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Company registration number: 01113290
Seaway Court (Torquay) Limited
Unaudited filleted financial statements
30 June 2023
SEAWAY COURT (TORQUAY) LIMITED
STATEMENT OF FINANCIAL POSITION
30 JUNE 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 6 1,834 2,122
Cash at bank and in hand 373,381 259,168
_______ _______
375,215 261,290
Creditors: amounts falling due
within one year 7 ( 65,176) ( 17,547)
_______ _______
Net current assets 310,039 243,743
_______ _______
Total assets less current liabilities 310,039 243,743
_______ _______
Net assets 310,039 243,743
_______ _______
Capital and reserves
Called up share capital 34 34
Other reserves 8 240,470 240,470
Profit and loss account 8 69,535 3,239
_______ _______
Shareholders funds 310,039 243,743
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Ms R E Banks
Director
Company registration number: 01113290
SEAWAY COURT (TORQUAY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 135 Reddenhill Road, Torquay, Devon, TQ1 3NT.
Principal activity
The principal activity of the company during the year was that of the management of Seaway Court .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover represents the amounts derived from services which fall within the company's principal activity and represents monies due from rents and maintenance charges receivable in accordance with the leases granted to and agreements with the occupants of Seaway Court. The total income of the company for the year has been derived from these activities which are wholly undertaken in the UK.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tangible assets
Tangible fixed assets represent land containing the property known as Seaway Court acquired at no cost.
6. Debtors
2023 2022
£ £
Other debtors 1,834 2,122
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 64,781 16,880
Social security and other taxes 395 667
_______ _______
65,176 17,547
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.Other reserves:This reserve is a Major Works fund which records retained earnings available for major works to be undertaken in the future.