REGISTERED NUMBER: |
Serafin Group Limited |
Financial Statements |
for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
Serafin Group Limited |
Financial Statements |
for the Year Ended 31 December 2022 |
Serafin Group Limited (Registered number: 11202290) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Serafin Group Limited |
Company Information |
for the year ended 31 December 2022 |
Directors: |
Registered office: |
Business address: |
Registered number: |
Auditors: |
Statutory Auditor |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
Serafin Group Limited (Registered number: 11202290) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Serafin Group Limited (Registered number: 11202290) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | Statutory information |
Serafin Group Limited is a |
2. | Accounting policies |
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. |
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. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
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. |
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. |
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. |
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. |
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: |
Plant and equipment | 25-33% straight line |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
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. |
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. |
Serafin Group Limited (Registered number: 11202290) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | Accounting policies - continued |
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 and loans from the parent company, are recognised at transaction price. 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. 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. |
Taxation |
The tax expense represents the sum of the tax currently payable. |
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. |
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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2022 |
Additions |
At 31 December 2022 |
Depreciation |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
Serafin Group Limited (Registered number: 11202290) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
5. | Debtors |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
7. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
10. | Related party transactions |
Included in creditors due within one year, is £8,541 (2021 - £34,042) owed by the company to the immediate parent company, Serafin Unternehmensgruppe GmbH who are based in Munich, Germany. |
Serafin Group Limited (Registered number: 11202290) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
11. | Parent company |
The immediate parent company is Serafin Unternehmensgruppe GmbH, a company incorporated in Germany. The ultimate controlling party is Serafin GmbH. |