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COMPANY REGISTRATION NUMBER: 11165240
S.E.M.S SPECIALIST ENGINEERING MECHANICAL SERVICES LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
S.E.M.S SPECIALIST ENGINEERING MECHANICAL SERVICES LTD
FINANCIAL STATEMENTS
YEAR ENDED 31st AUGUST 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
S.E.M.S SPECIALIST ENGINEERING MECHANICAL SERVICES LTD
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Investment properties
5
4,127,000
3,309,783
CURRENT ASSETS
Debtors
6
8,093
8,835
Cash at bank and in hand
181,910
45,484
----------
---------
190,003
54,319
CREDITORS: amounts falling due within one year
7
44,987
91,725
----------
---------
NET CURRENT ASSETS/(LIABILITIES)
145,016
( 37,406)
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,272,016
3,272,377
CREDITORS: amounts falling due after more than one year
8
3,431,717
3,288,364
PROVISIONS
Taxation including deferred tax
204,304
-------------
-------------
NET ASSETS/(LIABILITIES)
635,995
( 15,987)
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Non distributable reserve
612,913
Profit and loss account
22,982
( 16,087)
----------
---------
SHAREHOLDERS FUNDS/(DEFICIT)
635,995
( 15,987)
----------
---------
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 31st 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 .
S.E.M.S SPECIALIST ENGINEERING MECHANICAL SERVICES LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
S. G. Cassells
Director
Company registration number: 11165240
S.E.M.S SPECIALIST ENGINEERING MECHANICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st 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 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
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 and loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration and represents amounts receivable for rent.
Taxation
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. 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.
Investment properties
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised through the income statement.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Investment properties are not depreciated.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company, being the directors of the company, during the year amounted to 2 (2022: 2).
5. INVESTMENT PROPERTIES
Investment properties
£
Valuation
At 1st September 2022
3,309,783
Revaluations
817,217
-------------
At 31st August 2023
4,127,000
-------------
Impairment
At 1st September 2022 and 31st August 2023
-------------
Carrying amount
At 31st August 2023
4,127,000
-------------
At 31st August 2022
3,309,783
-------------
It is the opinion of the directors that the properties held by the company have a fair value of £4,127,000.
6. DEBTORS
2023
2022
£
£
Trade debtors
7,357
Prepayments and accrued income
736
5,685
Other debtors
3,150
-------
-------
8,093
8,835
-------
-------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loan
6,000
6,000
Accruals and deferred income
2,594
5,725
Corporation tax
11,393
Director loan accounts
25,000
80,000
---------
---------
44,987
91,725
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loan
12,500
18,500
Henderson.S.Services Ltd
1,050,000
1,050,000
Mortgages
2,369,217
2,219,864
-------------
-------------
3,431,717
3,288,364
-------------
-------------
The mortgages, included within creditors: amounts falling due after more than one year, are secured against the company's investment properties.
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
204,304
----------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment properties
204,304
----------
----
10. MOVEMENT IN FAIR VALUE OF INVESTMENT PROPERTIES
Non distributable reserve
£
Year ended 31st August 2023
Movement in fair value of investment properties
817,217
Deferred tax adjustment on fair value movement
(204,304)
----------
612,913
----------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. RELATED PARTY TRANSACTIONS
S. G. Cassells and Ms. N. Pemblington are also directors of Henderson.S.Services Ltd. There is an intercompany loan account in place between S.E.M.S Specialist Engineering Mechanical Services Ltd and Henderson.S.Services Ltd. At the year end, an amount of £1,050,000 (2022: £1,050,000) was owed to Henderson.S.Services Ltd from S.E.M.S Specialist Engineering Mechanical Services Ltd and this is included within creditors: amounts falling due after more than one year. There is no fixed date of repayment for this loan. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.