SNSEM Limited - Filleted accounts

Registered number

13605452

SNSEM Limited

Filleted Accounts

31 March 2026

SNSEM Limited
Registered number:		13605452
Balance Sheet
as at 31 March 2026

Notes			2026			2025
£				£
Fixed assets
Tangible assets	3		1,855			1,855
Investments	4		1			1
			1,856			1,856

Current assets
Debtors	5	7,794,391			2,684,551
Cash at bank and in hand		64,140			231
		7,858,531			2,684,782

Creditors: amounts falling due within one year	6	(350,901)			(155,816)

Net current assets			7,507,630			2,528,966

Total assets less current liabilities			7,509,486			2,530,822

Creditors: amounts falling due after more than one year	7		(7,500,000)			-



Net assets			9,486			2,530,822

Capital and reserves
Called up share capital	8		10			10
Profit and loss account			9,476			2,530,812

Shareholders' funds			9,486			2,530,822

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr N M M Johnston
Director
Approved by the board on 24 August 2026

SNSEM Limited
Notes to the Accounts
for the period from 1 October 2025 to 31 March 2026


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover represents amounts receivable in respect of lease income, licence fees, mineral royalties and other property-related income arising in the ordinary course of business, net of value added tax. Income is recognised when the company becomes entitled to the consideration, the amount can be measured reliably and it is probable that the economic benefits will flow to the company. Lease and licence income is recognised over the period to which it relates. Royalty income is recognised in the period in which the underlying extraction or production giving rise to the royalty occurs.

	Tangible fixed assets
	Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Subsequently, tangible fixed assets are measured using the cost model and are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided to write off the cost of assets, less their estimated residual values, over their expected useful economic lives using the straight-line method. The principal depreciation policy is:

	Mineral rights	Depreciated from the commencement of commercial mineral extraction over the expected extraction period

	The directors consider that the economic benefits associated with the mineral rights will be realised through the future extraction of minerals. Accordingly, no depreciation is charged until commercial extraction activities commence. The residual values, useful economic lives and depreciation methods are reviewed at each reporting date and adjusted prospectively where appropriate. In the company's individual financial statements, investment properties rented to other group companies are classified as tangible fixed assets and held at historical cost less depreciation and impairment. At each reporting date, the company assesses whether there are indicators that a fixed asset may be impaired. Where such indicators exist, the recoverable amount of the asset is estimated and an impairment loss is recognised where the carrying amount exceeds the recoverable amount.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Debtors
	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, less any impairment losses for bad and doubtful debts.

	Creditors
	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.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Financial instruments
	Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.



2	Employees		2026		2025
Number				Number

	Average number of persons employed by the company		0		0


3	Tangible fixed assets
					Leasehold property
£
	Cost
	At 1 October 2025				1,855
	At 31 March 2026				1,855

	Depreciation
	At 31 March 2026				-

	Net book value
	At 31 March 2026				1,855
	At 30 September 2025				1,855


4	Investments
Investments in
subsidiary
undertakings
£
	Cost
	At 1 October 2025				1

	At 31 March 2026				1

	The directors have assessed the carrying value of the company's investment in its subsidiary as at 31 March 2026. Having considered the subsidiary's underlying net assets and future prospects, they are satisfied that the carrying amount is recoverable and that no impairment is required. Accordingly, the investment is stated at cost less any impairment provision.


5	Debtors		2026		2025
£				£

	Trade debtors		-		7,118
	Amounts owed by group undertakings		7,783,000		2,677,400
	Prepayments and accrued income		11,391		33
			7,794,391		2,684,551


6	Creditors: amounts falling due within one year		2026		2025
£				£

	Trade creditors		15,318		15,007
	Taxation and social security costs		140,440		138,709
	Accruals and deferred income		8,543		2,100
	Payments on account		186,600		-
			350,901		155,816


7	Creditors: amounts falling due after one year		2026		2025
£				£

	Bank loans		7,500,000		-

	Analysis of maturity of debt:		2026		2025
£				£
	Repayable within one year		-		-
	Repayable between one and five years		-		-
	Repayable after more than five years		7,500,000		-
			7,500,000		-

	Bank loan
	During the year the company entered into a secured loan facility with C. Hoare & Co. The facility comprises a term loan of £7,500,000. The loan is repayable on an interest-only basis throughout the term, with the principal balance repayable in full on the final repayment date.

	Secured liabilities
	At 31 March 2026 the company's liabilities to C. Hoare & Co. were secured by fixed and floating charges over the company's undertaking and assets and by legal charges over certain leasehold mineral interests and related land.

8	Share capital		2026		2025
			£		£
	Allotted, called up and paid up share capital

	60 A ordinary shares of £0.10 each		6		6
	40 B ordinary shares of £0.10 each		4		4
			10		10


9	Related party transactions

	During the year, the company entered into the following transactions with related parties which were not concluded under normal market conditions: Companies under common control The company advanced funds to SNSED Limited, a company under common control. The loan is unsecured, interest free and repayable on demand. The balance outstanding at 31 March 2026 was £7,500,000 (30 September 2025: £nil). The company also had a balance due from SNSE Limited, a company under common control. The balance was unsecured, interest free and repayable on demand. The balance outstanding at 31 March 2026 was £nil (30 September 2025: £2,677,400). Parent undertaking The company had amounts due from its parent undertaking, Nicksas Holdings Limited. The balance is unsecured, interest free and repayable on demand. The balance outstanding at 31 March 2026 was £283,000 (30 September 2025: £nil). Wholly-owned subsidiary undertaking During the year, the company wrote off a balance of £2,689,806 due from its wholly-owned subsidiary undertaking, SNSEM2 Limited. The balance written off was unsecured, interest free and repayable on demand.


10	Controlling party

	The immediate parent undertaking and ultimate controlling party is Nicksas Holdings Limited, a company incorporated in England and Wales. The registered office of Nicksas Holdings Limited is The Estate Office, Quarry Farm, Banbury Road, Great Tew, Chipping Norton, Oxfordshire, OX7 4BT.


11	Other information

	SNSEM Limited is a private company limited by shares and incorporated in England. Its registered office is:
	The Estate Office
	Quarry Farm
	Great Tew
	Oxfordshire
	OX7 4BT