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Registration number: 00934848

Sequel Group Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2022

 

Sequel Group Limited

Contents

Company Information

1

Abridged Statement of Financial Position

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

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

79 Essex Road
Islington
London
N1 2SF

Accountants

Moore Kingston Smith LLP
Chartered Accountants
6th Floor
Charlotte Building
17 Gresse Street
London
W1T 1QL

 

Sequel Group Limited

(Registration number: 00934848)
Abridged Statement of Financial Position as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

19,233

31,627

Investments

6

-

-

 

19,233

31,627

Current assets

 

Stocks

7

25,330

2,359

Debtors

986,459

965,182

Cash at bank and in hand

 

757,988

738,800

 

1,769,777

1,706,341

Creditors: Amounts falling due within one year

(619,398)

(593,930)

Net current assets

 

1,150,379

1,112,411

Net assets

 

1,169,612

1,144,038

Capital and reserves

 

Called up share capital

10

11,470

11,470

Share premium reserve

17,450

17,450

Capital redemption reserve

722

722

Profit and loss account

1,139,970

1,114,396

Shareholders' funds

 

1,169,612

1,144,038

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 29 September 2023 and signed on its behalf by:
 


Mr P.V.J. Ciccone
Company secretary and director

 

Sequel Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
79 Essex Road
Islington
London
N1 2SF
England

These financial statements were authorised for issue by the Board on 29 September 2023.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2021 - 33).

 

Sequel Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 January 2022

325,425

At 31 December 2022

325,425

Amortisation

At 1 January 2022

325,425

At 31 December 2022

325,425

Carrying amount

At 31 December 2022

-

5

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 January 2022

195,268

Additions

10,548

Disposals

(145,955)

At 31 December 2022

59,861

Depreciation

At 1 January 2022

163,641

Charge for the year

18,482

Eliminated on disposal

(141,495)

At 31 December 2022

40,628

Carrying amount

At 31 December 2022

19,233

At 31 December 2021

31,627

 

Sequel Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

6

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.

7

Stocks

2022
£

2021
£

Work in progress

25,330

2,359

8

Debtors

Current

2022
£

2021
£

Trade debtors

826,587

830,932

Other debtors

159,872

134,250

 

986,459

965,182

9

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

105,721

101,886

Taxation and social security

141,815

177,166

Other creditors

371,862

314,878

619,398

593,930

 

Sequel Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A shares of £1 each

5,470

5,470

5,470

5,470

Ordinary B Shares of £1 each

6,000

6,000

6,000

6,000

 

11,470

11,470

11,470

11,470

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

11

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.
 

12

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.