Registered number:
FOR THE YEAR ENDED 31 AUGUST 2023
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SEEBECK 122 LIMITED
COMPANY INFORMATION
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SEEBECK 122 LIMITED
CONTENTS
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SEEBECK 122 LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The Directors present the Strategic Report and financial statements for the year ended 31 August 2023.
The principal activity of the Group continued to be that of owning and operating nursing homes and private hospital facilities in support of mental health services.
Commissioners
A substantial proportion of the Group's revenue derives from public funded bodies such as Local Authorities, ICB's (Integrated Care Boards, formerly Clinical Commissioning Group) and other NHS (National Health Service) Trusts, although it should be noted that the Group is a specialist provider of nursing and hospital services. The directors are aware that pressure on fees and volume of placements could cause such publicly funded bodies to allocate less money to the types of services provided by the Group. Also, in common with the majority of government-funded service providers, most of the Group's price changes take effect annually on 1 April, and are linked to general inflation indices such as the Retail Price Index ("RPI"). Such changes could have a material impact on the Group's revenue. These factors are to a great extent, beyond the control of the Group although it manages its risk by spreading its customer base and maintaining good relationships with the commissioners. Regulators All of the Group's services are subject to a high level of regulation by various regulatory bodies. New regulations may be introduced that could impose increased costs on the Group's operations. The Group is unable to predict the content of new legislation and regulations and their effect on its business. Inspections are carried out by regulators on both an announced and unannounced basis. The failure to comply with Government Regulations, the receipt of a negative report that leads to a finding of non-compliance, or the failure of the Group to cure any defect noted in an inspection, could result in the revocation of the Group's registration. The Group conducts regular internal audits of safety and compliance with regulatory requirements. Finance The Group’s main financial composition of cash, trade debtors and trade creditors as well as its debt are well managed. These financial instruments provide the Group with the necessary funding to undertake its activities. Their risks are managed through robust policies and procedures as well as key performance indicators that are monitored monthly. In the current high inflationary environment, strong cost control and strategies to deal with price risks are mitigated to manage some of the impact. As a specialist niche provider, the directors believe that the Group’s position is stable and that the demand for their care pathways will not diminish. However, the directors are in constant communication with the Group’s stakeholders to ensure that actions are taken in pre-emption of any possible unwillingness by funders to adjust fees in line with inflation. The majority of the Group's debt is in relation to fixed term loans with High Street lenders with pre-agreed terms and specified loan interest margins. The Group monitors interest rate movements and would review its gearing levels should rates rise significantly.
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SEEBECK 122 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
The directors monitor progress on the overall strategy and the individual elements by reference to the following key performance indicators:
Turnover for the year is £33,895,535 (2022 - £24,915,458) Operating loss for the year is £4,937,922 (2022 - £4,866,461) The bed occupancy rate percentage for the year is 85% (2022 - 79%).
The financial statements have been prepared on a going concern basis. The Directors have a reasonable expectation and consider that the Group has sufficient resources to continue in operations for the foreseeable future. The directors do, however, acknowledge that uncertainty around the timing of re-admissions due to the delayed rating report of The Broomhill Hospital (caused by internal IT technical issues within CQC) and the maturity of the loan liabilities falling due within one year, may be perceived as material uncertainties that may cast some doubt on the ability of the group to continue as a going concern. Further details of this assessment can be found in note 2.3 of the financial statements.
The directors intend for the Group to continue its strategy of organic growth. During 2024, the directors are keen to consolidate the progress made in 2023 and create a robust foundation for future growth.
Section 172(1) Statement
The directors always considers that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a) - (f) of the Companies Act 2006, in the decisions taken during the year ended 31 August 2023. The Group’s strategy, was formally presented to the whole Organisation. It is designed to have a long term beneficial impact on the group and to contribute to its success in delivering a high quality of service across all of the business divisions. The Group believes that the embedding of the values with the purpose as its foundation, the culture of St Matthews will reflect honesty and openness where speaking up is supported and development is through learning. Our employees remain fundamental to the delivery of this strategy. We aim to be a responsible employer in our approach to the pay and benefits that our employees receive. The health, safety and well-being of our team members is one of our primary considerations in the way we conduct our business. To this end we have introduced a number of new features that reinforce our core values. The Group introduced the first step(s) of its Fairness Campaign by reviewing all of the banding and point structure of pay. Additionally, new healthcare benefits were announced to the workforce. Further steps are planned to enhance the offering to the workforce and embed the value of People First. Engagement with our stakeholders continues to be the Groups focus. We meet with our major partners regularly throughout the year and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.
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SEEBECK 122 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
Our strategy considers the impact of the Group’s operations on the community, the environment and our wider social responsibilities; in particular how we comply with environmental legislation and pursue waste saving opportunities and react promptly to local concerns. The directors' intention is to behave in a responsible manner, operating within the high standards of business conduct and good governance expected for a Group such as ours and in doing so, the directors believe it will contribute to the delivery of the strategy. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our values, beliefs and culture.
This report was approved by the board and signed on its behalf.
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SEEBECK 122 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The directors present their report and the financial statements for the year ended 31 August 2023.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £6,537,157 (2022 - loss £5,459,388).
The directors who served during the year were:
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SEEBECK 122 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
The Group has various financial assets and liabilities such as trade receivables and trade payables arising
directly from its operations. In addition the Group has other financial instruments including loans and overdrafts. i) Liquidity risk The Group manages its cash and borrowing requirements to optimise interest income and minimise expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of its business. ii) Interest rate risk The Group is exposed to interest rate risk on various credit facilities. iii) Credit risk Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary
The Group communicates to employees in the following ways:
• Quarterly newsletter • Annual update session for all staff that gives updates about the Company in general (including finances) • A monthly learning alert which details any incidents that other staff should learn from • A monthly training newsletter detailing when training is being held • A monthly management meeting – minutes are put online • An annual satisfaction survey for staff to feed into • The latest CQC report is kept in reception for employees to review • A comments/suggestion/employee award box is in each unit for staff to feed into • A quarterly carer forum for patients/family/managers – minutes are sent to all units • A bi-monthly ‘reg-17’ visit where a director walks around each unit – a report is given to units
The Group strives to provide a high quality service to both our service users and funders. This is delivered through the comprehensive and extensive quality management systems that support all aspects of the Group's delivery. The recruitment, retention and training processes are designed to ensure our staff are equipped to provide the highest quality of service to support the needs of our service users. The Group consults regularly with its customers through surveys as well as receiving feedback directly from communications with our employees.
Our suppliers are fundamental to our ability to deliver safe and quality care. The Group aims to develop open and honest communication with its key suppliers to ensure the relationships are mutually beneficial and support the needs of our service users.
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SEEBECK 122 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
The directors endeavour to ensure that as far as possible the training, career development and promotion of disabled persons is the same as for other employees. Should employees become disabled, every effort is made to ensure that their employment continues and appropriate retraining is received.
The Group has used the year to 31 August 2023, (with year ending 31 August 2022 as its benchmark year) to calculate the emission of the following tonnes of CO2e, in undertaking its business activities.
Energy consumption: FY23 FY22 KWh KWh Electricity 948,546 990,532 Gas 2,584,748 3,251,108 Aggregate of energy consumption in the year 3,533,294 4,241,640 Emission of CO2 equivalent FY23 FY22 Metric tonnes Metric tonnes Scope 1 – Gas 472 593 Scope 2 - Electricity 183 192 Aggregate of energy consumption in the year 655 785 Intensity ratio (per bed) FY23 FY22 Kg Co2 per bed (capacity) 1,956 2,343 Kg Co2 per bed (occupied) 2,307 3,355 Quantification and reporting methodology The consumption has been collected from the energy bills from our suppliers. The emissions have been calculated from KWh using the conversion factors published by BEIS in June 2022. Intensity measurement In selecting the intensity factor that would give the best indication of our energy efficiency overall it was noted that the majority of our emissions are from gas and electricity (being 27% electricity and 73% gas). To normalise the emissions from each unit, it was decided to use a simple measurement of beds in total across the group. Two indicators have been used to determine efficiency, capacity beds (ie total number in each unit) and occupied beds (ie average number of service users throughout the year) to provide an indication of impact of occupancy on the intensity of usage and efficiency.
In accordance with Section 414c (ii) of the Companies Act 2006, the Directors have chosen to include the following items in the Company Strategic report:
- Future Developments
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SEEBECK 122 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SEEBECK 122 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEEBECK 122 LIMITED
We have audited the financial statements of Seebeck 122 Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group and Company Statement of Changes in Equity and the Group Statement of Cash Flows. and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to Note 2.2 in the financial statements, which indicates that the group received an Inadequate Care Quality Commission rating in February 2024, resulting in the inactivity of admissions for the largest care facility. This note also refers to the bank loan facility terms which extend to a period of fewer than twelve months.
As stated in Note 2.2, these events or conditions, along with other matters as set forth in Note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SEEBECK 122 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEEBECK 122 LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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SEEBECK 122 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEEBECK 122 LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management around actual and potential litigation and claims;
- Enquiry of staff to identify any instances of non-compliance with laws and regulations; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and review of accounting estimates for bias; - Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Northampton, United Kingdom
Date: MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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SEEBECK 122 LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
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SEEBECK 122 LIMITED
REGISTERED NUMBER: 09515922
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 37 form part of these financial statements.
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SEEBECK 122 LIMITED
REGISTERED NUMBER: 09515922
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 37 form part of these financial statements.
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SEEBECK 122 LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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SEEBECK 122 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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SEEBECK 122 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
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SEEBECK 122 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
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SEEBECK 122 LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2023
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Seebeck 122 Limited is a private Company limited by shares, incorporated in England and Wales, registered number 09515922. The registered office is at Boughton House, Holdenby Road, Spratton, Northampton, NN6 8LD.
The functional and presentational currency of the Company and the Group is pounds sterling (£) and rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The Directors have a reasonable expectation and consider that the Group has sufficient resources to continue in operations for the foreseeable future. To support this consideration, the Directors have prepared budgets for the coming 12 months as well as forecasts of future performance (which include future cash flows). These budgets and forecast have reflected not only the increased occupancy anticipated but also other regulatory and governmental challenges as well as staff investment needed to meet the expected growth of occupancy. The mitigating actions being undertaken in response to Care Quality Commission (CQC) and local Integrated Care Board (ICB) inspections, have been critical in the assumptions used in the evaluation of future occupancy and therefore performance. In particular, the Directors have assessed, conservatively, the growth in occupancy of its largest hospital facility, The Broomhill Hospital, following its re-rating by CQC to “Requires Improvement”.
Despite the current actions being taken and the comments below, the directors do, however, acknowledge that uncertainty around the timing of re-admissions due to the delayed rating report of The Broomhill Hospital (caused by internal IT technical issues within CQC) and the maturity of the loan liabilities falling due within one year, may be perceived as material uncertainties that may cast some doubt on the ability of the group to continue as a going concern. However, the Directors believe strongly that there is sufficient evidence to support their confidence that these challenges can be met. (i) The Directors have an expectation to see admissions commence following the circulation of an open letter from the Chief Nursing Officer of the local ICB to all stakeholders. They have confirmed the unexpected serious IT challenges being faced by CQC (who acknowledged this occurrence and impact) in publishing the new report on their portal. This communication intervention has not only seen an increase in discussions about referral of new cases for Broomhill but also paved a pathway for long term strategic collaborative partnerships. New placements are now being approved for admission by the respective funders. Furthermore, a clear timeline and phases of admissions was identified by them, confirming the importance of this hospital to the ICB and their continued support of Broomhill. (ii) With the backing from and relationship with their banks, the Directors strongly believe that these facilities will be renegotiated to beyond the current terms and point to a number of important key factors: (a) the support being provided by the banks in refinancing its facilities over the last few years and (b) the continued support being provided as evidenced in the latest agreed refinancing of the existing facility agreement, provided to align with the Group’s current needs. On this basis, and having given due regards to the main issues, the Directors continue to believe that the going concern basis of accounting in preparing the financial statements remains appropriate. 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 the fair value of the consideration received or receivable, excluding discounts and rebates.
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure. The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following basis: Goodwill - 10 years straight line
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
The whole of the turnover is attributable to the principal activity of the Group.
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Page 26
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Page 27
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Page 28
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
13.Taxation (continued)
There were no factors that may affect future tax charges.
Page 29
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Page 30
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Page 31
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Page 32
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Page 33
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Page 34
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Profit and loss account
Page 35
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
As at 31 August 2022 there was a group balance of £5,091,223 in both debtors and creditors that was not eliminated on consolidation. This has been adjusted in the current year, please refer to note 17 and note 19.
As at 31 August 2022 no depreciation was charged on the revalued portion of freehold property. As at 31 October 2023 this has been corrected to £579,587, please refer to note 14. The impact of this prior year adjustment has been to increase the loss before tax by £579,587, reduce the deferred tax provision by £144,897 and reduce reserves by £434,690.
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £273,213 (2022 - £71,335) were payable to the fund at the balance sheet date and are included in creditors.
During the year the Group advanced £9,775 (2022 - £151,600) and was repaid £65,500 (2022 - £Nil) to/from a director of the Company. At 31 August 2023 amounts owed to the Group from this director totalled £1,423,816 (2022 - £1,479,541). No interest is charged on this advance and the amount is due on demand.
During the year the Group advanced £Nil (2022 - £171,607) and was repaid £61,673 (2022 - £Nil) to/from a director of the Group. At 31 August 2023 amounts owed to the Group from this director totalled £747,127 (2022 - £808,880). No interest is charged on this advance and the amount is due on demand.
Page 36
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SEEBECK 122 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
In the opinion of the directors there is no ultimate controlling party.
Page 37
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