2023-01-012023-12-312023-12-31false11909207SABENI TRADING 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SABENI TRADING LIMITED

Registered Number
11909207
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

SABENI TRADING LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

DELANEY, Paul

Registered Address

Ninth Avenue Flixborough Industrial Estate
Flixborough
Scunthorpe
DN15 8SL

Registered Number

11909207 (England and Wales)
SABENI TRADING LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3161,91599,613
Tangible assets51,691,9191,565,975
1,853,8341,665,588
Current assets
Stocks637,765306,835
Debtors7,81,617,5752,172,073
Cash at bank and on hand21,57514,374
1,676,9152,493,282
Creditors amounts falling due within one year9(177,871)(744,681)
Net current assets (liabilities)1,499,0441,748,601
Total assets less current liabilities3,352,8783,414,189
Creditors amounts falling due after one year10(3,124,406)(3,378,282)
Provisions for liabilities11(55,000)-
Net assets173,47235,907
Capital and reserves
Called up share capital100100
Profit and loss account173,37235,807
Shareholders' funds173,47235,907
The financial statements were approved and authorised for issue by the Director on 12 September 2024, and are signed on its behalf by:
DELANEY, Paul
Director
Registered Company No. 11909207
SABENI TRADING LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The director believes that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the shareholder and creditors and therefore continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Freehold property - 2% straight line Plant and machinery 10-50% straight line Other fixed assets - 30% straight line
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year11
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 23106,721106,721
Additions72,69772,697
Disposals(3,085)(3,085)
At 31 December 23176,333176,333
Amortisation and impairment
At 01 January 237,1087,108
Charge for year7,4607,460
On disposals(150)(150)
At 31 December 2314,41814,418
Net book value
At 31 December 23161,915161,915
At 31 December 2299,61399,613
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of patents has been set at 20 years.
5.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 January 231,462,303391,1961,853,499
Additions57,004134,271191,275
At 31 December 231,519,307525,4672,044,774
Depreciation and impairment
At 01 January 2391,715195,809287,524
Charge for year27,22438,10765,331
At 31 December 23118,939233,916352,855
Net book value
At 31 December 231,400,368291,5511,691,919
At 31 December 221,370,588195,3871,565,975
Included within freehold property is land with an estimated costs of £118,357 (2022 - £118,357) which is not depreciated.
6.Stocks
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

2023

2022

££
Finished goods37,765306,835
Total37,765306,835
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables19,6275,032
Amounts owed by group undertakings350,058958,450
Other debtors121,18563,461
Prepayments and accrued income126,705145,130
Total617,5751,172,073
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Debtors: amounts due after one year

2023

2022

££
Amounts owed by group undertakings 1,000,0001,000,000
Total1,000,0001,000,000
9.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables47,296273,550
Bank borrowings and overdrafts10,0002,500
Taxation and social security5,827354,392
Other creditors91,03182,306
Accrued liabilities and deferred income23,71731,933
Total177,871744,681
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts18,27035,578
Other creditors3,106,1363,342,704
Total3,124,4063,378,282
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)55,000-
Total55,000-
12.Related party transactions
Included within debtors, amounts falling due after more than one year, is an amount of £1,000,000 (2022 - £1,000,000) due from Ellsi Limited. Included within other debtors, amounts falling due within one year, is an amount of £350,058 (2022 - £958,450) due from Ellsi Limited. These amounts are interest free. Ellsi Limited is under the control of S L Campbell, N Delaney and R A Delaney, daughters of P Delaney. Included in other creditors, amounts falling due after more than one year, is an amount of £1,630,135 (2022 - £1,866,703) due to P Delaney . This balance is interest free. Included in other creditors, amounts falling due after more than one year, is an amount of £1,476,000 (2022 - £1,476,000) due to Kass Bathroom Products Limited , a company with common directors. This amount is interest free. Included in the profit and loss account is rent receivable from Ellsi Limited of £300,000 (2022 - £120,000) for rent of space in Sabeni Trading Limited's premises.