REGISTERED NUMBER: 06906739 |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SEYMOUR HOUSE INVESTMENTS LIMITED |
REGISTERED NUMBER: 06906739 |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SEYMOUR HOUSE INVESTMENTS LIMITED |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 16 |
SEYMOUR HOUSE INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants & |
Statutory Auditors |
Kelvin House |
Kelvin Way |
Crawley |
West Sussex |
RH10 9WE |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect growth in the foreseeable future. |
The business environment was challenging during the year due to staff shortages and higher interest rates. However directors managed the business well despite these challenges and overall performance has improved. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and execution of our strategy are subject to number of risks. The following section |
comprises a summary of the main risks which we believe could potentially impact upon our operating and financial performance. |
The company is exposed to price risk, credit risk and liquidity risk. The company has limited exposure to price risk. The company's policy includes review and assessment of care plans, identifying and managing the risk by entering into price negotiations with the local authority or other service users. Foreign currency risk - The company has no exposure to foreign currency fluctuations. Interest rate risk - The company has significant exposure to fluctuations in interest rates. The company has policies and procedures in place to identify and manage such risk and in the current economic conditions the risk is considered minimal. |
Credit risk - The company's credit risk is minimal. |
Liquidity and cashflow risk - The company ensures that there is availability of funding through committed facilities to meet all of its operational requirements. |
Legal - The company is subject to various legal and compliance regulations. The company takes this responsibility seriously and ensures that its policies, systems and procedures are continually updated and comply with legal requirements and best practice. |
OTHER PERFORMANCE INDICATORS |
2023 | 2022 |
Turnover (GBP £'000) | 3,150 | 2,970 |
Gross profit % | 30.84 | 31.13 |
Net profit % | 14.08 | 13.39 |
ON BEHALF OF THE BOARD: |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
An interim dividend of £3 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2024 will be £ 3,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Agnon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SEYMOUR HOUSE INVESTMENTS LIMITED |
Opinion |
We have audited the financial statements of Seymour House Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SEYMOUR HOUSE INVESTMENTS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- Enquiring of management, the Audit & Risk Committee in-house and external legal counsel concerning actual and potential litigation and claims; |
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- Reading minutes of meetings of those charged with governance; |
- Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and |
- Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SEYMOUR HOUSE INVESTMENTS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants & |
Statutory Auditors |
Kelvin House |
Kelvin Way |
Crawley |
West Sussex |
RH10 9WE |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 3,525,655 | 3,150,408 |
Cost of sales | 2,354,316 | 2,178,868 |
GROSS PROFIT | 1,171,339 | 971,540 |
Administrative expenses | 484,169 | 412,576 |
OPERATING PROFIT | 4 | 687,170 | 558,964 |
Interest receivable and similar income | 1,961 | 108 |
689,131 | 559,072 |
Interest payable and similar expenses | 5 | 240,888 | 115,557 |
PROFIT BEFORE TAXATION | 448,243 | 443,515 |
Tax on profit | 6 | 158,224 | 107,227 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 290,019 | 336,288 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 290,019 | 336,288 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
290,019 |
336,288 |
Total comprehensive income attributable to: |
Owners of the parent | 290,019 | 336,288 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
CONSOLIDATED BALANCE SHEET |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Tangible assets | 10 | 6,341,102 | 6,505,553 |
Investments | 11 | - | - |
6,341,102 | 6,505,553 |
CURRENT ASSETS |
Debtors | 12 | 26,869 | 165,401 |
Cash at bank and in hand | 3,849,775 | 3,278,049 |
3,876,644 | 3,443,450 |
CREDITORS |
Amounts falling due within one year | 13 | 2,000,318 | 1,941,487 |
NET CURRENT ASSETS | 1,876,326 | 1,501,963 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,217,428 |
8,007,516 |
CREDITORS |
Amounts falling due after more than one year | 14 | (2,474,043 | ) | (2,554,246 | ) |
PROVISIONS FOR LIABILITIES | 16 | (31,354 | ) | (28,258 | ) |
NET ASSETS | 5,712,031 | 5,425,012 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 999 | 999 |
Retained earnings | 18 | 5,711,032 | 5,424,013 |
SHAREHOLDERS' FUNDS | 5,712,031 | 5,425,012 |
The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by: |
M Rhemtulla - Director | S Rhemtulla - Director |
Miss Y Rhemtulla - Director |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
COMPANY BALANCE SHEET |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,000 | 6,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 999 | 5,093,725 | 5,094,724 |
Changes in equity |
Total comprehensive income | - | 336,288 | 336,288 |
Dividends | - | (6,000 | ) | (6,000 | ) |
Balance at 31 March 2023 | 999 | 5,424,013 | 5,425,012 |
Changes in equity |
Total comprehensive income | - | 290,019 | 290,019 |
Dividends | - | (3,000 | ) | (3,000 | ) |
Balance at 31 March 2024 | 999 | 5,711,032 | 5,712,031 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,044,372 | 726,049 |
Interest paid | (240,888 | ) | (115,557 | ) |
Tax paid | (116,377 | ) | (104,223 | ) |
Net cash from operating activities | 687,107 | 506,269 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (14,223 | ) | (16,502 | ) |
Interest received | 1,961 | 108 |
Net cash from investing activities | (12,262 | ) | (16,394 | ) |
Cash flows from financing activities |
Loan repayments in year | (105,487 | ) | (130,772 | ) |
Amount introduced by directors | 61,591 | 6,000 |
Amount withdrawn by directors | (58,197 | ) | (66,002 | ) |
Equity dividends paid | (3,000 | ) | (6,000 | ) |
Net cash from financing activities | (105,093 | ) | (196,774 | ) |
Increase in cash and cash equivalents | 569,752 | 293,101 |
Cash and cash equivalents at beginning of year |
2 |
3,257,539 |
2,964,438 |
Cash and cash equivalents at end of year | 2 | 3,827,291 | 3,257,539 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 448,243 | 443,515 |
Depreciation charges | 178,674 | 183,000 |
Finance costs | 240,888 | 115,557 |
Finance income | (1,961 | ) | (108 | ) |
865,844 | 741,964 |
Decrease/(increase) in trade and other debtors | 138,532 | (25,451 | ) |
Increase in trade and other creditors | 39,996 | 9,536 |
Cash generated from operations | 1,044,372 | 726,049 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 3,849,775 | 3,278,049 |
Bank overdrafts | (22,484 | ) | (20,510 | ) |
3,827,291 | 3,257,539 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 3,278,049 | 2,964,438 |
Bank overdrafts | (20,510 | ) | - |
3,257,539 | 2,964,438 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 March 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,278,049 | 571,726 | 3,849,775 |
Bank overdrafts | (20,510 | ) | (1,974 | ) | (22,484 | ) |
3,257,539 | 569,752 | 3,827,291 |
Debt |
Debts falling due within 1 year | (130,771 | ) | 25,284 | (105,487 | ) |
Debts falling due after 1 year | (2,554,246 | ) | 80,203 | (2,474,043 | ) |
(2,685,017 | ) | 105,487 | (2,579,530 | ) |
Total | 572,522 | 675,239 | 1,247,761 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 March 2024 |
1. | STATUTORY INFORMATION |
Seymour House Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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 |
Freehold property | - |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 2,027,891 | 1,872,786 |
Social security costs | 184,126 | 173,544 |
Other pension costs | 36,057 | 27,795 |
2,248,074 | 2,074,125 |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Directors | 3 | 3 |
Care Operatives | 78 | 77 |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration | 33,984 | 33,984 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets | 178,674 | 183,000 |
Auditors' remuneration | 8,320 | 7,000 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan interest | 183,116 | 115,557 |
Loan | 57,772 | - |
240,888 | 115,557 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 155,128 | 116,377 |
Deferred tax | 3,096 | (9,150 | ) |
Tax on profit | 158,224 | 107,227 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax | 448,243 | 443,515 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
112,061 |
84,268 |
Effects of: |
Depreciation in excess of capital allowances | 43,067 | 32,109 |
Deferred taxation movement in the year | 3,096 | (9,150 | ) |
Total tax charge | 158,224 | 107,227 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
Ordinary shares of £1 each |
Interim | 3,000 | 6,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 120,000 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 | 120,000 |
NET BOOK VALUE |
At 31 March 2024 | - |
At 31 March 2023 | - |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 7,515,925 | 920,594 | 304,992 | 8,741,511 |
Additions | 11,781 | 845 | 1,597 | 14,223 |
At 31 March 2024 | 7,527,706 | 921,439 | 306,589 | 8,755,734 |
DEPRECIATION |
At 1 April 2023 | 1,181,115 | 763,081 | 291,762 | 2,235,958 |
Charge for year | 150,554 | 23,754 | 4,366 | 178,674 |
At 31 March 2024 | 1,331,669 | 786,835 | 296,128 | 2,414,632 |
NET BOOK VALUE |
At 31 March 2024 | 6,196,037 | 134,604 | 10,461 | 6,341,102 |
At 31 March 2023 | 6,334,810 | 157,513 | 13,230 | 6,505,553 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors | 16,656 | 156,319 |
Prepayments and accrued income | 10,213 | 9,082 |
26,869 | 165,401 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 15) | 127,971 | 151,281 |
Trade creditors | 21,237 | 1 |
Tax | 155,128 | 116,377 |
Social security and other taxes | 50,845 | 43,652 |
Other creditors | 142,057 | 134,086 |
Directors' current accounts | 1,484,160 | 1,480,766 |
Accruals and deferred income | 18,920 | 15,324 |
2,000,318 | 1,941,487 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 15) | 2,474,043 | 2,554,246 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 22,484 | 20,510 |
Bank loans | 105,487 | 130,771 |
127,971 | 151,281 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 2,474,043 | 2,554,246 |
16. | PROVISIONS FOR LIABILITIES |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 31,354 | 28,258 |
SEYMOUR HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 06906739) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 March 2024 |
16. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 28,258 |
Change during the year | 3,096 |
Balance at 31 March 2024 | 31,354 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 999 | 999 |
18. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 5,424,013 |
Profit for the year | 290,019 |
Dividends | (3,000 | ) |
At 31 March 2024 | 5,711,032 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included within other creditors is an amount of £1,484,159 (2023: £1,480,766) due to the directors of the company. During the year directors charged interest of £57,772 on their loan accounts. |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling interest is equally held by Mr M Rhemtulla, Mr S Rhemtulla and Miss Y Rhemtulla. |