Company Registration No. 12125540 (England and Wales)
SCX KINETIC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
SCX KINETIC LIMITED
COMPANY INFORMATION
Directors
J Cunningham
(Appointed 31 January 2020)
P Greves
(Appointed 31 January 2020)
M Puttick
(Appointed 31 January 2020)
S Stead
(Appointed 11 September 2019)
A Whitworth
(Appointed 11 September 2019)
Company number
12125540
Registered office
30 Roman Ridge Road
Sheffield
S9 1GA
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers
HSBC UK Bank plc
4th Floor
City Point
29 King Street
Leeds
LS1 2HL
SCX KINETIC LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
SCX KINETIC LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2020
- 1 -
The directors present the strategic report for the Period ended 31 March 2020.
Fair review of the business
The company is an intermediate company within the group headed by SCX Kinetic Holdings Limited. Performance of the wider group is disclosed within the ultimate parent company's financial statements.
The company was incorporated on 26 July 2019 for the purpose of the acquisition of SCX Special Projects Limited and its immediate parent company. SCX Special Projects Holdings Limited, together with its subsidiary SCX Special Projects Limited, was acquired by SCX Kinetic Limited on 31 January 2020. SCX Kinetic Limited is a subsidiary of SCX Kinetic Holdings Limited, which is controlled by funds managed by Elysian Capital LLP.
An element of the funding secured to acquire the SCX Special Projects Group is held by the company, comprising bank term loans and shareholder loan notes.
Principal risks and uncertainties
The company is an intermediate company within the group headed by SCX Kinetic Holdings Limited. Risks and uncertainties affecting the group are disclosed within the ultimate parent company's financial statements.
A Whitworth
Director
5 January 2021
SCX KINETIC LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2020
- 2 -
The directors present their annual report and financial statements for the Period ended 31 March 2020.
Principal activities
The company was incorporated on 26 July 2019. Its principal activity is that of a holding company.
Results and dividends
The results for the Period are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
J Cunningham
(Appointed 31 January 2020)
P Greves
(Appointed 31 January 2020)
M Puttick
(Appointed 31 January 2020)
S Stead
(Appointed 11 September 2019)
A Whitworth
(Appointed 11 September 2019)
A G Secretarial Limited
(Appointed 26 July 2019 and resigned 11 September 2019)
R Hart
(Appointed 26 July 2019 and resigned 11 September 2019)
Inhoco Formations Limited
(Appointed 26 July 2019 and resigned 11 September 2019)
Auditor
BHP LLP 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
A Whitworth
Director
5 January 2021
SCX KINETIC LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2020
- 3 -
The directors are responsible 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 then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The 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.
SCX KINETIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF SCX KINETIC LIMITED
- 4 -
Opinion
We have audited the financial statements of SCX Kinetic Limited (the 'company') for the Period ended 31 March 2020 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its loss for the Period 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial Period for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SCX KINETIC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SCX KINETIC LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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 directors'
r
esponsibilities
s
tatement, 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's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member 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 member for our audit work, for this report, or for the opinions we have formed.
Paul Winwood (Senior Statutory Auditor)
For and on behalf of BHP LLP
5 January 2021
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
SCX KINETIC LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2020
- 6 -
Period
ended
31 March
2020
Notes
£
Administrative expenses
(102,208)
Other operating income
98,408
Operating loss
(3,800)
Interest payable and similar expenses
5
(206,972)
Loss before taxation
(210,772)
Tax on loss
6
-
Loss for the financial Period
(210,772)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SCX KINETIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2020
- 7 -
Period
ended
31 March
2020
£
Loss for the Period
(210,772)
Other comprehensive income
-
Total comprehensive income for the Period
(210,772)
SCX KINETIC LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 8 -
2020
Notes
£
£
Fixed assets
Investments
7
24,736,823
Current assets
Debtors
9
96,892
Cash at bank and in hand
948,346
1,045,238
Creditors: amounts falling due within one year
10
(2,373,608)
Net current liabilities
(1,328,370)
Total assets less current liabilities
23,408,453
Creditors: amounts falling due after more than one year
11
(17,875,000)
Net assets
5,533,453
Capital and reserves
Called up share capital
14
2
Share premium account
5,744,223
Profit and loss reserves
(210,772)
Total equity
5,533,453
The financial statements were approved by the board of directors and authorised for issue on 5 January 2021 and are signed on its behalf by:
A Whitworth
Director
Company Registration No. 12125540
SCX KINETIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2020
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Period ended 31 March 2020:
Loss and total comprehensive income for the period
-
-
(210,772)
(210,772)
Issue of share capital
14
2
5,744,223
-
5,744,225
Balance at 31 March 2020
2
5,744,223
(210,772)
5,533,453
SCX KINETIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 10 -
1
Accounting policies
Company information
SCX Kinetic Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
30 Roman Ridge Road, Sheffield, S9 1GA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
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’
:
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 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
SCX Kinetic Holdings Limited
. These consolidated financial statements are available from its registered office
.
1.2
Going concern
The directors have reviewed the performance of the wider group and considered the impact of the COVID-19 pandemic on the group's trade, workforce and supply chain, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration or extent of the disruption, the directors have reviewed the performance in the year, the outlook including the order book, the liquidity position of the group and facilities available to it and concluded that, at the time of approving the financial statements, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis of preparation for these financial statements.
true
1.3
Reporting period
These financial statements represent the first since the company was incorporated on 26 July 2019. Therefore, no comparative information is available and the current year represents an eight month period to 31 March 2020.
SCX KINETIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 11 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company 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 in the company's balance sheet when the company 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 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 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 publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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 or 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.
SCX KINETIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 12 -
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 company
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 third 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the 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 company.
SCX KINETIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 13 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the 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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2020
Number
Directors
2
Management
3
Total
5
SCX KINETIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
3
Employees
(Continued)
- 14 -
Their aggregate remuneration comprised:
2020
£
Wages and salaries
77,971
Social security costs
11,274
Pension costs
9,163
98,408
4
Directors' remuneration
2020
£
Remuneration for qualifying services
38,386
Company pension contributions to defined contribution schemes
4,074
42,460
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2.
5
Interest payable and similar expenses
2020
£
Interest on bank overdrafts and loans
46,300
Interest on loan notes
160,672
206,972
SCX KINETIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 15 -
6
Taxation
The actual charge for the Period can be reconciled to the expected credit for the Period based on the profit or loss and the standard rate of tax as follows:
2020
£
Loss before taxation
(210,772)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00%
(40,047)
Unutilised tax losses carried forward
40,047
Taxation charge for the period
-
7
Fixed asset investments
2020
Notes
£
Investments in subsidiaries
8
24,736,823
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019
-
Additions
24,736,823
At 31 March 2020
24,736,823
Carrying amount
At 31 March 2020
24,736,823
On 31 January 2020, the company acquired the share capital of SCX Special Projects Holdings Limited as part of a group reconstruction.
8
Subsidiaries
Details of the company's subsidiaries at 31 March 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
SCX Special Projects Holdings Limited
30 Roman Ridge Road, Sheffield, S9 1GA
Ordinary
100.00
-
SCX Special Projects Limited
30 Roman Ridge Road, Sheffield, S9 1GA
Ordinary
0
100.00
SCX KINETIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 16 -
9
Debtors
2020
Amounts falling due within one year:
£
Trade debtors
1
Other debtors
96,891
96,892
10
Creditors: amounts falling due within one year
2020
Notes
£
Bank loans
12
150,000
Amounts owed to group undertakings
1,730,775
Accruals and deferred income
492,833
2,373,608
11
Creditors: amounts falling due after more than one year
2020
Notes
£
Debenture loans
12
12,025,000
Bank loans and overdrafts
12
5,850,000
17,875,000
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
16,525,000
12
Loans and overdrafts
2020
£
Debenture loans
12,025,000
Bank loans
6,000,000
18,025,000
Payable within one year
150,000
Payable after one year
17,875,000
SCX KINETIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
12
Loans and overdrafts
(Continued)
- 17 -
Bank facilities are secured by fixed and floating charges over the assets of the Group.
Debenture loans are unsecured.
On 31 January 2020, the Group entered into a term loan agreement. The term loan agreement provides SCX Kinetic Holdings Limited and the wider group up to £9 million consisting of an A facility providing up to £1.5 million repayable in instalments until December 2024, a B facility providing up to £4.5 million repayable in January 2026 and a revolving facility of up to £3 million repayable in January 2025.
The facilities bear interest at a rate per annum equal to LIBOR plus an applicable margin between 3.5% and 4.0% per annum.
The outstanding balance at the year end is £6,000,000.
The Group also entered into loan note agreements on 31 January 2020 with funds managed by Elysian Capital LLP and managers. The total amount of £12,025,000 was issued in loan notes, repayable in January 2027, or earlier if a qualifying condition is satisfied. Interest on the loan notes accrue at a rate of 8% per annum and is compounded until the interest is repaid.
13
Retirement benefit schemes
2020
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
9,163
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
14
Share capital
2020
2020
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
2
2
15
Related party transactions
The
Company
has issued loan notes with a nominal value of £
8,668,140
to Elysian Capital II LP and £
597,636
to Elysian Capital Executive Management LP. The loan notes bear interest at
8
% compounded per annum. The Group and Elysian Capital LLP are related parties due to the existence of common members / directorships and because the private equity funds Elysian Capital II LP and Elysian Capital Executive Management LP which are managed by Elysian Capital LLP own a controlling interest in
the parent company
SCX Kinetic Holdings Limited. Total interest payable during the year is £
115,892
and £
7,990
respectively and the total outstanding balances at year end are £
8,784,032
and £
605,626
respectively.
During the period, the group accrued monitoring fees of £
3,800
to Elysian Capital LLP. The total monitoring fees owing at 31 March 2020 amounted to £
3,800.
SCX KINETIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 18 -
16
Ultimate controlling party
The Group is controlled by Elysian Capital II LP on the basis that it holds a controlling interest in the voting rights of SCX Kinetic Holdings Limited.
The smallest and largest set of consolidated accounts which includes the results of SCX
Kinetic
Limited are prepared by
SCX Kinetic
Holdings Limited. Copies of which are available from the Registrar.
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