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
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
Semmco LPS Limited
Statement of financial position
as at 31 December 2023
Intangible assets
4,200
4,200
Tangible assets
131,687
45,734
Inventories
406,526
478,894
Cash at bank and in hand
120,207
64,780
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
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
Semmco LPS Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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:
Plant & machinery
20-25% 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.
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.
Semmco LPS Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
Expenditure on research and development is written off in the year in which it is incurred.
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.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Semmco LPS Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
At 31 December 2023
221,407
At 31 December 2023
89,720
At 31 December 2023
131,687
At 31 December 2022
45,734
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
Semmco LPS Limited
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023
2022
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
8
Average number of employees
During the year the average number of employees was 13 (2022: 13).