Select Enterprises Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05413346 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1ST FEBRUARY 2022 TO 31ST MARCH 2023

FOR

SELECT ENTERPRISES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Kalsi

Mrs B Kalsi

SECRETARY:

Mrs B Kalsi

REGISTERED OFFICE:

Orchard House

14a Eastwood Close

South Woodford

London

E18 1BX

REGISTERED NUMBER:

05413346 (England and Wales)

ACCOUNTANTS:

ESW Chartered Accountants

162-164 High Street

Rayleigh

Essex

SS6 7BS

FIXED ASSETS

Tangible assets

4

20,885,788

15,943,706

CURRENT ASSETS

Debtors

5

115,000

1,198,522

Cash at bank

3,878,733

7,388,214

3,993,733

8,586,736

CREDITORS

Amounts falling due within one year

6

(1,084,185

)

(9,807,748

)

NET CURRENT ASSETS/(LIABILITIES)

2,909,548

(1,221,012

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,795,336

14,722,694

CREDITORS

Amounts falling due after more than one year

7

(21,096,707

)

(12,061,750

)

NET ASSETS

2,698,629

2,660,944

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

2,698,627

2,660,942

SHAREHOLDERS' FUNDS

2,698,629

2,660,944

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st March 2023 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 4th September 2023 and were signed on its behalf by:

S Kalsi - Director

Mrs B Kalsi - Director

1.	STATUTORY INFORMATION

Select Enterprises 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.

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.

Tangible fixed assets

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

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the period 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1st February 2022

16,301,088

Additions

4,942,082

At 31st March 2023

21,243,170

DEPRECIATION

At 1st February 2022

and 31st March 2023

357,382

NET BOOK VALUE

At 31st March 2023

20,885,788

At 31st January 2022

15,943,706

Included in cost of land and buildings is freehold land of £ 11,000,000 (2022 - £ 11,000,000 ) which is not depreciated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by associates

-

1,198,522

Other debtors

115,000

-

115,000

1,198,522

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

900,000

804,214

Trade creditors

1,502

-

Amounts owed to group undertakings

-

4,723,639

Amounts owed to associates

-

3,571,768

Taxation and social security

10,183

177,528

Other creditors

172,500

530,599

1,084,185

9,807,748

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

11,448,892

12,061,750

Other creditors

9,647,815

-

21,096,707

12,061,750

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

12,348,892

12,865,964

Bank loans are secured by way of legal mortgages over the properties to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1st February 2022

2,660,942

Profit for the period

37,685

At 31st March 2023

2,698,627

11.	RELATED PARTY DISCLOSURES

During the period the company entered into the following transactions with related parties:

Loans to related parties

Party

2023

2022

Relationship

£

£

Forte Enterprises (South East) Ltd

40,000

1,198,522

Common parent company

Loans from related parties

Party

2023

2022

Relationship

£

£

Blueberry Enterprises Ltd

4,341,750

3,571,768

Common officers

Select Enterprises (South East) Ltd

3,306,065

2,723,639

Common officers

Select Enterprises (Holdings) Ltd

2,000,000

2,000,000

Common officers

Rental income includes charges to companies with common officers:

Party

2023

2022

Relationship

£

£

Blueberry Enterprises Ltd

134,787

100,000

Common officers

Select Enterprises (South East) Ltd

320,000

500,000

Common officers

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Select Enterprises Properties Limited.