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Registered number: 3239538





 
Sedum Limited          
 
Annual report and financial statements          

For the year ended 31 August 2024          

 
Sedum Limited
 
 
Company information


Directors
Jason J Bartella 
Lisa J Bartella (appointed 11 September 2024)




Company secretary
Julia Kilham



Registered number
3239538



Registered office
Pontlands Park Hotel
West Hanningfield Road

Great Baddow

Chelmsford

CM2 8HR






 
Sedum Limited
 

Contents



Page
Directors' report
 
1 - 2
Group strategic report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 34


 
Sedum Limited
 
 
Directors' report
For the year ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Results

The profit for the year, after taxation, amounted to £90,380 (2023 - £85,061).

Further information on the performance of the group during the year and the group's state of affairs at the balance sheet date are noted within the Strategic report on pages 3 to 4.

Dividends 
The directors do not recommend the payment of a dividend.
 

Future developments

The directors are not aware of any likely future developments which would have significant effect on the group.

Fixed assets 
Details of movements in fixed assets are set out in the notes to the accounts.
 

Director

The director who served during the year was:

Jason J Bartella 

 
Post balance sheet events

There have been no significant events affecting the group since the year end.
 

Research and development activities

The group is not involved in any major research and development projects.
 

Close company

The parent company and its subsidiaries are close companies within the meaning of S.439 CTA 2010.
 

Page 1

 
Sedum Limited
 
 
Directors' report (continued)
For the year ended 31 August 2024

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

 
Auditors

Under section 487(2) of the Companies Act 2006Clay Ratnage Strevens & Hills will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 21 May 2025 and signed on its behalf.
 





Jason J Bartella
Director

Page 2

 
Sedum Limited
 
 
Group strategic report
For the year ended 31 August 2024

Introduction
 
The principal activity of the company is that of managing the affairs of its subsidiary companies, and its trading subsidiary's principal activity is that of hospitality. There were no changes in this activity during the year.

Business review
 
The group's main trading operations are within the hospitality sector and the subsidiary company has continued to trade with reasonable success despite the tough trading conditions which continue to affect this sector. The directors have continued to invest in the trading activities of the subsidiary and they undertake ongoing maintenance expenditure, conducting both restorative and preventative maintenance to ensure the facilities remain at a high standard. The group saw a reduction in energy costs when compared to the previous year, although costs remain much higher than historically experienced. However, the general trend has been an increase in costs during the year, as a result of inflation, and this has put added pressure on results of the trading subsidiary. 
Given the challenges presented during this and the preceding years, the directors are pleased to confirm that the group made a profit after taxation of £90,380 
(2023 - £85,061).
The directors are satisfied with the state of the financial affairs of the group at the balance sheet date and are pleased to report that the group maintains a sensible level of funds in order to ensure that all working capital requirements of the business can be met. The group has the ongoing financial support of its ultimate holding company.

Principal risks and uncertainties
 
The principal risks and uncertainties identified by the directors of the group relate to factors concerning the overall state of the UK economy and the continuing cost of living crisis. These factors directly impact the demand for domestic holidays, weddings and other related activities. The stability of the UK economy also has a direct impact on customers attitude to spending which affects the group as the industry within which it operates is substantially reliant on customers willingness to spend their surplus income.
The group is in a good position, both financially and operationally, to adapt to the continuing challenges within its sector. The group continues to develop and strengthen its brand and the directors continue to have an active involvement in the daily activities of the group, which enables them to respond to any problems that may arise.

Financial key performance indicators
 
The directors consider the key financial performance indicators to be as follows:
Gross profit percentage - The director reports that the trading subsidiary's gross profit percentage has reduced slightly to 42.9% 
(2023 - 45.5%). The reduction seen in the current year would have been greater if it were not for the change in the mix of turnover, with a greater proportion of the turnover in the year arising from accommodation. The gross margin arising on liquor sales has seen a reduction which was attributable to the fact that the subsidiary company incurred higher liquor costs due to inflation. The margin has also been adversely impacted by minimum wage increases. The director anticipates a further slight fall in gross profit margin moving forward due to ever increasing wage costs.  
Operating profit percentage - The director confirms that the operating profit percentage has increased and is 10.4% 
(2023 - 8.7%). The director expects that operating profit margin will be maintained during the forthcoming year.
Group net value - The director reports that the net value of the group has increased by £90,380 
(2023 - increase £85,061) during the year. This increase is attributable to the group's profit for the year.

Page 3

 
Sedum Limited
 

Group strategic report (continued)
For the year ended 31 August 2024


This report was approved by the board on 21 May 2025 and signed on its behalf.






Jason J Bartella
Director

Page 4

 
Sedum Limited
 
 
Independent auditors' report to the members of Sedum Limited
 

Qualified opinion


We have audited the financial statements of Sedum Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024, which comprise the Group Statement of comprehensive income, the group and company Balance sheets, the Group Statement of cash flows, the group and company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 31 August 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for qualified opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
Sedum Limited
 
 
Independent auditors' report to the members of Sedum Limited (continued)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Sedum Limited
 
 
Independent auditors' report to the members of Sedum Limited (continued)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

To identify risks of material misstatement due to fraud, we assess events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures include:

• Obtaining an understanding of the legal and regulatory frameworks applicable to the group and the sector in which  they operate. 
• Obtaining an understanding of how the group is complying with those legal and regulatory frameworks by making enquiries to the group's accounting department and management. 
• Assessing the susceptibility of the company's financial statements to material misstatement caused by fraud or other irregularities, by undertaking the following procedures:

- Identifying and assessing the design effectiveness of controls which management have in place to prevent and 
              detect fraud.
- Understanding how those charged with governance consider and address the potential for override of controls and 
               management bias.
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.   - Assessing the extent of compliance with the relevant laws and regulations. 
- Assessing the extent to which pressures exist which may increase the risk of fraudulent revenue recognition.

Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
Sedum Limited
 
 
Independent auditors' report to the members of Sedum Limited (continued)

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Clay Ratnage Strevens & Hills 
Laura Main (Senior statutory auditor) 
  
for and on behalf of Clay Ratnage Strevens & Hills
 
Statutory Auditors 
  
Construction House 
Runwell Road 
Wickford 
Essex 
SS11 7HQ 

21 May 2025 
Page 8

 
Sedum Limited
 
 
Consolidated statement of comprehensive income
For the year ended 31 August 2024


2024
2023
                                                                                                                                      Note
£
£

Turnover
  

Group and share of joint ventures' turnover
  
1,884,932
2,096,912

Less: share of joint ventures' turnover
  
-
(96,827)

Group turnover
  
1,884,932
2,000,085

Cost of sales
  
(1,020,593)
(1,033,579)

Gross profit
  
864,339
966,506

Administrative expenses
  
(667,722)
(784,089)

Other operating income
 5 
28,761
6,711

Operating profit
 6 
225,378
189,128

Share of loss of joint venture
  
(28,761)
(6,711)

Total operating profit
  
196,617
182,417

Interest receivable and similar income
 10 
402
229

Interest payable and similar expenses
 11 
(68,483)
(70,012)

Profit before taxation
  
128,536
112,634

Tax on profit
 12 
(38,156)
(27,573)

Profit for the financial year
  
90,380
85,061

  

Profit for the year attributable to:
  

Owners of the parent company
  
90,380
85,061









The notes on pages 16 to 34 form part of these financial statements.
Page 9

 
Sedum Limited
Registered number:3239538

Consolidated balance sheet
As at 31 August 2024


2024 

2023 
                                                                                    Note
£
£
£
£

Fixed assets
  

Intangible assets
 14 
499,900
499,900

Tangible assets
 15 
7,299,801
7,342,134

Investments
 16 
121,750
121,750

  
7,921,451
7,963,784

Current assets
  

Stock
 18 
19,456
18,113

Debtors
 19 
1,402,248
1,424,617

Cash at bank and in hand
 20 
225,197
192,090

  
1,646,901
1,634,820

Creditors: amounts falling due within one year
 21 
(1,991,115)
(1,995,072)

Net current liabilities
  
 
 
(344,214)
 
 
(360,252)

Total assets less current liabilities
  
7,577,237
7,603,532

Creditors: amounts falling due after more than one year
 22 
(760,770)
(873,223)

Provisions for liabilities
  

Deferred taxation
 24 
(1,398,901)
(1,403,123)

Net assets
  
5,417,566
5,327,186


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Revaluation reserve
  
5,046,542
5,046,542

Profit and loss account
  
370,024
279,644

Equity attributable to owners of the parent company
  
5,417,566
5,327,186


The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 21 May 2025.




Jason J Bartella
Director


The notes on pages 16 to 34 form part of these financial statements.
Page 10

 
Sedum Limited
Registered number:3239538

Company balance sheet
As at 31 August 2024


2024 

2023 
                                                                                 Note
£
£
£
£

Fixed assets
  

Investment property
 17 
6,780,000
6,780,000

Investments
 16 
613,449
613,449

  
7,393,449
7,393,449

Current assets
  

Debtors
 19 
2,189,889
2,135,338

Cash at bank and in hand
 20 
106,573
153,507

  
2,296,462
2,288,845

Creditors: amounts falling due within one year
 21 
(1,669,795)
(1,677,536)

Net current assets
  
 
 
626,667
 
 
611,309

Total assets less current liabilities
  
8,020,116
8,004,758

  

Creditors: amounts falling due after more than one year
 22 
(760,770)
(873,223)

Provisions for liabilities
  

Deferred taxation
 24 
(1,378,760)
(1,378,760)

Net assets
  
5,880,586
5,752,775


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Investment property revaluation reserve
  
5,046,542
5,046,542

Profit and loss account
  
833,044
705,233

  
5,880,586
5,752,775


The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 21 May 2025.




Jason J Bartella
Director



The notes on pages 16 to 34 form part of these financial statements.
Page 11

 
Sedum Limited
 

Consolidated statement of changes in equity
For the year ended 31 August 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2023
1,000
5,046,542
279,644
5,327,186



Profit for the year
-
-
90,380
90,380


At 31 August 2024
1,000
5,046,542
370,024
5,417,566



 
 
 
 
 
 
 
 
 
 
Consolidated statement of changes in equity
For the year ended 31 August 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2022
1,000
5,046,542
194,583
5,242,125



Profit for the year
-
-
85,061
85,061


At 31 August 2023
1,000
5,046,542
279,644
5,327,186











The notes on pages 16 to 34 form part of these financial statements.
Page 12

 
Sedum Limited
 

Company statement of changes in equity
For the year ended 31 August 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2023
1,000
5,046,542
705,233
5,752,775



Profit for the year
-
-
127,811
127,811


At 31 August 2024
1,000
5,046,542
833,044
5,880,586



 
 
 
 
 
 
 
Company statement of changes in equity
For the year ended 31 August 2023


Called up share capital
 
Investment
property
revaluation
reserve
 Profit and loss account
Total equity

£
£
£
£

At 1 September 2022
1,000
5,046,542
594,570
5,642,112



Profit for the year
-
-
110,663
110,663


At 31 August 2023
1,000
5,046,542
705,233
5,752,775










The notes on pages 16 to 34 form part of these financial statements.
Page 13

 
Sedum Limited
 

Consolidated statement of cash flows
For the year ended 31 August 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
90,380
85,061

Adjustments for:

Depreciation of tangible assets
40,991
39,728

Loss on disposal of tangible assets
1,341
-

Interest paid
68,483
70,012

Interest received
(402)
(229)

Taxation charge
38,156
27,573

Increase in stock
(1,344)
(1,672)

Increase in debtors
(134,813)
(26,921)

Decrease/(increase) in amounts owed by joint ventures
157,180
(36,185)

Increase/(decrease) in creditors
4,186
(66,670)

Decrease in amounts owed to group companies
(19,640)
(37,964)

Share of loss in joint ventures
28,761
6,711

Corporation tax paid
(31,844)
(49,914)

Net cash generated from operating activities

241,435
9,530


Cash flows from investing activities

Movement in relation to share in joint venture
(28,761)
(6,711)

Interest received
402
229

Net cash from investing activities

(28,359)
(6,482)

Cash flows from financing activities

Repayment of loans
(111,487)
(103,383)

Interest paid
(68,482)
(70,011)

Net cash used in financing activities
(179,969)
(173,394)

Net increase/(decrease) in cash and cash equivalents
33,107
(170,346)

Cash and cash equivalents at beginning of year
192,090
362,436

Cash and cash equivalents at the end of year
225,197
192,090


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
225,197
192,090



The notes on pages 16 to 34 form part of these financial statements.
Page 14

 
Sedum Limited
 

Consolidated analysis of net debt
For the year ended 31 August 2024





At 1 September 2023
Cash flows
Other non-cash changes
At 31 August 2024
£

£

£

£

Cash at bank and in hand

192,090

33,107

-

225,197

Debt due after 1 year

(873,221)

111,486

965

(760,770)

Debt due within 1 year

(111,486)

-

(965)

(112,451)


(792,617)
144,593
-
(648,024)





















The notes on pages 16 to 34 form part of these financial statements.
Page 15

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

1.


General information

Sedum Limited is a private company limited by shares. Its registered office and principal place of business is Pontlands Park Hotel, West Hanningfield Road, Great Baddow, Chelmsford, CM2 8HR. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 August 2014.

Page 16

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

2.Accounting policies (continued)

 
2.3

Associates and joint ventures

An entity is treated as a joint venture where the group is a party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 17

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated impairment losses. 

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line method and a reducing balance basis.

Depreciation is provided at the following rates:

Leasehold property
-
25/15 years straight line
Equipment, fixtures and fittings
-
15% reducing balance
Computer equipment
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

In the company accounts investment property is carried at fair value as determined annually by the directors, having regard to professional advice taken personally, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. 
The group recognises investment property as section 17 property, plant and equipment as permitted by section 16.4A(b).

Page 18

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.13

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's Balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 

Page 19

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Page 20

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.17

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 21

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

2.Accounting policies (continued)

 
2.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgments and estimates. These estimates include the valuation of the group's freehold properties which are valued at £6,780,000 (2023 - £6,780,000).


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Hospitality
1,787,532
1,897,885

Rental income
97,400
102,200

1,884,932
2,000,085


All turnover arose within the United Kingdom.

Page 22

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

5.


Other operating income

2024
2023
£
£

Goodwill movement on consolidation of joint venture
28,761
6,711



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
40,991
39,728

Exchange differences
3
1

Defined contribution pension costs
11,324
10,570

Fees payable to the group's auditor and its associates for the group's annual financial statements
12,610
11,850


7.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
12,610
11,850

All other services
1,890
1,890

Page 23

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
734,225
734,292

Social security costs
47,401
46,603

Cost of defined contribution scheme
11,324
10,570

792,950
791,465


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Director
1
1



Service staff
58
55



Administration
2
2

61
58

The company has no employees other than the director, who did not receive any remuneration (2023 - £Nil).

9.


Directors' remuneration




During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
402
229


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
68,483
70,012

Page 24

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profit for the year
42,378
31,844


Deferred tax


Origination and reversal of timing differences
(4,222)
(4,271)


Taxation on profit
38,156
27,573

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit before tax
128,536
112,634


Profit multiplied by standard rate of corporation tax in the UK of 25%
32,134
28,159

Effects of:


Impact of future changes in tax rates
6,022
4,748

Short-term timing difference leading to a decrease in taxation
-
(176)

Change in rate of taxation during the year
-
(5,158)

Total tax charge for the year
38,156
27,573


Factors that may affect future tax charges.

There were no factors that may affect future tax charges.


13.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £127,811 (2023 - £110,663).

Page 25

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

14.


Intangible assets

Group and Company





Goodwill on Consolidation

£



Cost


At 1 September 2023
998,230



At 31 August 2024

998,230



Amortisation


At 1 September 2023
498,330



At 31 August 2024

498,330



Net book value



At 31 August 2024
499,900



At 31 August 2023
499,900



All of the group's intangible fixed assets are held in the Parent Company

Page 26

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

15.


Tangible fixed assets

Group






Freehold land and buildings
Short term leasehold property
Equipment, fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
6,780,000
1,916,476
976,316
40,397
9,713,189


Disposals
-
-
(1,582)
(1,509)
(3,091)



At 31 August 2024

6,780,000
1,916,476
974,734
38,888
9,710,098



Depreciation


At 1 September 2023
-
1,467,042
875,575
28,439
2,371,056


Charge for the year 
-
24,086
15,111
1,794
40,991


Disposals
-
-
(756)
(994)
(1,750)



At 31 August 2024

-
1,491,128
889,930
29,239
2,410,297



Net book value



At 31 August 2024
6,780,000
425,348
84,804
9,649
7,299,801



At 31 August 2023
6,780,000
449,434
100,741
11,959
7,342,134

Included in fixed assets is freehold land at valuation of £6,780,000 (2023 - £6,780,000), (cost £685,600 (2023 - £685,600)) which is not depreciated.
The aforementioned valuation represents the open market value of the property, as provided by the director, having regard to professional advice taken personally. 

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
685,600
685,600

Accumulated depreciation
-
-

Net book value
685,600
685,600

Page 27

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

16.


Fixed asset investments

Group





Other fixed asset investments
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 September 2023
8,401
113,349
121,750


On acquisition of subsidiaries
-
28,761
28,761


Share of loss
-
(28,761)
(28,761)



At 31 August 2024
8,401
113,349
121,750




Company





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost


At 1 September 2023
998,430
113,349
1,111,779



At 31 August 2024

998,430
113,349
1,111,779



Impairment


At 1 September 2023
498,330
-
498,330



At 31 August 2024

498,330
-
498,330

Page 28

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Dunsvalley Associates Limited
Head Office Pontlands Park, West Hanningfield Road, Great Baddow North Chelmsford, Essex, CM2 8HR
Ordinary
100%
Voteforce Associates Limited
Head Office Pontlands Park, West Hanningfield Road, Great Baddow North Chelmsford, Essex, CM2 8HR
Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Loss
£
£

Dunsvalley Associates Limited
(463,018)
(37,431)

Voteforce Associates Limited (dormant company)
100
-


Participating interests


The group's joint venture represents a 50% shareholding in Heritage Leisure (Hellas) SA, a company incorporated in Greece. The principal activity of the joint venture is that of property development. The joint venture prepares its financial statements up to 31 December 2024. 

Page 29

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

17.


Investment property

Company 






Investment property is included in the accounts at an open market value which is determined annually by the directors, having regard to professional advice taken personally.
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
685,600
685,600

Accumulated depreciation and impairments
-
-

685,600
685,600







Freehold investment property

£



Valuation


At 1 September 2023
6,780,000



At 31 August 2024
6,780,000





18.


Stock

Group
Group
2024
2023
£
£

Food and liquor stock
19,456
18,113


Page 30

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£



Trade debtors
15,900
25,369
14,250
23,750

Amounts owed by group undertakings
-
-
822,909
768,566

Amounts owed by joint ventures and associated undertakings
1,095,066
1,252,247
1,095,066
1,252,247

Other debtors
216,797
56,607
216,047
56,607

Prepayments and accrued income
74,485
90,394
41,617
34,168

1,402,248
1,424,617
2,189,889
2,135,338



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
225,197
192,090
106,573
153,507



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
112,451
111,486
112,451
111,486

Trade creditors
236,780
237,085
-
-

Amounts owed to parent company
1,485,935
1,505,576
1,486,035
1,505,673

Corporation tax
42,378
31,844
42,378
31,844

Taxation and social security
62,618
57,660
-
-

Other creditors
22,427
23,356
19,875
19,875

Accruals and deferred income
28,526
28,065
9,056
8,658

1,991,115
1,995,072
1,669,795
1,677,536


Page 31

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
760,770
873,223
760,770
873,223





23.


Loans


The following amounts comprise two loans, the first of which is secured by way of a first legal charge over freehold properties owned by the group. Interest on the loan is payable on a floating rate basis by reference to the Bank of England base rate. The interest rate is subject to the condition that it will never be less than 2.5%. The other loan is not secured and is subject to a fixed interest rate of 2.5%.
Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
112,451
111,486
112,451
111,486

Amounts falling due 1-2 years

Bank loans
-
26,042
-
26,042

Amounts falling due 2-5 years

Bank loans
760,770
847,179
760,770
847,179


873,221
984,707
873,221
984,707



24.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
1,403,123
1,407,394


Released during the year
(4,222)
(4,271)



At end of year
1,398,901
1,403,123

Page 32

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024
 
24.Deferred taxation (continued)

Company


2024
2023


£

£






At beginning of year
1,378,760
1,378,760



At end of year
1,378,760
1,378,760

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
20,141
24,363
-
-

Property revaluation
1,378,760
1,378,760
1,378,760
1,378,760

1,398,901
1,403,123
1,378,760
1,378,760


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1 each
1,000
1,000



26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost represents contributions payable by the group to the fund in the year and amounted to £11,324 (2023 - £10,570)

Page 33

 
Sedum Limited
 
 
Notes to the financial statements
For the year ended 31 August 2024

27.


Related party transactions

During the year the company was charged £18,720 (2023 - £18,720) for management charges by Tormage Limited, an associated company.
At the balance sheet date the company owed Ralis Services SA, the company's ultimate holding company, £1,485,935 
(2023 - £1,501,698). The loan was not subject to any interest charge.
The directors have elected to take advantage of the exemption as set out in paragraph 33.1A of FRS 102 and have therefore not disclosed transactions with the subsidiary company on the basis that it is a wholly owned subsidiary of the parent company. 


28.


Controlling party

The company's ultimate holding company as at the balance sheet date was Ralis Services SA, a company incorporated in the British Virgin Islands. Ralis Services SA does not produce financial statements available for public use. 

 
Page 34