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REGISTERED NUMBER: 01539798 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

SEDCO LIMITED

SEDCO LIMITED (REGISTERED NUMBER: 01539798)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SEDCO LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: A B Riley
M Young
C Holloway
D A Riley





SECRETARY: A D Riley





REGISTERED OFFICE: Unit 1
Leigh Business Park
Commonwealth Close
Leigh
WN7 3BD





REGISTERED NUMBER: 01539798 (England and Wales)





AUDITORS: Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

SEDCO LIMITED (REGISTERED NUMBER: 01539798)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 88,737 35,850
Investments 5 40,400 40,400
Investment property 6 565,000 565,000
694,137 641,250

CURRENT ASSETS
Stocks 392,427 380,967
Debtors 7 300,967 462,982
Cash at bank and in hand 1,312,840 1,306,708
2,006,234 2,150,657
CREDITORS
Amounts falling due within one year 8 372,783 626,374
NET CURRENT ASSETS 1,633,451 1,524,283
TOTAL ASSETS LESS CURRENT LIABILITIES 2,327,588 2,165,533

PROVISIONS FOR LIABILITIES 114,176 100,955
NET ASSETS 2,213,412 2,064,578

CAPITAL AND RESERVES
Called up share capital 9 176 176
Share premium 93,632 93,632
Capital redemption reserve 352 352
Other reserves 824 824
Fair value reserve 275,975 275,975
Retained earnings 1,842,453 1,693,619
SHAREHOLDERS' FUNDS 2,213,412 2,064,578

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by:





A B Riley - Director


SEDCO LIMITED (REGISTERED NUMBER: 01539798)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Sedco Limited is a private company limited by share capital, incorporated in England and Wales, registration number 01539798. The address of the registered office and principal place of business is Unit 1, Leigh Business Park, Commonwealth Close, Leigh, WN7 3BD.

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 as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Preparation of consolidated financial statements
The financial statements contain information about Sedco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the sale of spray painting equipment and services, which are recognised at the point of which the goods or services are provided, rental income which is recognised on a straight line basis over the lease term, where the net income are recognised as earned.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Plant and machinery-10- 20% on cost
Motor Vehicles-25% Reducing Balance
Computer equipment-25% on cost

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less provision for impairment.

SEDCO LIMITED (REGISTERED NUMBER: 01539798)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and selling price less cost of selling, after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Operating leases
Operating lease payments are recognised as an expense on straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

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.

The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the company in an independent administered fund.

SEDCO LIMITED (REGISTERED NUMBER: 01539798)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents are represented by cash at bank and in hand.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 129,802 - - 15,340 145,142
Additions 51,320 - 14,750 670 66,740
Disposals - (63,378 ) - (6,995 ) (70,373 )
At 31 March 2023 181,122 (63,378 ) 14,750 9,015 141,509
DEPRECIATION
At 1 April 2022 96,801 - - 12,491 109,292
Charge for year 9,489 - 2,213 2,151 13,853
Eliminated on disposal - (63,378 ) - (6,995 ) (70,373 )
At 31 March 2023 106,290 (63,378 ) 2,213 7,647 52,772
NET BOOK VALUE
At 31 March 2023 74,832 - 12,537 1,368 88,737
At 31 March 2022 33,001 - - 2,849 35,850

SEDCO LIMITED (REGISTERED NUMBER: 01539798)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 40,400
NET BOOK VALUE
At 31 March 2023 40,400
At 31 March 2022 40,400

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 565,000
NET BOOK VALUE
At 31 March 2023 565,000
At 31 March 2022 565,000

Investment properties were valued as at 22nd March 2021 by Mark A J Brearley, BSc MRICS.

The directors feel the 2021 valuation reflect the fair value of the investment properties.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2015 187,967
Valuation in 2021 180,000
Cost 197,033
565,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 263,070 424,479
Other debtors 37,897 38,503
300,967 462,982

SEDCO LIMITED (REGISTERED NUMBER: 01539798)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 173,403 324,435
Amounts owed to group undertakings 40,400 40,400
Taxation and social security 68,358 139,910
Other creditors 90,622 121,629
372,783 626,374

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
176 Ordinary £1.00 176 176

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julian Beressi (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

11. OTHER FINANCIAL COMMITMENTS

At the year end the total operating lease commitments that are not shown on the balance sheet were £138,807 (2022 - £71,402).