SESCA_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

SESCA Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite B, Chart House, Effingham Road, Reigate, Surrey, England, RH2 7JN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

The directors consider the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. true

Turnover represents the net invoiced value, excluding value added tax, of services provided during the year. Income for deferred flexi tickets is taken to the profit and loss account when a delegate attends a booked course or receives course notes in lieu of attendance. Any flexi ticket unused at its expiry date is taken to the profit and loss account at that point. Flexi ticket bookings for a future accounting period are treated as deferred income in note 7.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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, 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.

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, including creditors, bank loans, loans from fellow group companies 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.

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company operates a defined contribution pension scheme. Contributions payable to the defined contribution retirement benefit scheme are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised when receivable.

The costs of brochures and their distribution are charged to the profit and loss account in the year in which the courses are held.

The average monthly number of persons (including directors) employed by the company during the year was:

Other creditors includes deferred income of £159,378 (2021 - £170,388). This relates to flexi ticket bookings for a future accounting period.

South Eastern Society of Chartered Accountants Limited - parent company

Payment of £5,000 (2021 - £5,000) relating to management charges during the year.

Aspiring Training Limited - Alexandra Durrant is a director

Payment of £15,884 (2021 - £17,550) during the year for presenting courses.

Payment of £2,786 (2021 - £2,500) for assistance with preparing management accounts and year end financial statements.

Telford Financial Training Limited - William Telford is a director

Payment of £4,886 (2021 - £4,050) during the year for presenting courses.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company has future lease commitments totalling £110,000 (2022 - £150,000) under a non cancellable five year operating lease relating the company' s offices. The annual rent commitment is £40,000 from 1 October 2020

The company has future commitments in 2023 for venue hire of £38,780 (2022- NIL) and £266,751 (2022 - £224,165) for lecturers fees.