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Registered number: 10557434
SERGEANTS MESS LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
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SERGEANTS MESS LTD
REGISTERED NUMBER: 10557434
BALANCE SHEET
AS AT 31 JANUARY 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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SERGEANTS MESS LTD
REGISTERED NUMBER: 10557434
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2020
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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J M Setra
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The notes on pages 3 to 6 form part of these financial statements.
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SERGEANTS MESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
Sergeants Mess Ltd is a private company limited by shares incorporated in England.
The registered office is 3 City Place, Beehive Ring Road, London Gatwick Airport, Gatwick, RH6 0PA. This is also the principal place of business.
The Company registered number is 10557434.
The principal activity of the Company is buying and developing property.
The financial statements are presented in Sterling, which is also the functional currency of the business.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention 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.
The following principal accounting policies have been applied:
At the Balance Sheet date the Company had net liabilities. The Directors have agreed to continue to provide the Company with financial assistance in the future.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the period in which they are incurred.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, 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 profit or loss.
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SERGEANTS MESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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The average monthly number of employees, including directors, during the period was 3 (2019 - 3).
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SERGEANTS MESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
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Called up share capital not paid
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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SERGEANTS MESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
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Creditors: Amounts falling due after more than one year
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The bank loan is secured by a first legal debenture over all of the company’s assets and a first charge against the work-in-progress to which the loan relates. The Directors have jointly guaranteed any costs over-run or interest shortfall.
The loan attracts interest at a rate of 5.5% above LIBOR.
The loan is repayable 24 months after the first drawdown on 22 August 2019.
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Amounts falling due 2-5 years
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Related party transactions
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Services totalling £24,152 (2019: £6,982) were incurred in the year from K2 Consultancy Limited, a Company with common Directors. At the Balance Sheet date an amount of £12,117 (2019: £6,982) was included in trade creditors and was due to K2 Consultancy Limited. No interest has been charged on the outstanding amount and there is no set date for repayment.
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At the Balance Sheet date an amount of £11,574 (2019: £41,574) was included in other creditors. Within this amount, £8,570 (2019: £38,570 was due to Breithorn Developments Limited and £3,004 (2019: £3,004) was due to Breithorn Property Limited, both Companies with common Directors. No interest has been charged on the outstanding amount and there is no set date for repayment.
At the Balance Sheet date an amount of £200,000 (2019: £170,000) was included in other creditors and was due to Directors, M Tomkins £100,000 (2019: £90,000), J Setra £90,000 (2019: £80,000) and resigned Director, M Loughlin £10,000 (2018: £nil). No interest has been charged on the outstanding balances and there is no set date for repayment.
There is no ultimate controlling party.
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