SEL Ventures Limited Filleted accounts for Companies House (small and micro)

SEL VENTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09543270

SEL Ventures Limited

Filleted Unaudited Abridged Financial Statements

30 April 2023

SEL Ventures Limited

Abridged Statement of Financial Position

30 April 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	4	864,653	867,137
Investments	5	20,004	20,004
		---------	---------
		884,657	887,141

Current assets

Debtors	6	2,306,910	903,087
Cash at bank and in hand		112,551	478,836
		------------	------------
		2,419,461	1,381,923

Creditors: amounts falling due within one year	503,805		5,124
	------------		------------
Net current assets		1,915,656	1,376,799
		------------	------------
Total assets less current liabilities		2,800,313	2,263,940

Provisions

Taxation including deferred tax	73,882	34,066
	------------	------------
Net assets	2,726,431	2,229,874
	------------	------------

SEL Ventures Limited

Abridged Statement of Financial Position (continued)

30 April 2023

	2023		2022
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,726,331	2,229,774
	------------	------------
Shareholders funds	2,726,431	2,229,874
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 17 January 2024 , and are signed on behalf of the board by:

Mr D J Doig

Director

Company registration number: 09543270

SEL Ventures Limited

Notes to the Abridged Financial Statements

Year ended 30 April 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Moss End Business Village, Crooklands, Milnthorpe, Cumbria, LA7 7NU.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgements has been exercised in a particular area is expressly disclosed within the relevant accounting policy.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures, fittings and equipment	-	2% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tangible assets

	£
Cost
At 1 May 2022 and 30 April 2023	874,173
	---------
Depreciation
At 1 May 2022	7,036
Charge for the year	2,484
	---------
At 30 April 2023	9,520
	---------
Carrying amount
At 30 April 2023	864,653
	---------
At 30 April 2022	867,137
	---------

In the opinion of the directors, the fair value of the Investment property at the balance sheet date is equivalent to £750,000.

5. Investments

	£
Cost
At 1 May 2022 and 30 April 2023	20,004
	--------
Impairment
At 1 May 2022 and 30 April 2023	–
	--------
Carrying amount
At 30 April 2023	20,004
	--------
At 30 April 2022	20,004
	--------

6. Debtors

Debtors include amounts of £2,306,910 (2022: £891,839) falling due after more than one year.