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COMPANY REGISTRATION NUMBER: 09703008
SEPRECO UK LIMITED
Unaudited Financial Statements
31 December 2023
SEPRECO UK LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Page
Director's report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
SEPRECO UK LIMITED
Director's Report
Year ended 31 December 2023
The director presents her report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the year was making and holding of investments.
Director
The director who served the company during the year was as follows:
Mr Christophoros Demetriades
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 18 April 2024 and signed on behalf of the board by:
Mrs Sophia Louise Ciccone
Fiduci-Corp (UK) Services Limited
Director
Company Secretary
SEPRECO UK LIMITED
Income Statement
Year ended 31 December 2023
2023
2022
Note
Administrative expenses
( 284,637)
( 190,054)
Other operating income
74,942
---------
---------
Operating loss
( 284,637)
( 115,112)
Income from other fixed asset investments
1,968,819
( 2,383,381)
Other interest receivable and similar income
340,517
89,320
Interest payable and similar expenses
( 28,083)
( 104,274)
------------
------------
Profit/(loss) before taxation
1,996,616
( 2,513,447)
Tax on profit/(loss)
------------
------------
Profit/(loss) for the financial year
1,996,616
( 2,513,447)
------------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
SEPRECO UK LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
Current assets
Debtors
4
31,351
1,348
Investments
5
28,465,305
20,412,507
Cash at bank and in hand
5,237,643
11,326,949
-------------
-------------
33,734,299
31,740,804
Creditors: amounts falling due within one year
6
5,161
8,282
-------------
-------------
Net current assets
33,729,138
31,732,522
-------------
-------------
Total assets less current liabilities
33,729,138
31,732,522
-------------
-------------
Net assets
33,729,138
31,732,522
-------------
-------------
Capital and reserves
Called up share capital
3,000
3,000
Share premium account
32,498,000
32,498,000
Profit and loss account
1,228,138
( 768,478)
-------------
-------------
Shareholders funds
33,729,138
31,732,522
-------------
-------------
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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 April 2024 , and are signed on behalf of the board by:
Mrs Sophia Louise Ciccone
Director
Company registration number: 09703008
SEPRECO UK LIMITED
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Share premium account
Profit and loss account
Total
At 1 January 2022
3,000
32,498,000
1,744,969
34,245,969
Loss for the year
( 2,513,447)
( 2,513,447)
-------
-------------
------------
-------------
Total comprehensive income for the year
( 2,513,447)
( 2,513,447)
At 31 December 2022
3,000
32,498,000
( 768,478)
31,732,522
Profit for the year
1,996,616
1,996,616
-------
-------------
------------
-------------
Total comprehensive income for the year
1,996,616
1,996,616
-------
-------------
------------
-------------
At 31 December 2023
3,000
32,498,000
1,228,138
33,729,138
-------
-------------
------------
-------------
SEPRECO UK 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 St Georges House, 6th floor, 15 Hanover Square, London, W1S 1HS, United Kingdom.
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 euro, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
4. Debtors
2023
2022
Prepayments and accrued income
31,351
1,348
--------
-------
5. Investments
2023
2022
Portfolio account
28,465,305
20,412,507
-------------
-------------
6. Creditors: amounts falling due within one year
2023
2022
Trade creditors
1,561
4,682
Accruals and deferred income
3,600
3,600
-------
-------
5,161
8,282
-------
-------
7. Related party transactions
The company was under the control of Sepreco Investments Limited throughout the current year. Sepreco Investments Limited is the sole shareholder.