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REGISTERED NUMBER: 11844476 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

SERG TECHNOLOGIES LIMITED

SERG TECHNOLOGIES LIMITED (REGISTERED NUMBER: 11844476)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


SERG TECHNOLOGIES LIMITED (REGISTERED NUMBER: 11844476)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,084 6,126
Property, plant and equipment 5 22,155 26,783
26,239 32,909

CURRENT ASSETS
Debtors 6 322,717 432,479
Cash at bank and in hand 361,702 864,679
684,419 1,297,158
CREDITORS
Amounts falling due within one year 7 185,475 133,905
NET CURRENT ASSETS 498,944 1,163,253
TOTAL ASSETS LESS CURRENT
LIABILITIES

525,183

1,196,162

CAPITAL AND RESERVES
Called up share capital 8 24 24
Share premium 2,018,948 2,018,948
Retained earnings (1,493,789 ) (822,810 )
SHAREHOLDERS' FUNDS 525,183 1,196,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2024 and were signed on its behalf by:





Dr C Kapatos - Director


SERG TECHNOLOGIES LIMITED (REGISTERED NUMBER: 11844476)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Serg Technologies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11844476

Registered office: International House
12 Constance Street
London
E16 2DQ

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

The company has adopted the policy not to amortize the assets in the year of purchase. However, full amortization is provided in the year of disposal.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

SERG TECHNOLOGIES LIMITED (REGISTERED NUMBER: 11844476)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 10 ) .

SERG TECHNOLOGIES LIMITED (REGISTERED NUMBER: 11844476)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 10,210
AMORTISATION
At 1 March 2023 4,084
Charge for year 2,042
At 29 February 2024 6,126
NET BOOK VALUE
At 29 February 2024 4,084
At 28 February 2023 6,126

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 March 2023 33,922
Additions 2,069
At 29 February 2024 35,991
DEPRECIATION
At 1 March 2023 7,139
Charge for year 6,697
At 29 February 2024 13,836
NET BOOK VALUE
At 29 February 2024 22,155
At 28 February 2023 26,783

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 93,850 178,432
Other debtors 228,867 254,047
322,717 432,479

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 35,934 15,545
Taxation and social security 55,142 115,377
Other creditors 94,399 2,983
185,475 133,905

SERG TECHNOLOGIES LIMITED (REGISTERED NUMBER: 11844476)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. CALLED UP SHARE CAPITAL

Alloted,issued and fully paid
Number: Class: Nominal 2024 2023
value: £ £
9350 Ordinary £0.001 9.35 9.35
8668 A Ordinary £0.001 8.67 8.67
1136 T Ordinary £0.001 1.14 1.14
725 T Ordinary £0.001 0.72 0.72
4369 Preferred shares £0.001 4.37 4.37
24.25 24.25


9. SHARE PREMIUM

Particulars Amount
At 1 March 2023 £2,018,948
Share premium on issued shares during the year £0
Expense of issue £0
At 29 February 20234 £2,018,948

As At 28 February 2023 £2,018,948
At 29 February 2024 £2,018,948