Seven Capital (Slough) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10402603 (England and Wales)

Financial Statements

for the Year Ended 30 September 2019

for

SEVEN CAPITAL (SLOUGH) LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Damien Anthony Siviter

Balbinder Singh Sohal

REGISTERED OFFICE:

97 Park Lane

Mayfair

London

W1K 7TG

REGISTERED NUMBER:

10402603 (England and Wales)

AUDITORS:

Brindleys Limited

Statutory Auditors

2 Wheeleys Road

Edgbaston

Birmingham

West Midlands

B15 2LD

CURRENT ASSETS

Stocks

3

12,928,159

7,417,862

Debtors

4

155,839

35,414

Cash at bank

74,898

5,521

13,158,896

7,458,797

CREDITORS

Amounts falling due within one year

5

343,245

650,473

NET CURRENT ASSETS

12,815,651

6,808,324

TOTAL ASSETS LESS CURRENT LIABILITIES

12,815,651

6,808,324

CREDITORS

Amounts falling due after more than one year

6

12,839,348

6,820,638

NET LIABILITIES

(23,697

)

(12,314

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(23,797

)

(12,414

)

SHAREHOLDERS' FUNDS

(23,697

)

(12,314

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 25 March 2020 and were signed on its behalf by:

Balbinder Singh Sohal - Director

1.	STATUTORY INFORMATION

Seven Capital (Slough) Ltd 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.

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Costs incurred by the company for the conversion of commercial property into residential flats including overheads

directly attributable to the project are carried forward as work in progress until all the assets of the company have

been disposed of. The profit/loss will be realised in the accounting period in which the flats are sold.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position 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.

Basic financial instruments

Trade and Other Debtors/Creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to

initial recognition, they are measured at amortised cost using the effective interest method, less any impairment

losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is

deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a

market rate of instrument for a similar debt instrument.

Interest bearing borrowings classified as basic financial instruments

Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market

rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the

effective interest method, less any impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand

and form an integral part of the company's cash management are included as a component of cash and cash

equivalents for the purpose only of the cash flow statement.

Going concern

The financial statements have been prepared on a going concern basis despite the loss before tax this year of £11,383

(2018: £6,573). As at 30 September 2019 the company had net liabilities of £23,697 (2018: £12,314). The company

is reliant on the support of the parent company and Shareholders to enable it to continue in operational existence for

the foreseeable future. The director consider it appropriate to prepare the financial statements on a going concern

basis due to the eventual profit expected to be realised on completion of the conversion of the property and sale of

the flats.

3.

STOCKS

2019

2018

£

£

Stocks

12,928,159

7,417,862

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

30,210

-

VAT

125,629

35,414

155,839

35,414

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

82,098

317,670

Amounts owed to group undertakings

3,503

328,503

Other creditors

249,560

-

Accrued expenses

8,084

4,300

343,245

650,473

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other loans (see note 7)

12,084,998

6,494,998

Accruals and deferred income

754,350

325,640

12,839,348

6,820,638

Accruals and deferred income relates to accruals of £754,350 (2018: £325,640) for interest on the loans which are

payable upon completion of the project.

7.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due between two and five years:

Other loans - 2-5 years

12,084,998

6,494,998

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Other loans

12,084,998

6,494,998

The loans are secured by a fixed and floating charge over all the assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

98

Ordinary A

1

98

98

2

Ordinary B

1

2

2

100

100

Each Ordinary A share has one voting right and a 30% entitlement to dividend and distributions.

Each Ordinary B share has one voting right and a 70% entitlement to dividend and distributions.

10.

RESERVES

Retained

earnings

£

At 1 October 2018

(12,414

)

Deficit for the year

(11,383

)

At 30 September 2019

(23,797

)

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

The financial statements have been prepared on a going concern basis despite the loss before tax this year of £11,383

(2018: £6,573). As at 30 September 2019 the company had net liabilities of £23,697 (2018: £12,314). The company

is reliant on the support of the parent company and Shareholders to enable it to continue in operational existence for

the foreseeable future. The director consider it appropriate to prepare the financial statements on a going concern

basis due to the eventual profit expected to be realised on completion of the conversion of the property and sale of

the flats.

Sajjad Sumar (Senior Statutory Auditor)

for and on behalf of Brindleys Limited

12.	RELATED PARTY DISCLOSURES

During the year, the company was charged management fees of £40,000 from its parent company, Seven Capital Plc

which is registered in England.

At the year-end, the company had an outstanding loan of £3,293 payable to its parent company, Seven Capital Plc

which is registered in England.

During the year, the company gave a loan of £30,000 to an associated company, Seven Capital (Stirchley) Ltd which

is registered in England.

During the year, the company repaid a loan of £325,000 to an associated company, Seven Capital (Erdington) Ltd

which is registered in England.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Seven Capital Plc.

The consolidated group accounts can be found at the registered office of the parent company Seven Capital Plc at 97

Park Lane, Mayfair, London W1K 7TG.