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Registration number: 00934848

Sequel Group Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Sequel Group Limited

Contents

Company Information

1

Abridged Statement of Financial Position

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Abridged Financial Statements

5 to 11

 

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

79 Essex Road
Islington
London
N1 2SF

Accountants

Moore Kingston Smith LLP
Chartered Accountants
6th Floor
Charlotte Building
17 Gresse Street
London
W1T 1QL

 

Sequel Group Limited

(Registration number: 00934848)
Abridged Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

9,737

19,233

Current assets

 

Stocks

7

14,198

25,330

Debtors

713,076

986,459

Cash at bank and in hand

 

240,570

757,988

 

967,844

1,769,777

Creditors: Amounts falling due within one year

(573,576)

(619,398)

Net current assets

 

394,268

1,150,379

Net assets

 

404,005

1,169,612

Capital and reserves

 

Called up share capital

10

11,470

11,470

Share premium reserve

17,450

17,450

Capital redemption reserve

722

722

Retained earnings

374,363

1,139,970

Shareholders' funds

 

404,005

1,169,612

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 16 September 2024 and signed on its behalf by:
 

Mr P.V.J. Ciccone
Company secretary and director

   
     
 

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
£

At 1 January 2022

11,470

17,450

722

1,114,396

1,144,038

Profit for the year

-

-

-

66,599

66,599

Dividends

-

-

-

(41,025)

(41,025)

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
£

At 1 January 2023

11,470

17,450

722

1,139,970

1,169,612

Loss for the year

-

-

-

(15,605)

(15,605)

Consideration on sale to EOT

-

-

-

(750,002)

(750,002)

At 31 December 2023

11,470

17,450

722

374,363

404,005

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
79 Essex Road
Islington
London
N1 2SF
England

These financial statements were authorised for issue by the Board on 16 September 2024.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 30).

 

Sequel Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 January 2023

325,425

At 31 December 2023

325,425

Amortisation

At 1 January 2023

325,425

At 31 December 2023

325,425

Carrying amount

At 31 December 2023

-

5

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 January 2023

59,861

Additions

2,975

At 31 December 2023

62,836

Depreciation

At 1 January 2023

40,628

Charge for the year

12,471

At 31 December 2023

53,099

Carrying amount

At 31 December 2023

9,737

At 31 December 2022

19,233

 

Sequel Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

6

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.

7

Stocks

2023
£

2022
£

Work in progress

14,198

25,330

8

Debtors

Current

2023
£

2022
£

Trade debtors

541,533

826,587

Other debtors

171,543

159,872

 

713,076

986,459

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

87,025

105,721

Taxation and social security

109,233

141,815

Other creditors

377,318

371,862

573,576

619,398

 

Sequel Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

-

-

5,470

5,470

Ordinary B Shares of £1 each

-

-

6,000

6,000

Ordinary shares of £1 (2022 - £0) each

11,470

11,470

-

-

11,470

11,470

11,470

11,470

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.

11

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.
 

12

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.