COMPANY REGISTRATION NUMBER:
10072861
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 May 2023
|
31 May 23 |
31 Oct 22 |
Note |
£ |
£ |
|
|
|
Current assets
Debtors |
4 |
6,110 |
594 |
Investments |
5 |
2,766,509 |
2,766,509 |
Cash at bank and in hand |
3,157 |
2,299 |
|
------------ |
------------ |
|
2,775,776 |
2,769,402 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
3,213,341 |
2,354,741 |
|
------------ |
------------ |
Net current (liabilities)/assets |
(
437,565) |
414,661 |
|
--------- |
--------- |
Total assets less current liabilities |
(
437,565) |
414,661 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
500,000 |
1,300,000 |
|
--------- |
------------ |
Net liabilities |
(
937,565) |
(
885,339) |
|
--------- |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
103 |
103 |
Share premium account |
19,997 |
19,997 |
Profit and loss account |
(
957,665) |
(
905,439) |
|
--------- |
--------- |
Shareholders deficit |
(
937,565) |
(
885,339) |
|
--------- |
--------- |
|
|
|
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 May 2023
These financial statements were approved by the
board of directors
and authorised for issue on
28 February 2024
, and are signed on behalf of the board by:
Company registration number:
10072861
Notes to the Financial Statements |
|
Period from 1 November 2022 to 31 May 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Bond Avenue, Bletchley, Milton Keynes, Buckinghamshire, MK1 1SW, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the finanacial ststemets, the directors have a resonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is reliant on the cash generation of its subsidiary company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Debtors
|
31 May 23 |
31 Oct 22 |
|
£ |
£ |
Trade debtors |
6,000 |
– |
Other debtors |
110 |
594 |
|
------- |
---- |
|
6,110 |
594 |
|
------- |
---- |
|
|
|
5.
Investments
|
31 May 23 |
31 Oct 22 |
|
£ |
£ |
Investment in subsidiaries |
2,766,509 |
2,766,509 |
|
------------ |
------------ |
|
|
|
6.
Creditors:
amounts falling due within one year
|
31 May 23 |
31 Oct 22 |
|
£ |
£ |
Trade creditors |
6,000 |
1,200 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
2,530,382 |
1,729,182 |
Other creditors |
676,959 |
624,359 |
|
------------ |
------------ |
|
3,213,341 |
2,354,741 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
31 May 23 |
31 Oct 22 |
|
£ |
£ |
Other creditors |
500,000 |
1,300,000 |
|
--------- |
------------ |
|
|
|
8.
Directors' transactions
At the year end the copmany owed £100,000 (2022: £260,000) to F A Marx, one of the company's directors. The loan bears interest at 8% per annum and at the year end £135,152 (2022: £124,752) was outstanding.
9.
Parent company
The company's ultimate parent undertaking is Merino Industries Limited, a company incorporated in England and Wales. Copies of Merino Industries Limited's financial statements, which incorporate the results of this company, are available from its registred office. On 15th February 2024 Merino Industries Limited sold all of its shares in SRBE Investments Ltd and is no longer the parent company.
10.
Related party transactions
During the year the company charged its subsidiary company S.R.B.E. Limited, £17,500 (2022: £30,000) for management fees. At the year end, the company owed S.R.B.E. Limited £2,530,382 (2022: £1,729,182) During the year the company was charged £17,700 (2022: £30,000) for management fees by Merino Industries Limited. In addition, at the year end the company owed £640,000 (2022: £1,040,000) to Merino Industries Limited. The loan bears interest at 8% and at year and £540,607(2022: £499,007)