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Registered number: 06588698
Serena Rees Enterprises Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06588698
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 83,955 55,900
83,955 55,900
CURRENT ASSETS
Debtors 6 4,674,951 4,591,426
Cash at bank and in hand 23,981 3,005
4,698,932 4,594,431
Creditors: Amounts Falling Due Within One Year 7 (4,457,517 ) (3,990,668 )
NET CURRENT ASSETS (LIABILITIES) 241,415 603,763
TOTAL ASSETS LESS CURRENT LIABILITIES 325,370 659,663
Creditors: Amounts Falling Due After More Than One Year 8 (875,133 ) (875,133 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,952 ) (10,621 )
NET LIABILITIES (565,715 ) (226,091 )
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and Loss Account (565,716 ) (226,092 )
SHAREHOLDERS' FUNDS (565,715) (226,091)
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Ms Serena Rees
Director
23/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Serena Rees Enterprises Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06588698 . The registered office is 7 Bell Yard, London, England, WC2A 2JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% RBM
Computer Equipment 25% RBM
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Director 1 1
1 1
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 154,278 2,318 156,596
Additions 56,040 - 56,040
As at 31 December 2023 210,318 2,318 212,636
Depreciation
As at 1 January 2023 98,853 1,843 100,696
Provided during the period 27,866 119 27,985
As at 31 December 2023 126,719 1,962 128,681
Net Book Value
As at 31 December 2023 83,599 356 83,955
As at 1 January 2023 55,425 475 55,900
5. Investments
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 27,672 21,252
House of - recharges 163,190 163,190
LG LB - recharges 407,740 405,985
SRC Projects Ltd - recharges 199,166 199,166
Colman Coyle Client Account 17,416 3,016
SR Projects 3,653,552 3,645,313
AYA Design Group Limited loan 6,638 6,638
Cora & Co Loan A/C 137,577 137,577
SRC Projects Loan 52,000 -
VAT - 9,289
Director's loan account 10,000 -
4,674,951 4,591,426
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 25,294 19,521
Bank loans and overdrafts 41,810 12,903
VAT 2,100 -
Serena Rees Credit Card Recharges (1,984 ) (1,984 )
Serena Rees Loan Account 292,396 161,355
Serena Rees Loan Account - Mansfield Street (10,816 ) (10,816 )
Serena Rees Loan Account - Portland Place (435 ) (435 )
Studio SR Loan account 72,414 72,414
Tenant Deposit 25,000 25,000
Accruals and deferred income 3,379 3,379
Director's loan account 3,972,924 3,673,896
Amounts owed to joint ventures 35,435 35,435
4,457,517 3,990,668
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Long Term Loan 875,133 875,133
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 10,621 10,621
Deferred taxation 5,331 5,331
Balance at 31 December 2023 15,952 15,952
10. Related Party Transactions
1. Inter - Company Loan - Cora & Co Ltd - £137,576.33 in debit (2022 - £137,765.32 in debit)
2. Inter - Company Loan - AYA Design Group Ltd - £6,638.23 in debit (2022 - £6,638.23 in debit)
3. Inter - Company Loan - Studio SR Loan account - £72,414.43 in credit (2022 - £71,414.43 in credit)
Page 5