Company Registration No. 01526052 (England and Wales)
SACKERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
SACKERS LIMITED
COMPANY INFORMATION
Directors
Mr C A R Dodds
Mr E C C Dodds
Mr A A Dodds
Mr D G Dodds
Mr G C Gray
(Appointed 7 September 2020)
Mr N Canham
(Appointed 28 April 2021)
Mr G Young
(Appointed 28 June 2021)
Company number
01526052
Registered office
Railway Sidings
Great Blakenham
Ipswich
Suffolk
IP6 0JB
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
Suffolk
IP1 1QJ
Bankers
Virgin Money
5 Church Street
Peterborough
PE1 1XB
SACKERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
SACKERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2021
- 1 -
The directors present the strategic report for the year ended 30 April 2021.
Fair review of the business
The company’s principal activities continue to be the recycling of scrap metal, commercial industrial waste and the distribution of its products to its local, national and international customer base.
The company continues to invest in its people and its business management systems. The company’s business systems provide valuable data and enable improved decision making in the planning and trading processes and throughout the business as a whole.
Turnover increased versus the prior year by 10% to £37.1M, benefiting from higher volumes in the months after the first UK COVID 19 lockdown during 2020. The company’s stronger performance led to a reduction in net debt. Net debt reducing by 14% to £1.75M.
The profit after tax for the financial year increased markedly to £549,041 (2019: Loss £203,586).
During the year we were pleased to announce the appointment of Nigel Canham to the Sackers board as Chief Financial Officer. He joined the business during 2019 and has been instrumental in helping to position the business for long term growth. Nigel brings knowledge in a wide range of international, manufacturing and service businesses, most notably at Danaher, the global science and technology innovator, and Permira, the global investment firm. His experience of long-term value generation, continuous improvement and lean process improvement is invaluable to the business.
Principal risks and uncertainties
The management of the business and the execution of the company’s strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the company.
The key business risks and uncertainties facing the company are set out as below:
COVID 19 pandemic – business was lower in the immediate months following the start of the pandemic in early 2020. Given the uncertain nature, extent and length of the restrictions the business worked with its supply chains and external stakeholders to mitigate the risk this may cause. During the financial year the business made use of Government backed financial support via the Coronavirus Job Retention Scheme. The pandemic initially resulted in reduced working at some locations. Following the implementation of appropriate safety measures the trading level has seen a return to, and in some areas, an increase compared to pre-COVID levels. The Directors continue to closely monitor the impact of COVID 19 on its employees, operations, supply chain and customer base.
Currency exchange rates – the company has a high proportion of its turnover in US Dollars, this could expose it to differences on exchange. The company manages this risk by hedging the exchange rate at the time a sale is agreed.
Competitor pressure – the market in which the Company operates is considered to be relatively competitive, and therefore competitor pressure could result in losing sales to competitors. The company manages this risk by providing quality products and services and maintaining strong relationships with its key customers. It also monitors prices from global markets on a daily basis to ensure sales are at best market value.
Key performance indicators and key performance areas
The directors closely monitor a range of key performance indicators (KPI’s) throughout the year. During the year, the primary KPI’s have been gross profit margin as a measure of performance and turnover as a measure of activity.
During the year, the company’s turnover increased by £3.2M or 10% to £37.1M, gross margin increased by £339K, and decreased by 13 bps to 11.8% from 11.9%.
SACKERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 2 -
Post balance sheet events
We are pleased to have welcomed Gary Young as Chief Operating Officer on 28 June 2021. Gary has a wealth of knowledge in the aerospace, recycling, metals and engineering sectors. He has over 30 years of experience in these sectors, combined with his broad business knowledge this will allow him to help grow Sackers and to meet its long-term strategic goals. Gary has held many senior directorship roles, most notably with the London based private investment firm Hadleigh Partners. A company of which he went on to be Group Managing Director for the Metals and Engineering division.
Mr D G Dodds
CEO
6 October 2021
SACKERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2021
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2021.
Principal activities
The principal activities of the company during the period continued to be the recycling of scrap metals and delivery of total waste management solutions.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C A R Dodds
Mr E C C Dodds
Mr A A Dodds
Mr D G Dodds
Mr G C Gray
(Appointed 7 September 2020)
Mr N Canham
(Appointed 28 April 2021)
Mr G Young
(Appointed 28 June 2021)
Financial instruments
Treasury operations and financial instruments
The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.
The company’s principal financial instruments include derivative financial instruments (the purpose of which is to manage currency risks arising from the company’s activities) bank loans, overdraft and trade finance facility (the main purpose of which is to raise finance for the company’s operations). In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the company enters into principally comprise forward exchange contracts. In accordance with company’s treasury policy, derivative instruments are not entered into for speculative purposes.
Liquidity risk
The company is exposed to liquidity risk both to finance its trading activities and its investment activities. The company's policy is to finance working capital requirements through retained earnings as far as possible and to use external financing at prevailing market rates as and when required. Major fixed asset investments are financed by specific borrowings against the assets concerned through borrowing with terms broadly equivalent to the useful economic life of the asset concerned.
Interest rate risk
The Company is exposed to interest rate rises through a proportion of the bank loans which are variable. However the directors have protected a certain proportion of this risk by utilising an interest rate swap. All finance on assets held under hire purchase have a fixed rate of interest.
Foreign currency risk
The company's principal exchange risk arises on its sales to overseas companies , the company uses forward US dollar contracts to manage these currency exchange rate risks.
SACKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 4 -
Credit risk
Research and development
The company has continued its commitment to research and development activities during the year, with further investment into scrap metal recycling methods.
Future developments
The Directors are confident that the Company is well placed to meet future challenges successfully particularly given the development of internal processes and restructuring completed since the year end.
Auditor
The auditor, Ensors Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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
Mr D G Dodds
CEO
6 October 2021
SACKERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2021
- 5 -
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.
SACKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SACKERS LIMITED
- 6 -
Opinion
We have audited the financial statements of Sackers Limited (the 'company') for the year ended 30 April 2021 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 30 April 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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
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 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.
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 contained within the annual report. 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. 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 course of 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 our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SACKERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SACKERS LIMITED
- 7 -
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements are free from material misstatement due to fraud.
In planning and designing our audit procedures we assessed the risks of material misstatement due to fraud.
Consideration was given to the control environment (including management’s own process for identification and risk assessment) as well as the nature of the entity, the industry in which it operates and the underlying performance. Consideration is also given to the attitudes and incentives of management to commit fraud.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they are likely in involve deliberate concealment or collusion.
Our assessment concluded that the areas of highest risk are non-compliance with laws and regulations and management override of controls. To address these risks we performed the following audit procedures:
SACKERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SACKERS LIMITED
- 8 -
There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the directors and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the the law in itself is far removed from any financial transactions.
A further description of our responsibilities is available 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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
12 October 2021
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
Suffolk
IP1 1QJ
SACKERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2021
- 9 -
2021
2020
Notes
£
£
Turnover
3
37,139,824
33,891,028
Cost of sales
(32,752,449)
(29,842,753)
Gross profit
4,387,375
4,048,275
Administrative expenses
(3,795,404)
(4,316,328)
Other operating income
199,403
86,083
Operating profit/(loss)
4
791,374
(181,970)
Interest receivable and similar income
7
11
17,166
Interest payable and similar expenses
8
(89,697)
(226,430)
Profit/(loss) before taxation
701,688
(391,234)
Tax on profit/(loss)
9
(152,647)
187,648
Profit/(loss) for the financial year
549,041
(203,586)
The income statement has been prepared on the basis that all operations are continuing operations.
SACKERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2021
30 April 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
10
6,963,646
7,556,471
Current assets
Stocks
13
1,136,115
619,558
Debtors
14
7,282,565
5,354,356
Cash at bank and in hand
952,335
1,308,853
9,371,015
7,282,767
Creditors: amounts falling due within one year
15
(9,490,775)
(8,074,129)
Net current liabilities
(119,760)
(791,362)
Total assets less current liabilities
6,843,886
6,765,109
Creditors: amounts falling due after more than one year
16
(1,068,212)
(1,593,864)
Provisions for liabilities
Deferred tax liability
19
576,499
521,111
(576,499)
(521,111)
Net assets
5,199,175
4,650,134
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
5,199,075
4,650,034
Total equity
5,199,175
4,650,134
The financial statements were approved by the board of directors and authorised for issue on 6 October 2021 and are signed on its behalf by:
Mr D G Dodds
CEO
Company Registration No. 01526052
SACKERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2021
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2019
100
4,853,620
4,853,720
Year ended 30 April 2020:
Loss and total comprehensive income for the year
-
(203,586)
(203,586)
Balance at 30 April 2020
100
4,650,034
4,650,134
Year ended 30 April 2021:
Profit and total comprehensive income for the year
-
549,041
549,041
Balance at 30 April 2021
100
5,199,075
5,199,175
SACKERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2021
- 12 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,390,566
2,395,393
Interest paid
(89,697)
(226,430)
Income taxes (paid)/refunded
(11)
181,980
Net cash inflow from operating activities
1,300,858
2,350,943
Investing activities
Purchase of tangible fixed assets
(369,820)
(471,028)
Proceeds on disposal of tangible fixed assets
501
75,246
Interest received
11
17,166
Net cash used in investing activities
(369,308)
(378,616)
Financing activities
Proceeds of new bank loans
1,106,932
1,933,957
Repayment of bank loans
(2,037,114)
(1,557,224)
Payment of finance leases obligations
(357,886)
(431,597)
Net cash used in financing activities
(1,288,068)
(54,864)
Net (decrease)/increase in cash and cash equivalents
(356,518)
1,917,463
Cash and cash equivalents at beginning of year
1,308,853
(608,610)
Cash and cash equivalents at end of year
952,335
1,308,853
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 13 -
1
Accounting policies
Company information
Sackers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Railway Sidings, Great Blakenham, Ipswich, Suffolk, IP6 0JB.
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.
The company has taken advantage of the
exemption
not to prepare consolidated accounts
and the basis that the subsidiary is dormant and therefore not material to the group.
The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
While the company had net current liabilities at 30 April 2021, the directors have prepared performance projections, including cash flow forecasts for the period up until 30 April 2023 and are satisfied that the company’s trading cash flow is sufficient. Based on these forecasts and post year end performance, plus the assumption that new banking facilities will be agreed when the current arrangement ends, the going concern basis remains appropriate.
true
The COVID-19 pandemic created a period of reduced activity during March, April and May 2020 but the company was confirmed as a critical business that needed to continue trading. Subsequent performance has been significantly better than initially expected and cash flow has improved greatly.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Turnover is recognised at fair value when the company has fulfilled its contractual obligation and earned a right to consideration.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 14 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold Property
2% - 10% on Cost
Plant and machinery
5% on Cost or 20%-25% on Reducing Balance
Fixtures, fittings and equipment
5% on Cost or 20% on Reducing Balance
Motor vehicles
25% on Reducing Balance
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 or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
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 company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
1.9
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 statement of financial position 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.
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 15 -
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.
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
and hire purchase contracts
, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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.
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 16 -
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.
1.10
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.
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
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.
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 18 -
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.
Critical judgements and estimates
The following judgements
and estimates
have had the most significant
effect on amounts recognised in the financial statements.
Recoverability of trade debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors, and historical experience.
Stock quantities
Directors largely use their professional judgement when estimating stock quantities at the year end, where it is not practical to weigh the stock.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Sale of goods and services in connection with recycling scrap metals and waste management
37,139,824
33,891,028
2021
2020
£
£
Other significant revenue
Interest income
11
17,166
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
9,610,211
10,795,142
Europe
2,410,587
3,178,421
Rest of World
25,119,026
19,917,465
37,139,824
33,891,028
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 19 -
4
Operating profit/(loss)
2021
2020
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains/(losses)
(132,285)
41,686
Research and development costs
275
3,657
Fees payable to the company's auditor for the audit of the company's financial statements
12,500
11,000
Depreciation of owned tangible fixed assets
843,054
963,224
Depreciation of tangible fixed assets held under finance leases
119,316
52,137
Profit/(loss) on disposal of tangible fixed assets
(226)
9,268
Operating lease charges
529,847
701,538
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Production and sales staff
30
34
Office and management staff
42
46
Total
72
80
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
2,451,962
2,582,100
Social security costs
236,831
260,491
Pension costs
77,251
72,040
2,766,044
2,914,631
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
447,229
337,458
Company pension contributions to defined contribution schemes
14,757
9,000
461,986
346,458
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2020 - 2).
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
6
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
153,909
151,451
Company pension contributions to defined contribution schemes
-
4,500
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
11
17,166
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
11
17,166
8
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
57,413
185,260
Other finance costs:
Interest on finance leases and hire purchase contracts
32,284
41,170
89,697
226,430
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
97,259
Adjustments in respect of prior periods
(159,570)
Total current tax
97,259
(159,570)
Deferred tax
Origination and reversal of timing differences
55,388
(28,078)
Total tax charge/(credit)
152,647
(187,648)
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
9
Taxation
(Continued)
- 21 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit/(loss) before taxation
701,688
(391,234)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
133,321
(74,334)
Tax effect of expenses that are not deductible in determining taxable profit
11,483
3,061
Effect of change in corporation tax rate
61,143
Depreciation on assets not qualifying for tax allowances
7,843
10,053
Other permanent differences
1,639
Under/(over) provided in prior years
(159,570)
Deferred tax adjustments in respect of prior years
(29,470)
Land remediation relief
(170)
Taxation charge/(credit) for the year
152,647
(187,648)
10
Tangible fixed assets
Freehold Property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2020
2,993,110
11,680,980
527,505
216,984
15,418,579
Additions
6,724
347,158
15,295
643
369,820
Disposals
(4,175)
(4,175)
At 30 April 2021
2,999,834
12,023,963
542,800
217,627
15,784,224
Depreciation and impairment
At 1 May 2020
556,267
6,715,076
426,205
164,560
7,862,108
Depreciation charged in the year
46,905
815,169
83,853
16,443
962,370
Eliminated in respect of disposals
(3,900)
(3,900)
At 30 April 2021
603,172
7,526,345
510,058
181,003
8,820,578
Carrying amount
At 30 April 2021
2,396,662
4,497,618
32,742
36,624
6,963,646
At 30 April 2020
2,436,843
4,965,904
101,300
52,424
7,556,471
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
10
Tangible fixed assets
(Continued)
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Plant and machinery
866,058
261,383
11
Subsidiaries
Details of the company's subsidiaries at 30 April 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Sackers Recycling Ltd
Railway Sidings, Gipping Road, Ipswich, IP6 0JB
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Sackers Recycling Ltd
2
12
Financial instruments
2021
2020
£
£
13
Stocks
2021
2020
£
£
Raw materials and processed goods for resale
1,136,115
619,558
Stocks recognised within cost of sales during the year as an expense was £20,607,474 (2020: £18,583,712 )
14
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
5,769,252
4,544,275
Corporation tax recoverable
91,901
Other debtors
848,932
170,402
Prepayments and accrued income
664,381
547,778
7,282,565
5,354,356
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 23 -
15
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans
17
1,209,400
2,037,114
Obligations under finance leases
18
423,079
357,781
Trade creditors
5,477,228
3,233,494
Corporation tax
5,347
Other taxation and social security
79,844
120,449
Other creditors
43,129
134,712
Accruals and deferred income
2,252,748
2,190,579
9,490,775
8,074,129
16
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
17
844,934
947,402
Obligations under finance leases
18
223,278
646,462
1,068,212
1,593,864
17
Loans and overdrafts
2021
2020
£
£
Bank loans
2,054,334
2,984,516
Payable within one year
1,209,400
2,037,114
Payable after one year
844,934
947,402
The long-term loans and overdraft are secured by fixed and floating charges over the assets of the company.
Interest on bank loans is charged at 2.5% over the base rate. Long term loans are payable over the period until November 2034.
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 24 -
18
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
423,078
357,781
In two to five years
223,279
423,197
In over five years
223,265
646,357
1,004,243
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
ACAs
589,335
627,358
Tax losses
-
(96,604)
Provisions
(12,836)
(9,643)
576,499
521,111
2021
Movements in the year:
£
Liability at 1 May 2020
521,111
Charge to profit or loss
55,388
Liability at 30 April 2021
576,499
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 25 -
20
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,251
72,040
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.
21
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
472,396
586,899
Between two and five years
789,733
1,106,986
In over five years
837,568
956,057
2,099,697
2,649,942
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, which also includes directors, is as follows.
2021
2020
£
£
Aggregate compensation
617,432
578,450
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
23
Related party transactions
(Continued)
- 26 -
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
2021
2020
£
£
Rent in relation to land used by the company, but owned by schemes of which Directors are beneficiaries.
85,000
85,000
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Loans with directors
8,540
133,716
Interest of £6,011 (2020: £9,000) on loan accounts with a closing balance of £nil (2020: £104,700) at the year end has been paid during the year. No interest was paid on the other loans.
Other information
Two of the directors provided personal guarantees of £125,000 each giving additional security for the loans and overdrafts within the creditors notes.
24
Ultimate controlling party
There is no ultimate controlling party
25
Cash generated from operations
2021
2020
£
£
Profit/(loss) for the year after tax
549,041
(203,586)
Adjustments for:
Taxation charged/(credited)
152,647
(187,648)
Finance costs
89,697
226,430
Investment income
(11)
(17,166)
(Gain)/loss on disposal of tangible fixed assets
(226)
9,268
Depreciation and impairment of tangible fixed assets
962,370
1,015,361
Movements in working capital:
(Increase)/decrease in stocks
(516,557)
359,744
(Increase)/decrease in debtors
(2,020,110)
823,399
Increase in creditors
2,173,715
369,591
Cash generated from operations
1,390,566
2,395,393
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 27 -
26
Analysis of changes in net debt
1 May 2020
Cash flows
30 April 2021
£
£
£
Cash at bank and in hand
1,308,853
(356,518)
952,335
Borrowings excluding overdrafts
(2,984,516)
930,182
(2,054,334)
Obligations under finance leases
(1,004,243)
357,886
(646,357)
(2,679,906)
931,550
(1,748,356)
2021-04-30
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