ) | 50,000 |
Equity dividends paid | (72,000 | ) | (222,000 | ) |
Net cash from financing activities | (179,577 | ) | (201,599 | ) |
(Decrease)/increase in cash and cash equivalents | (338,763 | ) | 481,647 |
Cash and cash equivalents at beginning of year | 2 | 1,459,893 | 978,246 |
Cash and cash equivalents at end of year | 2 | 1,121,130 | 1,459,893 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2017 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.17 | 31.3.16 |
£ | £ |
Profit before taxation | 950,207 | 620,100 |
Depreciation charges | 631,647 | 573,762 |
Profit on disposal of fixed assets | (5,298 | ) | (44,541 | ) |
Finance costs | 14,580 | 13,512 |
Finance income | (1,995 | ) | (3,057 | ) |
1,589,141 | 1,159,776 |
(Increase)/decrease in stocks | (8,900 | ) | 20,000 |
Increase in trade and other debtors | (208,374 | ) | (2,897 | ) |
(Decrease)/increase in trade and other creditors | (212,545 | ) | 49,282 |
Cash generated from operations | 1,159,322 | 1,226,161 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Consolidated Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
Year ended 31 March 2017 |
31.3.17 | 1.4.16 |
£ | £ |
Cash and cash equivalents | 1,121,130 | 1,459,893 |
Year ended 31 March 2016 |
31.3.16 | 1.4.15 |
£ | £ |
Cash and cash equivalents | 1,459,893 | 978,246 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2017 |
1. | STATUTORY INFORMATION |
S & B Industrial Investments Limited is a |
The company's registered number and registered office address can be found on the General Information |
page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The accompanying financial statements and related notes present the consolidated financial position as of 31 |
March 2017 and the consolidated results of the operations and cash flows. All significant intercompany |
transactions have been eliminated. |
Turnover |
Turnover represents amounts chargeable in respect of goods and services supplied, excluding value added tax. |
Turnover from the provision of skips is recognised when the skips are physically delivered to the customer. |
Goodwill |
| Goodwill is stated at cost. Provision is made for impairment when the recoverable amount,capable of being |
| realised either on sale or generated by future income is less than the carrying value. |
Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Skips | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
The Group carries its investment property at fair value, with changes in fair value being recognised in the profit |
and loss. |
Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of |
| Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive |
| income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
| from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
| laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
| reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
| they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
| held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
| leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
| element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension |
scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
31.3.17 | 31.3.16 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average monthly number of employees during the year was as follows: |
31.3.17 | 31.3.16 |
Management | 3 | 4 |
Administration | 12 | 12 |
Direct Labour | 36 | 36 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
3. | EMPLOYEES AND DIRECTORS - continued |
31.3.17 | 31.3.16 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.17 | 31.3.16 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( | ) | ( | ) |
Goodwill amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.17 | 31.3.16 |
£ | £ |
Bank loan interest |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.17 | 31.3.16 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( | ) |
Tax on profit |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
31.3.17 | 31.3.16 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2016 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( | ) |
Depreciation in excess of capital allowances | - |
Deferred tax | (54,620 | ) | 1,861 |
Total tax charge | 182,447 | 125,030 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not |
presented as part of these financial statements. |
8. | DIVIDENDS |
31.3.17 | 31.3.16 |
£ | £ |
Interim |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
Additions |
At 31 March 2017 |
AMORTISATION |
Amortisation for year |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and |
property | machinery | Skips |
£ | £ | £ |
COST |
At 1 April 2016 | 1,562,264 | 3,158,435 | 150,741 |
Additions | 136,119 | 450,000 | 156,045 |
Disposals | - | - | (40,000 | ) |
At 31 March 2017 | 1,698,383 | 3,608,435 | 266,786 |
DEPRECIATION |
At 1 April 2016 | 186,095 | 1,973,746 | 80,573 |
Charge for year | 27,696 | 245,205 | 66,696 |
Eliminated on disposal | - | - | (40,000 | ) |
At 31 March 2017 | 213,791 | 2,218,951 | 107,269 |
NET BOOK VALUE |
At 31 March 2017 | 1,484,592 | 1,389,484 | 159,517 |
At 31 March 2016 | 1,376,169 | 1,184,689 | 70,168 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2016 | 3,004,251 | 73,025 | 7,948,716 |
Additions | 232,620 | - | 974,784 |
Disposals | (119,058 | ) | - | (159,058 | ) |
At 31 March 2017 | 3,117,813 | 73,025 | 8,764,442 |
DEPRECIATION |
At 1 April 2016 | 2,110,009 | 50,714 | 4,401,137 |
Charge for year | 279,827 | 3,348 | 622,772 |
Eliminated on disposal | (111,456 | ) | - | (151,456 | ) |
At 31 March 2017 | 2,278,380 | 54,062 | 4,872,453 |
NET BOOK VALUE |
At 31 March 2017 | 839,433 | 18,963 | 3,891,989 |
At 31 March 2016 | 894,242 | 22,311 | 3,547,579 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2016 | 522,270 |
Additions | 149,912 |
Transfer to ownership | (291,270 | ) |
At 31 March 2017 | 380,912 |
DEPRECIATION |
At 1 April 2016 | 185,183 |
Charge for year | 80,790 |
Transfer to ownership | (127,432 | ) |
At 31 March 2017 | 138,541 |
NET BOOK VALUE |
At 31 March 2017 | 242,371 |
At 31 March 2016 | 337,087 |
Company |
Plant and | Motor | Computer |
machinery | Skips | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2016 |
Additions |
Disposals | ( | ) | ( | ) | ( | ) |
At 31 March 2017 |
DEPRECIATION |
At 1 April 2016 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) | ( | ) |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2016 |
Additions |
Transfer to ownership | (291,270 | ) |
At 31 March 2017 |
DEPRECIATION |
At 1 April 2016 |
Charge for year |
Transfer to ownership | (127,432 | ) |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
11. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include |
the following: |
Subsidiary |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31.3.17 | 31.3.16 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2016 |
and 31 March 2017 | 955,000 |
NET BOOK VALUE |
At 31 March 2017 | 955,000 |
At 31 March 2016 | 955,000 |
Cost or valuation at 31 March 2017 is represented by: |
£ |
Valuation in 2014 | 140,168 |
Valuation in 2015 | (26,000 | ) |
Cost | 840,832 |
955,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.3.17 | 31.3.16 |
£ | £ |
Cost | 840,832 | 840,832 |
Aggregate depreciation | 99,516 | 84,872 |
Investment property was valued on an open market basis on 31 March 2017 by the ultimate controlling party . |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
12. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2016 |
Additions |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
Cost or valuation at 31 March 2017 is represented by: |
£ |
Valuation in 2014 | 197,904 |
Valuation in 2015 | (36,000 | ) |
Cost | 2,539,215 |
2,701,119 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.3.17 | 31.3.16 |
£ | £ |
Cost | 2,539,215 | 2,403,096 |
Aggregate depreciation | 270,966 | 270,966 |
Investment property was valued on an open market basis on 31 March 2016 by the ultimate controlling party . |
13. | STOCKS |
Group |
31.3.17 | 31.3.16 |
£ | £ |
Finished goods | 26,400 | 17,500 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.17 | 31.3.16 | 31.3.17 | 31.3.16 |
£ | £ | £ | £ |
Trade debtors | 2,318,843 | 2,556,592 |
Other Debtors | 169,165 | 36,068 |
Amounts owed by related party undertakings | 609,595 | 364,604 | 232,886 | - |
Directors' loan accounts | - | 64,886 | - | 64,886 |
Tax | 11,329 | 11,331 |
VAT | 75,210 | - |
Prepayments | 30,121 | 37,296 |
3,214,263 | 3,070,777 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.17 | 31.3.16 | 31.3.17 | 31.3.16 |
£ | £ | £ | £ |
Other loans (see note 17) | - | 50,000 |
Hire purchase contracts (see note 18) | 147,374 | 166,761 |
Trade creditors | 994,830 | 1,101,350 |
Amounts owed to group undertakings | - | - |
Tax | 20,976 | 39,190 |
Social security and other taxes | 30,355 | 24,735 |
VAT | - | 104,172 | - | 5,383 |
Other creditors | 960 | 898 | - | - |
Net Wages | 19,171 | 29,798 | - | - |
Accrued expenses | 16,056 | 12,964 |
1,229,722 | 1,529,868 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.17 | 31.3.16 | 31.3.17 | 31.3.16 |
£ | £ | £ | £ |
Hire purchase contracts (see note 18) | 27,773 | 80,850 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.3.17 | 31.3.16 | 31.3.17 | 31.3.16 |
£ | £ | £ | £ |
Amounts falling due within one year or on |
demand: |
Other loan | - | 50,000 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.17 | 31.3.16 |
£ | £ |
Gross obligations repayable: |
Within one year | 154,777 | 175,622 |
Between one and five years | 28,939 | 85,128 |
183,716 | 260,750 |
Finance charges repayable: |
Within one year | 7,403 | 8,861 |
Between one and five years | 1,166 | 4,278 |
8,569 | 13,139 |
Net obligations repayable: |
Within one year | 147,374 | 166,761 |
Between one and five years | 27,773 | 80,850 |
175,147 | 247,611 |
Company |
Hire purchase contracts |
31.3.17 | 31.3.16 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.3.17 | 31.3.16 | 31.3.17 | 31.3.16 |
£ | £ | £ | £ |
Hire purchase contracts | 175,147 | 247,611 | 175,147 | 247,611 |
Hire purchase liabilities are secured on the specific asset to which the liability relates. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.17 | 31.3.16 | 31.3.17 | 31.3.16 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 134,681 | 136,497 |
Other timing differences | (14,386 | ) | 38,418 | 32,380 | 81,944 |
120,295 | 174,915 | 167,061 | 218,441 |
Other provisions | - | 50,000 | - | - |
Aggregate amounts | 120,295 | 224,915 | 167,061 | 218,441 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2016 | 174,915 |
Credit to Statement of Comprehensive Income during year | (54,620 | ) |
Balance at 31 March 2017 | 120,295 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2016 |
Credit to Income Statement during year | ( | ) |
Balance at 31 March 2017 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
21. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
value: | £ | £ |
Share capital 1 | £1 | 200 | 200 |
22. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2016 | 7,068,986 | 145,930 | 7,214,916 |
Profit for the year | 767,760 | 767,760 |
Dividends | (72,000 | ) | (72,000 | ) |
Movement in year | (3,240 | ) | 3,240 | - |
At 31 March 2017 | 7,761,506 | 149,170 | 7,910,676 |
Company |
Fair |
Retained | Other | value |
earnings | reserves | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2016 | 4,893,133 |
Profit for the year |
Dividends | ( | ) | ( | ) |
At 31 March 2017 | 5,621,681 |
23. | CONTINGENT LIABILITIES |
Group and Company |
S&B Waste Management & Recycling Limited agreed to act as guarantor in relation to hire purchase |
agreements with Siemens Financial Services Limited. The amount of the contingent liability at 31 March 2017 |
was £28,895. |
24. | CAPITAL COMMITMENTS |
31.3.17 | 31.3.16 |
£ | £ |
Contracted but not provided for in the |
financial statements | 484,300 | 111,119 |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
25. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
31 March 2016: |
31.3.17 | 31.3.16 |
£ | £ |
S Broadley |
Balance outstanding at start of year | 64,886 | 102,646 |
Amounts advanced | - | 64,886 |
Amounts repaid | (64,886 | ) | (102,646 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | 64,886 |
26. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the |
financial statements. |
Entities over which the entity has control, joint control or significant influence |
31.3.17 | 31.3.16 |
£ | £ |
Net loans to related parties during the year | 117,917 | - |
Amount due from related party | 301,280 | - |
Recognised bad or doubtful debts due from related parties | 176,388 | - |
During the year S & B Waste Management & Recycling Limited loaned Broadley & Parton Ltd, a company |
related by virtue of common control, £96,529. The loan is interest free and there are no specific repayment |
terms. At 31 March 2017 £301,280 (2016 - £204,751) was owed by Broadley & Parton Ltd. |
During the year S & B Waste Management & Recycling Limited loaned S B Plant Hire Ltd, a company related by |
virtue of common control, £62,240. At 31 March 2017, this loan was written off by the company due to S B |
Plant Hire being dissolved in June 2017. |
During the year, S & B Waste Management & Recycling Limited received net repayment of loans made to |
Morgan Construction Machinery Ltd, a company related by virtue of common control, of £40,852. At 31 March |
2017, the outstanding amount of £114,118 due to the company (2016- £155,000) was written off by the |
company due to Morgan Construction Machinery Ltd being dissolved in April 2017. |
Key management personnel of the entity or its parent (in the aggregate) |
31.3.17 | 31.3.16 |
£ | £ |
Amounts loaned | 232,886 | - |
Amount due from related party | 232,886 | - |
During the year the company loaned £232,886 to a shareholder, Mr S Broadley. |
S & B Industrial Investments Limited (Registered number: 04906215) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2017 |
26. | RELATED PARTY DISCLOSURES - continued |
Other related parties |
31.3.17 | 31.3.16 |
£ | £ |
Net loans to related party during the year | 70,576 | - |
Amount due from related party | 75,429 | - |
27. | ULTIMATE CONTROLLING PARTY |
The company is ultimately controlled by Mr S Broadley. |