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 2021

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

5

11,247,421

11,272,269

Debtors

6

10,209

127,745

Cash at bank

68,463

57,535

11,326,093

11,457,549

CREDITORS

Amounts falling due within one year

7

86,287

114,206

NET CURRENT ASSETS

11,239,806

11,343,343

TOTAL ASSETS LESS CURRENT LIABILITIES

11,239,806

11,343,343

CREDITORS

Amounts falling due after more than one year

8

11,089,597

11,211,053

NET ASSETS

150,209

132,290

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

150,109

132,190

SHAREHOLDERS' FUNDS

150,209

132,290

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 Profit and Loss Account and Other Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2022 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 stock until all 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	AUDITORS' REMUNERATION

2021

2020

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

2,750

2,000

Total audit fees

2,750

2,000

5.

STOCKS

2021

2020

£

£

Stocks

11,247,421

11,272,269

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

10,000

84,428

Other debtors

209

210

VAT

-

42,445

Prepayments

-

662

10,209

127,745

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

28,217

24,875

Amounts owed to group undertakings

10,000

13,503

Tax

4,203

31,055

VAT

4,403

-

Other creditors

33,162

33,312

Accrued expenses

6,302

11,461

86,287

114,206

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 9)

6,825,000

-

Other loans (see note 9)

2,599,952

9,334,998

Accruals and deferred income

1,664,645

1,876,055

11,089,597

11,211,053

Accruals and deferred income relates to accruals of £1,664,645 (2020: £1,876,055) for interest on the loans which are payable upon completion of the project.

9.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

6,825,000

-

Other loans - 2-5 years

2,599,952

9,334,998

9,424,952

9,334,998

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

6,825,000

-

Other loans

2,599,952

9,334,998

9,424,952

9,334,998

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

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

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.

12.

RESERVES

Retained

earnings

£

At 1 October 2020

132,190

Profit for the year

17,919

At 30 September 2021

150,109

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

The Report of the Auditors was unqualified.

Sajjad Sumar (Senior Statutory Auditor)

for and on behalf of Brindleys Limited

14.	RELATED PARTY DISCLOSURES

During the year, the company was charged management fees of £12,000 (2020: £80,000) from its parent company, Seven Capital Plc which is registered in England and Wales.

At the year end, the company had an outstanding amount of £10,000 (2020: £10,000) payable to and associated company, Seven Capital (Strichley) Limited which is registered in England and Wales.

At the year end, the company had an outstanding amount of £10,000 (2020: £10,000) receivable from its associated company, Seven Capital (Erdington) Limited which is registered in England and Wales.

15.	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.