Serapid Limited

Serapid Limited

SERAPID LIMITED - Company Information

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1 January 2021 false No description of principal activity Taxfiler 2022.3.2 05278156business:PrivateLimitedCompanyLtd2021-01-012021-12-31 052781562020-12-31 052781562021-01-012021-12-31 05278156business:AuditExemptWithAccountantsReport2021-01-012021-12-31 05278156business:FullAccounts2021-01-012021-12-31 052781562021-12-31 05278156business:Director12021-01-012021-12-31 05278156business:Director22021-01-012021-12-31 05278156business:Director32021-01-012021-12-31 05278156business:CompanySecretary12021-01-012021-12-31 05278156business:RegisteredOffice2021-01-012021-12-31 052781562020-12-31 05278156core:WithinOneYear2021-12-31 05278156core:WithinOneYear2020-12-31 05278156core:AfterOneYear2021-12-31 05278156core:AfterOneYear2020-12-31 05278156core:ShareCapital2021-12-31 05278156core:ShareCapital2020-12-31 05278156core:RetainedEarningsAccumulatedLosses2021-12-31 05278156core:RetainedEarningsAccumulatedLosses2020-12-31 05278156business:SmallEntities2021-01-012021-12-31 05278156countries:EnglandWales2021-01-012021-12-31 05278156core:PlantMachinery2020-12-31 05278156core:FurnitureFittings2020-12-31 05278156core:PlantMachinery2021-01-012021-12-31 05278156core:FurnitureFittings2021-01-012021-12-31 05278156core:PlantMachinery2021-12-31 05278156core:FurnitureFittings2021-12-31 052781562020-01-012020-12-31 iso4217:GBP xbrli:pure
Company Registration No. 05278156 (England and Wales)
Serapid Limited Unaudited accounts for the year ended 31 December 2021
Serapid Limited Unaudited accounts Contents
Page
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Serapid Limited Company Information for the year ended 31 December 2021
Directors
Mr I Forbester Mr G Davies Mr E Labesse
Secretary
Mr I Forbester
Company Number
05278156 (England and Wales)
Registered Office
Counting House Elm Farm Park Great Green, Thurston BURY ST EDMUNDS IP31 3SH United Kingdom
Accountants
IDS Business Services 8 Maltings Garth Thurston BURY ST EDMUNDS Suffolk IP31 3PP
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Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Serapid Limited for the year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Serapid Limited for the year ended 31 December 2021 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of Serapid Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2005. Our work has been undertaken solely to prepare for your approval the accounts of Serapid Limited and state those matters that we have agreed to state to the Board of Directors of Serapid Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Serapid Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Serapid Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Serapid Limited. You consider that Serapid 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 accounts of Serapid 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 accounts.
IDS Business Services Member in Practice 8 Maltings Garth Thurston BURY ST EDMUNDS Suffolk IP31 3PP 31 March 2022
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Serapid Limited Statement of financial position as at 31 December 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
18,579 
15,521 
Current assets
Inventories
3,311 
5,645 
Debtors
5
1,198,857 
751,274 
Cash at bank and in hand
234,992 
546,125 
1,437,160 
1,303,044 
Creditors: amounts falling due within one year
6
(1,715,705)
(536,799)
Net current (liabilities)/assets
(278,545)
766,245 
Total assets less current liabilities
(259,966)
781,766 
Creditors: amounts falling due after more than one year
7
- 
(898,047)
Net liabilities
(259,966)
(116,281)
Capital and reserves
Called up share capital
10,000 
10,000 
Profit and loss account
(269,966)
(126,281)
Shareholders' funds
(259,966)
(116,281)
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2022 and were signed on its behalf by
Mr I Forbester Director Company Registration No. 05278156
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Serapid Limited Notes to the Accounts for the year ended 31 December 2021
1
Statutory information
Serapid Limited is a private company, limited by shares, registered in England and Wales, registration number 05278156. The registered office is Counting House, Elm Farm Park, Great Green, Thurston, BURY ST EDMUNDS, IP31 3SH, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Serapid Limited Notes to the Accounts for the year ended 31 December 2021
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2021
41,864 
2,861 
44,725 
Additions
6,934 
- 
6,934 
At 31 December 2021
48,798 
2,861 
51,659 
Depreciation
At 1 January 2021
26,343 
2,861 
29,204 
Charge for the year
3,876 
- 
3,876 
At 31 December 2021
30,219 
2,861 
33,080 
Net book value
At 31 December 2021
18,579 
- 
18,579 
At 31 December 2020
15,521 
- 
15,521 
5
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
VAT
- 
14,031 
Trade debtors
780,238 
595,299 
Accrued income and prepayments
(33,459)
141,194 
746,779 
750,524 
Debtors: amounts falling due after more than one year
Accrued income and prepayments
- 
750 
Other debtors
452,078 
- 
452,078 
750 
6
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
VAT
28,552 
120,266 
Trade creditors
1,015,415 
43,020 
Amounts owed to group undertakings and other participating interests
591,024 
56,614 
Taxes and social security
17,419 
11,048 
Other creditors
- 
1,173 
Accruals
63,295 
304,678 
1,715,705 
536,799 
7
Creditors: amounts falling due after more than one year
2021 
2020 
£ 
£ 
Amounts owed to group undertakings and other participating interests
- 
898,047 
8
Controlling party
The company is a wholly owned subsidiary of Serapid Inc of France
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Serapid Limited Notes to the Accounts for the year ended 31 December 2021
9
Average number of employees
During the year the average number of employees was 5 (2020: 5).
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