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Company Registration No. 09240524 (England and Wales)
Semmco LPS Limited Unaudited accounts for the year ended 31 December 2023
Semmco LPS Limited Unaudited accounts Contents
Page
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Semmco LPS Limited Company Information for the year ended 31 December 2023
Director
Stuart Martin McOnie
Company Number
09240524 (England and Wales)
Registered Office
9 Kestrel Way Goldsworth Park Trading Estate Woking Surrey GU21 3BA
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Semmco LPS Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
4,200 
4,200 
Tangible assets
131,687 
45,734 
135,887 
49,934 
Current assets
Inventories
406,526 
478,894 
Debtors
872,087 
213,059 
Cash at bank and in hand
120,207 
64,780 
1,398,820 
756,733 
Creditors: amounts falling due within one year
(384,080)
(170,439)
Net current assets
1,014,740 
586,294 
Total assets less current liabilities
1,150,627 
636,228 
Provisions for liabilities
Deferred tax
(15,246)
(15,246)
Net assets
1,135,381 
620,982 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
1,134,381 
619,982 
Shareholders' funds
1,135,381 
620,982 
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. 09240524
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Semmco LPS Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Semmco LPS Limited is a private company, limited by shares, registered in England and Wales, registration number 09240524. The registered office is 9 Kestrel Way, Goldsworth Park Trading Estate, Woking, Surrey, GU21 3BA.
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:
Plant & machinery
20-25% 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.
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.
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Semmco LPS Limited Notes to the Accounts for the year ended 31 December 2023
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.
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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.
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.
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 & 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 4) 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.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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Semmco LPS Limited Notes to the Accounts for the year ended 31 December 2023
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2023
4,200 
At 31 December 2023
4,200 
Amortisation
At 1 January 2023
- 
At 31 December 2023
- 
Net book value
At 31 December 2023
4,200 
At 31 December 2022
4,200 
5
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 January 2023
125,853 
Additions
95,554 
At 31 December 2023
221,407 
Depreciation
At 1 January 2023
80,119 
Charge for the year
9,601 
At 31 December 2023
89,720 
Net book value
At 31 December 2023
131,687 
At 31 December 2022
45,734 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
646,367 
160,800 
Amounts due from group undertakings etc.
216,830 
42,511 
Accrued income and prepayments
8,890 
9,748 
872,087 
213,059 
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Semmco LPS Limited Notes to the Accounts for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
28,273 
25,503 
Trade creditors
181,801 
38,438 
Taxes and social security
15,164 
16,738 
Other creditors
1,421 
2,210 
Loans from directors
22,939 
23,503 
Accruals
3,750 
64,047 
Deferred income
130,732 
- 
384,080 
170,439 
8
Average number of employees
During the year the average number of employees was 13 (2022: 13).
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