| REGISTERED NUMBER: 16119089 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| AUDITED |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| FOR |
| SEVERALS HOLDINGS LTD |
| REGISTERED NUMBER: 16119089 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| AUDITED |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| FOR |
| SEVERALS HOLDINGS LTD |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Statement of Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Statement of Changes in Equity | 12 |
| Company Statement of Changes in Equity | 13 |
| Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Financial Statements | 16 |
| SEVERALS HOLDINGS LTD |
| COMPANY INFORMATION |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| and Statutory Auditors |
| Driffield |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| GROUP STRATEGIC REPORT |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| The directors present their strategic report of the company and the group for the period 4 December 2024 to 31 March 2025. |
| REVIEW OF BUSINESS |
| The results for the period and financial position of the group are as shown in the annexed financial statements. |
| The key financial highlights are as follows: |
| 2025 |
| £ |
| Turnover | 28,885 |
| Gross profit | 1,290 |
| Profit before tax | 439 |
| Cash reserves | 1,900 |
| Net assets | 4,199 |
| The directors of the group consider the results for the year to be satisfactory. |
| The directors expect trading to continue being difficult in the current year in view of the volatility of grain prices but believe they have the experience and asset backing to ensure that the group will be in a position to continue trading profitably. |
| KEY PERFORMANCE INDICATORS |
| 2025 |
| Gross Profit Margin | 4% |
| Net Profit Margin | 2% |
| FUTURE DEVELOPMENTS |
| In view of the group's continued successful financial results the directors will continue the same business model as previously and expect to continue trading at the same levels as in previous years. |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| GROUP STRATEGIC REPORT |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| FINANCIAL INSTRUMENTS |
| The group's principal financial instruments comprise of bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance for the group's operations. |
| Due to the nature of the financial instruments used by the group there is no exposure risk to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below. |
| In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank current and deposit accounts. |
| Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
| Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
| ON BEHALF OF THE BOARD: |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| The directors present their report with the financial statements of the company and the group for the period 4 December 2024 to 31 March 2025. |
| INCORPORATION |
| The group was incorporated on 4 December 2024 and commenced trading on 21 March 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the period under review was that of corn and seed merchants. |
| DIVIDENDS |
| Interim dividends of £102,500 were paid on the ordinary £1 shares. The directors recommend that no final dividend be paid on these shares. |
| The total distribution of dividends for the year ended 31 March 2025 will be £102,500. |
| DIRECTORS |
| The directors who have held office during the period from 4 December 2024 to the date of this report are as follows: |
| Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| 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 group'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 group's auditors are aware of that information. |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| AUDITORS |
| The auditors, BCO Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SEVERALS HOLDINGS LTD |
| Opinion |
| We have audited the financial statements of Severals Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the period 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
| SEVERALS HOLDINGS LTD |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| SEVERALS HOLDINGS LTD |
| 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: |
| We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to: |
| - Financial Reporting Standard 102 |
| - Companies Act 2006 |
| - health and safety |
| - trade assurance schemes |
| We assessed the risks of material misstatement in respect of fraud through discussions with directors. |
| Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Enquiries were made of management and we corroborated our enquiries by reviewing the company's health and safety manual and external trade assurance scheme compliance records. |
| We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the year into our audit approach. |
| Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We considered the risk of fraud to be low. Accounting policies were reviewed and an element of unpredictability was included in our audit procedures. |
| We consider that the nature, timing and extent of audit procedures performed increases the likelihood of detection of any irregularities. |
| 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. |
| 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 |
| Chartered Certified Accountants |
| and Statutory Auditors |
| Driffield |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| CONSOLIDATED |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| Notes | £ |
| TURNOVER | 3 | 28,884,841 |
| Cost of sales | (27,594,828 | ) |
| GROSS PROFIT | 1,290,013 |
| Administrative expenses | (853,344 | ) |
| 436,669 |
| Other operating income | 4 | 6,212 |
| OPERATING PROFIT | 6 | 442,881 |
| Interest receivable and similar income | 4,088 |
| 446,969 |
| Interest payable and similar expenses | 7 | (7,599 | ) |
| PROFIT BEFORE TAXATION | 439,370 |
| Tax on profit | 8 | (151,036 | ) |
| PROFIT FOR THE FINANCIAL PERIOD |
| OTHER COMPREHENSIVE INCOME | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
288,334 |
| Profit attributable to: |
| Owners of the parent | 288,334 |
| Total comprehensive income attributable to: |
| Owners of the parent | 288,334 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| CONSOLIDATED BALANCE SHEET |
| 31 MARCH 2025 |
| Notes | £ |
| FIXED ASSETS |
| Tangible assets | 11 | 2,538,301 |
| Investments | 12 | - |
| 2,538,301 |
| CURRENT ASSETS |
| Stocks | 13 | 215,442 |
| Debtors | 14 | 2,615,827 |
| Cash at bank and in hand | 1,900,131 |
| 4,731,400 |
| CREDITORS |
| Amounts falling due within one year | 15 | (2,677,574 | ) |
| NET CURRENT ASSETS | 2,053,826 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
4,592,127 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
(79,184 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (313,926 | ) |
| NET ASSETS | 4,199,017 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 2,240 |
| Capital redemption reserve | 22 | 7,060 |
| Retained earnings | 22 | 4,189,717 |
| SHAREHOLDERS' FUNDS | 4,199,017 |
| The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2025 and were signed on its behalf by: |
| S R W Rowley - Director |
| Mrs L M Rowley - Director |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| COMPANY BALANCE SHEET |
| 31 MARCH 2025 |
| Notes | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| CREDITORS |
| Amounts falling due within one year | 15 | ( |
) |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,195,894 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Changes in equity |
| Issue of share capital | 2,240 | - | - | 2,240 |
| Dividends | - | (102,500 | ) | - | (102,500 | ) |
| Total comprehensive income | - | 288,334 | - | 288,334 |
| Balance at 31 March 2025 | 2,240 | 185,834 | - | 188,074 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | - |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2025 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| Notes | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,173,690 |
| Interest paid | (7,599 | ) |
| Tax paid | (154,688 | ) |
| Net cash from operating activities | 1,011,403 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (428,557 | ) |
| Sale of tangible fixed assets | 2,750 |
| Interest received | 4,088 |
| Net cash inflow from acquisitions | 2,150,833 |
| Net cash from investing activities | 1,729,114 |
| Cash flows from financing activities |
| Loan repayments in year | (37,874 | ) |
| Amount introduced by directors | 7,500 |
| Amount withdrawn by directors | (55,043 | ) |
| Share buyback (subsidiary) | (606,430 | ) |
| Equity dividends paid | (148,539 | ) |
| Net cash from financing activities | (840,386 | ) |
| Increase in cash and cash equivalents | 1,900,131 |
| Cash and cash equivalents at beginning of period |
2 |
- |
| Cash and cash equivalents at end of period |
2 |
1,900,131 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| £ |
| Profit before taxation | 439,370 |
| Depreciation charges | 433,199 |
| Profit on disposal of fixed assets | (2,750 | ) |
| Finance costs | 7,599 |
| Finance income | (4,088 | ) |
| 873,330 |
| Decrease in stocks | 151,913 |
| Increase in trade and other debtors | (3,391 | ) |
| Increase in trade and other creditors | 151,838 |
| Cash generated from operations | 1,173,690 |
| 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: |
| Period ended 31 March 2025 |
| 31/3/25 | 4/12/24 |
| £ | £ |
| Cash and cash equivalents | 1,900,131 | - |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 4/12/24 | Cash flow | At 31/3/25 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | - | 1,900,131 | 1,900,131 |
| - | 1,900,131 | 1,900,131 |
| Debt |
| Debts falling due within 1 year | - | (40,635 | ) | (40,635 | ) |
| Debts falling due after 1 year | - | (79,184 | ) | (79,184 | ) |
| - | (119,819 | ) | (119,819 | ) |
| Total | - | 1,780,312 | 1,780,312 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Severals Holdings Ltd ("the Company") is a private company limited by shares. The Company is incorporated and domiciled in England and Wales. Its company registration number is 16119089. The registered office of the company is Unit 13, Pexton Road, Kelleythorpe, Driffield, East Yorkshire, YO25 9FR. |
| The group consists of Severals Holdings Ltd and its subsidiary company. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Judgements and key sources of estimation uncertainty |
| In the application of the group'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. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is recognised when the goods are physically delivered to the customer. |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Freehold land is not depreciated. Depreciation of other tangible fixed assets is provided on the straight line basis in order to write off the valuation/cost of each asset over its estimated useful life as follows: |
| Per annum |
| % |
| Freehold buildings | 5 |
| Plant and machinery | 7.5 |
| Fixtures, fittings and office equipment | 10-25 |
| Motor vehicles | 25 |
| Stocks |
| Stocks are valued at the lower of cost and net estimated selling price less selling costs, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 period 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. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| £ |
| Sale of goods | 27,123,177 |
| Services | 1,761,664 |
| 28,884,841 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 4. | OTHER OPERATING INCOME |
| £ |
| Solar panel income | 6,212 |
| 5. | EMPLOYEES AND DIRECTORS |
| £ |
| Wages and salaries | 615,345 |
| Social security costs | 61,686 |
| Other pension costs | 71,368 |
| 748,399 |
| The average number of employees during the period was as follows: |
| Management and administration | 6 |
| Sales and distribution | 16 |
| £ |
| Directors' remuneration | 113,978 |
| Directors' pension contributions to money purchase schemes | 33,080 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| £ |
| Depreciation - owned assets | 433,199 |
| Profit on disposal of fixed assets | (2,750 | ) |
| Auditors' remuneration | 17,000 |
| Auditors' remuneration for non audit work | 9,980 |
| Operating leases | 9,938 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| £ |
| Other loan interest | 7,417 |
| VAT interest | 29 |
| Corporation tax interest | 153 |
| 7,599 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| £ |
| Current tax: |
| UK corporation tax | 150,018 |
| Deferred tax | 1,018 |
| Tax on profit | 151,036 |
| UK corporation tax has been charged at 25 % . |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| £ |
| Profit before tax | 439,370 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % |
109,843 |
| Effects of: |
| Expenses not deductible for tax purposes | 27,562 |
| Depreciation in excess of capital allowances | 16,257 |
| Structures and buildings allowances | (2,626 | ) |
| Total tax charge | 151,036 |
| The net reversal of deferred tax liabilities expected to occur in the next year is £88,297. This expected reversal is due to the movement in the accelerated capital allowances timing differences. |
| 9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| £ |
| Ordinary shares of £1 each |
| Interim | 102,500 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 4 December 2024 | 1,693,072 | 1,401,460 | 64,154 | 1,100,970 | 4,259,656 |
| Additions | 10,363 | 157,732 | 9,177 | 251,285 | 428,557 |
| Disposals | - | - | - | (34,000 | ) | (34,000 | ) |
| At 31 March 2025 | 1,703,435 | 1,559,192 | 73,331 | 1,318,255 | 4,654,213 |
| DEPRECIATION |
| At 4 December 2024 | 420,351 | 679,776 | 25,525 | 591,061 | 1,716,713 |
| Charge for period | 67,416 | 104,176 | 13,158 | 248,449 | 433,199 |
| Eliminated on disposal | - | - | - | (34,000 | ) | (34,000 | ) |
| At 31 March 2025 | 487,767 | 783,952 | 38,683 | 805,510 | 2,115,912 |
| NET BOOK VALUE |
| At 31 March 2025 | 1,215,668 | 775,240 | 34,648 | 512,745 | 2,538,301 |
| At 3 December 2024 | 1,272,721 | 721,684 | 38,629 | 509,909 | 2,542,943 |
| Company |
| Freehold |
| property |
| £ |
| COST |
| Transfer from group company |
| At 31 March 2025 |
| DEPRECIATION |
| Transfer from group company |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| Included in cost of land and buildings is freehold land of £ 322,951 which is not depreciated. |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: Unit 13, Pexton Road, Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| 13. | STOCKS |
| Group |
| £ |
| Raw materials | 207,364 |
| Finished goods | 8,078 |
| 215,442 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| £ |
| Trade debtors | 2,472,881 |
| Other debtors | 77,172 |
| Prepayments and accrued income | 65,774 |
| 2,615,827 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| £ | £ |
| Other loans (see note 17) | 40,635 |
| Trade creditors | 1,795,539 |
| Tax | 150,018 |
| Social security and other taxes | 14,038 |
| VAT | 46,246 | - |
| Other creditors | 415,654 |
| Directors' loan accounts | 27,552 | 7,500 |
| Accruals and deferred income | 187,892 |
| 2,677,574 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| £ |
| Other loans (see note 17) | 79,184 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| £ |
| Amounts falling due within one year or on | demand: |
| Other loans | 40,635 |
| Amounts falling due between one and two | years: |
| Other loans - 1-2 years | 42,292 |
| Amounts falling due between two and five | years: |
| Other loans - 2-5 years | 36,892 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| Group |
| Non- |
| cancellable |
| operating |
| leases |
| £ |
| Within one year | 13,435 |
| Between one and five years | 9,781 |
| 23,216 |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| £ |
| Other loans | 119,819 |
| 20. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 313,926 | 15,774 |
| Group |
| Deferred |
| tax |
| £ |
| Charge to Statement of Comprehensive Income during period | 1,018 |
| Balance at 31 March 2025 | 1,018 |
| Company |
| Deferred |
| tax |
| £ |
| Charge to Statement of Comprehensive Income during period |
| Balance at 31 March 2025 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal |
| value: | £ |
| Ordinary | £1 | 2,240 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 21. | CALLED UP SHARE CAPITAL - continued |
| During the year, the company issued 2,240 ordinary shares of £1 each as consideration in a share-for-share exchange. The shares were issued at their nominal value of £1 per share, resulting in a total increase in share capital of £2,240. No share premium arose on the issue of these shares. |
| The above allotted, issued and fully paid ordinary share capital of the company consists of 1,090 Ordinary 'A' shares, 1,090 Ordinary 'B' shares, 30 Ordinary 'C' shares and 30 Ordinary 'D' shares. |
| All shares rank pari passu in all respects save that dividends may be payable at varying rates on the different classes of shares. |
| 22. | RESERVES |
| Group |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 4 December 2024 | 4,003,883 | 7,060 | 4,010,943 |
| Profit for the period | 288,334 | 288,334 |
| Dividends | (102,500 | ) | (102,500 | ) |
| At 31 March 2025 | 4,189,717 | 7,060 | 4,196,777 |
| Company |
| Retained |
| earnings |
| £ |
| Profit for the period |
| Dividends | ( |
) |
| At 31 March 2025 |
| 23. | PENSION COMMITMENTS |
| The group operates defined contribution pension schemes on behalf of its directors and certain senior employees. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost for the period amounts to £2,151. Included in creditors at the year end is £1,890 of outstanding contributions. |
| 24. | CAPITAL COMMITMENTS |
| £ |
| Contracted but not provided for in the |
| financial statements | 273,778 |
| SEVERALS HOLDINGS LTD (REGISTERED NUMBER: 16119089) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 4 DECEMBER 2024 TO 31 MARCH 2025 |
| 25. | RELATED PARTY DISCLOSURES |
| Entities with control, joint control or significant influence over the entity |
| £ |
| Sales | 140 |
| Purchases | 1,503 |
| Amount due from related party | 77,172 |
| Other related parties |
| £ |
| Sales | 640,725 |
| Purchases | 194 |
| Other services provided | 45,036 |
| Amount due from related party | 1,614,081 |
| 26. | ULTIMATE CONTROLLING PARTY |
| Severals Holdings Ltd is |
| 27. | BUSINESS COMBINATIONS |
| On 21 March 2025 Severals Holdings Ltd acquired the entire issued share capital of James Mortimer Limited, a company under common control, through a share-for-share exchange. This transaction is part of a group restructuring designed to simplify the group structure and align ownership within the group. |
| In accordance with paragraph 19.27 of FRS 102, the acquisition has been accounted for as a group reconstruction using merger accounting principles. As the transaction took place between entities under common control, the assets and liabilities of James Mortimer Limited have been incorporated into the consolidated financial statements at their existing book values as at the date of acquisition. |
| No fair value adjustments were made, and no goodwill has been recognised. |
| The consideration for the acquisition was the issue of 2,240 ordinary shares of £1 each in Severals Holdings Ltd, with an aggregate nominal value of £2,240. |