Company Registration No. 02763956 (England and Wales)
Semmco Limited
Unaudited accounts
for the year ended 31 December 2023
Semmco Limited
Unaudited accounts
Contents
Semmco Limited
Company Information
for the year ended 31 December 2023
Director
Stuart Martin McOnie
Company Number
02763956 (England and Wales)
Registered Office
9 Kestrel Way
Goldsworth Park Trading Estate
Woking
GU21 3BA
UK
Semmco Limited
Statement of financial position
as at 31 December 2023
Tangible assets
286,661
246,384
Inventories
804,131
829,456
Cash at bank and in hand
239,817
133,117
Creditors: amounts falling due within one year
(829,232)
(843,127)
Net current assets
1,477,007
1,053,652
Total assets less current liabilities
1,763,668
1,300,036
Creditors: amounts falling due after more than one year
(545,462)
(631,128)
Net assets
1,218,206
668,908
Called up share capital
1,000
1,000
Profit and loss account
1,217,206
667,908
Shareholders' funds
1,218,206
668,908
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and authorised for issue on 26 September 2024 and were signed on its behalf by
Stuart Martin McOnie
Director
Company Registration No. 02763956
Semmco Limited
Notes to the Accounts
for the year ended 31 December 2023
Semmco Limited is a private company, limited by shares, registered in England and Wales, registration number 02763956. The registered office is 9 Kestrel Way, Goldsworth Park Trading Estate, Woking, GU21 3BA, UK.
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.
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:
Land & buildings
10% straight line
Plant & machinery
25% straight line / over the life of the lease
Motor vehicles
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
50% straight line
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as he fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before revenue ie recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- The Company has transferred the significant risks and rewards of ownership to the buyer;
- The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- The amount of revenue can be measured reliably;
- It is probable that the Company will receive the consideration due under the transaction; and
- The costs incurred or to be incurred in respect of the transaction can be measured reliably.
Expenditure on research and development is written off in the year in which it is incurred.
Semmco Limited
Notes to the Accounts
for the year ended 31 December 2023
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
At each reporting date, 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 profit or loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Semmco Limited
Notes to the Accounts
for the year ended 31 December 2023
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the director has made the following judgements:
Determine whether there are indicators of impairment of the company's inventories and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 5)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2023
38,594
1,268,354
74,688
82,033
206,682
1,670,351
Additions
-
18,079
90,421
1,195
16,046
125,741
At 31 December 2023
38,594
1,286,433
165,109
83,228
222,728
1,796,092
At 1 January 2023
10,211
1,075,826
73,147
59,151
205,632
1,423,967
Charge for the year
3,859
48,771
13,428
14,339
5,067
85,464
At 31 December 2023
14,070
1,124,597
86,575
73,490
210,699
1,509,431
At 31 December 2023
24,524
161,836
78,534
9,738
12,029
286,661
At 31 December 2022
28,383
192,528
1,541
22,882
1,050
246,384
Amounts falling due within one year
Trade debtors
1,019,609
747,239
Amounts due from group undertakings etc.
79,971
-
Deferred tax asset
59,957
59,957
Accrued income and prepayments
101,167
125,510
Semmco Limited
Notes to the Accounts
for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
70,308
71,512
Obligations under finance leases and hire purchase contracts
22,055
23,563
Trade creditors
333,513
527,457
Amounts owed to group undertakings and other participating interests
216,830
42,510
Taxes and social security
31,765
24,630
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
66,805
82,471
Loans from directors
379,490
379,490
8
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
222,860
222,860
Later than one year and not later than five years
668,580
891,440
The parent undertaking of the company is Semmco Group Limited, The registered office of Semmco Group Limited is 9 Kestrel Way, Goldsworth Park Trading Estate, Woking, Surrey, GU21 3BA.
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Average number of employees
During the year the average number of employees was 37 (2022: 30).