Company registration number 03649915 (England and Wales)
SURELEX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SURELEX LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
SURELEX LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
€
€
€
€
Fixed assets
Investments
4
13,494,735
12,939,001
Current assets
Debtors
5
15,689
59,635
Cash at bank and in hand
55,818
46,081
71,507
105,716
Creditors: amounts falling due within one year
6
(1,062,183)
(1,075,496)
Net current liabilities
(990,676)
(969,780)
Net assets
12,504,059
11,969,221
Capital and reserves
Called up share capital
7
161
161
Profit and loss reserves
12,503,898
11,969,060
Total equity
12,504,059
11,969,221
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 September 2022
Mr A V Hawker
Director
Company Registration No. 03649915
SURELEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Surelex Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Palmerston House, 814 Brighton Road, PURLEY, Surrey, CR8 2BR.
1.1
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 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
Euros
, which is the
presentational
currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest €.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of gold and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Cash at bank and in hand
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.
1.3
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
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
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.
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.
SURELEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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.
Current tax
The tax expense represents the sum of the tax currently payable and deferred tax.
1.7
Treasury gold is held for investment purposes, not as inventory and it has an indefinite useful life. It has been measured and recorded at cost in the past and a prior year adjustment has been made to modify this. There are no specific standards covering gold, however, on the basis that this is a physical asset which is held for investment purposes and that there are no contractual arrangements in place, the asset is being measured at Open Market price at the balance sheet date.
SURELEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
4
Fixed asset investments
2021
2020
€
€
Other investments other than loans
13,494,735
12,939,001
Fixed asset investments revalued
The director's valuation for 2021 was € 13,494,734 (2020: €12,939,000). Should the investments be sold at their valuation, a tax charge not exceeding €1,994,350 (2020: €1,888,760) would arise.
Fixed asset investments not carried at market value
The value of gold stock at the year end was calculated by using the spot rate from LBMA Precious Metal Prices .
Movements in fixed asset investments
Investments
€
Cost or valuation
At 1 January 2021
12,939,001
Valuation changes
555,734
At 31 December 2021
13,494,735
Carrying amount
At 31 December 2021
13,494,735
At 31 December 2020
12,939,001
SURELEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
5
Debtors
2021
2020
Amounts falling due within one year:
€
€
Trade debtors
43,945
Amounts owed by group undertakings
15,689
15,690
15,689
59,635
6
Creditors: amounts falling due within one year
2021
2020
€
€
Amounts owed to group undertakings
1,025,308
1,016,452
Corporation tax
8,818
19,593
Other creditors
28,057
39,451
1,062,183
1,075,496
7
Called up share capital
2021
2020
€
€
Ordinary share capital
Issued and fully paid
100 Ordinary shares of 161 cents each
161
161
8
Parent company
The company is wholly owned subsidiary undertaking of Shen Limited, the company incorporated in Hong Kong. The registered place of business and principal business is 36/F, Tower Two, Time Square, 1 Matheson street, Causeway Bay, Hong Kong.