Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-202025-05-202024-12-312025-05-2000falsetruetrue2024-01-01Providing technical surveying solutions across various markets(Road and rail,Civils and Construction,Utility and Energy ,Education and Local Authority)false9483truefalse 05405516 2024-01-01 2024-12-31 05405516 2023-01-01 2023-12-31 05405516 2024-12-31 05405516 2023-12-31 05405516 1 2024-01-01 2024-12-31 05405516 d:CompanySecretary1 2024-01-01 2024-12-31 05405516 d:Director2 2024-01-01 2024-12-31 05405516 d:Director3 2024-01-01 2024-12-31 05405516 d:Director4 2024-01-01 2024-12-31 05405516 d:Director4 2024-12-31 05405516 d:Director6 2024-01-01 2024-12-31 05405516 d:Director7 2024-01-01 2024-12-31 05405516 d:Director9 2024-01-01 2024-12-31 05405516 d:Director9 2024-12-31 05405516 d:RegisteredOffice 2024-01-01 2024-12-31 05405516 d:Agent1 2024-01-01 2024-12-31 05405516 c:PlantMachinery 2024-01-01 2024-12-31 05405516 c:PlantMachinery 2024-12-31 05405516 c:PlantMachinery 2023-12-31 05405516 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05405516 c:MotorVehicles 2024-01-01 2024-12-31 05405516 c:MotorVehicles 2024-12-31 05405516 c:MotorVehicles 2023-12-31 05405516 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05405516 c:FurnitureFittings 2024-01-01 2024-12-31 05405516 c:FurnitureFittings 2024-12-31 05405516 c:FurnitureFittings 2023-12-31 05405516 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05405516 c:ComputerEquipment 2024-01-01 2024-12-31 05405516 c:ComputerEquipment 2024-12-31 05405516 c:ComputerEquipment 2023-12-31 05405516 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05405516 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05405516 c:Goodwill 2024-01-01 2024-12-31 05405516 c:Goodwill 2024-12-31 05405516 c:Goodwill 2023-12-31 05405516 c:ComputerSoftware 2024-12-31 05405516 c:ComputerSoftware 2023-12-31 05405516 c:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 05405516 c:CurrentFinancialInstruments 2024-12-31 05405516 c:CurrentFinancialInstruments 2023-12-31 05405516 c:Non-currentFinancialInstruments 2024-12-31 05405516 c:Non-currentFinancialInstruments 2023-12-31 05405516 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 05405516 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 05405516 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 05405516 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 05405516 c:ShareCapital 2024-12-31 05405516 c:ShareCapital 2023-12-31 05405516 c:SharePremium 2024-12-31 05405516 c:SharePremium 2023-12-31 05405516 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05405516 c:RetainedEarningsAccumulatedLosses 2024-12-31 05405516 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05405516 c:RetainedEarningsAccumulatedLosses 2023-12-31 05405516 c:RetainedEarningsAccumulatedLosses 2023-01-01 05405516 d:FRS102 2024-01-01 2024-12-31 05405516 d:Audited 2024-01-01 2024-12-31 05405516 d:FullAccounts 2024-01-01 2024-12-31 05405516 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05405516 c:WithinOneYear 2024-12-31 05405516 c:WithinOneYear 2023-12-31 05405516 c:BetweenOneFiveYears 2024-12-31 05405516 c:BetweenOneFiveYears 2023-12-31 05405516 c:MoreThanFiveYears 2024-12-31 05405516 c:MoreThanFiveYears 2023-12-31 05405516 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 05405516 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 05405516 c:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 05405516 c:Goodwill c:OwnedIntangibleAssets 2024-01-01 2024-12-31 05405516 c:ComputerSoftware c:OwnedIntangibleAssets 2024-01-01 2024-12-31 05405516 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 05405516










40SEVEN LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
40SEVEN LIMITED
 

COMPANY INFORMATION


Directors
Mr R Bond 
Mr I Edwards 
Mr N Detchepare (resigned 14 October 2024)
Mr J Goodwin 
Mr D Gough 
Mr M Marriott (appointed 14 October 2024)




Company secretary
Mr R Bond



Registered number
05405516



Registered office
SOCOTEC House
Bretby Business Park

Bretby

Burton-On-Trent

England

DE15 0YZ




Independent auditors
AAB Audit & Accountancy Limited

Chartered accountants & statutory auditor

Gresham House

5-7 St Pauls Street

Leeds

LS1 2JG




Bankers
Barclays Bank plc
2nd Floor

1 Park Row

Leeds

LS1 5WU




Solicitors
Gordons
Riverside West

Whitehall Road

Leeds

LS1 4AW





 
40SEVEN LIMITED
 

CONTENTS



Page
Directors' report
 
 
1
Directors' responsibilities statement
 
 
2
Independent auditors' report
 
 
3 - 6
Statement of income and retained earnings
 
 
7
Balance sheet
 
 
8
Notes to the financial statements
 
 
9 - 16


 
40SEVEN LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors

The directors who served during the year and upto the date of this report were:

Mr R Bond 
Mr I Edwards 
Mr N Detchepare (resigned 14 October 2024)
Mr J Goodwin 
Mr D Gough 
Mr M Marriott (appointed 14 October 2024)

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'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's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006AAB Audit & Accountancy Limited 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.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





Mr I Edwards
Director

Date: 20 May 2025
Page 1

 
40SEVEN LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Directors' report 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 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 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 for the Company's financial statements 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

 
40SEVEN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 40SEVEN LIMITED
 

Opinion


We have audited the financial statements of 40Seven Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet 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 Company's affairs as at 31 December 2024 and of its 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 opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.  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 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.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to note 2.3 in the financial statements, which explains that following the year end, the trade
and assets of 40Seven Limited were hived up into SOCOTEC UK on 31 March 2025, as a result of the hive up 40Seven Limited became a dormant company on 1 April 2025.
As stated in note 2.3, the directors therefore do not consider it to be appropriate to adopt the going concern basis
of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on
a basis other than going concern.
Our opinion is not modified in respect of this matter. 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.










Page 3

 
40SEVEN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 40SEVEN LIMITED (CONTINUED)


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 Report.  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.  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.


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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


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 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.


Page 4

 
40SEVEN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 40SEVEN 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 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006, UK Taxation legislation, health and safety and employment law.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
• Management override of controls to manipulate the company’s key performance indicators to meet targets
• Timing of revenue recognition
• Management judgement applied in calculating provisions
• Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading
Our audit procedures to respond to these risks included:
• Testing of journal entries and other adjustments for appropriateness
• Evaluating the business rationale of significant transactions outside the normal course of business
• Reviewing judgements made by management in their calculation of accounting estimates for potential management bias
• Enquiries of management about litigation and claims and inspection of relevant correspondence
• Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
• Analytical procedures to identify any unusual or unexpected trends or relationship;
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 auditor’s report.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Page 5

 
40SEVEN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 40SEVEN LIMITED (CONTINUED)


Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.  conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.





Helen Daniels  LLB FCA CTA (Senior statutory auditor)
  
for and on behalf of
AAB Audit & Accountancy Limited
 
Chartered accountants & statutory auditor
Gresham House
5-7 St Pauls Street
Leeds
LS1 2JG

20 May 2025
Page 6

 
40SEVEN LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
9,664,628
8,079,044

Cost of sales
  
(6,330,666)
(5,704,877)

Gross profit
  
3,333,962
2,374,167

Administrative expenses
  
(1,927,331)
(1,814,730)

Operating profit
  
1,406,631
559,437

Interest receivable and similar income
  
4,646
-

Interest payable and similar expenses
  
(3,574)
(11,373)

Profit before tax
  
1,407,703
548,064

Tax on profit
  
(314,400)
(119,000)

Profit after tax
  
1,093,303
429,064

  

  

Retained earnings at the beginning of the year
  
2,995,040
2,565,976

  
2,995,040
2,565,976

Profit for the year
  
1,093,303
429,064

Retained earnings at the end of the year
  
4,088,343
2,995,040
The notes on pages 9 to 16 form part of these financial statements.
Page 7

 
40SEVEN LIMITED
REGISTERED NUMBER: 05405516

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
507,131
528,595

Tangible assets
 6 
831,280
1,040,142

  
1,338,411
1,568,737

Current assets
  

Debtors: amounts falling due within one year
 7 
3,975,426
2,464,629

Cash at bank and in hand
  
545,392
412,712

  
4,520,818
2,877,341

Creditors: amounts falling due within one year
 8 
(1,468,486)
(1,103,069)

Net current assets
  
 
 
3,052,332
 
 
1,774,272

Total assets less current liabilities
  
4,390,743
3,343,009

Creditors: amounts falling due after more than one year
 9 
-
(17,969)

Provisions for liabilities
  

Deferred tax
  
(202,400)
(230,000)

  
 
 
(202,400)
 
 
(230,000)

Net assets
  
4,188,343
3,095,040


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
99,000
99,000

Profit and loss account
  
4,088,343
2,995,040

  
4,188,343
3,095,040


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R Bond
Director

Date: 20 May 2025

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

Page 8

 
40SEVEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales. The principal activity of the company is that of a multi-disciplined surveying business, servicing the utilities and infrastructure sectors. The address of the registered office is SOCOTEC House, Bretby Business Park, Bretby, Burton-On-Trent, England, DE15 0YZ.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Sophinvest SA as at 31 December 2024 and these financial statements may be obtained from their website.

 
2.3

Going concern

Following the acquisition of 40Seven Limited by SOCOTEC UK on 31 October 2023 the company has been integrated into the wider SOCOTEC UK business. The trade and assets of 40Seven Limited were hived up into SOCOTEC UK on 31 March 2025, as a result of the hive up 40Seven Limited became a dormant company on 1 April 2025.
The directors consider the values of all balances at 31 December 2024 to be recoverable at at fair value, therefore no adjustments have been made. As a result of this decision, the directors have adopted a basis other than going concern when preparing these accounts.

 
2.4

Revenue

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account.
Profit is recognised on long-term contracts if the outcome can be assessed with reasonable certainty by including in the profit and loss account turnover and related costs as contract activity progresses. Forecast losses on contracts are recognised immediately.

Page 9

 
40SEVEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.7

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


Page 10

 
40SEVEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20 years straight line basis
Software
-
3 years straight line basis

 
2.9

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 the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
5-7 years straight line basis
Motor vehicles
-
4 years straight line basis
Fixtures and fittings
-
5 years straight line basis
Equipment
-
3 years straight line basis

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.

Page 11

 
40SEVEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.10

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

  
2.11

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Page 12

 
40SEVEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Provision for debtors
Determining whether debtor balances are recoverable requires review of up to date trading information. The directors use their knowledge of the business, the trading environment and future projections to assess whether provision is necessary in these areas.
Impairment of intangible assets
Determining whether intangible asstes are impaired requires an estimation of their value in use to the company. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the intangible asset and a suitable discount rate in order to calculate present value.


4.


Employees

The average monthly number of employees, including directors, during the year was 94 (2023 - 83).


5.


Intangible assets




Software
Goodwill
Total

£
£
£



Cost


At 1 January 2024
129,476
1,231,954
1,361,430


Additions
66,988
-
66,988



At 31 December 2024

196,464
1,231,954
1,428,418



Amortisation


At 1 January 2024
99,846
732,989
832,835


Charge for the year
26,081
62,371
88,452



At 31 December 2024

125,927
795,360
921,287



Net book value



At 31 December 2024
70,537
436,594
507,131



At 31 December 2023
29,630
498,965
528,595


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40SEVEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
2,132,322
43,165
14,168
75,451
2,265,106


Additions
128,553
-
13,360
3,997
145,910


Disposals
(35,035)
-
-
-
(35,035)



At 31 December 2024

2,225,840
43,165
27,528
79,448
2,375,981



Depreciation


At 1 January 2024
1,151,687
6,295
7,143
59,839
1,224,964


Charge for the year
317,376
10,791
2,534
9,749
340,450


Disposals
(20,713)
-
-
-
(20,713)



At 31 December 2024

1,448,350
17,086
9,677
69,588
1,544,701



Net book value



At 31 December 2024
777,490
26,079
17,851
9,860
831,280



At 31 December 2023
980,635
36,870
7,025
15,612
1,040,142


7.


Debtors

2024
2023
£
£


Trade debtors
1,081,177
724,398

Amounts owed by group undertakings
2,017,800
875,300

Other debtors
14,962
17,241

Prepayments and accrued income
98,793
150,268

Amounts recoverable on contracts
762,694
697,422

3,975,426
2,464,629


Page 14

 
40SEVEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
58,172
240,485

Corporation tax
342,000
-

Other taxation and social security
581,564
459,844

Obligations under finance lease and hire purchase contracts
17,992
100,540

Other creditors
21,937
19,009

Accruals and deferred income
446,821
283,191

1,468,486
1,103,069



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
17,969

-
17,969



10.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
242,723
247,185

Later than 1 year and not later than 5 years
166,574
406,610

Later than 5 years
-
11,333

409,297
665,128


11.


Related party transactions

As a wholly owned subsidiary, the company has taken advantage of the exemption in FRS102 Section 33 'Related Party Disclosures' from disclosing transactions with other companies in the group.

12.


Post balance sheet events

On 31 March 2025, the trade and assets of 40Seven Limited were hived up into SOCOTEC UK. As a result of the hive up, 40Seven Limited became a dormant company on 1 April 2025.

Page 15

 
40SEVEN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Controlling party

The ultimate controlling company of 40Seven Limited is Sophinvest SA, a company registered in Luxembourg and is the smallest and largest group for which consolidated accounts including the company are prepared.


Page 16