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Registration number: 08206357

Serqa Limited

Unaudited Filleted Financial Statements

for the Period from 1 January 2024 to 12 March 2024

 

Serqa Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Serqa Limited

(Registration number: 08206357)
Balance Sheet as at 12 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

6

40,547

172,884

Cash at bank and in hand

 

9,327

89,986

 

49,874

262,870

Creditors: Amounts falling due within one year

7

(42,074)

(4,887,680)

Net assets/(liabilities)

 

7,800

(4,624,810)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

7,700

(4,624,910)

Shareholders' funds/(deficit)

 

7,800

(4,624,810)

For the financial period ending 12 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 period 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.

Approved and authorised by the Board on 23 January 2025 and signed on its behalf by:
 

.........................................
S E Cook
Director

   
     
 

Serqa Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 12 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:
Liberty House
Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HW
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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Serqa Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 12 March 2024

Asset class

Depreciation method and rate

Leasehold improvements

3 years straight line

Fixtures, fittings and equipment

4 years straight line

Computer equipment

3 years straight line

Motor vehicles

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

4 years staright line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Serqa Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 12 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 14 (2023 - 12).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

837,593

319,375

1,156,968

At 12 March 2024

837,593

319,375

1,156,968

Amortisation

At 1 January 2024

837,593

319,375

1,156,968

At 12 March 2024

837,593

319,375

1,156,968

Carrying amount

At 12 March 2024

-

-

-

 

Serqa Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 12 March 2024

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

7,922

46,588

34,025

4,498

93,033

At 12 March 2024

7,922

46,588

34,025

4,498

93,033

Depreciation

At 1 January 2024

7,922

46,588

34,025

4,498

93,033

At 12 March 2024

7,922

46,588

34,025

4,498

93,033

Carrying amount

At 12 March 2024

-

-

-

-

-

 

Serqa Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 12 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

91,111

Prepayments

-

21,420

Other debtors

40,547

60,353

 

40,547

172,884

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

-

63,112

Amounts owed to related parties

9

-

4,795,424

Taxation and social security

 

35,811

15,610

Other creditors

 

6,263

13,534

 

42,074

4,887,680

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

17,882

23,549

Later than one year and not later than five years

2,175

3,045

20,057

26,594

9

Related party transactions

Throughout the period the company was under the control of Coventbridge Group Limited. On 12th March 2024 the Coverntbridge Group agreed to waive any amounts owing to it and Serqa Limited was sold to its directors S Cook and N Talor for £1