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Registered number: 03385438
Sergent Major Company Limited
Unaudited Financial Statements
For The Year Ended 30 June 2023
Adbell International Limited
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 03385438
2023 2022
Notes
CURRENT ASSETS
Debtors 4 21,629 26,887
Cash at bank and in hand 1 401
21,630 27,288
Creditors: Amounts Falling Due Within One Year 5 (43,880 ) (43,468 )
NET CURRENT ASSETS (LIABILITIES) (22,250 ) (16,180 )
TOTAL ASSETS LESS CURRENT LIABILITIES (22,250 ) (16,180 )
NET LIABILITIES (22,250 ) (16,180 )
CAPITAL AND RESERVES
Called up share capital 6 1,495 1,495
Profit and Loss Account (23,745 ) (17,675 )
SHAREHOLDERS' FUNDS (22,250) (16,180)
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Jacques Dejean
Director
24/04/2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Sergent Major Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03385438 . The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
2.2. Going Concern Disclosure
The financial statements are prepared on the basis of the going concern, which assumes that the company will be in operational existence for the foreseeable future. This depends upon continued support of the shareholders. The financial statements do not include any adjustments that would result if such support is withdrawn
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Foreign Currencies
Assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at the balance
sheet date. Transactions in foreign currencies are translated into Euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
2.6. Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
...CONTINUED
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Page 3
2.6. Financial instruments - continued
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.7. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Debtors
2023 2022
Due within one year
Trade debtors 78 596
Prepayments and accrued income 1,070 -
Other debtors 19,492 25,259
Paypal 962 962
VAT 27 70
21,629 26,887
5. Creditors: Amounts Falling Due Within One Year
2023 2022
Trade creditors 1,054 -
Bank loans and overdrafts 4 -
Other creditors 27,385 28,150
Accruals and deferred income 15,437 15,318
43,880 43,468
6. Share Capital
2023 2022
Allotted, Called up and fully paid 1,495 1,495
Allotted, issued and fully paid 1 ordinary share in £1,000 nominal value each.
7. Ultimate Controlling Party
The company's ultimate controlling party is J P H Dejean by virtue of his ownership of 100% of the issued share capital in the company.
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