Serjco Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06841078 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

SERJCO LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

Directors:

J P Beggs

P C A Moon

Registered office:

85 Fleet Street

London

EC4Y 1AE

Registered number:

06841078 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Serjco Limited for the year ended 31 March 2019 which comprise the Profit and Loss Account,

Statement of Financial Position and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Serjco Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Serjco Limited and state those matters that we have agreed to state to the Board of Directors of Serjco Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Serjco Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Serjco Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Serjco Limited. You consider that Serjco Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Serjco Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

Chartered Accountants

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

7 May 2019

Fixed assets

Tangible assets

4

525,726

566,644

Current assets

Debtors

5

765,710

768,615

Cash at bank and in hand

341,301

113,413

1,107,011

882,028

Creditors

Amounts falling due within one year

6

833,129

640,368

Net current assets

273,882

241,660

Total assets less current liabilities

799,608

808,304

Capital and reserves

Called up share capital

8

2

2

Retained earnings

799,606

808,302

Shareholders' funds

799,608

808,304

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 7 May 2019 and were signed on its behalf by:

J P Beggs - Director

P C A Moon - Director

1.	Statutory information

Serjco Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried

out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate

as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried

out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as

possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed

off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is

carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as

accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately

prove to be uncollectable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

15-20% on cost

Plant and machinery

-

33% on cost and 20% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party

to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

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.

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.

3.	Employees and directors

The average number of employees during the year was NIL (2018 - 16 ).

4.	Tangible fixed assets

Short

Plant and

leasehold

machinery

Totals

£

£

£

Cost

At 1 April 2018

807,414

866,922

1,674,336

Additions

-

28,686

28,686

At 31 March 2019

807,414

895,608

1,703,022

Depreciation

At 1 April 2018

260,646

847,046

1,107,692

Charge for year

53,827

15,777

69,604

At 31 March 2019

314,473

862,823

1,177,296

Net book value

At 31 March 2019

492,941

32,785

525,726

At 31 March 2018

546,768

19,876

566,644

5.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

338,976

368,970

Other debtors

426,734

399,645

765,710

768,615

6.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans and overdrafts

-

22,136

Trade creditors

314,483

285,057

Taxation and social security

141,630

185,273

Other creditors

377,016

147,902

833,129

640,368

7.	Secured debts

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

-

22,136

On 11 January 2013 the company created a debenture and separate legal charge in favour of the Royal Bank of

Scotland Plc to secure all monies due or to become due by the company to the Royal Bank of Scotland Plc.

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2