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REGISTERED NUMBER: 06383734 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Serviced Office Company Ltd

Serviced Office Company Ltd (Registered number: 06383734)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Serviced Office Company Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTOR: Mr C J Hunt



SECRETARY: Mr S D Rebbetts



REGISTERED OFFICE: Ansty House
Henfield Road
Small Dole
Henfield
West Sussex
BN5 9XH



REGISTERED NUMBER: 06383734 (England and Wales)



ACCOUNTANTS: Sigma Partners
Delmon House
36-38 Church Road
Burgess Hill
West Sussex
RH15 9AE



BANKERS: HSBC
153 North Street
Brighton
East Sussex
BN1 1SW

Serviced Office Company Ltd (Registered number: 06383734)

Statement of Financial Position
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,930 5,240
Tangible assets 5 992,855 1,117,638
996,785 1,122,878

CURRENT ASSETS
Debtors 6 291,121 319,568
Cash at bank and in hand 214,284 89,864
505,405 409,432
CREDITORS
Amounts falling due within one year 7 2,056,932 1,565,596
NET CURRENT LIABILITIES (1,551,527 ) (1,156,164 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(554,742

)

(33,286

)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (555,742 ) (34,286 )
SHAREHOLDERS' FUNDS (554,742 ) (33,286 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Serviced Office Company Ltd (Registered number: 06383734)

Statement of Financial Position - continued
28 February 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 director and authorised for issue on 23 November 2023 and were signed by:





Mr C J Hunt - Director


Serviced Office Company Ltd (Registered number: 06383734)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Serviced Office Company 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.

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.

Turnover
Turnover represents net invoiced rental and other charges,excluding VAT.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Serviced Office Company Ltd (Registered number: 06383734)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
Although the accounts show a net current liabilities position, the company is treated as a going concern.The spouse of the late ultimate controlling party confirmed that he would continue to financially support the company as necessary, as will his executors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 18,130
AMORTISATION
At 1 March 2022 12,890
Charge for year 1,310
At 28 February 2023 14,200
NET BOOK VALUE
At 28 February 2023 3,930
At 28 February 2022 5,240

Serviced Office Company Ltd (Registered number: 06383734)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 March 2022 2,043,341 987,149 210,724 3,241,214
Additions 56,044 9,317 1,849 67,210
At 28 February 2023 2,099,385 996,466 212,573 3,308,424
DEPRECIATION
At 1 March 2022 1,022,176 931,264 170,136 2,123,576
Charge for year 135,186 35,720 21,087 191,993
At 28 February 2023 1,157,362 966,984 191,223 2,315,569
NET BOOK VALUE
At 28 February 2023 942,023 29,482 21,350 992,855
At 28 February 2022 1,021,165 55,885 40,588 1,117,638

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 179,258 164,047
Other debtors 111,863 155,521
291,121 319,568

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 157,992 184,964
Taxation and social security 40,213 21,380
Other creditors 1,858,727 1,359,252
2,056,932 1,565,596

8. RELATED PARTY DISCLOSURES

The company occupies three properties owned by the spouse of the late majority shareholder. No rent was chargeable on these properties during the current year or previous year due to a temporary rent free period.

There is an outstanding loan at the balance sheet date of £600,000 (2022 - £600,000) owed to the late Mr Hunt, who was the father of the sole director and spouse of the late majority shareholder.
This loan is repayable on demand, attracts no interest and is unsecured.

Serviced Office Company Ltd (Registered number: 06383734)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. ULTIMATE CONTROLLING PARTY

The estate of the late Mrs Shirley Ethel Hunt is considered to be the ultimate controlling party by virtue of holding 100% of the share capital in this company.