Company registration number SC340813 (Scotland)
SEAMILL GLENFOOT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
SEAMILL GLENFOOT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SEAMILL GLENFOOT LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
325,000
250,000
Investments
4
2
2
325,002
250,002
Current assets
Debtors
5
105,341
108,041
Creditors: amounts falling due within one year
6
(1,194,048)
(1,193,362)
Net current liabilities
(1,088,707)
(1,085,321)
Net liabilities
(763,705)
(835,319)
Capital and reserves
Called up share capital
4
4
Fair value reserve
275,000
200,000
Distributable profit and loss reserves
(1,038,709)
(1,035,323)
Total equity
(763,705)
(835,319)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 by the board of directors and authorised for issue on 16 January 2024 and are signed on its behalf by:
S Sweeney
Director
Company Registration No. SC340813
SEAMILL GLENFOOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information

Seamill Glenfoot Limited is a private company limited by shares incorporated in Scotland. The registered office is Seamill Hydro, West Kilbride, Ayrshire, KA23 9ND.

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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the fair value movement on investment property. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors acknowledge that the company has net liabilities. However, due to the support of the directors and related entities, there is a reasonable expectation that the company will continue in operational existence for the foreseeable future. As such, these financial statements have been prepared on a going concern basis. true

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

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.

1.6
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 balance sheet 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.

SEAMILL GLENFOOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
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.

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 payments 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. Amounts 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.

1.7
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
SEAMILL GLENFOOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 May 2022
250,000
Revaluations
75,000
At 30 April 2023
325,000

The directors have reviewed the carrying value of the investment property and in their opinion a fair valuation of £325,000 is appropriate.

4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
2
2
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
105,341
108,041
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,190,147
1,189,947
Accruals and deferred income
3,901
3,415
1,194,048
1,193,362
7
Related party transactions

At 30 April 2023, the company was owed £105,341 (2022 - £108,041) from Hydro Services (Seamill), a company for which S Sweeney and S Sweeney Jnr have a shared interest.

 

A balance of £1,189,220 (2022 - £1,189,220) is also due to Seamill Hydro, a partnership in which Seamill Glenfoot is a corporate partner. The directors of Seamill Glenfoot Limited are also partners in Seamill Hydro. A balance of £927 (2022 - £727) is also due from Seamill Hydro, which represents the company's capital account in Seamill Hydro.

 

These balances are unsecured, interest free and repayable on demand.

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