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REGISTERED NUMBER: 01948091 (England and Wales)
























Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

SZERELMEY LIMITED

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


SZERELMEY LIMITED

Company Information
for the year ended 31 December 2024







DIRECTORS: Mr Gordon C Verhoef
Mr N J MacEachin
Mr P J McColm
Mr W McIntyre
Ms T Pickeral
Mr P R Wilby





REGISTERED OFFICE: 369 Kennington Lane
Vauxhall
LONDON
SE11 5QY





REGISTERED NUMBER: 01948091 (England and Wales)





AUDITORS: Trevor Jones & Partners Ltd
Statutory Auditor
Unit 14
Hoddesdon Enterprise Centre
Pindar Road
Hoddesdon
Hertfordshire
EN11 0FJ

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Strategic Report
for the year ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

Introduction
The company specialises in the construction sector - designing, supplying and installing stonework and all associated works and also cleaning and restoration thereto.

With roots tracing back over 150 years, the company combines traditional values with a modern, progressive approach to meet the increasingly sophisticated demands of the construction industry.

Over the years the company has earned a reputation for quality service.

PRINCIPAL RISKS AND UNCERTAINTIES
Any business faces a number of risks and uncertainties in its operations. Some of these risks are common across all types of business; others are specific to the particular business in which a company operates.

The principal risks faced by the company and its responses thereto are summarised in this analysis. Not all of these factors are within the company's control. There may be other risks and uncertainties which are unknown to the company or which may not be deemed material now which could turn out to be material in the future.

Key risks and the company's response to these risks are shown below:

1. Financial Risk Management
The company's financial instrument is the cash at bank. The main purpose of this financial instrument is to ensure adequate finance for the company's operations, together with management of working capital.

The main risk arising from the company's financial instruments is liquidity risk As can be seen from the cash flow notes in the annexed financial statements, the company currently does not suffer from a liquidity problem. It alleviates this risk by collecting stage payments from customers on most contracts and agreeing credit terms with suppliers.

2. Foreign Currency Risk
The company is exposed to foreign currency fluctuation to a degree insofar as the company purchases stone priced in Euros and US Dollars.

The company minimises this risk by appropriate pricing in tenders and forward buying foreign currency to fix exchange rates.

3. Customer concentration risk
As with any business its size the company relies on a relatively small number of customers for a large percentage of its turnover. The loss of a key customer can have a detrimental impact on earnings.

The company is focused on customer retention by supplying a top rate service as well as obtaining new customers thus broadening the number of key customers.

4. Competitive pressure risk
The company operates in a highly competitive market environment and performance may suffer if there is a loss of competitiveness vis-a-vis its competitors.

The company reviews the competitiveness of its services on an ongoing basis, both formally
( via regularly scheduled management meetings) and informally with its clients and customers in the market.


SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Strategic Report
for the year ended 31 December 2024


5. Construction industry risk
The company supplies services mainly to customers in the construction industry and so would be affected by a slowdown in this industry especially if caused by price falls in commercial property.

This risk is mitigated by the company constantly searching out a wider customer base and enhanced products and services to increase demand.

6. Loss of key personnel
Loss of key personnel, particularly key management team members, could have a detrimental effect on operations.

Remuneration, benefits and working conditions are constantly reviewed and compared with the marketplace to protect against loss of personnel. All key management team members are under contract with adequate notice provisions.

7. Credit risk
Default by customers on receivables could negatively affect earnings.

Credit is assessed and monitored by financial staff, and where risk is judged to be high more stringent credit terms are implemented.

8. Loss of supply of critical materials
Loss of supply of critical materials from key suppliers could affect the company's ability to carry out contracts for its customers.

Where possible the company attempts to dual source all key materials from multiple suppliers. The company also endeavours to maintain supply contracts with all key suppliers.

FINANCIAL REVIEW
Revenue
Turnover increased by 24.7%, this increase reflected the marketplace during the year.

Gross Profit Margin
Gross profit margin for the year as a percentage of cost of sales was 14.01% (2023: 20.34%).

Profit after taxation
The profit for the year after taxation was £263,983 (2023: £606,310).

Dividends
A final dividend of £700,000 was paid for the year (2023: £Nil).

Cash at bank
The balance in hand at 31 December 2024 was £2,001,993 (2023: £2,754,871).

Shareholders' Funds
As at 31 December 2024 these stood at £5,505,271 (2023: £5,941,288).

ON BEHALF OF THE BOARD:





Mr P J McColm - Director


29 June 2025

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Report of the Directors
for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of stonework, restoration, cleaning and preservation of buildings.

DIVIDENDS
A dividend of £700,000 was paid during the year ended 31 December 2024.

FUTURE DEVELOPMENTS
This year's accounts continue to include a cost of £1.15 million (first incurred in the accounts for the year ending 31st December 2022) to replace all of the shower floors on our previously completed Marble Arch Place project. This is a result of a product not performing in accordance with manufacturers data sheet. We are currently pursuing these costs from our insurers and the product manufacturer.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr Gordon C Verhoef
Mr N J MacEachin
Mr P J McColm
Mr W McIntyre
Ms T Pickeral
Mr P R Wilby

Other changes in directors holding office are as follows:

Mr A Buffa - resigned 1 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Report of the Directors
for the year ended 31 December 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr P J McColm - Director


29 June 2025

Report of the Independent Auditors to the Members of
Szerelmey Limited

Opinion
We have audited the financial statements of Szerelmey Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Szerelmey Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Szerelmey Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Szerelmey Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Christopher James Whale (Senior Statutory Auditor)
for and on behalf of Trevor Jones & Partners Ltd
Statutory Auditor
Unit 14
Hoddesdon Enterprise Centre
Pindar Road
Hoddesdon
Hertfordshire
EN11 0FJ

28 July 2025

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Income Statement
for the year ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 15,252,341 12,229,040

Cost of sales 13,115,089 9,742,037
GROSS PROFIT 2,137,252 2,487,003

Administrative expenses 2,021,009 2,044,225
116,243 442,778

Other operating income 40,115 -
OPERATING PROFIT 4 156,358 442,778

Interest receivable and similar income 107,625 163,532
PROFIT BEFORE TAXATION 263,983 606,310

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL YEAR 263,983 606,310

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Other Comprehensive Income
for the year ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 263,983 606,310


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

263,983

606,310

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 30,421 43,394
Investments 8 315,000 -
345,421 43,394

CURRENT ASSETS
Debtors 9 4,950,404 7,033,679
Cash at bank 2,001,993 2,754,871
6,952,397 9,788,550
CREDITORS
Amounts falling due within one year 10 1,792,547 3,890,656
NET CURRENT ASSETS 5,159,850 5,897,894
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,505,271

5,941,288

CAPITAL AND RESERVES
Called up share capital 13 500,100 500,100
Retained earnings 14 5,005,171 5,441,188
SHAREHOLDERS' FUNDS 5,505,271 5,941,288

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2025 and were signed on its behalf by:





Mr P J McColm - Director


SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Statement of Changes in Equity
for the year ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 500,100 4,834,878 5,334,978

Changes in equity
Total comprehensive income - 606,310 606,310
Balance at 31 December 2023 500,100 5,441,188 5,941,288

Changes in equity
Dividends - (700,000 ) (700,000 )
Total comprehensive income - 263,983 263,983
Balance at 31 December 2024 500,100 5,005,171 5,505,271

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Cash Flow Statement
for the year ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 409,715 (349,272 )
Net cash from operating activities 409,715 (349,272 )

Cash flows from investing activities
Purchase of tangible fixed assets - (32,216 )
Purchase of fixed asset investments (315,000 ) -
Interest received 107,625 163,532
Net cash from investing activities (207,375 ) 131,316

Cash flows from financing activities
Inter company loans (255,218 ) -
Equity dividends paid (700,000 ) -
Net cash from financing activities (955,218 ) -

Decrease in cash and cash equivalents (752,878 ) (217,956 )
Cash and cash equivalents at beginning of
year

2

2,754,871

2,972,827

Cash and cash equivalents at end of year 2 2,001,993 2,754,871

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Notes to the Cash Flow Statement
for the year ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 263,983 606,310
Depreciation charges 12,973 12,973
Finance income (107,625 ) (163,532 )
169,331 455,751
Decrease/(increase) in trade and other debtors 2,389,728 (1,390,771 )
(Decrease)/increase in trade and other creditors (2,149,344 ) 585,748
Cash generated from operations 409,715 (349,272 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 2,001,993 2,754,871
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,754,871 2,972,827


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 2,754,871 (752,878 ) 2,001,993
2,754,871 (752,878 ) 2,001,993
Total 2,754,871 (752,878 ) 2,001,993

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Szerelmey Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting policies. It also requires management to exercise judgment in applying the Company's accounting policies.

Judgements in applying accounting and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates.

There are no key assumptions concerning the future, or other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

The following principal accounting policies have been applied:

Going concern
The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Director's Report on page 2.

The company's forecasts and projections, taking account of recent decreases and reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facility for a period of at least 12 months from the date of signing of the financial statements.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes based in the value of work carried out in the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost and 20% on cost
Motor vehicles - 25% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities; such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on long term contracts
Long term contracts comprise contracts of expected duration in excess of one year, and in accordance with FRS 102, material contracts of shorter duration straddling the balance sheet date. Attributable profit is taken with regard to the expected final profitability of the contracts and the proportion of each contract completed at the year end. The degree of completion at the balance sheet date is based on the costs incurred to date as compared to the expected final costs of each contract.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,189,788 4,313,859
Social security costs 161,607 215,561
Other pension costs 172,486 63,208
4,523,881 4,592,628

The average number of employees during the year was as follows:
2024 2023

Office & management 17 16
Contract salaries & wages 35 41
52 57

2024 2023
£    £   
Directors' remuneration 981,140 1,016,928
Directors' pension contributions to money purchase schemes 156,560 48,248

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 6

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 252,820 193,671
Pension contributions to money purchase schemes 52,243 9,084

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Plant costs 325,582 236,961
Depreciation - owned assets 12,973 12,973
Auditors' remuneration 18,700 18,300

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 263,983 606,310
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

65,996

151,578

Effects of:
Capital allowances in excess of depreciation (12,973 ) (19,243 )
Utilisation of tax losses (53,023 ) (132,335 )

Total tax charge - -

6. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 700,000 -

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

7. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 32,216 32,858 65,074
DEPRECIATION
At 1 January 2024 6,443 15,237 21,680
Charge for year 6,443 6,530 12,973
At 31 December 2024 12,886 21,767 34,653
NET BOOK VALUE
At 31 December 2024 19,330 11,091 30,421
At 31 December 2023 25,773 17,621 43,394

8. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
Additions 315,000
At 31 December 2024 315,000
NET BOOK VALUE
At 31 December 2024 315,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 787,002 2,121,318
Amounts owed by group undertakings 306,453 -
Other debtors 1,691,100 2,704,522
Amounts recoverable on long
term contracts 1,953,463 1,971,474
VAT 14,388 -
Prepayments 197,998 236,365
4,950,404 7,033,679

Amounts recoverable on long term contracts include £981,690 (2023 £937,047) of retentions.

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,073,872 1,992,355
Amounts owed to group undertakings 51,235 -
Social security and other taxes 132,270 143,946
VAT - 53,994
Other creditors 19,897 675,105
Payments on account 327,217 704,080
Accrued expenses 188,056 321,176
1,792,547 3,890,656

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Between one and five years 135,000 135,000

12. FINANCIAL INSTRUMENTS

2024 2023
£ £

Financial assets
Cash and cash equivalents 2,001,993 2,754,871
Financial assets measured at amortised cost 5,006,105 7,033,679
7,008,098 9,788,550

Financial liabilities
Financial liabilities measured at amortised cost 1,848,248 3,890,656

Cash and cash equivalents comprise cash in hand and deposits held.

Financial assets measured at amortised cost comprise trade debtors, other debtors, amounts recoverable on long term contracts and prepayments.

Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and accrued expenses.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500,100 Ordinary £1 500,100 500,100

SZERELMEY LIMITED (REGISTERED NUMBER: 01948091)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

14. RESERVES
Retained
earnings
£   

At 1 January 2024 5,441,188
Profit for the year 263,983
Dividends (700,000 )
At 31 December 2024 5,005,171

15. RELATED PARTY DISCLOSURES

During the year the company provided services to Szerelmey (GB) Limited, a fellow subsidiary, totalling £767,977. The company also provided administration and accounts services to Szerelmey (GB) Limited during the year totalling £454,000. At the balance sheet date the company was owed £172,066 which is included within amounts owed by group undertakings.

The company was charged for services by Szerelmey (GB) Limited totalling £10,833. At the balance sheet date the company owed £5,915 which is included in amounts owed by group undertakings.

The company provided services to Szerelmey Restoration Limited, a fellow subsidiary, totalling £220,221. The company also provided administration and accounts services to Szerelmey Restoration Limited totalling £738,000. At the balance sheet date the company was owed £190,089 which is included within amounts owed by group undertakings.

The company was charged for services by Szerelmey Restoration Limited totalling £40,449. At the balance sheet date the company owed £49,787 which is included with amounts owed by group undertakings.

At the balance sheet date the company owed £1,235 to Tellisford Limited, the parent entity of the group. This amount is included within amounts owed to group undertakings.

At the balance sheet date the company owed £50,000 to Szerelmey (International) Limited, the parent of the company. This amount is included within amounts owed to group undertakings.

The company provided services to Cape Kennington Limited, a company under common ownership, totalling £14,491. The company also provided administration and accounts services to Cape Kennington Limited totalling £7,940. At the balance sheet date the company was owed £26,917 which is included within other debtors.

The company provided administration and accounts services to Szerelmey (UK) Limited totalling £475,000. At the balance sheet date the company was owed £90,000 which is included within other debtors.

At the balance sheet date the company was owed £450,000 by Heritage House (York) Limited, a company under common ownership.This amount is included within other debtors.

At the balance sheet date the company was owed £997,000 by London Stone Limited, a company under common ownership. This amount is included within other debtors.

16. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.