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Registered Number: 13917040
England and Wales

 

 

 

SEARLAID LTD


Abridged Accounts
 


Period of accounts

Start date: 15 February 2022

End date: 28 February 2023
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Searlaid Ltd for the period ended 28 February 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of Searlaid Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Searlaid Ltd and state those matters that we have agreed to state to the Board of Searlaid Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Searlaid Ltd and its members as a body for our work or for this report.

It is your duty to ensure that Searlaid Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Profit of Searlaid Ltd. You consider that Searlaid Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Searlaid Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Allazo Ltd
2 Claridge Court
Lower Kings Road
Berkhamsted
HP4 2AF
31 October 2023
1
 
 
Notes
 
2023
£
Fixed assets    
Investments 3 685,907 
685,907 
Current assets    
Debtors 9,358 
Cash at bank and in hand 35,426 
44,784 
Creditors: amount falling due within one year (709,481)
Net current liabilities (664,697)
 
Total assets less current liabilities 21,210 
Net assets 21,210 
 

Capital and reserves
   
Called up share capital 4 110 
Profit and loss account 21,100 
Shareholder's funds 21,210 
 


For the period ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 31 October 2023 and were signed on its behalf by:


-------------------------------
Charles Spinks
Director
2
General Information
Searlaid Ltd is a private company, limited by shares, registered in England and Wales, registration number 13917040, registration address 2 Claridge Court, Lower Kings Road, Berkhamsted, Hertfordshire, HP4 2AF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on a going concern basis. The company's forecasts and projections, taking into account potential changes in trading patterns, indicate that the company will be able to continue current operations for the foreseeable future. 
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover includes revenue earned from the the rental of property, the policies adopted are as follows:

  • Rental of Property: Turnover from the rental of property is recognised on an accrual basis in line with the contract in place with the tenant. Rents are recognised when due for payment.
  • Other revenue: Recognition is when it is received or when the right to receive payment is established.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Investment properties
Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to the profit and loss account via Fair Value Adjustment.


Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Estimates and judgements
Preparation of the financial statements requires management to make significant judgements and estimates. The following are significant management judgements in applying the accounting policies of the group that have the most significant effect on the financial statements.
  • Valuation of investment property
As with any valuation there is an element of subjectivity, the Directors have valued the investment properties based on their skill and judgement, having had extensive experience in the property sector. The directors believe the carrying value reflects the true fair market value at the date of the report taking into account all current market conditions.
  • Going Concern
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing these financial statements.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees and Directors

Average number of employees during the period was 2.
3.

Investments

Cost Other investments other than loans   Total
  £   £
At 15 February 2022  
Additions 685,907    685,907 
Transfer to/from tangible fixed assets  
Disposals  
At 28 February 2023 685,907    685,907 

4.

Share Capital

Allotted, called up and fully paid
2023
£
100 Ordinary shares of £1.00 each 100 
10 Ordinary A shares of £1.00 each 10 
110 

5.

Related Parties

The Company owed Datalynx Ltd £700,000, this is included in Other Creditors. Datalynx Limited is a related party as Charles and Carol Spinks are Directors and hold significant control of both companies. The loan is interest free and repayable on demand.
3