| REGISTERED NUMBER: |
| Sheffield One (UK) Limited |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| Sheffield One (UK) Limited |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Report of the Independent Auditors | 3 |
| Statement of Profit or Loss | 7 |
| Statement of Profit or Loss and Other Comprehensive Income |
8 |
| Statement of Financial Position | 9 |
| Statement of Changes in Equity | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 |
| Sheffield One (UK) Limited |
| Company Information |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and |
| Statutory Auditor |
| 28 Eaton Avenue |
| Matrix Office Park |
| Buckshaw Village |
| Chorley |
| Lancashire |
| PR7 7NA |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Report of the Directors |
| for the year ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of property development. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| DIRECTORS |
| The directors who have held office during the period from 1 January 2024 to the date of this report are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the 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 UK-adopted international accounting standards. 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Sheffield One (UK) Limited |
| Opinion |
| We have audited the financial statements of Sheffield One (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK. |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with IFRSs as adopted by the UK; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Sheffield One (UK) Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the 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 Statement of Directors' Responsibilities set out on page two, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Sheffield One (UK) Limited |
| 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 a Report of the Auditors 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 financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
| - | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
| - | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - | performed analytical procedures to identify any unusual or unexpected relationships, and |
| - | tested journal entries to identify unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - | agreeing financial statement disclosures to underlying supporting documentation; |
| - | reading the minutes of meetings of those charged with governance; |
| - | enquiring of management as to actual and potential litigation and claims; and |
| - | reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| 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 Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Sheffield One (UK) Limited |
| 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 2006. Our 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants and |
| Statutory Auditor |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Statement of Profit or Loss |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CONTINUING OPERATIONS |
| Revenue |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT |
| Finance costs | 4 | (1,296,987 | ) | (1,259,366 | ) |
| Finance income | 4 | 46,560 | - |
| PROFIT BEFORE INCOME TAX | 5 |
| Income tax | 6 | ( |
) | ( |
) |
| PROFIT FOR THE YEAR |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Statement of Profit or Loss and Other Comprehensive Income |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Statement of Financial Position |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| ASSETS |
| CURRENT ASSETS |
| Inventories | 7 |
| Trade and other receivables | 8 |
| Cash and cash equivalents | 9 |
| TOTAL ASSETS |
| EQUITY |
| SHAREHOLDERS' EQUITY |
| Called up share capital | 10 |
| Retained earnings | 11 | ( |
) | ( |
) |
| TOTAL EQUITY | ( |
) | ( |
) |
| LIABILITIES |
| CURRENT LIABILITIES |
| Trade and other payables | 12 |
| Tax payable |
| TOTAL LIABILITIES |
| TOTAL EQUITY AND LIABILITIES |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Statement of Changes in Equity |
| for the year ended 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 | ( |
) | ( |
) |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Statement of Cash Flows |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of investment property | ( |
) |
| Sale of investment property |
| Loans received from group in the year | (8,143,873 | ) | 8,179,231 |
| Interest received |
| Net cash from investing activities | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
98,131 |
| Cash and cash equivalents at end of year |
2 |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Notes to the Statement of Cash Flows |
| for the year ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before income tax |
| Finance costs | 1,296,987 | 1,259,366 |
| Finance income | (46,560 | ) | - |
| 3,020,997 | 2,334,194 |
| Decrease in inventories |
| Decrease/(increase) in trade and other receivables | ( |
) |
| (Decrease)/increase in trade and other payables | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31/12/24 | 1/1/24 |
| £ | £ |
| Cash and cash equivalents | 210,943 | 17,908 |
| Year ended 31 December 2023 |
| 31/12/23 | 1/1/23 |
| £ | £ |
| Cash and cash equivalents | 17,908 | 98,131 |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Sheffield One (UK) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The amounts in the financial statements have been rounded to the nearest £1. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| Going concern |
| The financial statements have been prepared on a going concern basis which the directors consider to be appropriate. |
| The directors are of the opinion that the company will have sufficient funds to meet its liabilities as they fall due. Funds will be provided through funding from the ultimate parent company, Select Group Limited, if required. |
| The directors have considered the ability of Select Group Limited to provide financial support based on information provided by Select Group Limited. The ability of Select Group Limited to continue to provide this support is dependent on the group achieving its own cash flow forecast and the continued availability of shareholder loans to the Group. |
| Based on these indications, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. |
| Critical accounting judgements and key sources of estimation uncertainty |
| One critical accounting judgement and source of uncertainty is the discount rate applied to the lease receivable. |
| Where, as in most cases, a discount rate implicit to the lease is not available, discount rates are calculated for each lease with reference to the underlying costs of borrowing available to the business and several other factors specific to the asset. |
| The selection of discount rates is therefore a management judgement. |
| A discount rate of 3% has been applied. |
| The carrying value of investment property has been based on cost, with depreciation applied over the assets estimated useful economic life. This requires estimation of residual values, useful lives and the appropriate depreciation policy. |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Revenue recognition |
| Under IFRS 15 Revenue is recognised when the following criteria are met; |
| - the parties to the contract have approved the contract; |
| - the entity can identify each parties rights regarding the goods to be transferred; |
| - the entity can identify the payment terms; |
| - the contract has commercial substance; |
| - it is probable that the entity will collect the consideration we are entitled to in respect to the goods to be transferred. |
| Turnover from apartment rental is recognised on a straight line basis over the term of the rental contract, to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured. |
| Cash and cash equivalents |
| Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value. |
| In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position. |
| Investment property |
| IAS 40 allows two methods of measurement for Investment Property (para 30) following initial recognition at cost - the fair value model or the cost model. The company's accounting policy is to use the cost model and therefore the property is held at cost and then depreciated. |
| Depreciation is calculated using a straight-line method to allocate the depreciable amounts over the estimated useful lives of 42 years. The residual values, useful lives and depreciation method of investment properties are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are included in profit or loss when the changes arise. |
| Financial instruments |
| Trade and other debtors/creditors |
| Trade and other debtors are recognised and measured at transaction price less attributable transaction costs. Trade and other creditors are also recognised and measured at transaction price plus attributable transaction costs. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statements. |
| Interest-bearing borrowings |
| Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised costs using the effective interest method, less any impairment losses. |
| Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the costs of that asset and are capitalised. Other borrowing costs are recognised as an expense. |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Inventories |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
| Taxation |
| Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date. |
| Financing income and expenses |
| Financing expenses include interest payable, finance charges on shares classified as liabilities and finance charges on lease liabilities recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement. Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. |
| Financing income comprise interest receivable on funds invested, dividend income, interest income on lease receivables and net foreign exchange gains. |
| Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in the income statement on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis. |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Leases |
| i. As a lessee |
| At commencement or on modification of a contract that contains a lease component, along with one or more other lease or non-lease components, the Company accounts for each lease component separately from the non-lease components. However, for the lease of land and buildings, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price and the aggregate stand-alone price of the lease components. |
| The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, if that rate cannot be readily determined, the company's incremental borrowing rate. |
| Lease payments included in the measurement of the lease liability comprise the following: |
| – fixed payments, including in substance fixed payments; |
| – variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; |
| – amounts expected to be payable under a residual value guarantee; and |
| – the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. |
| The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. |
| ii. As a lessor |
| At inception or on modification of a contract that contains a lease component and one or more additional lease or non-lease components, the Company allocates the consideration applying IFRS 15. |
| When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. |
| To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset. |
| When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. |
| The Company applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease (see the financial instrument note). The Company further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| The Company recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of ‘other revenue’. |
| 3. | EMPLOYEES AND DIRECTORS |
| There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| The average number of employees during the year was NIL (2023 - NIL). |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 4. | NET FINANCE COSTS |
| 2024 | 2023 |
| £ | £ |
| Finance income: |
| Deposit account interest |
| Finance costs: |
| Loan interest |
| Net finance costs |
| 5. | PROFIT BEFORE INCOME TAX |
| The profit before income tax is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Cost of inventories recognised as expense |
| Auditors' remuneration | 14,756 | 7,695 |
| 6. | INCOME TAX |
| Analysis of tax expense |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| Tax |
| Total tax expense in statement of profit or loss |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 6. | INCOME TAX - continued |
| Factors affecting the tax expense |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before income tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes | 97,274 | - |
| Losses group relieved/received | (160,683 | ) | (108,024 | ) |
| Capital allowances uitilised | (3,635 | ) | - |
| Tax expense |
| 7. | INVENTORIES |
| 2024 | 2023 |
| £ | £ |
| Assets held for resale |
| 8. | TRADE AND OTHER RECEIVABLES |
| 2024 | 2023 |
| £ | £ |
| Current: |
| Trade debtors |
| VAT |
| Prepayments and accrued income | 6,369,483 | 13,112,504 |
| 9. | CASH AND CASH EQUIVALENTS |
| 2024 | 2023 |
| £ | £ |
| Bank accounts |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 | ( |
) |
| Profit for the year |
| At 31 December 2024 | ( |
) |
| 12. | TRADE AND OTHER PAYABLES |
| 2024 | 2023 |
| £ | £ |
| Current: |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| Accrued expenses | 42,268 | 874,877 |
| VAT | - | 1,942 |
| 13. | ULTIMATE PARENT COMPANY |
| The company is a wholly owned subsidiary of Select Investments Limited, a company registered in the Jabel Ali Free Trade Zone in the United Arab Emirates. This is a wholly owned subsidiary of Select Group Limited. The consolidated financial statements of Select Investments Limited and Select Group Limited are not publicly available. The ultimate controlling party is Rahail Aslam. |
| 14. | RELATED PARTY DISCLOSURES |
| At 31 December 2024 the company owed loan balances of £13,831,852 (2023: £21,975,725) to its parent company, Select Investments Limited. |
| The company was charged interest during the year on its loans of £1,296,987 (2023: £1,259,366) by Select Investments Limited. |
| Sheffield One (UK) Limited (Registered number: 11221013) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 15. | NEW AND REVISED STANDARDS | IN ISSUE BUT NOT YET EFFECTIVE |
| Adoption of new and revised Standards |
| New and amended IFRS Standards that are effective for the current year |
| In the current year, the Company has adopted all the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (the IFRIC) of the IASB that are relevant to its operations and effective for an annual period that begins on or after 1 January 2024 all of which were endorsed in the UK. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. |
| - | Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current |
| - | Amendments to IAS 1 Presentation of Financial Statements: Non-current Liabilities with Covenants |
| - | Amendments to IAS 7 Statement of Cash Flows: Supplier Finance Arrangements |
| - | Amendments to IAS 12 Income Taxes: International Tax Reform - Pillar Two Model Rules |
| - | Amendments to IFRS 16 Lease Liability in a Sale and Leaseback |
| The Company has not adopted early any standards, interpretations or amendments that have been issued but are not yet effective. |
| Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2024 |
| At the date of authorisation of these financial statement, the Company has not applied the following new and revised IFRS Standards and Interpretations that have been issued but are not yet effective and, in some cases, had not yet been adopted by the EU: |
| - | Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable for annual periods beginning on or after 1 January 2025) |
| - | Amendments to IFRS 7 Amendments to the Classification and Measurement of Financial Instruments (applicable for annual periods beginning on or after 1 January 2026) |
| - | Amendments to IFRS 9 Contracts referencing Nature-dependent Electricity (applicable for annual periods beginning on or after 1 January 2026) |
| - | Amendments to Annual Improvements to IFRS Accounting Standards - Volume 11 (applicable for annual periods beginning on or after 1 January 2026) |
| - | Amendments to IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on or after 1 January 2027) |
| - | Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (applicable for annual periods beginning on or after 1 January 2027) |
| It is expected that the standards and interpretations, not yet applicable, will have no significant impact on the Company's financial result or position. |