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Registration number: 05431059

Selectpay (Sidcup) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Selectpay (Sidcup) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Selectpay (Sidcup) Limited

Company Information

Directors

Alka Shah-Kalayil

Mehul Rasiklal Shah

Amit Rasiklal Shah

Registered office

DVS House
4 Spring Villa Road
Spring Villa Park
Edgware
Middlesex
HA8 7EB

Accountants

Stanmore Accountants Ltd
Chartered Certified Accountants25 Rocklands Drive
Stanmore
Middlesex
HA7 2JD

 

Selectpay (Sidcup) Limited

(Registration number: 05431059)
Balance Sheet as at 31 March 2025

Note

2025
£

2023
£

Fixed assets

 

Tangible assets

4

1,626,216

1,631,621

Current assets

 

Debtors

5

203,211

205,775

Cash at bank and in hand

 

51,847

30,845

 

255,058

236,620

Creditors: Amounts falling due within one year

6

(335,355)

(278,159)

Net current liabilities

 

(80,297)

(41,539)

Total assets less current liabilities

 

1,545,919

1,590,082

Creditors: Amounts falling due after more than one year

6

(1,252,423)

(1,280,228)

Net assets

 

293,496

309,854

Capital and reserves

 

Called up share capital

7

3

3

Revaluation reserve

38,801

38,801

Retained earnings

254,692

271,050

Shareholders' funds

 

293,496

309,854

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Selectpay (Sidcup) Limited

(Registration number: 05431059)
Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 6 June 2025 and signed on its behalf by:
 

.........................................
Amit Rasiklal Shah
Director

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
DVS House
4 Spring Villa Road
Spring Villa Park
Edgware
Middlesex
HA8 7EB

These financial statements were authorised for issue by the Board on 6 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies are retranslated at the rate of the exchange ruling
at the balance sheet date. All differences are taken to the profit and loss account.

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated

Amortisation

Reverse premiums paid to incoming tenants are recognised as an asset on the balance sheet at the time of payment. These premiums are amortised on a straight line basis over the term of the lease, reflecting the economic benefits derived from the lease The amortisation expense is recognised in the profit and loss account over the lease period.

Asset class

Amortisation method and rate

Prepayments

Straight line basis over the term of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2024

1,631,621

1,631,621

Disposals

(5,405)

(5,405)

At 31 March 2025

1,626,216

1,626,216

Depreciation

Carrying amount

At 31 March 2025

1,626,216

1,626,216

At 31 March 2024

1,631,621

1,631,621

Included within the net book value of land and buildings above is £21,621 (2024 - £21,621) in respect of freehold land and buildings and £1,604,595 (2024 - £1,610,000) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2025
£

2023
£

Trade debtors

11,244

-

Prepayments

190,665

205,334

Other debtors

1,302

441

 

203,211

205,775

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

2025
£

2023
£

Due within one year

Trade creditors

20,233

-

Taxation and social security

7,048

18,744

Accruals and deferred income

5,000

12,448

Other creditors

303,074

246,967

335,355

278,159

Creditors: amounts falling due after more than one year

Note

2025
£

2023
£

Due after one year

 

Loans and borrowings

8

1,252,423

1,280,228

7

Share capital

Allotted, called up and fully paid shares

2025

2023

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

       

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2023
£

Bank borrowings

562,475

652,000

Other borrowings

689,948

628,228

1,252,423

1,280,228

 

Selectpay (Sidcup) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Related party transactions

At the balance sheet date, the amount payable to the director, Amit Rasiklal Shah amounted to £376,678 (2024 - £350,262), the amount payable to director, Mehul Rasiklal Shah amounted to £376,628 (2024 - £350,217) and the amount payable to director, Alka Shah-Kalayil amounted to £218,446 (2024 - £80,000). The loans are unsecured, interest free and repayable on demand.

Included in other creditors is an amount of £nil (2024 - £73,467) owed to Mrs K R Shah, a connected person. The loan was unsecured, interest free and repayable on demand.