F J Samuely and Partners Limited - Period Ending 2023-06-30

F J Samuely and Partners Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 6

F J Samuely and Partners Limited

Company Information

Directors

S S Patel S J Hutchinson

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Auditor

Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

F J Samuely and Partners Limited

Statement of Financial Position as at 30 June 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	2,560	2,959
Current assets
Debtors	6	237,038	205,463
Cash at bank and in hand		49,357	26,009
		286,395	231,472
Creditors: Amounts falling due within one year	7	(601,567)	(417,307)
Net current liabilities		(315,172)	(185,835)
Total assets less current liabilities		(312,612)	(182,876)
Provisions for liabilities		(626)	(446)
Net liabilities		(313,238)	(183,322)
Capital and reserves
Called up share capital		2,001	2,001
Retained earnings		(315,239)	(185,323)
Shareholders' deficit		(313,238)	(183,322)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 1 March 2024 and signed on its behalf by:
 

.........................................

S S Patel

Director

Company registration number: 03924834

F J Samuely and Partners Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is a long established professional structural engineering practice based in Central London.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a loss during the year ended 30 June 2023 and had net liabilities of £313,238 at 30 June 2023. The losses incurred in the year are partly as a result of transferring the run off insurance of the hived across trade from a fellow subsidiary as a result of closing this company. Any trading income from contracts transferred at the hive up are included in the results for the year.

The directors have considered the impact of the ongoing economic uncertainty in the United Kingdom and the directors' view is that the impact is manageable.

The directors have considered the cashflow requirements of the company forecasts for the next 12 months, which demonstrates that the company has sufficient working capital for a period exceeding 12 months from the approval of the financial statements. Further to this, a letter of support from its ultimate parent undertaking has been obtained showing continued support for a period exceeding 12 months from the approval of the financial statements.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

F J Samuely and Partners Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the company and specific criteria have been met for each of the company’s activities.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance
Furniture	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

F J Samuely and Partners Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 1 March 2024 was Darren Bond, who signed for and on behalf of Brebners.

4	Staff numbers

The average number of persons employed by the company during the year, was 6 (2022 - 5).

5	Tangible assets

	Furniture, fixtures and fittings £	Property, plant and equipment  £	Total £
Cost or valuation
At 1 July 2022	7,811	52,486	60,297
Transfers	416	49,368	49,784
At 30 June 2023	8,227	101,854	110,081
Depreciation
At 1 July 2022	7,702	49,636	57,338
Charge for the year	27	372	399
Transfers	416	49,368	49,784
At 30 June 2023	8,145	99,376	107,521
Carrying amount
At 30 June 2023	82	2,478	2,560
At 30 June 2022	109	2,850	2,959

F J Samuely and Partners Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Debtors

	2023 £	2022 £
Trade debtors	76,299	61,058
Amounts owed by group undertakings	69,779	73,845
Other debtors	90,960	70,560
	237,038	205,463

7

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	44,986	24,721
Amounts owed to group undertakings	504,373	339,892
Taxation and social security	15,079	33,769
Other creditors	37,129	18,925
	601,567	417,307

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £Nil (2022 - £47,382).

9	Related party transactions

Summary of transactions with parent and fellow subsidiaries

In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.

 

10	Parent and ultimate parent undertaking

The company's immediate parent is Centura Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Centura Group Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Centura Group Limited. These financial statements are available upon request from Companies House.