Company registration number 03493607 (England and Wales)
SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
25,000
25,000
Current assets
Debtors
5
4,088
5,913
Cash at bank and in hand
73,702
67,522
77,790
73,435
Creditors: amounts falling due within one year
6
(2,207)
(860)
Net current assets
75,583
72,575
Net assets
100,583
97,575
Reserves
Called up share capital
7
-
0
-
0
Income and expenditure account
9
100,583
97,575
Members' funds
100,583
97,575

The notes on pages 2 to 4 form part of these financial statements.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 May 2023 and are signed on its behalf by:
A Durrant
S Oowas Farhan Aziz
Director
Director
Company Registration No. 03493607
SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
page 2
1
Accounting policies
Company information

South Eastern Society of Chartered Accountants Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 10a 12a High Street, East Grinstead, West Sussex, RH19 3AW.

1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses are shown as net of VAT as the company can re-claim the VAT.

1.3
Fixed asset investments

Interests in subsidiaries 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 surplus or deficit.

1.4
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.

1.5
Financial instruments
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.

SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
page 3
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

1.6
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
NIL
0
NIL
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
25,000
25,000

The company's investment at the balance sheet date comprised 100% of the ordinary share capital of SESCA Limited, previously known as SESCA Enterprises Limited, a course and conference provider.

 

 

2022        2021

 

Aggregate capital and reserves                          £405,767 £328,442

Profit/(Loss) for the year                               £77,325 £96,445

SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
page 4
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Grant and event debtors
3,626
-
0
Other debtors
462
5,913
4,088
5,913
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
219
200
Taxation and social security
1,127
-
0
Other creditors
861
660
2,207
860
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

8
Non-distributable profits reserve
2022
2021
£
£
The income and expenditure account comprises:
Income and Expenditure account
(91,218)
(88,210)
Student society fund and prize fund
(9,365)
(9,365)
(100,583)
(97,575)
9
Ultimate Controlling Party

Control of the company rests with the directors and no one person or entity is in a position to exercise control of he company.

10
Related party transactions

The company holds funds for SECASS - The South Eastern Chartered Accountants Student Society. The funds arise from grants given to SECASS by ICAEW and from events organised by the student society. The funds will be used to support events run in the future by SECASS.

2022-12-312022-01-01false16 May 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityS MasonA DurrantN CoupeC StevensS SmithS Oowas Farhan Azizfalse034936072022-01-012022-12-31034936072022-12-31034936072021-12-3103493607core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103493607core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103493607core:CurrentFinancialInstruments2022-12-3103493607core:CurrentFinancialInstruments2021-12-3103493607core:ShareCapital2022-12-3103493607core:ShareCapital2021-12-3103493607core:RetainedEarningsAccumulatedLosses2022-12-3103493607core:RetainedEarningsAccumulatedLosses2021-12-3103493607bus:Director22022-01-012022-12-3103493607bus:Director62022-01-012022-12-3103493607core:WithinOneYear2022-12-3103493607core:WithinOneYear2021-12-3103493607bus:CompanyLimitedByGuarantee2022-01-012022-12-3103493607bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3103493607bus:FRS1022022-01-012022-12-3103493607bus:AuditExemptWithAccountantsReport2022-01-012022-12-3103493607bus:Director12022-01-012022-12-3103493607bus:Director32022-01-012022-12-3103493607bus:Director42022-01-012022-12-3103493607bus:Director52022-01-012022-12-3103493607bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP