REGISTERED NUMBER:
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SERAFIN GROUP LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2021 |
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REGISTERED NUMBER:
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SERAFIN GROUP LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2021 |
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SERAFIN GROUP LIMITED (REGISTERED NUMBER: 11202290) |
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Contents of the Financial Statements |
for the year ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SERAFIN GROUP LIMITED |
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Company Information |
for the year ended 31 December 2021 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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Chartered Accountants and Statutory Auditor |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
SERAFIN GROUP LIMITED (REGISTERED NUMBER: 11202290) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Capital and reserves |
Called up share capital | 7 |
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Retained earnings | ( |
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Shareholders' funds | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SERAFIN GROUP LIMITED (REGISTERED NUMBER: 11202290) |
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Notes to the Financial Statements |
for the year ended 31 December 2021 |
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1. | Statutory information |
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Serafin Group Limited is a
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2. | Accounting policies |
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Accounting convention |
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 2006as 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. |
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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 pound. |
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The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
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Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. With the day to day working capital requirements being met through the continued support of the parent company, Serafin Unternehmensgruppe GmbH who are based in Munich, Germany. The parent company has provided written confirmation to this effect. Hence, the directors consider it appropriate to adopt the going concern basis in preparing these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. |
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Turnover is recognised when services have been rendered to the parent company, usually on invoice of the services, it is probable that the associated economic benefits will flow to the company and the amount of turnover can be measured reliably, |
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Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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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: |
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Plant and equipment | 33% straight line |
Fixtures and fittings | 25% straight line |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
SERAFIN GROUP LIMITED (REGISTERED NUMBER: 11202290) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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2. | Accounting policies - continued |
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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. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, Financial assets classified as receivable within one year are not amortised. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and loans from the parent company, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
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Term 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. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. |
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Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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Current 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 excluded items of income or expense that are taxable or deductible in other years and it further exclude 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. |
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Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
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The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
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Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
SERAFIN GROUP LIMITED (REGISTERED NUMBER: 11202290) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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2. | Accounting policies - continued |
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Pension costs and other post-retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
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Employee benefits |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Plant and |
machinery |
etc |
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Cost |
At 1 January 2021 |
and 31 December 2021 |
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Depreciation |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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Net book value |
At 31 December 2021 |
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At 31 December 2020 |
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5. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Other debtors |
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Prepayments and accrued income |
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Included in other debtors is £8,500 (2020 - £8,500), which may not be recovered in one year. |
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6. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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Accrued expenses |
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SERAFIN GROUP LIMITED (REGISTERED NUMBER: 11202290) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
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7. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Auditors' Report was unqualified. |
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for and on behalf of
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9. | Related party transactions |
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Included in creditors due within one year, is £34,042 (2020 - £119,370) owed by the company to the immediate parent company, Serafin Unternehmensgruppe GmbH who are based in Munich, Germany. |
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10. | Parent company |
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The immediate parent company is Serafin Unternehmensgruppe GmbH, a company incorporated in Germany. The ultimate controlling party is Serafin GmbH. |