SOUTH TEES SITE COMPANY LIMITED

• ⚠

  Material uncertainty over going concern

  The directors have not prepared the financial statements on a going concern basis. Due to the progress of phase 1 activity on the site, now Teesworks, in decontamination, demolition and remediation, considerable hazards previously on-site have been removed. The company has made the decision to stop trading and will transfer the remaining business to a fellow subsidiary company. Therefore, the directors consider it inappropriate to prepare the financial statements on a going concern basis and have prepared the financial statements on a basis other than going concern. This basis includes, where applicable, writing down the company's assets to net realisable value. No provision has been made for future costs of terminating the business unless such costs were committed at the reporting date.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -51.6%

  £15,214,149 → £7,370,230

  lowest in 4 filed years

• Cash

  +82.7%

  £866,255 → £1,582,995

• Net assets

  0%

  -£555,465 → -£555,465

• Employees

  -40.6%

  32 → 19

  lowest in 5 filed years

• Profit before tax

  -775.4%

  £429,893 → -£2,903,697

  lowest in 5 filed years

• Wages

  -37.8%

  £1,740,290 → £1,083,116

  lowest in 5 filed years

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Azets Audit Services

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The directors have not prepared the financial statements on a going concern basis. Due to the progress of phase 1 activity on the site, now Teesworks, in decontamination, demolition and remediation, considerable hazards previously on-site have been removed. The company has made the decision to stop trading and will transfer the remaining business to a fellow subsidiary company. Therefore, the directors consider it inappropriate to prepare the financial statements on a going concern basis and have prepared the financial statements on a basis other than going concern. This basis includes, where applicable, writing down the company's assets to net realisable value. No provision has been made for future costs of terminating the business unless such costs were committed at the reporting date.”

Significant events

• “An incident during the preparation for the demolition at South Bank Coke Ovens occurred on 19th September 2019. Regrettably two contractors lost their lives. The Health and Safety Executive (HSE) has concluded its investigation, and the matter has been referred to the HSE's Legal Services Division. As of the date of signing these accounts, no formal legal proceedings have commenced, and no conclusions have been reached. Due to the uncertainty surrounding the outcome, it is not possible to determine the likelihood, timing, or amount of any potential fine. No provision has been recognised in the financial statements.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.