Registration number:
Sequel Group Limited
for the Year Ended 31 December 2022
Sequel Group Limited
Contents
Company Information |
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Abridged Statement of Financial Position |
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Notes to the Unaudited Abridged Financial Statements |
Sequel Group Limited
Company Information
Directors |
Mr P.V.J. Ciccone Ms S Peck Mr N.G. Andrews Mr S Butler |
Company secretary |
Mr P.V.J. Ciccone |
Registered office |
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Accountants |
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Sequel Group Limited
(Registration number: 00934848)
Abridged Statement of Financial Position as at 31 December 2022
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2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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Sequel Group Limited
(Registration number: 00934848)
Abridged Statement of Financial Position as at 31 December 2022
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Sequel Group Limited is a private company limited by shares registered in England and Wales.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling which is the functioning currency of the company. Monetary amounts in the financial statements are rounded to the nearest pound.
Preparation of consolidated financial statements
In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The
company has therefore taken advantage of the exemption provided by section 383 of the Companies Act 2006
not to produce group accounts.
Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a
small company.
Going concern
These financial statements are prepared on the going concern basis. The directors has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022
Revenue recognition
Turnover represents revenue due from the normal activities of the business to the extent that the seller obtains
the right to consideration in exchange for its performance of those activities, exclusive of VAT.
The revenue recognised is measured by reference to the amounts likely to be chargeable to clients, less a
suitable allowance to recognise the uncertainties remaining in the completion of obligations.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change
attributable to an item of income or expense recognised as other comprehensive income is also recognised
directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates taxable
income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
Straight line 25% |
Office equipment |
Straight line 33% |
Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line 10% |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Work in progress is valued at the lower of cost and net realisable value and represents bought in costs and direct staff costs appropriate to the stage of completion of each project.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 January 2022 |
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At 31 December 2022 |
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Amortisation |
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At 1 January 2022 |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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Tangible assets |
Furniture, fittings and equipment |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
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Disposals |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022
Investments |
The company's investment at the balance sheet date in the share capital in group undertakings comprises:
Pans Ltd (dormant) a company incorporated in England and Wales
100% holding Ordinary Shares
Cost £2 less cost written off £2.
Net Book Value at 31.12.22 and 31.12.21 £Nil
Aggregate capital and reserves at 28.2.22 and 28.2.21 £2.
Stocks |
2022 |
2021 |
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Work in progress |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2021 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
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No. |
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5,470 |
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5,470 |
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6,000 |
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6,000 |
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Holders of A shares have the right to receive notice of and to attend, speak and vote at all general meetings of the Company, and each Ordinary Share carries one vote per share.
Holders of B shares do not have the right to receive notice of, to attend, to speak or to vote at any general meeting of the Company.
In the event of the sale or liquidation of the Company, the first £1,500,000 in proceeds will be distributed evenly between all A Ordinary shares in issue. Proceeds exceeding £1,500,000 will be distributed in a ratio of 25%:75% on Ordinary Shares and B Ordinary shares
Financial commitments, guarantees and contingencies |
At the reporting end date the company had total outstanding commitments for future minimum lease payments under non-cancellable operating leases of £178,257 (2021 £130,200). A total of £160,911 falls due within 1 year
with the remaining £17,346 falling due in 2-5 years.
The company’s accounting and financial functions are outsourced on a rolling annual contract. Under the terms of the contract, in the event of a change in ownership of the company, the annual value of the contract £59,000
(2021 £59,000) becomes payable by the company.
Related party transactions |
During the year the company paid £Nil (2021 £62) in respect of interest on a loan advanced to the company by P V J Ciccone. At the end of the year the balance of the loan from P V J Ciccone was £371 (2021 £Nil ). The loan
has no fixed repayment date.
At the end of the year, N Andrews owed the company £33 (2021 £Nil).
Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022
Summary of transactions with other related parties
During the year accountancy services were provided by CPP, Chartered Accountants of which P V Ciccone, a director and shareholder of the company, is sole proprietor. The value of the services provided during the year
amounted to £59,000 (2021 £59,000). A balance of £Nil (2021 £521) was due to CPP, Chartered Accountants at the year end. CPP, Chartered Accountants also sublet offices from Sequel Group. The total rental payments
made in the year were £Nil (2021 £30,800).
8. Ultimate Controlling Party
P.V.J. Ciccone is the ultimate controlling party by virtue of majortiy shareholding.
On 31st March 2023, the shareholders sold their share holdings to Sequel Group Eot Limited which became the ultimate controlling party.