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REGISTERED NUMBER: 08409690 (England and Wales)















Financial Statements for the Year Ended 30 November 2023

for

Seventy7 London Limited

Seventy7 London Limited (Registered number: 08409690)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

Seventy7 London Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Miss J Riley





REGISTERED OFFICE: The Old School House
Thirsk Street
Manchester
M12 6PN





REGISTERED NUMBER: 08409690 (England and Wales)





ACCOUNTANTS: Lomas and Company Accountants Limited
Bridge House
12 Market Street
Glossop
Derbyshire
SK13 8AR

Seventy7 London Limited (Registered number: 08409690)

Statement of Financial Position
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 69,782 97,631
69,782 97,631

CURRENT ASSETS
Debtors: amounts falling due within one year 7 745,613 674,905
Cash at bank 161,737 58,950
907,350 733,855
CREDITORS
Amounts falling due within one year 8 1,216,694 817,138
NET CURRENT LIABILITIES (309,344 ) (83,283 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(239,562

)

14,348

CREDITORS
Amounts falling due after more than one
year

9

-

268
NET (LIABILITIES)/ASSETS (239,562 ) 14,080

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings (289,562 ) (35,920 )
SHAREHOLDERS' FUNDS (239,562 ) 14,080

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 director and authorised for issue on 18 April 2024 and were signed by:





Miss J Riley - Director


Seventy7 London Limited (Registered number: 08409690)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Seventy7 London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The director is required to assess the basis on which the accounts for the year ended 30th November 2023 are prepared and, in particular, whether the going concern basis remains appropriate.

The company made a loss for the year as a whole reflecting higher costs in the early part of the year and the costs of subsequent downsizing. In the second half of the year the company achieved a return to profitability in each of the last six months of the year.

Since the year end, the company has continued to trade profitably, and the director is optimistic about achieving a positive result for the year as a whole.

Whilst the erosion caused by the recent loss making caused the company to have net liabilities at the year -end, it had a sizable cash balance at the year-end and It has, In addition, the availability of an invoice discounting facility and is forecast to be cash positive for the year.

Taking into account the foregoing, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its accounts.

Income recognition
Income comprises the turnover attributable to normal contract activity and the sub-letting of studios during the year, exclusive of VAT.

Normal contract activity is measured on an accruals basis, attributing the revenue to the period in which the service was performed, where activity overlaps the year end. The sub-letting of studios is measured on an accruals basis based on the amounts receivable during the year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, has now been fully amortized.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the period of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 30% on cost

Seventy7 London Limited (Registered number: 08409690)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

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 or receivable in respect of group relief using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 38 ) .

Seventy7 London Limited (Registered number: 08409690)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 588,486
AMORTISATION
At 1 December 2022
and 30 November 2023 588,486
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 31,042 177,323 125,253 176,246 509,864
Additions - 9,965 - 1,772 11,737
Disposals - (10,796 ) - - (10,796 )
At 30 November 2023 31,042 176,492 125,253 178,018 510,805
DEPRECIATION
At 1 December 2022 25,347 164,618 76,546 145,722 412,233
Charge for year 2,584 5,135 12,828 15,620 36,167
Eliminated on disposal - (7,377 ) - - (7,377 )
At 30 November 2023 27,931 162,376 89,374 161,342 441,023
NET BOOK VALUE
At 30 November 2023 3,111 14,116 35,879 16,676 69,782
At 30 November 2022 5,695 12,705 48,707 30,524 97,631

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 631,921 548,245
Amounts owed by group undertakings - 15,171
Amounts recoverable on contracts - 24,378
Other debtors 10,885 12,748
Prepayments 102,807 74,363
745,613 674,905

Seventy7 London Limited (Registered number: 08409690)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 537,008 377,724
Hire purchase contracts 1,318 4,457
Trade creditors 193,401 98,087
Amounts owed to group undertakings 243,421 93,983
Social security and other taxes 27,892 31,017
VAT 118,334 146,944
Other creditors 5,335 11,878
Accruals and deferred income 89,985 53,048
1,216,694 817,138

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts - 268

10. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Hire purchase contracts 1,318 4,725

Charge dated 12 June 2013 in favour of Lloyds TSB Commercial Finance Ltd - fixed and floating charge over company assets.

11. ULTIMATE CONTROLLING PARTY

The directors regard Seventy7 Group Limited, a company incorporated in England and Wales, as being the company's ultimate parent undertaking and controlling party.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Seventy7 London Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Director's Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seventy7 London Limited for the year ended 30 November 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Seventy7 London Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Seventy7 London Limited and state those matters that we have agreed to state to the director of Seventy7 London Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seventy7 London Limited and its director for our work or for this report.

It is your duty to ensure that Seventy7 London Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Seventy7 London Limited. You consider that Seventy7 London Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Seventy7 London Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Lomas and Company Accountants Limited
Bridge House
12 Market Street
Glossop
Derbyshire
SK13 8AR


18 April 2024