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COMPANY REGISTRATION NUMBER: 04417142
SEP Solutions Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
SEP Solutions Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
SEP Solutions Limited
Officers and Professional Advisers
DIRECTOR
G M B Nicholson
REGISTERED OFFICE
Unit 1
Manners Road
Newark
NG24 1BS
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
SEP Solutions Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
471
628
Investments
6
10,019
39,468
--------
--------
10,490
40,096
Current assets
Stocks
1,450
1,450
Debtors
7
4,885
24,733
Cash at bank and in hand
45,536
33,368
--------
--------
51,871
59,551
Creditors: amounts falling due within one year
8
14,013
13,316
--------
--------
Net current assets
37,858
46,235
--------
--------
Total assets less current liabilities
48,348
86,331
Creditors: amounts falling due after more than one year
9
48,285
52,307
Provisions
10
89
119
--------
--------
Net (liabilities)/assets
( 26)
33,905
--------
--------
Capital and reserves
Called up share capital
60
60
Capital redemption reserve
30
30
Profit and loss account
( 116)
33,815
----
--------
Shareholders (deficit)/funds
( 26)
33,905
----
--------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SEP Solutions Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
G M B Nicholson
Director
Company registration number: 04417142
SEP Solutions Limited
Notes to the Financial Statements
Year ended 31 March 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 Unit 1, Manners Road, Newark, NG24 1BS.
2. Statement of compliance
These 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
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.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,537
8,500
9,125
19,162
-------
-------
-------
--------
Depreciation
At 1 April 2023
1,388
8,021
9,125
18,534
Charge for the year
37
120
157
-------
-------
-------
--------
At 31 March 2024
1,425
8,141
9,125
18,691
-------
-------
-------
--------
Carrying amount
At 31 March 2024
112
359
471
-------
-------
-------
--------
At 31 March 2023
149
479
628
-------
-------
-------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
39,468
--------
Impairment
At 1 April 2023
Impairment losses
29,449
--------
At 31 March 2024
29,449
--------
Carrying amount
At 31 March 2024
10,019
--------
At 31 March 2023
39,468
--------
7. Debtors
2024
2023
£
£
Trade debtors
3,783
2,161
Other debtors
1,102
22,572
-------
--------
4,885
24,733
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,255
2,953
Trade creditors
2,675
413
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,276
3,276
Social security and other taxes
1,781
2,857
Other creditors
3,026
3,817
--------
--------
14,013
13,316
--------
--------
The bank loan included above of £3,255 (2023: £2,953) has been secured under the Government Bounce Back Loan Scheme.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,045
10,057
Other creditors
42,240
42,250
--------
--------
48,285
52,307
--------
--------
The bank loan included above of £6,045 (2023: £10,057) has been secured under the Government Bounce Back Loan Scheme.
10. Provisions
Deferred tax (note 11)
£
At 1 April 2023
119
Charge against provision
( 30)
----
At 31 March 2024
89
----
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 10)
89
119
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
89
119
----
----
12. Related party transactions
The company director is the sole director and 100% shareholder of the company. The director also owns 100% of the share capital of Juno Telecoms Limited. At the reporting date the company owed Juno Telecoms Limited £42,240 (2023 £42,250), which remained outstanding at the reporting date. The amount is reflected within other creditors due after one year, interest was charged totalled £830 (2023 £840) on the loan and no amounts were written off. Sales to Juno Telecoms Limited amounted to £15,000 (2023 £16,000) and purchases acquired from Juno Telecoms Limited totalled £1,083 (2023 £1,860).