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Company Registration No. 02763956 (England and Wales)
Semmco Limited Unaudited accounts for the year ended 31 December 2023
Semmco Limited Unaudited accounts Contents
Page
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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
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Semmco Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
286,661 
246,384 
Current assets
Inventories
804,131 
829,456 
Debtors
1,262,291 
934,206 
Cash at bank and in hand
239,817 
133,117 
2,306,239 
1,896,779 
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 
Capital and reserves
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
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Semmco Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
Turnover
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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Semmco Limited Notes to the Accounts for the year ended 31 December 2023
Taxation
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
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.
Leased assets
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.
Financial instruments
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.
Foreign exchange
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.
Pension costs
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.
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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.
4
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 
Depreciation
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 
Net book value
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 
5
Debtors
2023 
2022 
£ 
£ 
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 
Other debtors
1,587 
1,500 
1,262,291 
934,206 
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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 
VAT
114,440 
57,381 
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 
Other creditors
5,836 
927 
Accruals
34,485 
95,147 
829,232 
843,127 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
99,167 
169,167 
Obligations under finance leases and hire purchase contracts
66,805 
82,471 
Loans from directors
379,490 
379,490 
545,462 
631,128 
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 
891,440 
1,114,300 
9
Controlling party
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.
10
Average number of employees
During the year the average number of employees was 37 (2022: 30).
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