Company registration number 01526052 (England and Wales)
SACKERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
SACKERS LIMITED
COMPANY INFORMATION
Directors
Mr C A R Dodds
Mr E C C Dodds
Mr A A Dodds
Mr D G Dodds
G C Gray
Company number
01526052
Registered office
Railway Sidings
Great Blakenham
Ipswich
IP6 0JB
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Bankers
Virgin Money
5 Church Street
Peterborough
PE1 1XB
SACKERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
SACKERS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the period ended 31 December 2023.
Fair review of the business
The company’s principal activities continue to be focused mainly on the recycling of metals, commercial industrial waste and the distribution of its products to its local, national and international customers.
The company invests in its people and its business management systems. The company’s business systems provide valuable data and enable insightful decision making in the planning and trading processes and throughout the business as a whole.
Turnover for the eight month period increased versus the same period prior year to £41M, benefiting from increases in volumes and higher commodity prices.
To support the company’s ambitions for growth it made further investment in fixed assets during the year of £846,628. This was a continuation of the project started in the prior year to substantially improve our main processing plant and to generate a significant increase in volumes commencing in 2024.
The Company (even with further investment in fixed assets and the resulting pressure on working capital), achieved a reduction in net debt compared to the prior year by £603k resulting in net debt at the end of the period of £6.9M.
The operating profit for the eight month period was £232,349 which is a significant improvement of £3.2M compared to the same period prior year. This was due to increased machine availability, profit maximisation, cost reduction and implementation of better controls to reduce exposure to commodity and exchange movements.
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 have a further adverse impact on the company.
The key business risks and uncertainties facing the company are set out as below:
Currency exchange rates – a high proportion of the company’s turnover is in US Dollars, this could expose the company to fluctuations 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 highly competitive with considerable pressure on pricing, which in itself creates the risk of losing business 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 optimum market value.
Fluctuating commodity prices – the company constantly monitors the key commodities in which it trades and carries out regular analysis of the relevant markets. The company manages this risk by hedging the commodities it has committed to purchase.
Global events – the company regularly monitors major global events, including for example the Suez Canal and the events in the Red Sea. This is to enable us to mitigate any additional costs or delays in the shipping of our export products.
SACKERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Section 172 Statement
The Companies (Miscellaneous Reporting) Regulations 2018 require qualifying companies to publish a statement explaining how the directors have had regard to matters set out in section 172(1)(a) to (f) of the Companies Act 2006 in performing their duties under section 172.
In accordance with section 172, the Directors confirm they have acted in a way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole. The paragraphs below summarise how the Directors have had regard to the matters set out in section 172(1) (a) to (f) of the Act.
The likely consequences of any decision in the long term – Sackers Ltd evaluates the consequences of significant decisions for the business several years into the future. Due consideration is given to the consequences of these decisions on profitability, providing an improving environment for employees and to ensure a successful future for the business.
The impact of the company's operations on the community and the environment – Sackers Ltd, due to the nature of our activities, ensure our commitment to sustainability and the environment is at the forefront of everything we do. We take our responsibility to the local community seriously and do everything possible to limit the impact of our activities on those around us.
The desirability of the company maintaining a reputation for high standards of business conduct – Sackers Ltd is acutely aware of the necessity to ensure that all products produced are of the highest quality supplied by a company with the highest level of conduct. The reputation of the Sackers Ltd name is highly important in the scrap metal and waste recycling marketplace to ensure our customers, suppliers and employees trust that the company operates with the highest degree of ethical behaviour.
The need to act fairly between members of the company – the Board members and senior team at Sackers Ltd work together to ensure the business performs at its highest level to achieve continued stability and growth.
G C Gray
Executive Chairman
26 April 2024
SACKERS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the period ended 31 December 2023.
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 period are set out on page 10.
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:
Mr C A R Dodds
Mr E C C Dodds
Mr A A Dodds
Mr D G Dodds
G C Gray
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. 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 PERIOD ENDED 31 DECEMBER 2023
- 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.
Energy and carbon report
Sackers Limited's annual greenhouse gas emissions and energy data for the financial year ended 30 April 2023 was:
Energy consumption
kWh
Aggregate of energy consumption in the year
8,141,047
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Electricity
-
- Fuel consumed for owned transport
5,014.17
5,014.17
Scope 2 - indirect emissions
- Electricity purchased
1,981.73
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
8.84
Total gross emissions
7,004.74
Intensity ratio
Tonnes CO2e per £ sales revenue
0.00018459
Quantification and reporting methodology
Sackers have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £ sales revenue, the recommended ratio for the sector.
Measures taken to improve energy efficiency
Sackers have solar panels installed, we recycle through our own sites 100% of waste from our offices, the installation of our new turbo mill asset in our granulation area makes the process 25% more efficient and we have increased video conferencing technology for staff meetings to reduce the need for travel between sites.
SACKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
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
G C Gray
Executive Chairman
26 April 2024
SACKERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
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;
state whether applicable UK 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 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
- 7 -
Opinion
We have audited the financial statements of Sackers Limited (the 'company') for the period ended 31 December 2023 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 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.
Material uncertainty relating to going concern
We draw attention to note 1.3 in the financial statements, which indicates the existence of a material uncertainty in relation to going concern. The company is reliant upon the continued support of its bankers and other finance providers. The principal bank funding agreement is due for annual review in August 2024. The existence of a formal bank review within 12 months of the approval of these financial statements constitutes a fundamental uncertainty.
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.
Other than those noted above, 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.
SACKERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SACKERS LIMITED
- 8 -
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' report 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.
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 identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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' responsibilities statement, 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.
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
- 9 -
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
29 April 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
SACKERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
Period
Year
ended
ended
31 December
30 April
2023
2023
Notes
£
£
Turnover
3
41,489,900
61,044,137
Cost of sales
(37,815,771)
(57,945,646)
Gross profit
3,674,129
3,098,491
Administrative expenses
(3,441,780)
(5,875,896)
Operating profit/(loss)
4
232,349
(2,777,405)
Interest receivable and similar income
7
161
480
Interest payable and similar expenses
8
(439,985)
(414,457)
Exceptional foreign exchange loss
(204,496)
Loss before taxation
(207,475)
(3,395,878)
Tax on loss
9
31,782
912,154
Loss for the financial period
(175,693)
(2,483,724)
The income statement has been prepared on the basis that all operations are continuing operations.
SACKERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
9,344,991
9,481,683
Investments
11
2
2
9,344,993
9,481,685
Current assets
Stocks
14
1,278,775
2,188,487
Debtors
15
7,326,991
7,506,803
Cash at bank and in hand
1,354,430
697,099
9,960,196
10,392,389
Creditors: amounts falling due within one year
16
(14,407,440)
(14,560,243)
Net current liabilities
(4,447,244)
(4,167,854)
Total assets less current liabilities
4,897,749
5,313,831
Creditors: amounts falling due after more than one year
17
(1,988,579)
(2,228,968)
Net assets
2,909,170
3,084,863
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
2,909,070
3,084,763
Total equity
2,909,170
3,084,863
The financial statements were approved by the board of directors and authorised for issue on 26 April 2024 and are signed on its behalf by:
G C Gray
Executive Chairman
Company Registration No. 01526052
SACKERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
100
5,568,487
5,568,587
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
(2,483,724)
(2,483,724)
Balance at 30 April 2023
100
3,084,763
3,084,863
Period ended 31 December 2023:
Loss and total comprehensive income for the period
-
(175,693)
(175,693)
Balance at 31 December 2023
100
2,909,070
2,909,170
SACKERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
2023
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,073,861
2,199,526
Interest paid
(439,985)
(414,457)
Income taxes paid
-
(2,793)
Net cash inflow from operating activities
1,633,876
1,782,276
Investing activities
Purchase of tangible fixed assets
(846,628)
(2,729,929)
Proceeds from disposal of tangible fixed assets
200,000
23,500
Directors loans
(3,668)
(10,124)
Interest received
161
480
Net cash used in investing activities
(650,135)
(2,716,073)
Financing activities
Repayment of bank loans
(69,104)
(98,291)
Purchase of derivatives
(40,837)
101,348
Payment of finance leases obligations
(216,469)
(361,182)
Net cash used in financing activities
(326,410)
(358,125)
Net increase/(decrease) in cash and cash equivalents
657,331
(1,291,922)
Cash and cash equivalents at beginning of period
697,099
1,989,021
Cash and cash equivalents at end of period
1,354,430
697,099
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
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, IP6 0JB.
1.1
Reporting period
These financial statements cover the 8 month period ended 31 December 2023. The company has shortened its year end to simplify administrative tasks and align with the calendar year end. The comparative amounts presented in these financial statements are therefore not entirely comparable.
1.2
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 amounts 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 on 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.
1.3
Going concern
The company is reliant upon the continued support of its bankers and other finance providers and whilst the company is currently operating within agreed funding limits the principal bank funding agreement is due for routine annual review in August 2024. The directors believe that the existing funding terms will be at least maintained and they expect the company to continue to operate within those terms. However, the existence of a formal bank review within 12 months of the approval of these financial statements constitutes a fundamental uncertainty.true
1.4
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.
1.5
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 PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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
Fixed asset investments
Interests in subsidiaries and other 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.
1.7
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.
1.8
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.
1.9
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.
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.10
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.
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.
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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. Amounts 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 subsequently 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 through 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.
1.11
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.
1.12
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.
1.13
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 PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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 leases asset are consumed.
1.17
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 PERIOD ENDED 31 DECEMBER 2023
- 19 -
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:
2023
2023
£
£
Turnover analysed by class of business
Ferrous Sales
20,711,171
28,373,451
Non Ferrous Sales
17,471,211
27,464,311
Waste Sales
3,275,179
4,379,818
PERN income
32,339
18,956
Misc income
-
6,313
41,489,900
61,044,137
2023
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,671,400
17,996,601
Europe
1,346,892
2,058,338
Rest of World
26,471,608
40,989,198
41,489,900
61,044,137
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 20 -
2023
2023
£
£
Other revenue
Interest income
161
480
4
Operating profit/(loss)
2023
2023
Operating profit/(loss) for the period is stated after charging/(crediting):
£
£
Exchange losses
56,913
632,631
Fees payable to the company's auditor for the audit of the company's financial statements
21,000
19,250
Depreciation of owned tangible fixed assets
628,928
622,605
Depreciation of tangible fixed assets held under finance leases
150,609
400,410
(Loss)/profit on disposal of tangible fixed assets
3,783
(16,802)
Operating lease charges
315,790
659,814
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2023
Number
Number
Production and sales staff
53
43
Office and management staff
41
54
Total
94
97
Their aggregate remuneration comprised:
2023
2023
£
£
Wages and salaries
2,406,604
3,548,667
Social security costs
226,331
352,694
Pension costs
98,157
166,303
2,731,092
4,067,664
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 21 -
6
Directors' remuneration
2023
2023
£
£
Remuneration for qualifying services
280,586
569,800
Company pension contributions to defined contribution schemes
18,307
54,134
Compensation for loss of office
80,000
298,893
703,934
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2023
£
£
Remuneration for qualifying services
146,610
283,140
7
Interest receivable and similar income
2023
2023
£
£
Interest income
Interest on bank deposits
161
480
2023
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
161
480
8
Interest payable and similar expenses
2023
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
417,520
393,090
Other finance costs:
Interest on finance leases and hire purchase contracts
22,465
21,367
439,985
414,457
9
Taxation
2023
2023
£
£
Current tax
UK corporation tax on profits for the current period
(31,782)
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
9
Taxation
2023
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
(912,154)
Total tax credit
(31,782)
(912,154)
The actual credit 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:
2023
2023
£
£
Loss before taxation
(207,475)
(3,395,878)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
(51,869)
(661,963)
Tax effect of expenses that are not deductible in determining taxable profit
1,688
5,111
Adjustments in respect of prior years
(42,690)
Other permanent differences
2,485
3,852
Under/(over) provided in prior years
(31,782)
Remeasurement of deferred tax for changes in tax rates
(218,695)
Fixed asset differences
7,794
(109,340)
39,902
111,571
Taxation credit for the period
(31,782)
(912,154)
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 23 -
10
Tangible fixed assets
Freehold Property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
3,400,287
15,801,317
668,511
167,127
20,037,242
Additions
25,408
805,142
16,078
846,628
Disposals
(705,749)
(705,749)
Transfers
(74,030)
74,030
At 31 December 2023
3,351,665
15,974,740
684,589
167,127
20,178,121
Depreciation and impairment
At 1 May 2023
706,724
9,148,224
556,440
144,171
10,555,559
Depreciation charged in the period
35,994
720,823
18,666
4,054
779,537
Eliminated in respect of disposals
(501,966)
(501,966)
At 31 December 2023
742,718
9,367,081
575,106
148,225
10,833,130
Carrying amount
At 31 December 2023
2,608,947
6,607,659
109,483
18,902
9,344,991
At 30 April 2023
2,693,563
6,653,093
112,071
22,956
9,481,683
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2023
£
£
Plant and machinery
1,092,129
975,657
11
Fixed asset investments
2023
2023
Notes
£
£
Investments in subsidiaries
12
2
2
12
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 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:
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
12
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Sackers Recycling Ltd
2
13
Financial instruments
2023
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
96,084
55,247
14
Stocks
2023
2023
£
£
Raw materials and processed goods for resale
1,278,775
2,188,487
Stocks recognised within cost of sales during the year as an expense was £24,319,164 (2023: £36,745,652)
15
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
6,007,670
5,918,772
Derivative financial instruments
96,084
55,247
Other debtors
668,305
734,463
Prepayments and accrued income
554,932
798,321
7,326,991
7,506,803
16
Creditors: amounts falling due within one year
2023
2023
Notes
£
£
Bank loans
18
119,856
115,905
Obligations under finance leases
19
255,641
304,776
Trade creditors
6,180,087
5,864,006
Corporation tax
(31,782)
Other taxation and social security
102,810
123,776
Other creditors
6,041,060
5,659,785
Accruals and deferred income
1,739,768
2,491,995
14,407,440
14,560,243
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
16
Creditors: amounts falling due within one year
(Continued)
- 25 -
Within other creditors is £5,998,985 (2023: £5,617,535) relating to a trade finance facility, interest is payable at 3.00% per annum over the Bank of England Base Rate for amounts owed in Sterling and 3.00% per annum over the Reference Interest Rate for amounts owed in an Approved Currency.
The facility is secured under a debenture, a first legal charge over freehold property plus an unsupported guarantee by one of the Directors.
17
Creditors: amounts falling due after more than one year
2023
2023
Notes
£
£
Bank loans and overdrafts
18
1,660,836
1,733,891
Obligations under finance leases
19
327,743
495,077
1,988,579
2,228,968
18
Loans and overdrafts
2023
2023
£
£
Bank loans
1,780,692
1,849,796
Payable within one year
119,856
115,905
Payable after one year
1,660,836
1,733,891
The long-term loans are secured by a debenture, a first legal charge over freehold property plus an unsupported guarantee by one of the Directors.
Interest on bank loans is charged at an assumed interest rate of 3.84% per annum over the Bank of England Base Rate. Long term loans are payable over the period until September 2026.
19
Finance lease obligations
2023
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
255,641
304,776
In two to five years
327,743
495,077
583,384
799,853
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 secured against the underlying assets and are on a fixed repayment basis. No arrangements have been entered into for contingent rental payments.
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
20
Retirement benefit schemes
2023
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
98,157
166,303
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
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
10,000
10,000
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:
2023
2023
£
£
Within one year
426,695
310,465
Between two and five years
1,062,838
954,028
In over five years
807,182
792,210
2,296,715
2,056,703
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2023
£
£
Acquisition of tangible fixed assets
885,838
1,333,866
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 27 -
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, which also includes directors, is as follows.
2023
2023
£
£
Aggregate compensation
442,741
896,837
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Purchases
Purchases
2023
2023
£
£
Rent in relation to land used by the company, but owned by schemes of which Directors are beneficiaries.
99,046
163,303
The following amounts were outstanding at the reporting end date:
2023
2023
Amounts due from related parties
£
£
Loans with directors
13,792
10,124
Other information
A personal guarantee of £125,000 has been provided by a Director as additional security for the loans and overdrafts within the creditors notes.
25
Ultimate controlling party
There is no ultimate controlling party
SACKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
26
Cash generated from operations
2023
2023
£
£
Loss for the period after tax
(175,693)
(2,483,724)
Adjustments for:
Taxation credited
(31,782)
(912,154)
Finance costs
439,985
414,457
Investment income
(161)
(480)
Loss/(gain) on disposal of tangible fixed assets
3,783
(16,802)
Depreciation and impairment of tangible fixed assets
779,537
1,023,015
Movements in working capital:
Decrease/(increase) in stocks
909,712
(761,876)
Decrease in debtors
224,317
3,303,319
(Decrease)/increase in creditors
(75,837)
1,633,771
Cash generated from operations
2,073,861
2,199,526
27
Analysis of changes in net debt
1 May 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
697,099
657,331
1,354,430
Borrowings excluding overdrafts
(1,849,796)
69,104
(1,780,692)
Obligations under finance leases
(799,853)
216,469
(583,384)
(1,952,550)
942,904
(1,009,646)
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