Registered number
03751803
Seaford Homes Limited
Filleted Accounts
31 March 2023
Seaford Homes Limited
Registered number: 03751803
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,217,922 1,151,859
Current assets
Debtors 4 37,462 17,562
Cash at bank 1,177 -
38,639 17,562
Creditors: amounts falling due within one year 5 (280,889) (338,391)
Net current liabilities (242,250) (320,829)
Total assets less current liabilities 975,672 831,030
Creditors: amounts falling due after more than one year 6 (136,667) (176,667)
Net assets 839,005 654,363
Capital and reserves
Called up share capital 2 2
Profit and loss account 839,003 654,361
Shareholders' funds 839,005 654,363
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Sunjay Kumar Rai
Director
Approved by the board on 19 December 2023
Seaford Homes Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle 25% reducing balance
Computer equipment 33.33% straight line
Fixtures, fittings and equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 47 43
3 Tangible fixed assets
Fixtures, fittings and equipment Freehold property Computer equipment Motor Vehicle Total
£ £ £ £
Cost
At 1 April 2022 252,089 1,028,082 16,932 10,450 1,307,553
Additions 49,938 43,750 4,376 - 98,064
At 31 March 2023 302,027 1,071,832 21,308 10,450 1,405,617
Depreciation
At 1 April 2022 136,359 - 13,661 5,674 155,694
Charge for the year 26,653 - 4,154 1,194 32,001
At 31 March 2023 163,012 - 17,815 6,868 187,695
Net book value
At 31 March 2023 139,015 1,071,832 3,493 3,582 1,217,922
At 31 March 2022 115,730 1,028,082 3,271 4,776 1,151,859
4 Debtors 2023 2022
£ £
Trade debtors 32,615 13,751
Other debtors 4,847 3,811
37,462 17,562
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank overdraft - 5,207
Trade creditors 9,081 39,477
Taxation and social security costs 29,397 19,416
Other creditors 242,411 274,291
280,889 338,391
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 136,667 176,667
7 Related party transactions
Mr Sunjay Rai and Mr Ashish Sharma are directors of the company. At the end of year amount owed by the company to the directors are £23,389.19 (2022 : £55,826.71)
8 Other information
Seaford Homes Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 37/38 Marshall House
124 Middleton Road
Morden
Surrey
SM4 6RW
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