Seaview Developments Limited NI032670 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is building contracting Digita Accounts Production Advanced 6.30.9574.0 true NI032670 2022-08-01 2023-07-31 NI032670 2023-07-31 NI032670 bus:OrdinaryShareClass1 2023-07-31 NI032670 core:CurrentFinancialInstruments 2023-07-31 NI032670 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 NI032670 core:Non-currentFinancialInstruments 2023-07-31 NI032670 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 NI032670 core:FurnitureFittingsToolsEquipment 2023-07-31 NI032670 core:LandBuildings 2023-07-31 NI032670 core:MotorVehicles 2023-07-31 NI032670 core:OtherPropertyPlantEquipment 2023-07-31 NI032670 bus:SmallEntities 2022-08-01 2023-07-31 NI032670 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 NI032670 bus:FullAccounts 2022-08-01 2023-07-31 NI032670 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 NI032670 bus:RegisteredOffice 2022-08-01 2023-07-31 NI032670 bus:Director1 2022-08-01 2023-07-31 NI032670 bus:Director2 2022-08-01 2023-07-31 NI032670 bus:Director3 2022-08-01 2023-07-31 NI032670 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 NI032670 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 NI032670 core:Buildings 2022-08-01 2023-07-31 NI032670 core:FurnitureFittings 2022-08-01 2023-07-31 NI032670 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 NI032670 core:LandBuildings 2022-08-01 2023-07-31 NI032670 core:MotorVehicles 2022-08-01 2023-07-31 NI032670 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 NI032670 core:PlantMachinery 2022-08-01 2023-07-31 NI032670 countries:NorthernIreland 2022-08-01 2023-07-31 NI032670 2022-07-31 NI032670 core:FurnitureFittingsToolsEquipment 2022-07-31 NI032670 core:LandBuildings 2022-07-31 NI032670 core:MotorVehicles 2022-07-31 NI032670 core:OtherPropertyPlantEquipment 2022-07-31 NI032670 2021-08-01 2022-07-31 NI032670 2022-07-31 NI032670 bus:OrdinaryShareClass1 2022-07-31 NI032670 core:CurrentFinancialInstruments 2022-07-31 NI032670 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 NI032670 core:Non-currentFinancialInstruments 2022-07-31 NI032670 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 NI032670 core:FurnitureFittingsToolsEquipment 2022-07-31 NI032670 core:LandBuildings 2022-07-31 NI032670 core:MotorVehicles 2022-07-31 NI032670 core:OtherPropertyPlantEquipment 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI032670

Seaview Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Seaview Developments Limited

(Registration number: NI032670)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

141,459

103,080

Investment property

5

811,350

736,350

 

952,809

839,430

Current assets

 

Stocks

6

60,424

66,966

Debtors

7

304,135

159,413

 

364,559

226,379

Creditors: Amounts falling due within one year

8

(563,130)

(386,575)

Net current liabilities

 

(198,571)

(160,196)

Total assets less current liabilities

 

754,238

679,234

Creditors: Amounts falling due after more than one year

8

(65,932)

(84,345)

Provisions for liabilities

(119,238)

(68,710)

Net assets

 

569,068

526,179

Capital and reserves

 

Called up share capital

9

10,098

10,098

Retained earnings

558,970

516,081

Shareholders' funds

 

569,068

526,179

For the financial year ending 31 July 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.

 

Seaview Developments Limited

(Registration number: NI032670)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 

.........................................
Mr James Woulahan
Director

.........................................
Mr Seamus Woulahan
Director

.........................................
Mr Sean Woulahan
Director

 

Seaview Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 4 Tamlaghduff Road, Bellaghy, Co. Londonderry, BT45 8JQ.

These financial statements were authorised for issue by the Board on 12 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

Seaview Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company.

Deferred tax is determined using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 on a straight line basis, as follows:

Asset class

Depreciation method and rate

Office building

4% per year

Fixtures and fittings

15% per year

Motor vehicles

20% per year

Plant and machinery

10% and 20% per year

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the company directors. Changes in fair value are recognised in profit or loss.

Stock and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is calculated as expected sales value less additional costs to completion.

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.

 

Seaview Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

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.

Hire purchase

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Pension scheme

The Company operates a defined contribution scheme for directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund and contributions are charged to the profit and loss account in the period to which they relate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Seaview Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Office building
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 August 2022

41,900

8,066

94,997

314,967

459,930

Additions

-

-

64,510

14,597

79,107

Disposals

-

-

(15,300)

-

(15,300)

At 31 July 2023

41,900

8,066

144,207

329,564

523,737

Depreciation

At 1 August 2022

13,408

8,066

77,597

257,779

356,850

Charge for the year

1,676

-

17,252

21,800

40,728

Eliminated on disposal

-

-

(15,300)

-

(15,300)

At 31 July 2023

15,084

8,066

79,549

279,579

382,278

Carrying amount

At 31 July 2023

26,816

-

64,658

49,985

141,459

At 31 July 2022

28,492

-

17,400

57,188

103,080

5

Investment properties

2023
£

At 1 August 2022

736,350

Fair value adjustment

75,000

At 31 July 2023

811,350


The directors have revalued the company's investment properties to fair value at the balance sheet date.

 

Seaview Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Stock and work in progress

2023
£

2022
£

Stock of materials

10,000

10,000

Work in progress

50,424

56,966

60,424

66,966

7

Debtors

Current

2023
£

2022
£

Trade debtors

303,855

159,133

Other debtors

280

280

 

304,135

159,413

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

94,102

28,371

Trade creditors

 

313,162

235,660

Other creditors and accruals

 

138,449

109,429

Hire purchase liabilities

10

17,417

13,115

 

563,130

386,575

Due after one year

 

Bank loan and hire purchase liabilities

10

65,932

84,345

Of the total bank borrowings £118,193, £88,347 is secured by a fixed charge on the Company's investment property and £29,846 is secured by the UK Government under the Bouce Back Loan Scheme.

 

Seaview Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £1 each

10,098

10,098

10,098

10,098

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,091

45,974

Hire purchase liabilities

41,841

38,371

65,932

84,345

2023
£

2022
£

Current loans and borrowings

Bank borrowings

94,102

28,371

Hire purchase liabilities

17,417

13,115

111,519

41,486

Of the total bank borrowings £118,193, £88,347 is secured by a fixed charge on the Company's investment property and £29,846 is secured by the UK Government under the Bouce Back Loan Scheme.

11

Profit and loss account reserves

2023
 £

2022
 £

Distributable reserves

138,925

135,642

Non-distributable reserves

420,045

380,439

558,970

516,081

 

Seaview Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

12

Related party transactions

2023
 £

2022
 £

Directors current account creditor

(21,345)

(5,699)