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Registered number: 14335991
Serendib Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Passman Leonard Associates Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14335991
31 December 2024 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 488,506 438,359
488,506 438,359
CURRENT ASSETS
Cash at bank and in hand 1,496 3,007
1,496 3,007
Creditors: Amounts Falling Due Within One Year 5 (382,767 ) (198,578 )
NET CURRENT ASSETS (LIABILITIES) (381,271 ) (195,571 )
TOTAL ASSETS LESS CURRENT LIABILITIES 107,235 242,788
Creditors: Amounts Falling Due After More Than One Year 6 (278,566 ) (278,566 )
NET LIABILITIES (171,331 ) (35,778 )
CAPITAL AND RESERVES
Called up share capital 7 2 2
Fair value reserve 8 (102,944 ) -
Profit and Loss Account (68,389 ) (35,780 )
SHAREHOLDERS' FUNDS (171,331) (35,778)
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Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr N Balalle
Director
Mr P Kotalawela
Director
1 May 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Serendib Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14335991 . The registered office is 6 Longcroft Lane, Welwyn Garden City, AL8 6EA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Fixtures & Fittings 20% reducing balance method
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 January 2024 438,359 - 438,359
Additions 139,585 16,883 156,468
Revaluation (102,944 ) - (102,944 )
As at 31 December 2024 475,000 16,883 491,883
Depreciation
As at 1 January 2024 - - -
Provided during the period - 3,377 3,377
As at 31 December 2024 - 3,377 3,377
Net Book Value
As at 31 December 2024 475,000 13,506 488,506
As at 1 January 2024 438,359 - 438,359
The freehold property was revalued as at 31st December 2024, on an open market basis by the directors of the company. The historical cost of the property included at a valuation of £475,000 (2023- £438,359) was £577,944 (2023- £438,359).
5. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 December 2023
£ £
Bank loans and overdrafts 16,494 16,494
Accruals and deferred income 1,140 1,440
Directors' loan accounts 365,133 180,644
382,767 198,578
The bank loan of £16,494 was secured by a fixed charge on the freehold property of the company. 
6. Creditors: Amounts Falling Due After More Than One Year
31 December 2024 31 December 2023
£ £
Bank loans 278,566 278,566
The bank loan of £278,566 was secured by a fixed charge on the freehold property of the company. 
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7. Share Capital
31 December 2024 31 December 2023
£ £
Allotted, Called up and fully paid 2 2
8. Reserves
Fair Value Reserve
£
Movements in fair value reserve (102,944)
As at 31 December 2024 (102,944 )
9. Ultimate Controlling Party
There is no controlling interest by virtue of the fact that no one shareholder owns more than 50% of the shares. 
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