SABENI TRADING LIMITED


Director	DELANEY, Paul


Registered Address	Ninth Avenue Flixborough Industrial Estate
	Flixborough
	Scunthorpe
	DN15 8SL


Registered Number	11909207 (England and Wales)

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

1.	Accounting policies

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

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The director believes that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the shareholder and creditors and therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Land & buildings - 2% straight line Plant & machinery 5-50% straight line

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:

Land & buildings - 2% straight line
Plant & machinery 5-50% straight line

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Stocks and work in progress

Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). 

At each date of Statement of Financial Position, stocks are assessed for impairment.  If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell.  The impairment loss is recognised immediately in the Income Statement.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	1		1

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 24	176,333	176,333
At 31 December 24	176,333	176,333
Amortisation and impairment
At 01 January 24	14,418	14,418
Charge for year	8,817	8,817
At 31 December 24	23,235	23,235
Net book value
At 31 December 24	153,098	153,098
At 31 December 23	161,915	161,915

4.	Useful life of intangible assets
	Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of patents has been set at 20 years.

5.	Tangible fixed assets

	Land & buildings	Plant & machinery	Total
	£	£	£
Cost or valuation
At 01 January 24	1,519,307	525,467	2,044,774
Additions	9,008	8,859	17,867
At 31 December 24	1,528,315	534,326	2,062,641
Depreciation and impairment
At 01 January 24	118,939	233,916	352,855
Charge for year	28,159	37,347	65,506
At 31 December 24	147,098	271,263	418,361
Net book value
At 31 December 24	1,381,217	263,063	1,644,280
At 31 December 23	1,400,368	291,551	1,691,919


	Included within freehold property is land with an estimated costs of £118,357 (2023 - £118,357) which is not depreciated.

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	6,907	19,627
Amounts owed by group undertakings	491,938	350,058
Other debtors	101,670	121,185
Prepayments and accrued income	3,000	126,705
Total	603,515	617,575


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

7.	Debtors: amounts due after one year

	2024	2023
	£	£
Amounts owed by group undertakings	1,000,000	1,000,000
Total	1,000,000	1,000,000

8.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	11,741	47,296
Bank borrowings and overdrafts	10,000	10,000
Taxation and social security	60,631	5,827
Other creditors	43,694	91,031
Accrued liabilities and deferred income	13,759	23,717
Total	139,825	177,871


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

9.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	8,216	18,270
Other creditors	2,834,212	3,106,136
Total	2,842,428	3,124,406

10.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	93,000	55,000
Total	93,000	55,000

11.	Related party transactions
	Included within debtors, amounts falling due after more than one year, is an amount of £1,000,000 (2023 - £1,000,000) due from Ellsi Limited. Included within other debtors, amounts falling due within one year, is an amount of £491,938 (2023 - £350,058) due from Ellsi Limited. These amounts are interest free. Ellsi Limited is under the control of P Delaney and his daughters, S L Campbell, N Lowe and R A Delaney. Included in other creditors, amounts falling due after more than one year, is an amount of £1,358,212 (2023 - £1,630,135) due to P Delaney . This balance is interest free. Included in other creditors, amounts falling due after more than one year, is an amount of £1,476,000 (2023 - £1,476,000) due to Kass Bathroom Products Limited , a company with common directors. This amount is interest free. Included in the profit and loss account is rent receivable from Ellsi Limited of £270,000 (2023 - £300,000) for rent of space in Sabeni Trading Limited's premises.

11.

Related party transactions

Included within debtors, amounts falling due after more than one year, is an amount of £1,000,000 (2023 - £1,000,000) due from Ellsi Limited. 

Included within other debtors, amounts falling due within one year, is an amount of £491,938 (2023 - £350,058) due from Ellsi Limited. These amounts are interest free. Ellsi Limited is under the control of P Delaney and his daughters, S L Campbell, N Lowe and R A Delaney.

Included in other creditors, amounts falling due after more than one year, is an amount of £1,358,212 (2023 - £1,630,135) due to P Delaney . This balance is interest free.

Included in other creditors, amounts falling due after more than one year, is an amount of £1,476,000 (2023 - £1,476,000) due to Kass Bathroom Products Limited , a company with common directors. This amount is interest free.

Included in the profit and loss account is rent receivable from Ellsi Limited of £270,000 (2023 - £300,000) for rent of space in Sabeni Trading Limited's premises.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		153,098		161,915
Tangible assets	5		1,644,280		1,691,919
			1,797,378		1,853,834
Current assets
Stocks		35,747		37,765
Debtors	6,7	1,603,515		1,617,575
Cash at bank and on hand		11,834		21,575
		1,651,096		1,676,915
Creditors amounts falling due within one year	8	(139,825)		(177,871)
Net current assets (liabilities)			1,511,271		1,499,044
Total assets less current liabilities			3,308,649		3,352,878
Creditors amounts falling due after one year	9		(2,842,428)		(3,124,406)
Provisions for liabilities	10		(93,000)		(55,000)
Net assets			373,221		173,472
Capital and reserves
Called up share capital			100		100
Profit and loss account			373,121		173,372
Shareholders' funds			373,221		173,472