0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09543270 2023-05-01 2024-04-30 09543270 2024-04-30 09543270 2023-04-30 09543270 2022-05-01 2023-04-30 09543270 2023-04-30 09543270 2022-04-30 09543270 core:FurnitureFittings 2023-05-01 2024-04-30 09543270 bus:Director1 2023-05-01 2024-04-30 09543270 core:WithinOneYear 2024-04-30 09543270 core:WithinOneYear 2023-04-30 09543270 core:AfterOneYear 2024-04-30 09543270 core:ShareCapital 2024-04-30 09543270 core:ShareCapital 2023-04-30 09543270 core:OtherReservesSubtotal 2024-04-30 09543270 core:OtherReservesSubtotal 2023-04-30 09543270 core:RetainedEarningsAccumulatedLosses 2024-04-30 09543270 core:RetainedEarningsAccumulatedLosses 2023-04-30 09543270 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 09543270 core:Non-currentFinancialInstruments 2024-04-30 09543270 core:Non-currentFinancialInstruments 2023-04-30 09543270 bus:SmallEntities 2023-05-01 2024-04-30 09543270 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09543270 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09543270 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09543270 bus:AbridgedAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 09543270
SEL Ventures Limited
Filleted Unaudited Abridged Financial Statements
30 April 2024
SEL Ventures Limited
Abridged Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
862,170
864,653
Investments
6
20,004
20,004
---------
---------
882,174
884,657
Current assets
Debtors
7
3,470,572
2,306,910
Cash at bank and in hand
11,161
112,551
------------
------------
3,481,733
2,419,461
Creditors: amounts falling due within one year
6,096
503,805
------------
------------
Net current assets
3,475,637
1,915,656
------------
------------
Total assets less current liabilities
4,357,811
2,800,313
Creditors: amounts falling due after more than one year
1,000,000
Provisions
Taxation including deferred tax
98,876
73,882
------------
------------
Net assets
3,258,935
2,726,431
------------
------------
SEL Ventures Limited
Abridged Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Other reserves
233,973
233,973
Profit and loss account
3,024,862
2,492,358
------------
------------
Shareholders funds
3,258,935
2,726,431
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
Mr D J Doig
Director
Company registration number: 09543270
SEL Ventures Limited
Notes to the Abridged Financial Statements
Year ended 30 April 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 10 Moss End Business Village, Crooklands, Milnthorpe, Cumbria, LA7 7NU.
2. Statement of compliance
These abridged 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 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgements has been exercised in a particular area is expressly disclosed within the relevant accounting policy.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures, fittings and equipment
-
2% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
24,994
39,816
--------
--------
Tax on profit
24,994
39,816
--------
--------
5. Tangible assets
£
Cost
At 1 May 2023 and 30 April 2024
874,173
---------
Depreciation
At 1 May 2023
9,520
Charge for the year
2,483
---------
At 30 April 2024
12,003
---------
Carrying amount
At 30 April 2024
862,170
---------
At 30 April 2023
864,653
---------
In the opinion of the directors, the fair value of the Investment property at the balance sheet date is equivalent to £750,000.
6. Investments
£
Cost
At 1 May 2023 and 30 April 2024
20,004
--------
Impairment
At 1 May 2023 and 30 April 2024
--------
Carrying amount
At 30 April 2024
20,004
--------
At 30 April 2023
20,004
--------
7. Debtors
Debtors include amounts of £3,468,592 (2023: £2,306,910) falling due after more than one year.