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REGISTRAR OF COMPANIES

Registration number: 07620293

Seat Hill Limited

Unaudited Financial Statements

31 May 2023

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Seat Hill Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Seat Hill Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Seat Hill Limited for the year ended 31 May 2023 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Seat Hill Limited, as a body, in accordance with the terms of our engagement letter dated 21 December 2023. Our work has been undertaken solely to prepare for your approval the accounts of Seat Hill Limited and state those matters that we have agreed to state to the Board of Directors of Seat Hill Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seat Hill Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Seat Hill Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Seat Hill Limited. You consider that Seat Hill Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Seat Hill Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

26 January 2024

 

Seat Hill Limited

(Registration number: 07620293)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

3,614

Tangible assets

5

826,646

750,295

Other financial assets

6

234,189

216,602

 

1,060,835

970,511

Current assets

 

Stocks

423,986

416,786

Debtors

7

240,619

549,840

Cash at bank and in hand

 

1,091,296

558,430

 

1,755,901

1,525,056

Creditors: Amounts falling due within one year

8

(429,395)

(659,464)

Net current assets

 

1,326,506

865,592

Total assets less current liabilities

 

2,387,341

1,836,103

Creditors: Amounts falling due after more than one year

8

(241,617)

(287,864)

Provisions for liabilities

(122,415)

(91,746)

Net assets

 

2,023,309

1,456,493

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Capital redemption reserve

20

20

Profit and loss account

2,023,189

1,456,373

Total equity

 

2,023,309

1,456,493

 

Seat Hill Limited

(Registration number: 07620293)
Balance Sheet as at 31 May 2023 (continued)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 January 2024 and signed on its behalf by:
 

.........................................

W D J Brough

Director

.........................................

D R J Brough

Director

 

Seat Hill Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Seat Hill
Irthington
CARLISLE
CA6 4PS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

 

Seat Hill Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Not depreciated

Buildings

10% reducing balance

Plant and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 year straight line

Land and buildings relate to tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the buildings at 10% reducing balance over their useful economic life, and not the duration of the lease. Land is not depreciated.

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Seat Hill Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Seat Hill Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Seat Hill Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

4

Intangible assets

Basic payment scheme
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2022

61,285

99,458

160,743

At 31 May 2023

61,285

99,458

160,743

Amortisation

At 1 June 2022

57,671

99,458

157,129

Amortisation charge

3,614

-

3,614

At 31 May 2023

61,285

99,458

160,743

Carrying amount

At 31 May 2023

-

-

-

At 31 May 2022

3,614

-

3,614

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 June 2022

240,898

1,100,419

5,300

174

1,346,791

Additions

-

187,414

5,000

-

192,414

At 31 May 2023

240,898

1,287,833

10,300

174

1,539,205

Depreciation

At 1 June 2022

89,874

502,445

4,042

135

596,496

Charge for the year

15,103

99,461

1,460

39

116,063

At 31 May 2023

104,977

601,906

5,502

174

712,559

Carrying amount

At 31 May 2023

135,921

685,927

4,798

-

826,646

At 31 May 2022

151,024

597,974

1,258

39

750,295

 

Seat Hill Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

234,189

216,602

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2022

216,602

216,602

Additions

17,587

17,587

At 31 May 2023

234,189

234,189

Carrying amount

At 31 May 2023

234,189

234,189

7

Debtors

2023
£

2022
£

Trade debtors

90,566

150,741

Other debtors

150,053

399,099

240,619

549,840

 

Seat Hill Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

9,952

235,263

Trade creditors

 

228,359

274,455

Corporation tax liability

 

141,883

92,683

Other creditors

 

49,201

57,063

 

429,395

659,464

Due after one year

 

Loans and borrowings

9

22,435

32,387

Other creditors

 

219,182

255,477

 

241,617

287,864

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,952

235,263

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,435

32,387

 

Seat Hill Limited

Notes to the Financial Statements for the Year Ended 31 May 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2023
£

W D J Brough

Loan

52,522

85,163

(30,326)

-

(60,500)

1,197

48,056

               
         

D R J Brough

Loan

65,430

70,873

(43,593)

-

(60,500)

1,212

33,422

               
         

 

2022

At 1 June 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2022
£

W D J Brough

Loan

87,589

121,506

(151,696)

-

(7,000)

2,123

52,522

               
         

D R J Brough

Loan

89,914

129,796

(149,655)

-

(7,000)

2,375

65,430

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% and 2.25% on advances to directors.