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COMPANY REGISTRATION NUMBER: 09995622
SCE Management Limited
Filleted Unaudited Financial Statements
28 February 2018
SCE Management Limited
Financial Statements
Year ended 28 February 2018
Contents
Pages
Officers and professional advisers
1
Balance sheet
2
Notes to the financial statements
3 to 6
SCE Management Limited
Officers and Professional Advisers
The board of directors
Mrs S J Ellis
Mr C E Ellis
Registered office
Mill End House
Lynn Road
Gayton
Kings Lynn
Norfolk
PE32 1PA
Accountants
Stephenson Smart (East Anglia) Limited
Chartered Accountants
22-26 King Street
King's Lynn
Norfolk
PE30 1HJ
SCE Management Limited
Balance Sheet
28 February 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
5
171,540
171,540
Current assets
Cash at bank and in hand
4,657
6,032
Creditors: amounts falling due within one year
6
172,589
174,985
---------
---------
Net current liabilities
167,932
168,953
---------
---------
Total assets less current liabilities
3,608
2,587
-------
-------
Net assets
3,608
2,587
-------
-------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
8
3,508
2,487
-------
-------
Shareholders funds
3,608
2,587
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 November 2018 , and are signed on behalf of the board by:
Mrs S J Ellis
Mr C E Ellis
Director
Director
Company registration number: 09995622
SCE Management Limited
Notes to the Financial Statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Mill End House, Lynn Road, Gayton, Kings Lynn, Norfolk, PE32 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2017: 2).
5. Tangible assets
Freehold property
£
Cost
At 1 March 2017 and 28 February 2018
171,540
---------
Depreciation
At 1 March 2017 and 28 February 2018
---------
Carrying amount
At 28 February 2018
171,540
---------
At 28 February 2017
171,540
---------
Included within the above is investment property as follows:
£
---------
At 1 March 2017 and 28 February 2018
171,540
---------
Included within tangible fixed assets are investment properties which have been included at their fair value. This valuation was ascertained by the directors of the company as at 28th February 2018.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 28 February 2018
Aggregate cost
171,540
Aggregate depreciation
---------
Carrying value
171,540
---------
At 28 February 2017
Aggregate cost
Aggregate depreciation
----
Carrying value
----
6. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
1,184
623
Other creditors
171,405
174,362
---------
---------
172,589
174,985
---------
---------
7. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
100
100.00
100
100.00
----
--------
----
--------
8. Reserves
Profit and loss account - This reserve records distributable retained earnings and accumulated losses.