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Registration number: 08521361

SEFK Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

SEFK Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

SEFK Ltd

Company Information

Directors

S L Fineman

E F Kemp

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

SEFK Ltd

(Registration number: 08521361)
Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

29,567

 

73,902

Investments

6

 

512,291

 

512,291

   

541,858

 

586,193

Current assets

   

 

Debtors

7

551,138

 

420,828

 

Cash at bank and in hand

 

365

 

404

 

 

551,503

 

421,232

 

Creditors: Amounts falling due within one year

8

(7,458)

 

(13,294)

 

Net current assets

   

544,045

 

407,938

Total assets less current liabilities

   

1,085,903

 

994,131

Creditors: Amounts falling due after more than one year

8

 

(760,234)

 

(611,106)

Net assets

   

325,669

 

383,025

Capital and reserves

   

 

Called up share capital

2

 

2

 

Retained earnings

325,667

 

383,023

 

Shareholders' funds

   

325,669

 

383,025

For the financial year ending 31 March 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.

 

SEFK Ltd

(Registration number: 08521361)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 8 October 2024 and signed on its behalf by:
 

.........................................
S L Fineman
Director

 

SEFK Ltd

Notes to the Financial Statements for the Year Ended 31 March 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:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
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.

The presentational currency of these accounts is £ Sterling and the level of rounding is to the nearest £.

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.

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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

5 years straight line basis

 

SEFK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Office equipment

3 years straight line basis

Motor vehicles

4 years straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

SEFK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

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

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

60,418

59,929

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

299,647

1,628

-

301,275

Additions

-

885

15,198

16,083

At 31 March 2024

299,647

2,513

15,198

317,358

Depreciation

At 1 April 2023

225,745

1,628

-

227,373

Charge for the year

59,929

172

317

60,418

At 31 March 2024

285,674

1,800

317

287,791

Carrying amount

At 31 March 2024

13,973

713

14,881

29,567

At 31 March 2023

73,902

-

-

73,902

 

SEFK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

512,291

512,291

Subsidiaries

£

Cost or valuation

At 1 April 2023

512,291

At 31 March 2024

512,291

Carrying amount

At 31 March 2024

512,291

At 31 March 2023

512,291

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

-

Amounts owed by group undertakings

10

283,341

205,841

Other debtors

 

267,797

214,987

 

551,138

420,828

 

SEFK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,766

-

Trade creditors

 

342

10,669

Accruals and deferred income

 

3,350

2,625

 

7,458

13,294

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

15,066

-

Other borrowings

745,168

611,106

760,234

611,106


 

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

3,766

-

10

Related party transactions

Summary of transactions with subsidiaries

As at the balance sheet date, a subsidiary (Haskapa Limited) owed the company £283,341 (2023 - £205,841).
 

Summary of transactions with associates

As at the balance sheet date an associate (Haskapa Orchards Limited - Canada) owed the company £138,802 (2023: £117,466).
 

 

SEFK Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

745,168

2023

Key management
£

Amounts payable to related party

611,106