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REGISTERED NUMBER: 10972519 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Therco - Serck Ltd

Therco - Serck Ltd (Registered number: 10972519)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Therco - Serck Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr Robert David Sawtell
Mr David Michael Toseland



REGISTERED OFFICE: Queen Street Chambers
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BUSINESS ADDRESS: Rother Valley Way
Holbrook
Sheffield
South Yorkshire
S20 3RW



REGISTERED NUMBER: 10972519 (England and Wales)



ACCOUNTANTS: Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Lloyds Bank plc
1 High Street
Sheffield
South Yorkshire
S1 2GA



SOLICITORS: Knights plc
Commercial House
14 Commercial Street
Sheffield
South Yorkshire
S1 2AT

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Therco - Serck Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Therco - Serck Ltd for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Therco - Serck Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Therco - Serck Ltd and state those matters that we have agreed to state to the Board of Directors of Therco - Serck Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Therco - Serck Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Therco - Serck Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Therco - Serck Ltd. You consider that Therco - Serck 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 financial statements of Therco - Serck 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 financial statements.






Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR


28 November 2023

Therco - Serck Ltd (Registered number: 10972519)

Balance Sheet
31 October 2023

31/10/23 31/10/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 76,600 91,589
76,600 91,589

CURRENT ASSETS
Stocks 344,662 199,141
Debtors 6 1,198,890 486,623
Cash at bank and in hand 421,612 209,065
1,965,164 894,829
CREDITORS
Amounts falling due within one year 7 (1,109,231 ) (329,938 )
NET CURRENT ASSETS 855,933 564,891
TOTAL ASSETS LESS CURRENT LIABILITIES 932,533 656,480

CREDITORS
Amounts falling due after more than one
year

8

(98,032

)

-

PROVISIONS FOR LIABILITIES (17,373 ) (20,448 )
NET ASSETS 817,128 636,032

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 816,828 635,732
817,128 636,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Therco - Serck Ltd (Registered number: 10972519)

Balance Sheet - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





Mr Robert David Sawtell - Director


Therco - Serck Ltd (Registered number: 10972519)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. STATUTORY INFORMATION

Therco - Serck Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - straight line over period of lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.


Therco - Serck Ltd (Registered number: 10972519)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
The company has received assistance from the Government through the Covid-19 Pandemic, which has been accounted for as received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 19 ) .

Therco - Serck Ltd (Registered number: 10972519)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2022
and 31 October 2023 21,486
AMORTISATION
At 1 November 2022
and 31 October 2023 21,486
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 22,147 137,881 18,209 10,206 188,443
Additions - 2,869 1,188 - 4,057
At 31 October 2023 22,147 140,750 19,397 10,206 192,500
DEPRECIATION
At 1 November 2022 7,640 65,517 15,828 7,869 96,854
Charge for year 4,836 11,141 2,485 584 19,046
At 31 October 2023 12,476 76,658 18,313 8,453 115,900
NET BOOK VALUE
At 31 October 2023 9,671 64,092 1,084 1,753 76,600
At 31 October 2022 14,507 72,364 2,381 2,337 91,589

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Trade debtors 841,953 466,396
Amounts owed by group undertakings 337,507 -
Amounts owed by associates 160 8,455
Other debtors 19,270 11,772
1,198,890 486,623

Therco - Serck Ltd (Registered number: 10972519)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Trade creditors 536,000 186,752
Amounts owed to associates 8,155 -
Taxation and social security 337,245 105,486
Other creditors 227,831 37,700
1,109,231 329,938

Current liabilities include the sum of £155,000 (2022 : £Nil) set aside for dividends proposed.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/10/23 31/10/22
£    £   
Other creditors 98,032 -

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/10/23 31/10/22
£    £   
Within one year 66,792 88,160
Between one and five years 66,792 176,320
133,584 264,480

10. SECURED DEBTS

The company has loaned money from the government under the recovery loan scheme, as such it is unsecured, however the director R D Sawtell has provided the sole personal guarantee to cover the balance.