Registered number
12148149
SEKCO LIMITED
Filleted Accounts
31 August 2024
SEKCO LIMITED
Registered number: 12148149
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,560,000 4,560,000
Current assets
Debtors 4 28,409 345
Cash at bank and in hand 17 -
28,426 345
Creditors: amounts falling due within one year 5 (859,704) (692,166)
Net current liabilities (831,278) (691,821)
Total assets less current liabilities 3,728,722 3,868,179
Creditors: amounts falling due after more than one year 6 (2,973,902) (2,984,804)
Provisions for liabilities (343,029) (343,029)
Net assets 411,791 540,346
Capital and reserves
Called up share capital 1 1
Revaluation reserve 7 1,372,115 1,372,115
Profit and loss account (960,325) (831,770)
Shareholders' funds 411,791 540,346
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Sekhon
Director
Approved by the board on 12 May 2025
SEKCO LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going Concern
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company has financial support from the shareholder. Based on this the director believes the company has adequate resources to continue in operational existence and to meet its financial obligations. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments Properties
Investment properties are initially recognised at purchase price plus other directly attributable costs. Where fair value can be measured reliably without undue cost or effort the property shall be measured at fair value. Changes in fair value are recognised in profit or loss. Deferred taxation is provided on these changes in fair value at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 September 2023 4,560,000
At 31 August 2024 4,560,000
Depreciation
At 31 August 2024 -
Net book value
At 31 August 2024 4,560,000
At 31 August 2023 4,560,000
The land and building was revalued at the end of August 2023 to its market value as part of refinancing with Investec.
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 28,409 -
Other debtors - 345
28,409 345
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,310 9,466
Trade creditors 1,440 25,319
Taxation and social security costs (639) (420)
Accruals 2,846 2,100
Rent Deposit 22,384 -
Amounts owed to Director 616,366 546,307
Rental Income received in advance 34,739 -
Other creditors 172,258 109,394
859,704 692,166
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,902 18,804
Other Loans 2,966,000 2,966,000
2,973,902 2,984,804
Bank loan relates to Bounce Back Loan scheme set up by the Government to help businesses with Covid-19. It is Government backed unsecured loan. The loan is for a period of six years. No interest is payable for the first year of the loan, and thereafter interest is charged at 2.5% per annum.

Other loans relates to mortgage finance by Investec Bank Plc for £2,966,000, which is secured over the company property on interest only basis @ 5.99% per annum fixed. The repayment is due in full after 5 years.
7 Revaluation reserve 2024 2023
£ £
At 1 September 2023 1,372,115 -
Gain on revaluation of land and buildings - 1,372,115
At 31 August 2024 1,372,115 1,372,115
8 Related party transactions
The company has taken advantage of the exemption under FRS 102 Section 33 to not disclose transactions between two or more members of a group where one company is a wholly owned subsidiary.
9 Other information
SEKCO LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
509 Stroude Road
Virginia Water
GU25 4BU
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