Registered number: 06409381
SEWTON LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SEWTON LIMITED
Company Information
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SEWTON LIMITED
Registered number: 06409381
Balance sheet
As at 31 December 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The Company's financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 March 2024.
The notes on pages 2 to 6 form part of these financial statements.
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SEWTON LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
Sewton Limited is a private company limited by share capital, incorporated in the United Kingdom and registered in England and Wales, registration number 06409381. The registered office address is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Associates and Joint Ventures are held at cost less impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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SEWTON LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is EUR. This differs from the presentational currency which is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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SEWTON LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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The average monthly number of employees, including the directors, during the year was as follows:
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SEWTON LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
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Investments in associates
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Creditors: Amounts falling due within one year
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SEWTON LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
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Allotted, called up and fully paid
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5,350 (2022 - 5,350) Ordinary shares of £1.00 each
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7.Other financial commitments
In the prior year the company entered into a first demand guarantee with the bank for €70,000 principal plus interest and other costs, valid until 31 March 2023. Any liability arising from this was secured by the listed investments held by the company.
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Related party transactions
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During the year the directors operated a loan account with the company. As at 31 December 2023 the company owed the directors £199,116 (2022: £199,116). The amount payable is interest free and repayable on demand.
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