22 8 March 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 60,528 142,888 203,416 4,249 10,416 14,665 188,751 56,279 3 3 3 xbrli:pure xbrli:shares iso4217:GBP 11788160 2022-04-01 2023-03-31 11788160 2023-03-31 11788160 2022-03-31 11788160 2021-04-01 2022-03-31 11788160 2022-03-31 11788160 2021-03-31 11788160 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 11788160 core:PlantMachinery 2022-04-01 2023-03-31 11788160 bus:Director2 2022-04-01 2023-03-31 11788160 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 11788160 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 11788160 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 11788160 core:PlantMachinery 2023-03-31 11788160 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 11788160 core:WithinOneYear 2023-03-31 11788160 core:WithinOneYear 2022-03-31 11788160 core:AfterOneYear 2023-03-31 11788160 core:AfterOneYear 2022-03-31 11788160 core:ShareCapital 2023-03-31 11788160 core:ShareCapital 2022-03-31 11788160 core:SharePremium 2023-03-31 11788160 core:SharePremium 2022-03-31 11788160 core:RetainedEarningsAccumulatedLosses 2023-03-31 11788160 core:RetainedEarningsAccumulatedLosses 2022-03-31 11788160 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 11788160 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 11788160 core:Non-currentFinancialInstruments 2023-03-31 11788160 core:Non-currentFinancialInstruments 2022-03-31 11788160 bus:SmallEntities 2022-04-01 2023-03-31 11788160 bus:Audited 2022-04-01 2023-03-31 11788160 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11788160 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11788160 bus:FullAccounts 2022-04-01 2023-03-31 11788160 core:ComputerEquipment 2022-04-01 2023-03-31 11788160 core:ComputerEquipment 2022-03-31 11788160 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 11788160
SESSIONS MARKET LIMITED
FILLETED FINANCIAL STATEMENTS
31 March 2023
SESSIONS MARKET LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
188,751
56,279
Tangible assets
6
157,302
39,633
Investments
7
3
3
----------
---------
346,056
95,915
Current assets
Debtors
8
6,825,022
4,092,052
Cash at bank and in hand
333,070
4,595,396
-------------
-------------
7,158,092
8,687,448
Creditors: amounts falling due within one year
9
512,559
458,878
-------------
-------------
Net current assets
6,645,533
8,228,570
-------------
-------------
Total assets less current liabilities
6,991,589
8,324,485
Creditors: amounts falling due after more than one year
10
27,071
134,016
-------------
-------------
Net assets
6,964,518
8,190,469
-------------
-------------
Capital and reserves
Called up share capital
362
339
Share premium account
10,447,422
9,416,456
Profit and loss account
( 3,483,266)
( 1,226,326)
---------------
-------------
Shareholders funds
6,964,518
8,190,469
---------------
-------------
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 income statement has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
SESSIONS MARKET LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 8 March 2024 , and are signed on behalf of the board by:
Mr I D Banks
Director
Company registration number: 11788160
SESSIONS MARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 8th Floor, 52 Grosvenor Gardens, London, SW1W 0AU, England.
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 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
The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the directors and on funding from other external sources. If the company were unable to continue in operational existence for the foreseeable future, adjustment would have to be made to reduce the balance sheet values of the assets to their recoverable amounts, and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Revenue recognition
Generally, revenue represents external sales (excluding taxes) of goods and services, net of discounts. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and is measured at the fair value of consideration receivable, excluding discounts, rebates, and other sales taxes or duty relating to brewing and packaging of certain products.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Over the life of the lease
Plant and machinery
-
20% straight line
Equipment
-
33% straight line
Website
-
Over three years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 9 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 April 2022
60,528
Additions
142,888
----------
At 31 March 2023
203,416
----------
Amortisation
At 1 April 2022
4,249
Charge for the year
10,416
----------
At 31 March 2023
14,665
----------
Carrying amount
At 31 March 2023
188,751
----------
At 31 March 2022
56,279
----------
6. Tangible assets
Long leasehold property
Plant and machinery
Equipment
Website
Total
£
£
£
£
£
Cost
At 1 April 2022
13,058
39,189
52,247
Additions
37,156
21,835
102,806
38,501
200,298
Disposals
( 50,000)
( 50,000)
---------
---------
----------
---------
----------
At 31 March 2023
37,156
21,835
65,864
77,690
202,545
---------
---------
----------
---------
----------
Depreciation
At 1 April 2022
1,845
10,769
12,614
Charge for the year
3,941
2,687
9,771
16,230
32,629
---------
---------
----------
---------
----------
At 31 March 2023
3,941
2,687
11,616
26,999
45,243
---------
---------
----------
---------
----------
Carrying amount
At 31 March 2023
33,215
19,148
54,248
50,691
157,302
---------
---------
----------
---------
----------
At 31 March 2022
11,213
28,420
39,633
---------
---------
----------
---------
----------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
3
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 31 March 2023
3
----
At 31 March 2022
3
----
8. Debtors
2023
2022
£
£
Trade debtors
11,701
344
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,609,750
3,324,705
Other debtors
1,203,571
767,003
-------------
-------------
6,825,022
4,092,052
-------------
-------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
92,946
175,538
Trade creditors
99,569
13,565
Social security and other taxes
197
103,937
Other creditors
319,847
165,838
----------
----------
512,559
458,878
----------
----------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,071
134,016
---------
----------
The bank loans are secured.
11. Summary audit opinion
The auditor's report dated 8 March 2024 was unqualified .
The senior statutory auditor was Christopher Kyffin-Walton FCCA , for and on behalf of UHY Hacker Young (S.E.) Limited .