Company registration number 14334950 (England and Wales)
00SC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
00SC LIMITED
COMPANY INFORMATION
Directors
Mr G J Hurfurt
(Appointed 18 July 2024)
Mr S A Monk
(Appointed 16 August 2024)
Company number
14334950
Registered office
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
B44 8LS
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
00SC LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
00SC LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 00SC LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 00SC Limited for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of 00SC Limited, as a body, in accordance with the terms of our engagement letter dated 28 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of 00SC Limited and state those matters that we have agreed to state to the board of directors of 00SC Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 00SC Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that 00SC Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 00SC Limited. You consider that 00SC Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of 00SC Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
13 June 2025
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
00SC LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Stock
20,609,514
11,669,190
Debtors
3
4,426,374
1,636,507
Cash at bank and in hand
891
25,035,888
13,306,588
Creditors: amounts falling due within one year
4
(14,506,895)
(10,523,892)
Net current assets
10,528,993
2,782,696
Creditors: amounts falling due after more than one year
5
(10,536,701)
(2,781,108)
Net (liabilities)/assets
(7,708)
1,588
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(7,710)
1,586
Total equity
(7,708)
1,588
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
Mr G J Hurfurt
Mr S A Monk
Director
Director
Company registration number 14334950 (England and Wales)
00SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
00SC Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Stock
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to its present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
00SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,211,204
1,357,004
Other debtors
215,170
279,503
4,426,374
1,636,507
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,000,746
3,575,848
Amounts owed to group undertakings
4,654,929
Taxation and social security
588
372
Other creditors
1,850,632
6,947,672
14,506,895
10,523,892
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,536,701
2,781,108
Bank loans and overdrafts consists entirely of commercial mortgage loan which is secured by means of fixed charges over the company's properties under development. The mortgage is interest-only, and is repayable in full by 27 January 2026.
.
00SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A share of £1 each
1
1
1
1
Deferred share (2023 - Ordinary B share) of £1 each
1
1
1
1
2
2
2
2
The Deferred Share was an Ordinary B share last year, but was redesignated as a Deferred share on 17 June 2024,
Deferred shares have the following limitations to their rights and entitlements:-
a) no right to receive notice of, or to attend, or to speak at, any general meetings of the company;
b) no right to receive any dividends or distributions;
c) on a return of capital, after the payment of all debts and the satisfaction of all creditors are made, whatever is remaining shall be applied first to the holders of the A Shares, and second to the holders of the Deferred Shares, and any balance of such assets shall be distributed among the holders of the A Shares;
d) the company may reduce the capital on the Deferred Shares without the consent of the holders, may force the transfer of the Deferred Shares, and may acquire all of the Deferred Shares without the consent of the holders.
7
Parent company
The company is a subsidiary of Housing Growth Partnership II GP LLP, whose registered office is 25 Gresham Street, London, EC2V 7HN, because from 17 June 2024 that company became controller of 100% of the voting rights.
The ultimate controlling party is LBG Equity Investments Limited, whose registered office is 25 Gresham Street, London, EC2V 7HN.