Company registration number 08031449 (England and Wales)
SEGS Enterprise Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Company Registration No. 08031449
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
188,322
228,757
188,323
228,758
Current assets
Stocks
58,339
59,732
Debtors
6
242,456
463,935
Cash at bank and in hand
81,121
121,300
381,916
644,967
Creditors: amounts falling due within one year
7
(669,327)
(686,518)
Net current liabilities
(287,411)
(41,551)
Total assets less current liabilities
(99,088)
187,207
Creditors: amounts falling due after more than one year
8
(134,754)
(171,206)
Provisions for liabilities
9
(7,900)
(13,878)
Net (liabilities)/assets
(241,742)
2,123
Capital and reserves
Called up share capital
8
8
Profit and loss reserves
(241,750)
2,115
Total equity
(241,742)
2,123
Company Registration No. 08031449
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 December 2024 and are signed on its behalf by:
Dr G G Da-Silva
Director
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
SEGS Enterprise Ltd (the 'company'), is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 47 Boston Road, Sleaford, Lincolnshire, NG34 7HD.
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
At the year end, the company has net current liabilities of £287,411 (2023 - £41,551). The directors have carried out a detailed review of the company's financial resources and challenges presented by the current economic climate. The directors have performed forecasts and are confident that with the continued support of the directors, the company has sufficient resources available to continue trading for at least the next twelve months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Licences
Not amortised
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 4 -
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
Not depreciated
Other equipment
25% straight line
Fixtures and fittings
25% straight line
Other PPE
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, and other loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 6 -
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
23
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
18,250
18,250
4
Intangible fixed assets
Licences
£
Cost
At 1 May 2023 and 30 April 2024
1
Amortisation and impairment
At 1 May 2023 and 30 April 2024
Carrying amount
At 30 April 2024
1
At 30 April 2023
1
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Other PPE
Total
£
£
£
£
Cost
At 1 May 2023
156,798
27,634
203,900
388,332
Additions
2,686
2,686
At 30 April 2024
156,798
30,320
203,900
391,018
Depreciation and impairment
At 1 May 2023
24,082
135,493
159,575
Depreciation charged in the year
2,341
40,780
43,121
At 30 April 2024
26,423
176,273
202,696
Carrying amount
At 30 April 2024
156,798
3,897
27,627
188,322
At 30 April 2023
156,798
3,552
68,407
228,757
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
223,494
431,866
Other debtors
18,962
32,069
242,456
463,935
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
466,512
579,992
Taxation and social security
15,882
5,663
Other creditors
186,933
100,863
669,327
686,518
Included in other creditors is the short term portion of a loan amounting to £33,618 (2023 - £33,527). The loan is secured by a fixed and floating charge over the assets of the company.
.
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
134,754
171,206
Included in other creditors is the long term portion of a loan amounting to £134,754 (2023 - £171,206). The loan is secured by a fixed and floating charge over the assets of the company.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7,900
13,878
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
77,268
88,277
SEGS ENTERPRISE LTD
SEGS Enterprise Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
19,291
11,385
10,932
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
52,719
39,719
Other related parties
93,387
18,830
Other related parties are related due to being under common control.