Company registration number 03493607 (England and Wales)
SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
25,000
25,000
Current assets
Debtors
5
1,918
759
Cash at bank and in hand
94,446
96,900
96,364
97,659
Creditors: amounts falling due within one year
6
(1,538)
(1,357)
Net current assets
94,826
96,302
Net assets
119,826
121,302
Reserves
Called up share capital
8
-
0
-
0
Income and expenditure account
9
119,826
121,302
Members' funds
119,826
121,302

The notes on pages 2 to 4 form part of these financial statements.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 December 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 25 May 2025 and are signed on its behalf by:
Mrs A Durrant
Mr S Oowas Farhan Aziz
Director
Director
Company Registration No. 03493607
SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
page 2
1
Accounting policies
Company information

South Eastern Society of Chartered Accountants Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 10a 12a High Street, East Grinstead, West Sussex, RH19 3AW.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses are shown as net of VAT as the company can re-claim the VAT.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

1.4
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.

1.5
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
page 3
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
NIL
0
NIL
0
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
25,000
25,000

The company's investment at the balance sheet date comprised 100% of the ordinary share capital of SESCA Limited, previously known as SESCA Enterprises Limited, a course and conference provider.

     2024 2023

Aggregate capital and reserves                          £578,964 £488,806

Profit/(Loss) for the year                               £90,158 £83,039

SOUTH EASTERN SOCIETY OF CHARTERED ACCOUNTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
page 4
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,918
759
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
300
-
0
Trade creditors
-
0
150
Other creditors
1,238
1,207
1,538
1,357
7
Directors' indemnities

The Company hereby agrees to indemnify and hold harmless the Directors and Officers of the Company against any and all claims, liabilities, losses, and expenses (including legal fees) arising out of or in connection with the performance of their duties to the fullest extent permitted by law.

8
Members' liability

The company is limited by guarantee, not having any share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Ultimate Controlling Party

Control of the company rests with the directors and no one person or entity is in a position to exercise control of the company.

10
Non-distributable profits reserve
2024
2023
£
£
The income and expenditure account comprises:
Income and Expenditure account
(95,461)
(96,937)
Student society fund and prize fund
(24,365)
(24,365)
__________
__________
(119,826)
(121,302)
11
Related party transactions

The company holds funds for SECASS - The South Eastern Chartered Accountants Student Society. The funds arise from grants given to SECASS by ICAEW and from events organised by the student society. The funds will be used to support events run in the future by SECASS.

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