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Registration number: 11742080

Sevro Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Sevro Investments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Sevro Investments Limited

Company Information

Directors

R I Worthington

P A Worthington

M J Worthington

Registered office

51 Sidmouth St
London
WC1H 8JX

Accountants

Tax Innovations Limited Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Sevro Investments Limited

(Registration number: 11742080)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

5,350

-

Investments

5

2,133,502

2,034,120

 

2,138,852

2,034,120

Current assets

 

Debtors

6

88,100

88,100

Creditors: Amounts falling due within one year

7

(52,820)

(507,800)

Net current assets/(liabilities)

 

35,280

(419,700)

Total assets less current liabilities

 

2,174,132

1,614,420

Creditors: Amounts falling due after more than one year

7

(1,422,696)

(1,403,951)

Net assets

 

751,436

210,469

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

751,336

210,369

Shareholders' funds

 

751,436

210,469

For the financial 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.

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.

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 

.........................................
P A Worthington
Director

 

Sevro Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
51 Sidmouth St
London
WC1H 8JX
United Kingdom

These financial statements were authorised for issue by the Board on 20 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. The company continues to rely on the financial support of its connected companies and its directors.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Sevro Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Sevro Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 3 (2023 - 3).

4

Investment properties

2024
£

Additions

5,350

At 31 December

5,350

There has been no valuation of investment property by an independent valuer.

5

Investments

2024
£

2023
£

Investments in associates

2,133,502

2,034,120

Associates

£

Cost

At 1 January 2024

2,034,120

Additions

201,020

Disposals

(101,638)

At 31 December 2024

2,133,502

Provision

Carrying amount

At 31 December 2024

2,133,502

At 31 December 2023

2,034,120

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Sevro Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Associates

Project Associates Holdings Limited

1st Floor Sackville House, 143-149 Fenchurch Street, London, England, EC3M 6BL

Ordinary B shares

40%

50%

England

Associates

Project Associates Holdings Limited

The principal activity of Project Associates Holdings Limited is holding company.

6

Debtors

Current

2024
£

2023
£

Other debtors

88,100

88,100

 

88,100

88,100

Details of non-current trade and other debtors

£88,000 (2023 -£88,000) of Other Debtors is classified as non current. 15 year loan with no interest, repayable in full or converted into share capital upon exit event.

 

Sevro Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

-

506,000

Accruals and deferred income

 

1,800

1,800

Other creditors

 

51,020

-

 

52,820

507,800

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

84,720

124,720

Other financial liabilities

 

1,337,976

1,279,231

 

1,422,696

1,403,951

 

Sevro Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

84,720

124,720

10

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

R I Worthington

Director's current account

62,360

(170,000)

130,000

22,360

M J Worthington

Director's current account

62,360

-

-

62,360

2023

At 1 January 2023
£

At 31 December 2023
£

R I Worthington

Director's current account

62,360

62,360

M J Worthington

Director's current account

62,360

62,360

 

Sevro Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Summary of transactions with all entities with joint control or significant interest

Labyrinth Advisory Limited (A company with the same control)

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

773,231

773,231

Advanced

1,214,620

1,214,620

Repaid

(750,790)

(750,790)

Interest transactions

100,915

100,915

At end of period

1,337,976

1,337,976

2023

Entities with joint control or significant influence
£

Total
£

At start of period

1,033,137

1,033,137

Advanced

1,800

1,800

Repaid

(362,652)

(362,652)

Interest transactions

100,946

100,946

At end of period

773,231

773,231

Terms of loans from related parties

There are three loans inlcuded in the balance of £1,337,976. For the first loan of £88,000, the terms of the loan are 5 years fixed, from date of the fund transfer, at 4.25% per annum, interest is payable annually in arrears unless and until otherwise agreed. For the second loan of £400,000, the terms of the loan are 5 years fixed, from date of the fund transfer, at Bank of England base rate plus 6% per annum, interest is payable annually in arrears unless and until otherwise agreed. For the third loan of £400,000, the terms of the loan are 5 years fixed, from date of the fund transfer, at Bank of England base rate plus 6% per annum, interest is payable annually in arrears unless and until otherwise agreed