| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| SZERELMEY LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditor |
| Unit 14 |
| Hoddesdon Enterprise Centre |
| Pindar Road |
| Hoddesdon |
| Hertfordshire |
| EN11 0FJ |
| SZERELMEY LIMITED (REGISTERED NUMBER: 01948091) |
| Income Statement |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 116,243 | 442,778 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit | 5 |
| PROFIT FOR THE FINANCIAL YEAR |
| SZERELMEY LIMITED (REGISTERED NUMBER: 01948091) |
| Other Comprehensive Income |
| for the year ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| SZERELMEY LIMITED (REGISTERED NUMBER: 01948091) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| Investments | 8 |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Retained earnings | 14 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| 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 | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) |
| Purchase of fixed asset investments | (315,000 | ) | - |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Inter company loans | (255,218 | ) | - |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) |
| Decrease in cash and cash equivalents | ( |
) | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 |
| Depreciation charges |
| Finance income | (107,625 | ) | (163,532 | ) |
| 169,331 | 455,751 |
| Decrease/(increase) in trade and other debtors | ( |
) |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 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 | ( |
) | 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Office & management | 17 | 16 |
| Contract salaries & wages | 35 | 41 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 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 |
| Pension contributions to money purchase schemes |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Plant costs |
| Depreciation - owned assets |
| Auditors' remuneration |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Utilisation of tax losses | ( |
) | ( |
) |
| Total tax charge | - | - |
| 6. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 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 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 8. | FIXED ASSET INVESTMENTS |
| Interest |
| in |
| associate |
| £ |
| COST |
| Additions |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts recoverable on long |
| term contracts | 1,953,463 | 1,971,474 |
| VAT |
| Prepayments |
| 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 |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | - | 53,994 |
| Other creditors |
| Payments on account | 327,217 | 704,080 |
| Accrued expenses |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Between one and five years |
| 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: | £ | £ |
| 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 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2024 |
| 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. |