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Registration number: 10826586

Les Searle Group Limited

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 31 May 2024

image-name
 

Les Searle Group Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Les Searle Group Limited

Company Information

Directors

L D Searle

Mrs D J Searle

Registered office

Parsonage Farm Office
Parsonage Way
Horsham
West Sussex
RH12 4ZF

Solicitors

Cripps LLP
Premier House
36-48 Queen Street
Horsham
West Sussex
RH13 5AD

Bankers

Barclays Bank Plc
2 Carfax
Horsham
West Sussex
RH12 1DN

Accountants

Ritchie Phillips LLP
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Les Searle Group Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Les Searle Group Limited for the year ended 31 May 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Les Searle Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Les Searle Group Limited and state those matters that we have agreed to state to the Board of Directors of Les Searle Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Les Searle Group Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Les Searle Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Les Searle Group Limited. You consider that Les Searle Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Les Searle Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Ritchie Phillips LLP
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

12 November 2024

 

Les Searle Group Limited

(Registration number: 10826586)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,508,546

4,463,158

Investments

5

48,300

48,300

 

4,556,846

4,511,458

Current assets

 

Debtors

6

735,392

220,196

Cash at bank and in hand

 

1,311,394

306,173

 

2,046,786

526,369

Creditors: Amounts falling due within one year

7

(6,200)

(5,250)

Net current assets

 

2,040,586

521,119

Total assets less current liabilities

 

6,597,432

5,032,577

Provisions for liabilities

(839,678)

(762,024)

Net assets

 

5,757,754

4,270,553

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

5,707,754

4,220,553

Shareholders' funds

 

5,757,754

4,270,553

For the financial year ending 31 May 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 12 November 2024 and signed on its behalf by:
 

 

Les Searle Group Limited

(Registration number: 10826586)
Balance Sheet as at 31 May 2024

.........................................
L D Searle
Director

.........................................
Mrs D J Searle
Director

 
     
 

Les Searle Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Parsonage Farm Office
Parsonage Way
Horsham
West Sussex
RH12 4ZF
United Kingdom

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Les Searle Group Limited

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

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.

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 less any estimated residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Nil

Buildings

10% straight line

Plant and machinery

10% straight line

Motor vehicles

Over 7 years straight line

Fixed asset investment in subsidiaries

The company's investment in its wholly owned subsidiaries is recognised at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Les Searle Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

856,015

57,586

5,080,919

5,994,520

Additions

56,757

58,508

505,644

620,909

Disposals

-

-

(243,987)

(243,987)

At 31 May 2024

912,772

116,094

5,342,576

6,371,442

Depreciation

At 1 June 2023

23,318

8,227

1,499,817

1,531,362

Charge for the year

28,994

16,585

368,030

413,609

Eliminated on disposal

-

-

(82,075)

(82,075)

At 31 May 2024

52,312

24,812

1,785,772

1,862,896

Carrying amount

At 31 May 2024

860,460

91,282

3,556,804

4,508,546

At 31 May 2023

832,697

49,359

3,581,102

4,463,158

 

Les Searle Group Limited

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

Included within the net book value of land and buildings above is £860,459 (2023 - £832,697) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

48,300

48,300

6

Debtors

2024
£

2023
£

Amounts owed by related parties

698,383

216,098

Other debtors

 

37,009

4,098

 

735,392

220,196

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

6,200

5,250

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £115,000 (2023 - £53,190).

9

Parent and ultimate parent undertaking

The ultimate controlling party is Mr L D Searle and Mrs D J Searle.