REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
SERENCO (UK) LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 10 | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Motor vehicles | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
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 |
Hire purchase contracts | 28,991 | 33,747 |
Invoice financing | (132,678 | ) | 224,546 |
( | ) |
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 |
Provided during year |
Balance at 31 December 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 14,700 | 14,700 |
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. |
for and on behalf of |
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. |