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Registration number: 11172835

Semmens Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Semmens Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Semmens Developments Limited

Company Information

Directors

Mr NT Semmens

Mr JN Semmens

Mr D Semmens

Registered office

The Old Piggery
Boswedden Vean
St Just
Penzance
Cornwall
TR19 7NG

Accountants

D.J. Reynolds & Co.
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Semmens Developments Limited

(Registration number: 11172835)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,980

34,341

Current assets

 

Stocks

5

328,268

324,339

Debtors

6

6,184

568

Cash at bank and in hand

 

2,431

2,604

 

336,883

327,511

Creditors: Amounts falling due within one year

7

(262,476)

(244,484)

Net current assets

 

74,407

83,027

Total assets less current liabilities

 

102,387

117,368

Creditors: Amounts falling due after more than one year

7

(14,167)

(23,617)

Provisions for liabilities

(2,222)

(3,284)

Net assets

 

85,998

90,467

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

85,898

90,367

Shareholders' funds

 

85,998

90,467

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
Mr JN Semmens
Director

 

Semmens Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Piggery
Boswedden Vean
St Just
Penzance
Cornwall
TR19 7NG

These financial statements were authorised for issue by the Board on 31 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Semmens Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

4% straight line

Vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

The cost of finished goods or work in progress comprises direct materials, direct labour costs and overheads that have been incurred in bringing the items to their present condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Semmens Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Semmens Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Buildings
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

19,384

15,000

28,160

62,544

Disposals

-

-

(4,000)

(4,000)

At 31 January 2024

19,384

15,000

24,160

58,544

Depreciation

At 1 February 2023

2,325

10,254

15,624

28,203

Charge for the year

775

1,187

2,712

4,674

Eliminated on disposal

-

-

(2,313)

(2,313)

At 31 January 2024

3,100

11,441

16,023

30,564

Carrying amount

At 31 January 2024

16,284

3,559

8,137

27,980

At 31 January 2023

17,059

4,746

12,536

34,341

5

Stocks

2024
£

2023
£

Work in progress

328,268

324,339

6

Debtors

2024
£

2023
£

Trade debtors

5,142

-

Other debtors

296

568

Prepayments

746

-

6,184

568

 

Semmens Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,550

Trade creditors

 

5,507

1,330

Taxation and social security

 

1,022

630

Accruals and deferred income

 

1,757

1,762

Other creditors

 

244,190

230,212

 

262,476

244,484

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

14,167

23,617

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

14,167

23,617

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,550

 

Semmens Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Funds introduced by directors
£

At 31 January 2024
£

Mr NT Semmens

Interest free loan from the Director, repayable on demand

75,020

4,904

79,924

       
     

Mr JN Semmens

Interest free loan from the Director, repayable on demand

2,243

4,204

6,447

       
     

Mr D Semmens

Interest free loan from the Director, repayable on demand

152,282

4,204

156,486

       
     

 

2023

At 1 February 2022
£

Funds introduced by directors
£

At 31 January 2023
£

Mr NT Semmens

Interest free loan from the Director, repayable on demand

72,916

2,104

75,020

       
     

Mr JN Semmens

Interest free loan from the Director, repayable on demand

139

2,104

2,243

       
     

Mr D Semmens

Interest free loan from the Director, repayable on demand

150,178

2,104

152,282