8 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00618710 2023-03-01 2024-02-29 00618710 2024-02-29 00618710 2023-02-28 00618710 2022-03-01 2023-02-28 00618710 2023-02-28 00618710 2022-02-28 00618710 bus:Director3 2023-03-01 2024-02-29 00618710 core:LandBuildings 2023-02-28 00618710 core:PlantMachinery 2023-02-28 00618710 core:MotorVehicles 2023-02-28 00618710 core:LandBuildings 2024-02-29 00618710 core:PlantMachinery 2024-02-29 00618710 core:MotorVehicles 2024-02-29 00618710 core:WithinOneYear 2024-02-29 00618710 core:WithinOneYear 2023-02-28 00618710 core:ShareCapital 2024-02-29 00618710 core:ShareCapital 2023-02-28 00618710 core:RetainedEarningsAccumulatedLosses 2024-02-29 00618710 core:RetainedEarningsAccumulatedLosses 2023-02-28 00618710 core:LandBuildings 2023-03-01 2024-02-29 00618710 core:PlantMachinery 2023-03-01 2024-02-29 00618710 core:MotorVehicles 2023-03-01 2024-02-29 00618710 core:LandBuildings 2023-02-28 00618710 core:PlantMachinery 2023-02-28 00618710 core:MotorVehicles 2023-02-28 00618710 bus:SmallEntities 2023-03-01 2024-02-29 00618710 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 00618710 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 00618710 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 00618710 bus:FullAccounts 2023-03-01 2024-02-29 00618710 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 00618710
Secol Limited
Unaudited financial statements
29 February 2024
Secol Limited
Statement of financial position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
331,989
354,695
Current assets
Stocks
458,560
534,965
Debtors
6
1,524,097
1,442,984
Cash at bank and in hand
582,980
542,655
-----------
-----------
2,565,637
2,520,604
Creditors: Amounts falling due within one year
7
( 89,182)
( 94,452)
-----------
-----------
Net current assets
2,476,455
2,426,152
-----------
-----------
Total assets less current liabilities
2,808,444
2,780,847
Provisions
Taxation including deferred tax
( 2,516)
( 5,158)
-----------
-----------
Net assets
2,805,928
2,775,689
-----------
-----------
Capital and reserves
Called up share capital
80,000
80,000
Profit and loss account
2,725,928
2,695,689
-----------
-----------
Shareholders funds
2,805,928
2,775,689
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
P D C Green
Director
Company registration number: 00618710
Secol Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Howlett Way, Thetford, Norfolk, IP24 1HZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and Buildings
-
1% straight line
Plant & Machinery
-
10% straight line and between 20 - 25% reducing balance
Motor Vehicles
-
20 - 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. A provision is made for slow moving and obsolete stock.
4. Employee numbers
The average number of employees during the year was 8 (2023: 8 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
405,480
1,328,463
40,500
1,774,443
---------
-----------
-------
-----------
Depreciation
At 1 March 2023
97,116
1,292,619
30,013
1,419,748
Charge for the year
2,422
17,944
2,340
22,706
---------
-----------
-------
-----------
At 29 February 2024
99,538
1,310,563
32,353
1,442,454
---------
-----------
-------
-----------
Carrying amount
At 29 February 2024
305,942
17,900
8,147
331,989
---------
-----------
-------
-----------
At 28 February 2023
308,364
35,844
10,487
354,695
---------
-----------
-------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
65,824
65,958
Other debtors
1,458,273
1,377,026
-----------
-----------
1,524,097
1,442,984
-----------
-----------
Included within other debtors is an amount due after one year of £273,887 (2023: £240,243).
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
7,294
41,587
Social security and other taxes
63,764
40,783
Other creditors
18,124
12,082
-------
-------
89,182
94,452
-------
-------
8. Director's advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £884,749 (2023: £785,063). The maximum overdrawn balance during the year was £884,749 (2023: £785,063). Interest of £20,494 (2023: £15,560) was charged at the official rate.