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REGISTERED NUMBER: 03897128 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2023


for


SERENCO (UK) LIMITED



SERENCO (UK) LIMITED (REGISTERED NUMBER: 03897128)








Contents of the Financial Statements

for the year ended 31 DECEMBER 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

3





SERENCO (UK) LIMITED



Company Information

for the year ended 31 DECEMBER 2023









DIRECTORS:

A P Dearden


D Bennett


V C Gibson


A V Southgate







SECRETARY:

A P Dearden







REGISTERED OFFICE:

Unit 3 Wellingborough Road


Sywell


Northampton


Northamptonshire


NN6 0BN







REGISTERED NUMBER:

03897128 (England and Wales)







AUDITORS:

Elsby & Co (Sywell) Ltd


Chartered Accountants


and Registered Auditors


155 Wellingborough Road


Rushden


Northamptonshire


NN10 9TB



SERENCO (UK) LIMITED (REGISTERED NUMBER: 03897128)



Balance Sheet

31 DECEMBER 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

189,604


205,620




CURRENT ASSETS

Stocks

2,733,897


2,233,860



Debtors

5

1,836,202


1,737,803



Cash at bank and in hand

133,227


3,971



4,703,326


3,975,634



CREDITORS

Amounts falling due within one year

6

1,867,862


1,567,473



NET CURRENT ASSETS

2,835,464


2,408,161



TOTAL ASSETS LESS CURRENT

LIABILITIES

3,025,068


2,613,781




CREDITORS

Amounts falling due after more than one year

7

(23,756

)

(42,880

)



PROVISIONS FOR LIABILITIES

10

(50,810

)

(50,512

)


NET ASSETS

2,950,502


2,520,389




CAPITAL AND RESERVES

Called up share capital

11

21,000


21,000



Retained earnings

2,929,502


2,499,389



SHAREHOLDERS' FUNDS

2,950,502


2,520,389




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 Statement of Income and Retained Earnings has not been delivered.  


The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by:






A P Dearden - Director




SERENCO (UK) LIMITED (REGISTERED NUMBER: 03897128)



Notes to the Financial Statements

for the year ended 31 DECEMBER 2023


1.

STATUTORY INFORMATION



Serenco (UK) Limited 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on delivery of goods to the customer.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Plant and machinery

-

20% - 55% on cost


Motor vehicles

-

25% on cost



Stocks


Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.


SERENCO (UK) LIMITED (REGISTERED NUMBER: 03897128)



Notes to the Financial Statements - continued

for the year ended 31 DECEMBER 2023


2.

ACCOUNTING POLICIES - continued



Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 38 (2022 - 37 ) .


4.

TANGIBLE FIXED ASSETS


Plant and


Motor



machinery


vehicles


Totals

£   

£   

£   



COST


At 1 January 2023

575,865


176,079


751,944




Additions

42,623


43,533


86,156




Disposals

(929

)

-


(929

)



At 31 December 2023

617,559


219,612


837,171




DEPRECIATION


At 1 January 2023

426,148


120,176


546,324




Charge for year

80,583


21,589


102,172




Eliminated on disposal

(929

)

-


(929

)



At 31 December 2023

505,802


141,765


647,567




NET BOOK VALUE


At 31 December 2023

111,757


77,847


189,604




At 31 December 2022

149,717


55,903


205,620





The net book value of tangible fixed assets includes £ 22,925 (2022 - £ 32,095 ) in respect of assets held under hire purchase contracts.



SERENCO (UK) LIMITED (REGISTERED NUMBER: 03897128)



Notes to the Financial Statements - continued

for the year ended 31 DECEMBER 2023


5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

1,741,608


1,478,705




Amounts owed by group undertakings

14,613


170,277




Other debtors

79,981


88,821



1,836,202


1,737,803




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts

69,501


280,527




Hire purchase contracts  (see note 8)

5,235


4,756




Trade creditors

908,673


734,306




Taxation and social security

695,464


460,378




Other creditors

188,989


87,506



1,867,862


1,567,473




7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


2023

2022


£   

£   



Bank loans

-


13,889




Hire purchase contracts  (see note 8)

23,756


28,991



23,756


42,880




8.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Hire purchase contracts


2023

2022


£   

£   



Net obligations repayable:


Within one year

5,235


4,756




Between one and five years

23,756


28,991



28,991


33,747





Non-cancellable operating

leases


2023

2022


£   

£   



Within one year

63,452


90,178




Between one and five years

49,362


41,389



112,814


131,567





SERENCO (UK) LIMITED (REGISTERED NUMBER: 03897128)



Notes to the Financial Statements - continued

for the year ended 31 DECEMBER 2023


9.

SECURED DEBTS



The following secured debts are included within the balance sheet:


2023

2022


£   

£   



Bank overdrafts

55,612


-




Hire purchase contracts

28,991


33,747




Invoice financing

(132,678

)

224,546



(48,075

)

258,293





Bank overdrafts are secured by way of a fixed and floating charge over the assets of the company.



The invoice discounting advance is secured by way of a fixed and floating charge over all book debts and other debts. As at 31 December 2023, the balance was a current asset (2022 current liability) and included within Cash at bank and in hand.



Hire purchase creditors are secured on the assets to which they relate.


10.

PROVISIONS FOR LIABILITIES

2023

2022


£   

£   



Deferred tax

50,810


50,512





Deferred



tax


£   



Balance at 1 January 2023

50,512




Provided during year

298




Balance at 31 December 2023

50,810




11.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



14,700

Ordinary A

£1

14,700


14,700




6,300

Ordinary B

£1

6,300


6,300



21,000


21,000




12.

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



The Report of the Auditors was unqualified.



Carl Elsby (Senior Statutory Auditor)


for and on behalf of Elsby & Co (Sywell) Ltd



SERENCO (UK) LIMITED (REGISTERED NUMBER: 03897128)



Notes to the Financial Statements - continued

for the year ended 31 DECEMBER 2023


13.

RELATED PARTY DISCLOSURES



On 29 January 2018, the company provided a cross guarantee to secure a bank loan of £1,100,000 taken out by its parent company Dearden Holdings Limited, and this has been paid off within the year (2022: £22,463).


14.

ULTIMATE CONTROLLING PARTY



The controlling party is Dearden Holdings Limited (incorporated in the United Kingdom). The registered office of Dearden Holdings Ltd  is Unit 3 Wellingborough Road, Sywell, Northamptonshrie, NN6 0BN.



The ultimate controlling party is A P Dearden, due to ultimate control of the parent company Dearden Holdings Ltd.