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COMPANY REGISTRATION NUMBER: 05054960
Servewell Holdings Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2023
Servewell Holdings Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,528,912
2,529,360
Investments
6
4,660,952
2,120,905
------------
------------
7,189,864
4,650,265
Current assets
Debtors
7
367,342
325,687
Cash at bank and in hand
1,086,073
827,118
------------
------------
1,453,415
1,152,805
Creditors: amounts falling due within one year
8
1,155,907
161,515
------------
------------
Net current assets
297,508
991,290
------------
------------
Total assets less current liabilities
7,487,372
5,641,555
Provisions
288,235
288,235
------------
------------
Net assets
7,199,137
5,353,320
------------
------------
Capital and reserves
Called up share capital
1,050
1,000
Revaluation reserve
3,305,745
1,516,236
Profit and loss account
3,892,342
3,836,084
------------
------------
Shareholders funds
7,199,137
5,353,320
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Servewell Holdings Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
A M Meisel
Director
Company registration number: 05054960
Servewell Holdings Limited
Notes to the Financial Statements
Year ended 31 August 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 Fairchild House, Redbourne Avenue, London, N3 2BJ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
25% reducing balance
Investment property
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date.
Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
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 5 (2022: 4 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
2,527,570
10,615
2,538,185
------------
--------
------------
Depreciation
At 1 September 2022
8,825
8,825
Charge for the year
448
448
------------
--------
------------
At 31 August 2023
9,273
9,273
------------
--------
------------
Carrying amount
At 31 August 2023
2,527,570
1,342
2,528,912
------------
--------
------------
At 31 August 2022
2,527,570
1,790
2,529,360
------------
--------
------------
Investment properties were revalued by the director on an open market value basis as at 31 August 2023.
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 September 2022
800,905
1,320,000
2,120,905
Additions
1,050,538
1,050,538
Disposals
( 300,000)
( 300,000)
Revaluations
1,789,509
1,789,509
------------
------------
------------
At 31 August 2023
3,640,952
1,020,000
4,660,952
------------
------------
------------
Impairment
At 1 September 2022 and 31 August 2023
------------
------------
------------
Carrying amount
At 31 August 2023
3,640,952
1,020,000
4,660,952
------------
------------
------------
At 31 August 2022
800,905
1,320,000
2,120,905
------------
------------
------------
Rivergate Holdings Limited, Rivergate Properties Limited and Rivergate Investments Limited have accounting year ended 30 April 2023. Rivergate Holdings Limited holds 100% of the issued share capital of Rivergate Properties Limited. All subsidiary companies are registered in England and Wales.
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
AKJ Investments Ltd
Ordinary
100
Rivergate Investments Ltd
Ordinary
50
Rivergate Holdings Limited
Ordinary
100
Rivergate Properties Limited
Ordinary
100
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2023
2022
2023
2022
£
£
£
£
Subsidiary undertakings
AKJ Investments Ltd
59,401
8,161
51,240
174,533
Rivergate Investments Ltd
1,476,670
1,599,909
( 8,409)
573,463
Rivergate Holdings Limited
374
109,744
49,130
(918)
Rivergate Properties Limited
2,901,617
2,781,671
2,558,850
136,534
------------
------------
------------
---------
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
367,342
313,187
Other debtors
12,500
---------
---------
367,342
325,687
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,859
652
Amounts owed to group undertakings and undertakings in which the company has a participating interest
932,520
49,845
Corporation tax
8,408
27,955
Social security and other taxes
9
868
Other creditors
213,111
82,195
------------
---------
1,155,907
161,515
------------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A M Meisel
( 26,475)
( 24,109)
( 50,584)
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A M Meisel
( 13,595)
( 12,880)
( 26,475)
--------
--------
--------