SEJ Assets Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5a Caxton Trading Estate, Printing House Lane, Hayes, Middlesex, UB3 1BE.
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 £.
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.
Basic financial assets, which include debtors and cash and bank balances, 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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
In the application of the company’s accounting policies, the directors are 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 considered to be 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.
The average monthly number of persons (including directors) employed by the company during the year was:
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The company's bank facility is secured by the bank's standard legal charge over freehold property and a debenture containing a fixed and floating charge over the assets of the company and it's subsidiary, SEJ Distribution Limited.
During the year, the company entered in to the following transactions with related parties;
At the balance sheet date, the amount receivable from SEJ Pharmaceutical Limited, a subsidiary company, amounted to £449,949 (2023: £62,499) in interest-free loan repayable on demand. The company owed SEJ Pharmaceutical Limited £9,312 (2023: £Nil) in trading transactions. Amounts totalling £4,233 (2023: £Nil) were invoiced to SEJ Pharmaceutical Limited in respect of goods and services provided.
As of the balance sheet date, the company owed £4,964,717 (2023: £3,490,968) to SEJ Distribution Limited, a subsidiary company. This amount represents an interest-free loan repayable on demand. Additionally, the company owed £780 (2023: £10,989) to SEJ Distribution Limited arising from trading transactions. During the year, SEJ Distribution Ltd sold goods and services of £5,850 (2023: £Nil) to SEJ Assets Limited and purchased goods and services of £437,257 (2023: £482,367) from SEJ Assets Limited.
At the balance sheet date, the amount due to SEJ Midlands Limited, a subsidiary company, was £7,500 (2023: £7,500). During the year, company received, in rent and other charges, £74,152 (2023: £53,009) from SEJ Midlands Limited.
At the balance sheet date, the amount receivable from Triplast Limited was £Nil (2023: £407,875) in interest-free loan repayable on demand. The company owed Triplast Limited £Nil (2023: £60,000) in trading transactions. SEJ Assets Limited is a shareholder of Triplast Limited.
During the year, company received, in rent and other charges, £6,328 (2023: £103,408) from Triplast Limited.
At the balance sheet date the company was owed from Nexgen Capital Limited, a company under common control of directors £Nil (2023: £539,628) in interest-free loan repayable on demand.
At the balance sheet date the company was owed from SEJ Fininvest Limited, a company under common control of directors £Nil (2023: £1,026,324). The company received £8,105 (2023: £54,574) in interest.
At the balance sheet date, the company was owed from the SEJ Pension Scheme £Nil (2023: £358,210). The company received £1,205 (2023: £11.743) in interest. SEJ Assets Limited and SEJ Pension Scheme have common directors/trustees.
At balance sheet date, SEJ Estates Limited owed the company £5,347,002 (2023: £Nil) repayable on demand. The directors of SEJ Assets Limited are also the directors of SEJ Estates Limited.
At balance sheet date, SEJ Commercial Limited owed the company £192,746 (2023: £Nil) repayable on demand. The directors of SEJ Assets Limited are also the directors of SEJ Commercial Limited.
At the balance sheet date, the company owed Amit Aggarwal, a director of Triplast Limited £Nil (2023: £54) in interest free loan repayable on demand.
The company owed £2,327 (2023: £2,329) to the directors, Anish and Sejal Aggarwal.