Registration number:
Seaview Developments Limited
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 |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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 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
......................................... |
......................................... |
......................................... |
Seaview Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Seaview Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Tangible assets |
Office building |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 August 2022 |
|
|
|
|
|
Additions |
- |
- |
|
|
|
Disposals |
- |
- |
( |
- |
( |
At 31 July 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 August 2022 |
|
|
|
|
|
Charge for the year |
|
- |
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 July 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 31 July 2023 |
|
- |
|
|
|
At 31 July 2022 |
|
- |
|
|
|
Investment properties |
2023 |
|
At 1 August 2022 |
|
Fair value adjustment |
|
At 31 July 2023 |
|
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
Stock and work in progress |
2023 |
2022 |
|
Stock of materials |
|
|
Work in progress |
|
|
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Other creditors and accruals |
|
|
|
Hire purchase liabilities |
17,417 |
13,115 |
|
|
|
||
Due after one year |
|||
Bank loan and hire purchase liabilities |
|
|
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
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,098 |
|
10,098 |
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase liabilities |
|
|
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase liabilities |
|
|
|
|
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.
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
Related party transactions |
2023 |
2022 |
|
Directors current account creditor |
(21,345) |
(5,699) |