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COMPANY REGISTRATION NUMBER: 10527738
SDM HOLDINGS LIMITED
Unaudited Financial Statements
31 December 2023
SDM HOLDINGS LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
SDM HOLDINGS LIMITED
Director's Report
Year ended 31 December 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Director
The director who served the company during the year was as follows:
Mr M P Chauveau
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 July 2024 and signed on behalf of the board by:
Mr M P Chauveau
Director
Registered office:
645 Portslade Road
London
England
SW8 4PH
SDM HOLDINGS LIMITED
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
7,456,470
6,675,920
Cost of sales
3,040,127
2,425,441
------------
------------
Gross profit
4,416,343
4,250,479
Distribution costs
80,103
Administrative expenses
3,406,660
3,021,596
------------
------------
Operating profit
1,009,683
1,148,780
Interest payable and similar expenses
137,832
39,632
------------
------------
Profit before taxation
5
871,851
1,109,148
Tax on profit
250,666
244,125
---------
------------
Profit for the financial year and total comprehensive income
621,185
865,023
---------
------------
Dividends paid and payable
( 226,435)
( 276,033)
Retained earnings at the start of the year
3,303,111
2,714,121
------------
------------
Retained earnings at the end of the year
3,697,861
3,303,111
------------
------------
All the activities of the company are from continuing operations.
SDM HOLDINGS LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
1,583,585
1,522,296
Investments
7
140,000
140,000
------------
------------
1,723,585
1,662,296
Current assets
Debtors
8
1,485,312
1,460,814
Investments
9
2,000,100
2,000,100
Cash at bank and in hand
801,051
798,348
------------
------------
4,286,463
4,259,262
Creditors: amounts falling due within one year
10
770,566
855,903
------------
------------
Net current assets
3,515,897
3,403,359
------------
------------
Total assets less current liabilities
5,239,482
5,065,655
Creditors: amounts falling due after more than one year
11
1,531,421
1,752,344
------------
------------
Net assets
3,708,061
3,313,311
------------
------------
Capital and reserves
Called up share capital
10,200
10,200
Profit and loss account
3,697,861
3,303,111
------------
------------
Shareholders funds
3,708,061
3,313,311
------------
------------
These financial statements have been prepared 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'.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SDM HOLDINGS LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr M P Chauveau
Director
Company registration number: 10527738
SDM HOLDINGS LIMITED
Notes to the Financial Statements
Year ended 31 December 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 645 Portslade Road, London, SW8 4PH, England.
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.
Going concern
The accounts have been prepared under the going concern convention. The directors consider that the company will continue as a going concern for the foreseeable future.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Long leasehold property
-
Period of lease
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
20% to 25% reducing lease
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 45 (2022: 19 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
136,970
163,000
---------
---------
6. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
270,161
2,406,898
820,567
746,234
4,243,860
Additions
57,020
25,065
9,194
106,980
198,259
---------
------------
---------
---------
------------
At 31 December 2023
327,181
2,431,963
829,761
853,214
4,442,119
---------
------------
---------
---------
------------
Depreciation
At 1 January 2023
44,804
1,391,744
805,047
479,969
2,721,564
Charge for the year
2,500
57,253
3,500
73,717
136,970
---------
------------
---------
---------
------------
At 31 December 2023
47,304
1,448,997
808,547
553,686
2,858,534
---------
------------
---------
---------
------------
Carrying amount
At 31 December 2023
279,877
982,966
21,214
299,528
1,583,585
---------
------------
---------
---------
------------
At 31 December 2022
225,357
1,015,154
15,520
266,265
1,522,296
---------
------------
---------
---------
------------
7. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
140,000
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
140,000
---------
At 31 December 2022
140,000
---------
8. Debtors
2023
2022
£
£
Trade debtors
1,187,380
1,151,271
Other debtors
297,932
309,543
------------
------------
1,485,312
1,460,814
------------
------------
9. Investments
2023
2022
£
£
Investments in group undertakings
2,000,100
2,000,100
------------
------------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
214,724
296,246
Corporation tax
274,836
167,712
Social security and other taxes
219,266
219,569
Other creditors - desc in a/cs
5,294
Other creditors
56,446
172,376
---------
---------
770,566
855,903
---------
---------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,457,179
1,711,198
Other creditors
74,242
41,146
------------
------------
1,531,421
1,752,344
------------
------------
12. Dividends
Dividends paid were split as follows:
Mr Marc Chauveau £226,435
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr M P Chauveau
( 641)
641
----
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr M P Chauveau
( 1,263)
622
( 641)
-------
----
----