Company Registration No. 09988870 (England and Wales)
SEP2 Limited
Unaudited accounts
for the year ended 29 February 2024
SEP2 Limited
Unaudited accounts
Contents
SEP2 Limited
Company Information
for the year ended 29 February 2024
Directors
Michael James Goodwin
Paul Edward Starr
Evan Timothy Wright Ward
Company Number
09988870 (England and Wales)
Registered Office
51A ST. PAULS STREET
LEEDS
LS1 2TE
ENGLAND
Accountants
Nuvem 9 Ltd
The Mount Business Centre
Woodstock Link
Belfast
County Antrim
BT6 8DD
SEP2 Limited
Statement of financial position
as at 29 February 2024
Tangible assets
94,072
77,369
Debtors
3,152,143
1,405,700
Cash at bank and in hand
445,594
1,032,341
Creditors: amounts falling due within one year
(2,504,337)
(1,886,307)
Net current assets
1,093,400
551,734
Total assets less current liabilities
1,187,472
629,103
Creditors: amounts falling due after more than one year
(272,879)
(311,546)
Net assets
914,593
317,557
Called up share capital
617
614
Profit and loss account
913,976
316,943
Shareholders' funds
914,593
317,557
For the year ending 29 February 2024 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by
Michael James Goodwin
Director
Company Registration No. 09988870
SEP2 Limited
Notes to the Accounts
for the year ended 29 February 2024
SEP2 Limited is a private company, limited by shares, registered in England and Wales, registration number 09988870. The registered office is 51A ST. PAULS STREET, LEEDS, LS1 2TE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Principal versus agency revenue
Revenue has been prepared in line with FRS102, 23A.39 and 41.
Revenue from Sales where SEP2 act as an agent (sale of Third-party Licenses, Subscriptions and Support services) is recognised on a net basis due to the following clarifications in the May 2022 IFRS Final Agenda:
Pre-Sales advice that SEP2 provide as the reseller is not an implicit promise in the contract with the customer.
SEP2 does not obtain a pool of software licences before entering into the contract with the customer and cannot, for example, direct the software licences to another customer. SEP2 therefore has no inventory risk before the licences are provided to the customer but then has inventory risk until the customer accepts the licences (paragraph B37(b)).
An order is placed with the software manufacturer and the software manufacturer issues the software licenses in the customer’s name. The software manufacturer is responsible for the software’s functionality, as well as for issuing and activating the licences. The software manufacturer is therefore responsible in those respects for fulfilling the promise to provide the licences to the customer (paragraph B37(a)).
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
To manage foreign exchange exposure, SEP2 enter into derivative instruments. The derivatives are recognised at fair value on initial recognition and subsequently remeasured to their fair value at each reporting date and posted to the Profit & Loss.
SEP2 Limited
Notes to the Accounts
for the year ended 29 February 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Straight Line
Computer equipment
25% Straight Line
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2023
63,699
168,292
231,991
Additions
16,581
38,495
55,076
At 29 February 2024
80,280
206,787
287,067
At 1 March 2023
50,389
104,233
154,622
Charge for the year
7,108
31,265
38,373
At 29 February 2024
57,497
135,498
192,995
At 29 February 2024
22,783
71,289
94,072
At 28 February 2023
13,310
64,059
77,369
Amounts falling due within one year
Trade debtors
1,316,093
887,761
Accrued income and prepayments
1,335,807
517,104
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
228,084
70,058
Trade creditors
1,404,686
822,400
Taxes and social security
74
74
Other creditors
51,133
481
Loans from directors
-
4,259
Deferred income
713,472
580,414
SEP2 Limited
Notes to the Accounts
for the year ended 29 February 2024
7
Creditors: amounts falling due after more than one year
2024
2023
Deferred income
151,439
84,989
Allotted, called up and fully paid:
54,000 Ordinary shares of £0.01 each
540.00
540.00
7,677 Ordinary A shares of £0.01 each
76.77
73.80
Shares issued during the period:
297 Ordinary A shares of £0.01 each
2.97
9
Average number of employees
During the year the average number of employees was 65 (2023: 45).