Sedna Systems Europe Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11756188 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 8 JANUARY 2019 TO 31 MAY 2019

FOR

SEDNA SYSTEMS EUROPE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W F Dobie

T D Monson

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

11756188 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

4

53,532

CURRENT ASSETS

Debtors

5

281,871

Cash at bank

15,098

296,969

CREDITORS

Amounts falling due within one year

6

444,374

NET CURRENT LIABILITIES

(147,405

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(93,873

)

CAPITAL AND RESERVES

Called up share capital

7

100

Retained earnings

(93,973

)

SHAREHOLDERS' FUNDS

(93,873

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 February 2020 and were signed on its behalf by:

W F Dobie - Director

1.	STATUTORY INFORMATION

Sedna Systems Europe Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis, despite the loss and the negative balance sheet. The

company is in its start up phase and the directors are confident that it will become profit making.

The company also has the continued financial support of a fellow group company.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with

wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 3 years straight line

Fixtures & fittings - 3 years straight line

Improvements to property - 5 years straight line

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments

Basic financial instruments are covered by Section 11 of FRS 102 (Section 1A) are measured at amortised cost. The

company does not have any other financial instruments as covered by Section 12 of FRS 102 (Section 1A).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

63,842

At 31 May 2019

63,842

DEPRECIATION

Charge for period

10,310

At 31 May 2019

10,310

NET BOOK VALUE

At 31 May 2019

53,532

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

6,896

Amounts owed by group undertakings

201,854

Other debtors

73,121

281,871

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

19,351

Amounts owed to group undertakings

322,138

Taxation and social security

43,413

Other creditors & accruals

59,472

444,374

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

value:

£

10

Ordinary

£10

100

10 Ordinary Share Capital shares of £10 each were allotted at par during the period.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is W F Dobie.

9.	ULTIMATE PARENT COMPANY

The parent company is Stage 3 Systems Pte Ltd, a company registered in Singapore.