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Registration number: 04601891

Seer Provisions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Seer Provisions Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Seer Provisions Ltd

Company Information

Directors

Mr Paul Robert Rees

Mrs Beverly Rees

Company secretary

Mr Paul Robert Rees

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Seer Provisions Ltd

(Registration number: 04601891)
Statement of financial position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

143

190

Investment property

5

122,753

122,753

 

122,896

122,943

Current assets

 

Stocks

6

2,728

910

Debtors

7

7,285

13,871

Cash at bank and in hand

 

51,145

47,588

 

61,158

62,369

Creditors: Amounts falling due within one year

8

(44,825)

(52,741)

Net current assets

 

16,333

9,628

Total assets less current liabilities

 

139,229

132,571

Provisions for liabilities

(27)

(36)

Net assets

 

139,202

132,535

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

9,202

9,202

Retained earnings

129,900

123,233

Shareholders' funds

 

139,202

132,535

For the financial year ending 30 November 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of comprehensive income.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

 

Seer Provisions Ltd

(Registration number: 04601891)
Statement of financial position as at 30 November 2023

.........................................
Mrs Beverly Rees
Director

 

Seer Provisions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 13 March 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Seer Provisions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 statement of financial position 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

Furniture, fittings and equipment

25% Reducing Balance

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Seer Provisions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

1,792

1,792

At 30 November 2023

1,792

1,792

Depreciation

At 1 December 2022

1,602

1,602

Charge for the year

47

47

At 30 November 2023

1,649

1,649

Carrying amount

At 30 November 2023

143

143

At 30 November 2022

190

190

5

Investment properties

2023
£

At 1 December

122,753

At 30 November

122,753

The directors of the company have considered the fair value of the investment properties as at 30 November 2023, and based on the current market the valuation does not differ from the valuation at the end of the previous reporting period. The directors are not professional qualified valuer's.

There has been no valuation of investment property by an independent valuer.

 

Seer Provisions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

2023
£

2022
£

Work in progress

2,728

910

7

Debtors

Current

2023
£

2022
£

Trade debtors

7,285

13,871

 

7,285

13,871

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

5,155

7,770

Amounts due to related parties

37,295

44,008

Social security and other taxes

 

136

48

Tax liability

2,239

915

 

44,825

52,741

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.