Registration number:
Sequel Group Limited
for the Year Ended 31 December 2023
Sequel Group Limited
Contents
Company Information |
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Abridged Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Abridged Financial Statements |
Sequel Group Limited
Company Information
Directors |
Mr P.V.J. Ciccone Ms S Peck Mr N.G. Andrews |
Company secretary |
Mr P.V.J. Ciccone |
Registered office |
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Accountants |
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Sequel Group Limited
(Registration number: 00934848)
Abridged Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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Sequel Group Limited
(Registration number: 00934848)
Abridged Statement of Financial Position as at 31 December 2023
For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Sequel Group Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2022 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
At 31 December 2022 |
11,470 |
17,450 |
722 |
1,139,970 |
1,169,612 |
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2023 |
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Loss for the year |
- |
- |
- |
( |
( |
Consideration on sale to EOT |
- |
- |
- |
(750,002) |
(750,002) |
At 31 December 2023 |
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The Employee ownership trust (EOT) was established on 29th March 2023 and on 31st March 2023 it purchases 100% of the Company's shares. The consideration on sale to EOT represents capital contributions paid to the EOT to repay the shareholders for the sale of their shares
Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Sequel Group Limited is a private company limited by shares registered in England and Wales.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling which is the functioning currency of the company. Monetary amounts in the financial statements are rounded to the nearest pound.
Preparation of consolidated financial statements
In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The
company has therefore taken advantage of the exemption provided by section 383 of the Companies Act 2006
not to produce group accounts.
Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a
small company.
Going concern
These financial statements are prepared on the going concern basis. The directors has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023
Revenue recognition
Turnover represents revenue due from the normal activities of the business to the extent that the seller obtains
the right to consideration in exchange for its performance of those activities, exclusive of VAT.
The revenue recognised is measured by reference to the amounts likely to be chargeable to clients, less a
suitable allowance to recognise the uncertainties remaining in the completion of obligations.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change
attributable to an item of income or expense recognised as other comprehensive income is also recognised
directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates taxable
income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
Straight line 25% |
Office equipment |
Straight line 33% |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line 10% |
Stocks
Work in progress is valued at the lower of cost and net realisable value and represents bought in costs and direct staff costs appropriate to the stage of completion of each project.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
Tangible assets |
Furniture, fittings and equipment |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023
Investments |
The company's investment at the balance sheet date in the share capital in group undertakings comprises:
Pans Ltd (dormant) a company incorporated in England and Wales
100% holding Ordinary Shares
Cost £2 less cost written off £2.
Net Book Value at 31.12.23 and 31.12.22 £Nil
Aggregate capital and reserves at 28.2.23 and 28.2.22 £2.
Stocks |
2023 |
2022 |
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Work in progress |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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- |
- |
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5,470 |
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- |
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6,000 |
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11,470 |
- |
- |
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Following the sale of the shares in the company on 31st March 2023 to Sequel Group EOT Limited, the Ordinary A shares and Ordinary B shares were redesignated as Ordinary shares.
Financial commitments, guarantees and contingencies |
At the reporting end date the company had total outstanding commitments for future minimum lease payments under non-cancellable operating leases of £181,723 (2022 £178,257). A total of £167,389 falls due within 1 year with the remaining £13,875 falling due in 2-5 years.
The company’s accounting and financial functions are outsourced on a rolling annual contract. Under the terms of the contract, in the event of a change in ownership of the company, the annual value of the contract £59,000 (2022 £59,000) becomes payable by the company.
Related party transactions |
At the end of the year, the company owed P V J Ciccone was £1,540 (2022: £371). The loan has no fixed repayment date.
Sequel Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023
Summary of transactions with other related parties
During the year accountancy services were provided by CPP, Chartered Accountants of which P V Ciccone, a director and shareholder of the company, is sole proprietor. The value of the services provided during the year amounted to £60,672 (2022 £59,000). A balance of £Nil (2022 £Nil) was due to CPP, Chartered Accountants at the year end.
8. Ultimate Controlling Party
Sequel Group EOT Limited is the ultimate controlling party by virtue of majority shareholding.