Registration number:
Suttle Projects Limited
for the Year Ended 31 March 2023
Suttle Projects Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Suttle Projects Limited
Company Information
Directors |
C J Suttle J M Paine A Maidman M R Suttle J K Harley |
Registered office |
|
Accountants |
|
Auditors |
|
Suttle Projects Limited
Strategic Report for the Year Ended 31 March 2023
The directors present their strategic report for the year ended 31 March 2023.
Principal activity
The principal activity of the company is piling and civil engineering contracting.
Fair review of the business
The profit for the year after tax was £44,346 (2022 - £212,798). The results for the company are set out on page 9. No interim or final dividends were paid (2022 - nil).
The year has seen continued investment in vehicles and mechanical plant to renew and extend the van and excavator fleet at a cost of £972,178.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Gross profit |
% |
12.70 |
12.80 |
Net profit |
% |
11.60 |
3.10 |
Principal risks and uncertainties
The company has consolidated and moved into a period of settled successful trading in 2023. It has maintained its accreditations in ISO 9001, 14001 and 45001, RISQS for rail sector work and a principal contractor licence registered with Network Rail. The five year plan continues to pursue the objective of moving from tier 2 multidisciplinary trade contracting, albeit in the infrastructure sector, to working directly for end user public bodies. These include Network Rail, The Environment Agency, as well as a good mix of utility providers and local authorities. Resourcing levels are then smoothed out with specialist piling work, some of which is in the residential and commercial sectors. A strengthening of its compliance and bidding team has met with a greater level of opportunity and success, including in the area of longer term frameworks with public body infrastructure providers.
To promote capability the company has continued to invest in plant and equipment, and design software. It has maintained an Institution of Civil Engineers training scheme, with recruitment ties to Bath University. Much administration is now being conducted with a modern App based data transfer system improving efficiency for a reduced cost. Operational meetings are held on a regular basis to ensure that contracts are managed efficiently and effectively. The company has strong health and safety, quality and environmental policies and these are reviewed regularly, both internally and externally, with all reported accidents and near misses investigated and monitored as appropriate. The company has continued a record of zero reportable accidents or incidents since 2016.
Approved by the
Director
Suttle Projects Limited
Directors' Report for the Year Ended 31 March 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Price risk, credit risk, liquidity risk and cash flow risk
The company's principal financial assets are bank balances, together with trade debtors and other receivables.
The company's credit risk is primarily attributable to trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. The company has no significant concentration of credit risk, with exposure spread over a large number of customers.
In order to maintain liquidity and to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long term debt finance, primarily the use of hire purchase/finance leases to fund the acquisition of vehilcles, plant and equipment. The company has also taken advantage of the Coronavirus Business Interuption Loan Scheme.
Results and dividends
The results for the year are set out on pages 9 to 26.
No ordinary dividends were paid. The directors' do not recomend the payment of a final dividend.
Directors' liabilities
The company has third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Auditors
Hill Osborne Ltd were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Suttle Projects Limited
Directors' Report for the Year Ended 31 March 2023
Approved by the
Director
Suttle Projects Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Suttle Projects Limited
Independent Auditor's Report to the Members of Suttle Projects Limited
Opinion
We have audited the financial statements of Suttle Projects Limited (the 'company') for the year ended 31 March 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Suttle Projects Limited
Independent Auditor's Report to the Members of Suttle Projects Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures in response to those risks, including obtaining appropriate audit evidence to provide a basis for our opinion.In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following:
- the nature of the industry and the laws and regulations that the company must comply with, in particular regarding health and safety
- the company's own assessment of the risks that irregularities may occur as a result of fraud or error
- results of our enquiries of management
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
- reviewing the financial statement disclosures
- enquiring of management
- reading board minutes
- reviewing certificates are up to date
- in addressing the risk of fraud through management override we have assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested the appropriateness of journal entries.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Suttle Projects Limited
Independent Auditor's Report to the Members of Suttle Projects Limited
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.
For and on behalf of
Tower House
Parkstone Road
Dorset
BH15 2JH
Suttle Projects Limited
Profit and Loss Account for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
174,899 |
353,006 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(68,522) |
(43,344) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Suttle Projects Limited
Statement of Comprehensive Income for the Year Ended 31 March 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Suttle Projects Limited
(Registration number: 06734695)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
- |
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
75 |
75 |
|
Capital redemption reserve |
25 |
25 |
|
Revaluation reserve |
- |
248,198 |
|
Retained earnings |
1,992,177 |
1,638,271 |
|
Shareholders' funds |
1,992,277 |
1,886,569 |
Approved and authorised by the
Director
Suttle Projects Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Transfers |
- |
- |
(309,560) |
309,560 |
- |
Other movements on reserves |
- |
- |
61,362 |
- |
61,362 |
At 31 March 2023 |
|
|
- |
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 April 2021 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Total comprehensive income |
- |
- |
- |
|
|
At 31 March 2022 |
|
|
|
|
|
Suttle Projects Limited
Statement of Cash Flows for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Decrease in trade debtors |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Net cash flow from operating activities |
|
( |
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Proceeds from sale of investment properties |
|
- |
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
( |
|
Repayment of other borrowing |
|
( |
|
Payments to finance lease creditors |
|
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 April |
( |
|
|
Cash and cash equivalents at 31 March |
553,024 |
(35,649) |
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.
Going concern
The company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The Directors’ report further describes the financial position of the company; its cash flows, liquidity position and borrowing facilities; the company’s objectives, policies and processes for managing its capital; details of its financial instruments and its exposure to credit risk and liquidity risk.
Judgements
In application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
Key sources of estimation uncertainty
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised when the revision affects only that period. Or in the period of the revision and future periods where the revision affects both current and future periods. .
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the funds or asset received or receivable.
Government grants in respect of capital expenditure are credited to deferred income and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Buildings |
2% on cost |
Plant and machinery |
20% on reducing balance |
Motor vehicles |
25% on reducing balance |
Office equipment |
20% on cost |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Financial instruments
Classification
Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Rental income from investment property |
|
|
Other revenue |
- |
|
|
|
No turnover is attributable to geographical markets ouside the UK.
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2023 |
2022 |
|
Gain on disposal of tangible assets |
|
|
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Research and development cost |
|
- |
Profit on disposal of property, plant and equipment |
( |
( |
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other post-employment benefit costs |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
|
|
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
250,655 |
235,687 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
- |
|
UK corporation tax adjustment to prior periods |
( |
- |
(37,341) |
37,341 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
( |
Deferred tax expense relating to changes in tax rates or laws |
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
- |
|
2022 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
Revaluation of investment property |
- |
|
- |
|
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 April 2022 |
|
|
|
Additions |
|
|
|
Disposals |
( |
( |
( |
At 31 March 2023 |
|
|
|
Depreciation |
|||
At 1 April 2022 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
( |
At 31 March 2023 |
|
|
|
Carrying amount |
|||
At 31 March 2023 |
|
|
|
At 31 March 2022 |
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Plant and machinery |
804,745 |
528,053 |
Motor vehicles |
403,795 |
398,852 |
1,208,540 |
926,905 |
Investment properties |
2023 |
|
At 1 April 2022 |
|
Disposals |
( |
At 31 March 2023 |
- |
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
- |
Short-term deposits |
|
|
|
|
|
Bank overdrafts |
- |
( |
Cash and cash equivalents in statement of cash flows |
553,025 |
(35,648) |
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
- |
37,341 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2022 |
|
|
Additional provisions |
|
|
At 31 March 2023 |
|
|
|
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
75 |
|
75 |
Reserves |
Capital redemption reserve
Non-distributable reserve created in 2021 on company purchase of own shares.
Profit and loss account
Distributable reserve containing all current and prior periods' retained profits.
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Finance lease liabilities |
|
|
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
- |
|
Finance lease liabilities |
|
|
Other borrowings |
|
|
|
|
Bank borrowings
|
Other borrowings
Hire purchase and finance leases is denominated in sterling with a nominal interest rate of variable%. The carrying amount at year end is £536,330 (2022 - £670,548).
The liabilities are secured on the specific tangible fixed asset plant and vehicles financed
Included in the loans and borrowings are the following amounts due after more than five years:
2023 |
2022 |
|
After more than five years by instalments |
- |
|
- |
- |
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Suttle Projects Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Summary of transactions with other related parties
Transactions in the year are reported in these finacial statements, as follows:
Purchases - £621,163 (2022 - £907,142) of which £220,107 (2022 - £223,538) were administration and management
charges
Debtors: amounts owed by associated company - £3,015 (2022 - £14,143)
Creditors: amounts owed by associated company - £150,160 (2022 - £nil)