Squibb Group Limited - Limited company accounts 20.1
Squibb Group Limited - Limited company accounts 20.1
| REGISTERED NUMBER: 01058215 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| FOR |
| SQUIBB GROUP LIMITED |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 19 |
| SQUIBB GROUP LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Registered Auditors |
| 162-164 High Street |
| Rayleigh |
| United Kingdom |
| Essex |
| SS6 7BS |
| BANKERS: | HSBC Bank plc |
| 85-89 New London Road |
| Chelmsford |
| Essex |
| CM2 0PP |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| The directors present their strategic report for the year ended 31st January 2021. |
| REVIEW OF BUSINESS |
| Commentary |
| I am pleased to report that despite challenging trading conditions due to Covid and multiple lockdowns, the Group was able to deliver a creditable set of financial results for 2020/21. |
| The construction industry was a sector that the Government worked hard to keep open during the lockdown periods, but inevitably there were knock on effects to commencing, continuing, and sourcing supplies for projects. |
| Despite these operating constraints the Group was able to deliver turnover of approximately £31.5 million and a gross margin of circa 18.5% (gross profit of £5.8 million) which was broadly in line with the previous year's performance. The gross margin, when compared to the previous year, was impacted by price inflation (some of which was directly related to Covid) in the key cost categories of labour, fuel/oil and consumables. |
| Scrap prices were relatively consistent throughout 2020/21 (ignoring the first lock down period between March and July 2020) and these levels have been maintained throughout the current financial year. We are currently targeting various projects with substantial scrap tonnage credits and are confident that we will secure at least one of these projects in the current financial year. |
| Cost control was a key focus in the year under review as we were faced with several external factors that limited supplies or caused significant price inflation in our key cost categories. We continue to target cost savings throughout the Group to further improve our gross margin and net profitability. |
| The board decided during 2019/20 to revise its accounting policy regarding the recognition of revenue from ferrous and non-ferrous projects. With effect from 1 February 2020 revenue and cashflow from the sale of ferrous and non-ferrous materials have been aligned. The impact of this change will see a prior year adjustment of the balance sheet value relating to ferrous and non-ferrous materials as at 31 January 2020 over three financial years. The adjustment through reserves in each of the financial years is expected to be circa £5m. |
| Investment |
| The investment in plant and machinery was curtailed in 2020/21 as the focus was on maintaining trading operations in the face of Covid and lockdowns. Despite this the Group still invested circa £650,000 in its asset base. We expect this investment to return to previous levels in the current financial year and over the next couple of financial years. |
| The value of the Group's fixed asset base at the end of the 2020/21 financial year was £17.5 million. |
| HSBC, the Company's bankers, remain very supportive of the Group's working capital needs and its investment programmes. The bank provided additional support in 2020/21 and assisted in the refinancing of the existing debt, and we expect this strong support to continue. |
| Our Chairman |
| During the period under review not only did the business have to combat the effects of Covid and the various lockdowns, it faced the sad and untimely loss of its Chairman. As a family we lost our patriarch which was a sudden and major shock to me, my mother, my siblings and our extended work family. More than a year has elapsed since my father passed and the family are extremely proud of the work, support and efforts of all our staff in that period to continue his legacy. |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| Customers and Pipeline |
| We started the 2021/22 financial year with a healthy pipeline of projects and the first half of the year to 31 July 2021 produced a solid set of results, albeit behind where we expected to be. We are confident that the second half of the year will improve on the first half and we expect to deliver year-on-year growth in turnover and profitability for this financial year. |
| The order book for the remainder of 2021/22 and the first quarter of 2022/23 is building steadily and we are confident we can achieve further growth in turnover and profitability in 2022/23. |
| Our customer base remains diverse and we are fortunate that the vast majority of our clients are blue chip companies. We continue to seek to win new customers, but most importantly we are working extremely hard to maintain our existing customer base and we would like to thank them for their continuing support. |
| The foundation of any successful company is its loyal and dedicated staff. We are extremely grateful for their contribution to the continued success of the Group and the family would like to express its thanks to all those that have and continue to support the business. |
| ON BEHALF OF THE BOARD: |
| 16th November 2021 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| The directors present their report with the financial statements of the company and the group for the year ended 31st January 2021. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group continued to be that of construction and demolition contractors, structural engineers, asbestos management and the provision of related services. |
| DIVIDENDS |
| Interim dividends of £3.63 per ordinary share, £1.86 per ordinary B share and £3.63 per ordinary C share were paid on 31 January 2021. The directors recommend that no final dividend be paid. |
| The total distribution of dividends for the year ended 31st January 2021 will be £240,000. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st February 2020 to the date of this report. |
| Other changes in directors holding office are as follows: |
| FINANCIAL INSTRUMENTS |
| Financial risk management |
| The group's operations expose it to a variety of financial risks that include the effect of changes in liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. |
| Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department. |
| Liquidity risk |
| The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned extensions. |
| Interest rate cash flow risk |
| The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances held on deposit. |
| Credit risk |
| The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. |
| Price risk |
| The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of 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 judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 each director has taken all the steps that he ought to have taken as a director in order to make himself 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 |
| SQUIBB GROUP LIMITED |
| Opinion |
| We have audited the financial statements of Squibb Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31st January 2021 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. |
| 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 Auditors' 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SQUIBB GROUP LIMITED |
| 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 Group Strategic Report or the Report of the Directors. |
| 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 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 five, 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 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. |
| Auditors' 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 a Report of the Auditors 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: |
| - Enquiry of management and staff regarding compliance with relevant laws and regulations, and any |
| litigation or claims |
| - Performance of analytical review to identify unexpected account movements and investigation of variances |
| - Assessment of potential management override by review of journals and unusual accounting entries |
| - Inspection of third-party supporting documentation |
| - Identification and review of transactions with related parties |
| - Review of year end cut-off and after date transactions |
| - Reconciliation of intercompany balances |
| There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud, rather than error, is higher as fraud may involve deliberate concealment, forgery, collusion or intentional misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SQUIBB GROUP 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 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. |
| for and on behalf of |
| Chartered Accountants |
| & Registered Auditors |
| 162-164 High Street |
| Rayleigh |
| United Kingdom |
| Essex |
| SS6 7BS |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ |
| TURNOVER | 3 | 31,350,035 | 32,473,736 |
| Cost of sales | (25,531,986 | ) | (24,896,576 | ) |
| GROSS PROFIT | 5,818,049 | 7,577,160 |
| Administrative expenses | (3,350,510 | ) | (4,204,335 | ) |
| 2,467,539 | 3,372,825 |
| Other operating income | 695,640 | - |
| OPERATING PROFIT | 5 | 3,163,179 | 3,372,825 |
| Exceptional items | 6 | (858,333 | ) | (1,225,000 | ) |
| 2,304,846 | 2,147,825 |
| Interest receivable and similar income | 11 | 3 |
| 2,304,857 | 2,147,828 |
| Interest payable and similar expenses | 7 | (680,840 | ) | (626,177 | ) |
| PROFIT BEFORE TAXATION | 1,624,017 | 1,521,651 |
| Tax on profit | 8 | (5,761 | ) | 224,470 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,619,163 | 1,741,525 |
| Non-controlling interests | (907 | ) | 4,596 |
| 1,618,256 | 1,746,121 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,618,256 | 1,746,121 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,618,256 |
1,746,121 |
| Note |
| Prior year adjustment | 11 | (5,000,000 | ) | (5,174,875 | ) |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(3,381,744 |
) |
(3,428,754 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | (3,380,837 | ) | (3,433,350 | ) |
| Non-controlling interests | (907 | ) | 4,596 |
| (3,381,744 | ) | (3,428,754 | ) |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| CONSOLIDATED BALANCE SHEET |
| 31ST JANUARY 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 | 134,520 | 151,335 |
| Tangible assets | 13 | 17,509,086 | 18,143,774 |
| Investments | 14 | - | - |
| 17,643,606 | 18,295,109 |
| CURRENT ASSETS |
| Stocks | 15 | 1,026,625 | 957,137 |
| Debtors | 16 | 16,257,433 | 16,681,739 |
| Cash at bank and in hand | 1,058,738 | 59,728 |
| 18,342,796 | 17,698,604 |
| CREDITORS |
| Amounts falling due within one year | 17 | (10,972,414 | ) | (11,808,656 | ) |
| NET CURRENT ASSETS | 7,370,382 | 5,889,948 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
25,013,988 |
24,185,057 |
| CREDITORS |
| Amounts falling due after more than one year | 18 | (13,250,578 | ) | (13,805,664 | ) |
| PROVISIONS FOR LIABILITIES | 22 | (1,055,204 | ) | (1,049,443 | ) |
| NET ASSETS | 10,708,206 | 9,329,950 |
| CAPITAL AND RESERVES |
| Called up share capital | 23 | 60,700 | 60,700 |
| Revaluation reserve | 24 | 1,129,862 | 1,129,862 |
| Retained earnings | 24 | 9,402,951 | 8,023,788 |
| SHAREHOLDERS' FUNDS | 10,593,513 | 9,214,350 |
| NON-CONTROLLING INTERESTS | 25 | 114,693 | 115,600 |
| TOTAL EQUITY | 10,708,206 | 9,329,950 |
| The financial statements were approved by the Board of Directors and authorised for issue on 16th November 2021 and were signed on its behalf by: |
| Mr L.J.H Squibb - Director |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| COMPANY BALANCE SHEET |
| 31ST JANUARY 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investments | 14 |
| CURRENT ASSETS |
| Stocks | 15 |
| Debtors | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 18 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Share premium | 24 |
| Revaluation reserve | 24 |
| Retained earnings | 24 | 3,399,258 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,569,813 | 1,614,622 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1st February 2019 | 60,700 | 11,697,138 | 1,129,862 |
| Prior year adjustment | - | (5,174,875 | ) | - |
| As restated | 60,700 | 6,522,263 | 1,129,862 |
| Changes in equity |
| Dividends | - | (240,000 | ) | - |
| Total comprehensive income | - | 6,741,525 | - |
| Balance at 31st January 2020 | 60,700 | 13,023,788 | 1,129,862 |
| Prior year adjustment | - | (5,000,000 | ) | - |
| As restated | 60,700 | 8,023,788 | 1,129,862 |
| Changes in equity |
| Dividends | - | (240,000 | ) | - |
| Total comprehensive income | - | 1,619,163 | - |
| Balance at 31st January 2021 | 60,700 | 9,402,951 | 1,129,862 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1st February 2019 | 12,887,700 | 111,004 | 12,998,704 |
| Prior year adjustment | (5,174,875 | ) | - | (5,174,875 | ) |
| As restated | 7,712,825 | 111,004 | 7,823,829 |
| Changes in equity |
| Dividends | (240,000 | ) | - | (240,000 | ) |
| Total comprehensive income | 6,741,525 | 4,596 | 6,746,121 |
| Balance at 31st January 2020 | 14,214,350 | 115,600 | 14,329,950 |
| Prior year adjustment | (5,000,000 | ) | - | (5,000,000 | ) |
| As restated | 9,214,350 | 115,600 | 9,329,950 |
| Changes in equity |
| Dividends | (240,000 | ) | - | (240,000 | ) |
| Total comprehensive income | 1,619,163 | (907 | ) | 1,618,256 |
| Balance at 31st January 2021 | 10,593,513 | 114,693 | 10,708,206 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| Called up |
| share | Retained | Share | Revaluation | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1st February 2019 |
| Prior year adjustment | - | ( |
) | - | - | ( |
) |
| As restated |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31st January 2020 |
| Prior year adjustment | - | ( |
) | - | - | ( |
) |
| As restated |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31st January 2021 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 3,908,110 | 2,118,544 |
| Interest paid | (544,555 | ) | (424,939 | ) |
| Interest element of hire purchase payments paid | (136,285 | ) | (201,238 | ) |
| Tax paid | (3,440 | ) | 5,065 |
| Net cash from operating activities | 3,223,830 | 1,497,432 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (285,859 | ) | (83,929 | ) |
| Sale of tangible fixed assets | 118,529 | 772,201 |
| Interest received | 11 | 3 |
| Net cash from investing activities | (167,319 | ) | 688,275 |
| Cash flows from financing activities |
| New loans in year | 1,500,000 | - |
| Loan repayments in year | (439,419 | ) | (1,054,605 | ) |
| Capital repayments in year | (1,609,468 | ) | (2,377,251 | ) |
| Amount introduced by directors | - | 884,218 |
| Amount withdrawn by directors | (850,711 | ) | - |
| Equity dividends paid | (240,000 | ) | (240,000 | ) |
| Net cash from financing activities | (1,639,598 | ) | (2,787,638 | ) |
| Increase/(decrease) in cash and cash equivalents | 1,416,913 | (601,931 | ) |
| Cash and cash equivalents at beginning of year |
2 |
(358,175 |
) |
243,756 |
| Cash and cash equivalents at end of year | 2 | 1,058,738 | (358,175 | ) |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Profit before taxation | 1,624,017 | 1,521,651 |
| Depreciation charges | 1,150,039 | 1,199,808 |
| Loss on disposal of fixed assets | 46,019 | 444,368 |
| Finance costs | 680,840 | 626,177 |
| Finance income | (11 | ) | (3 | ) |
| 3,500,904 | 3,792,001 |
| (Increase)/decrease in stocks | (69,488 | ) | 9,250 |
| Decrease/(increase) in trade and other debtors | 424,306 | (1,462,342 | ) |
| Increase/(decrease) in trade and other creditors | 52,388 | (220,365 | ) |
| Cash generated from operations | 3,908,110 | 2,118,544 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31st January 2021 |
| 31.1.21 | 1.2.20 |
| £ | £ |
| Cash and cash equivalents | 1,058,738 | 59,728 |
| Bank overdrafts | - | (417,903 | ) |
| 1,058,738 | (358,175 | ) |
| Year ended 31st January 2020 |
| 31.1.20 | 1.2.19 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 59,728 | 243,756 |
| Bank overdrafts | (417,903 | ) | - |
| (358,175 | ) | 243,756 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| Other |
| non-cash |
| At 1.2.20 | Cash flow | changes | At 31.1.21 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | 59,728 | 999,010 | 1,058,738 |
| Bank overdrafts | (417,903 | ) | 417,903 | - |
| (358,175 | ) | 1,416,913 | 1,058,738 |
| Debt |
| Finance leases | (3,822,337 | ) | 1,609,468 | (377,225 | ) | (2,590,094 | ) |
| Debts falling due |
| within 1 year | (1,054,605 | ) | - | - | (1,054,605 | ) |
| Debts falling due |
| after 1 year | (9,964,364 | ) | (1,060,581 | ) | - | (11,024,945 | ) |
| (14,841,306 | ) | 548,887 | (377,225 | ) | (14,669,644 | ) |
| Total | (15,199,481 | ) | 1,965,800 | (377,225 | ) | (13,610,906 | ) |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 1. | STATUTORY INFORMATION |
| Squibb Group Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: |
| - Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares; |
| - Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; |
| - Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; |
| - Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
| Basis of consolidation |
| The consolidated financial statements present the results of Squibb Group Limited and its subsidiaries ("the group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the group obtains the right to consideration. |
| The net sales value of work performed, less payments invoiced on account, is included within accrued income. |
| Goodwill |
| Positive goodwill, being the amounts paid by the group in connection with the acquisition of businesses is being amortised evenly over the estimated useful economic lives of twenty years. |
| Negative goodwill in connection with the acquisition of businesses is written off directly to reserves on consolidation. |
| 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. |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss. |
| Impairment of fixed assets |
| At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Government grants |
| Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised within profit or loss. |
| The group was also a beneficiary of a Government-backed loan under the Coronavirus Business Interruption Loan Scheme, which is recognised within bank loans and overdrafts as per note 19 in the accounts. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated party. |
| Classification of 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 group after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors and bank loans, 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 payments discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire. |
| Equity instruments |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Equity instruments issued by the group are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| Investments |
| Fixed asset investments are stated at cost less provision for permanent diminution in value. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 2021 | 2020 |
| as restated |
| £ | £ |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 3. | TURNOVER - continued |
| An analysis of turnover by geographical market is given below: |
| 2021 | 2020 |
| as restated |
| £ | £ |
| United Kingdom |
| The above analysis excludes intra-group sales. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2021 | 2020 |
| as restated |
| Management | 13 | 13 |
| Production and sales | 185 | 188 |
| Administration | 13 | 13 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 211 (2020 - 214 ) . |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Goodwill amortisation |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| Government grants | ( |
) |
| 6. | EXCEPTIONAL ITEMS |
| 2021 | 2020 |
| £ | £ |
| Sales contract settlements and adjudications | 708,333 | 1,225,000 |
| Exceptional costs associated with Covid-19 | 150,000 | - |
| 858,333 | 1,225,000 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Bank loan interest |
| Other interest |
| Hire purchase |
| 8. | TAXATION |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the year was as follows: |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Current tax: |
| Under/(Over) provision prior year | 500,000 | (11,996 | ) |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit | ( |
) |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge/(credit) 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: |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Capital allowances in excess of depreciation | (32,687 | ) | (95,798 | ) |
| Expenses not deductible for taxation | 18,927 | 32,541 |
| Loss/(Profit) on disposal of fixed assets | 8,744 | 84,430 |
| Under/(Over) provision from previous years | 500,000 | (11,996 | ) |
| Deferred tax | (494,239 | ) | (212,474 | ) |
| Utilisation of losses | 646,453 | 672,939 |
| Prior year adjustment | (950,000 | ) | (983,226 | ) |
| Total tax charge/(credit) | 5,761 | (224,470 | ) |
| 9. | INDIVIDUAL INCOME STATEMENT |
| 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. |
| 10. | DIVIDENDS |
| 2021 | 2020 |
| £ | £ |
| Ordinary shares of £1 and £0.10 each | 240,000 | 240,000 |
| 11. | PRIOR YEAR ADJUSTMENT |
| During the year to 31st January 2020, the group changed its accounting policy regarding revenue recognition of metals in situ at demolition sites. |
| The previous policy was to recognise income and an asset based upon the estimated value of metals contained in a site, less estimated costs of extraction, once a contract was awarded. Under the new policy, scrap income from metals will be recognised once extraction has taken place and the sale proceeds are realised. |
| Metals in situ at 31 January 2019 are being written off over 3 years, based upon the directors' estimate of the period of realisation of those metals from sites. |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 12. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1st February 2020 |
| and 31st January 2021 |
| AMORTISATION |
| At 1st February 2020 |
| Amortisation for year |
| At 31st January 2021 |
| NET BOOK VALUE |
| At 31st January 2021 |
| At 31st January 2020 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1st February 2020 | 8,425,956 | 16,949,023 | 291,858 | 2,026,317 | 27,693,154 |
| Additions | - | 312,259 | - | 350,825 | 663,084 |
| Disposals | - | (321,173 | ) | - | (92,095 | ) | (413,268 | ) |
| At 31st January 2021 | 8,425,956 | 16,940,109 | 291,858 | 2,285,047 | 27,942,970 |
| DEPRECIATION |
| At 1st February 2020 | - | 8,141,919 | 150,283 | 1,257,178 | 9,549,380 |
| Charge for year | - | 888,973 | 28,007 | 216,244 | 1,133,224 |
| Eliminated on disposal | - | (194,504 | ) | - | (54,216 | ) | (248,720 | ) |
| At 31st January 2021 | - | 8,836,388 | 178,290 | 1,419,206 | 10,433,884 |
| NET BOOK VALUE |
| At 31st January 2021 | 8,425,956 | 8,103,721 | 113,568 | 865,841 | 17,509,086 |
| At 31st January 2020 | 8,425,956 | 8,807,104 | 141,575 | 769,139 | 18,143,774 |
| Included in cost or valuation of land and buildings is freehold land of £3,500,000 (2020 - £3,500,000) which is not depreciated. |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Cost or valuation at 31st January 2021 is represented by: |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2010 | 279,862 | - | - | - | 279,862 |
| Valuation in 2015 | 850,000 | - | - | - | 850,000 |
| Cost | 7,296,094 | 16,940,109 | 291,858 | 2,285,047 | 26,813,108 |
| 8,425,956 | 16,940,109 | 291,858 | 2,285,047 | 27,942,970 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Cost | 7,296,094 | 7,296,094 |
| Freehold land and buildings were valued on an open market basis in February 2018 by BNP Paribas Real Estate, Chartered Surveyors, at approximately £6 million. The Directors do not consider that the open market valuation basis reflects the fair value of the freehold land and buildings on an existing use basis. |
| The freehold land and buildings have therefore been included in the accounts at the cost of £8.4 million which the directors believe is their fair value on an existing use basis. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1st February 2020 | 8,704,404 | 192,088 | 933,840 | 9,830,332 |
| Additions | 258,248 | - | 193,560 | 451,808 |
| Disposals | (152,185 | ) | - | (32,122 | ) | (184,307 | ) |
| At 31st January 2021 | 8,810,467 | 192,088 | 1,095,278 | 10,097,833 |
| DEPRECIATION |
| At 1st February 2020 | 2,484,450 | 72,193 | 332,685 | 2,889,328 |
| Charge for year | 669,247 | 23,979 | 163,383 | 856,609 |
| Eliminated on disposal | (59,320 | ) | - | (11,694 | ) | (71,014 | ) |
| At 31st January 2021 | 3,094,377 | 96,172 | 484,374 | 3,674,923 |
| NET BOOK VALUE |
| At 31st January 2021 | 5,716,090 | 95,916 | 610,904 | 6,422,910 |
| At 31st January 2020 | 6,219,954 | 119,895 | 601,155 | 6,941,004 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1st February 2020 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31st January 2021 |
| DEPRECIATION |
| At 1st February 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31st January 2021 |
| NET BOOK VALUE |
| At 31st January 2021 |
| At 31st January 2020 |
| Included in cost or valuation of land and buildings is freehold land of £ 3,500,000 (2020 - £ 3,500,000 ) which is not depreciated. |
| Cost or valuation at 31st January 2021 is represented by: |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2010 | 279,862 | - | - | - | 279,862 |
| Valuation in 2015 | 850,000 | - | - | - | 850,000 |
| Cost | 7,296,094 | 14,806,046 | 213,125 | 1,186,964 | 23,502,229 |
| 8,425,956 | 14,806,046 | 213,125 | 1,186,964 | 24,632,091 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Cost | 7,296,094 | 7,296,094 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Freehold land and buildings were valued on an open market basis in February 2018 by BNP Paribas Real Estate, Chartered Surveyors, at approximately £6 million. The Directors do not consider that the open market valuation basis reflects the fair value of the freehold land and buildings on an existing use basis. |
| The freehold land and buildings have therefore been included in the accounts at the cost of £8.4 million which the directors believe is their fair value on an existing use basis. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1st February 2020 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31st January 2021 |
| DEPRECIATION |
| At 1st February 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31st January 2021 |
| NET BOOK VALUE |
| At 31st January 2021 |
| At 31st January 2020 |
| 14. | FIXED ASSET INVESTMENTS |
| Company |
| Unlisted |
| investments |
| £ |
| COST |
| At 1st February 2020 |
| and 31st January 2021 |
| NET BOOK VALUE |
| At 31st January 2021 |
| At 31st January 2020 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 14. | 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: |
| Subsidiaries |
| Registered office: Squibb House, Stanhope Industrial Park, Wharf Road, Stanford le Hope, Essex, SS17 0AL |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 162-164 High Street, Rayleigh, Essex, SS6 7BS |
| Nature of business: |
| % |
| Class of shares: | holding |
| The results of the company have been included in the consolidated financial statements by virtue of the dominant influence and control exercised by the parent company. |
| Registered office: 162-164 High Street, Rayleigh, Essex, SS6 7BS |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 162-164 High Street, Rayleigh, Essex, SS6 7BS |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 162-164 High Street, Rayleigh, Essex, SS6 7BS |
| Nature of business: |
| % |
| Class of shares: | holding |
| The results of the company have been included in the consolidated financial statements by virtue of the dominant influence and control exercised by the parent company. |
| Registered office: Squibb House, Stanhope Industrial Park, Wharf Road, Stanford le Hope, Essex, SS17 0AL |
| Nature of business: |
| % |
| Class of shares: | holding |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 15. | STOCKS |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| £ | £ | £ | £ |
| Materials | 1,026,625 | 957,137 |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| £ | £ | £ | £ |
| Trade debtors | 1,981,019 | 1,545,094 |
| Other debtors | 75,977 | 85,954 |
| Prepayments and accrued income | 14,200,437 | 15,050,691 |
| 16,257,433 | 16,681,739 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 1,054,605 | 1,472,508 |
| Hire purchase contracts (see note 20) | 1,671,178 | 2,138,465 |
| Trade creditors | 5,297,525 | 6,291,168 |
| Amounts owed to group undertakings | - | - |
| Tax | (246 | ) | 3,194 |
| Social security and other taxes | 2,617,312 | 1,226,390 |
| Directors' current accounts | 240,000 | 240,000 | 240,000 | 240,000 |
| Accruals and deferred income | 92,040 | 436,931 |
| 10,972,414 | 11,808,656 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| £ | £ | £ | £ |
| Bank loans (see note 19) | 11,024,945 | 9,964,364 |
| Hire purchase contracts (see note 20) | 918,916 | 1,683,872 |
| Other creditors | 1,306,717 | 2,157,428 |
| 13,250,578 | 13,805,664 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | - | 417,903 |
| Bank loans | 1,054,605 | 1,054,605 |
| 1,054,605 | 1,472,508 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years | 11,024,945 | 9,964,364 |
| During the year, the group's bankers HSBC Bank plc advanced Coronavirus Business Interruption Loans totalling £1,500,000. |
| In June 2021, the total outstanding borrowing was restructured into 2 Term Loan agreements: |
| - £5,950,000 repayable by 47 monthly instalments of £33,056 and a final repayment of £4,396,388 |
| - £5,366,000 repayable by 47 monthly instalments of £55,000 and a final repayment of £2,781,000 |
| Both loans are subject to interest at 2.75% over the Bank of England Base Rate. |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 1,840,421 | 2,329,063 |
| Between one and five years | 1,060,400 | 1,856,403 |
| 2,900,821 | 4,185,466 |
| Finance charges repayable: |
| Within one year | 169,243 | 190,598 |
| Between one and five years | 141,484 | 172,531 |
| 310,727 | 363,129 |
| Net obligations repayable: |
| Within one year | 1,671,178 | 2,138,465 |
| Between one and five years | 918,916 | 1,683,872 |
| 2,590,094 | 3,822,337 |
| Company |
| Hire purchase contracts |
| 2021 | 2020 |
| as restated |
| £ | £ |
| 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 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 20. | LEASING AGREEMENTS - continued |
| 21. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| £ | £ | £ | £ |
| Bank loans | 12,079,550 | 11,018,969 |
| Hire purchase contracts | 2,590,094 | 3,822,337 | 2,434,334 | 3,578,508 |
| 14,669,644 | 14,841,306 |
| The Group's banking facilities with HSBC Bank plc are secured by first legal charges over the Group's freehold properties, debentures over all of the Group's assets and cross company guarantees given by all of the Group members. |
| Hire purchase agreements are secured on the assets to which they relate. |
| 22. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| as restated | as restated |
| £ | £ | £ | £ |
| Deferred tax | 555,204 | 1,049,443 | 536,092 | 1,037,332 |
| Other provisions |
| Corporation tax | 500,000 | - | 500,000 | - |
| Aggregate amounts | 1,055,204 | 1,049,443 | 1,036,092 | 1,037,332 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1st February 2020 | 1,049,443 |
| Accelerated capital allowances | (494,239 | ) |
| Balance at 31st January 2021 | 555,204 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 22. | PROVISIONS FOR LIABILITIES - continued |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1st February 2020 |
| Accelerated capital allowances | (501,240 | ) |
| Balance at 31st January 2021 |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | as restated |
| £ | £ |
| Ordinary | £1.00 | 55,200 | 55,200 |
| Ordinary A to E | £0.10 | 5,500 | 5,500 |
| 60,700 | 60,700 |
| The group called up share capital of £60,700 comprises the company share capital and the allotted, issued and fully paid share capital of subsidiaries included in the group accounts by virtue of dominant influence and control. |
| 24. | RESERVES |
| Group |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1st February 2020 | 13,023,788 | 1,129,862 | 14,153,650 |
| Prior year adjustment | (5,000,000 | ) | (5,000,000 | ) |
| 8,023,788 | 9,153,650 |
| Profit for the year | 1,619,163 | 1,619,163 |
| Dividends | (240,000 | ) | (240,000 | ) |
| At 31st January 2021 | 9,402,951 | 1,129,862 | 10,532,813 |
| SQUIBB GROUP LIMITED (REGISTERED NUMBER: 01058215) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST JANUARY 2021 |
| 24. | RESERVES - continued |
| Company |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1st February 2020 | 12,024,120 |
| Prior year adjustment | ( |
) | ( |
) |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31st January 2021 | 8,353,933 |
| 25. | NON-CONTROLLING INTERESTS |
| The minority interest share of net assets and liabilities of subsidiary undertakings at the balance sheet date amounted to £114,693 (2020 £115,600). |
| 26. | PENSION COMMITMENTS |
| The Group contributes to defined contribution pension schemes for its directors and certain employees. The pension schemes are independently administered funds and their assets are held separately from those of the Group. Contributions paid during the year amounted to £162,191 (2020 - £187,359) and are reported in the profit and loss account. There were no outstanding contributions at the year end. |
| 27. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the period, the shareholders/directors advanced loans to the group. As at the balance sheet date the company owed the estate of Mr L.J Squibb, Mr L.J.H Squibb, and Mr W.J Squibb £1,496,717 (2020 - £2,347,428), included in creditors due within and after more than one year. |
| 28. | ULTIMATE CONTROLLING PARTY |
| The controlling shareholding is presently held by the Estate of Mr. L. J Squibb. |