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Company registration number: 06265244
THE SEASIDE COMPANY DORSET LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 October 2023
THE SEASIDE COMPANY DORSET LIMITED
BALANCE SHEET
31ST OCTOBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 10,500 13,500
Tangible assets 6 2,432,991 2,492,237
_______ _______
2,443,491 2,505,737
Current assets
Stocks 29,101 27,195
Debtors 7 9,238 44,627
Cash at bank and in hand 63,385 146,127
_______ _______
101,724 217,949
Creditors: amounts falling due
within one year 8 ( 963,017) ( 1,054,340)
_______ _______
Net current liabilities ( 861,293) ( 836,391)
_______ _______
Total assets less current liabilities 1,582,198 1,669,346
Creditors: amounts falling due
after more than one year 9 ( 1,182,830) ( 1,270,337)
_______ _______
Net assets 399,368 399,009
_______ _______
Capital and reserves
Called up share capital 10 379,202 379,202
Share premium account 2,405,975 2,405,975
Profit and loss account ( 2,385,809) ( 2,386,168)
_______ _______
Shareholders funds 399,368 399,009
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 July 2024 , and are signed on behalf of the board by:
Ms JR Sturridge
Director
Company registration number: 06265244
THE SEASIDE COMPANY DORSET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Seaside Boarding House, Cliff Road, Bridport, Dorset, DT6 4RB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company continues to meet its day to day financial obligations due to support received from Mr A Mackintosh, a shareholder and director of the company. The directors consider that this support will be continued and the business plan will deliver a profitable business in the future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 19 % straight line
Fittings fixtures and equipment - 10 % straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2022: 38 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st November 2022 and 31st October 2023 60,000 60,000
_______ _______
Amortisation
At 1st November 2022 46,500 46,500
Charge for the year 3,000 3,000
_______ _______
At 31st October 2023 49,500 49,500
_______ _______
Carrying amount
At 31st October 2023 10,500 10,500
_______ _______
At 31st October 2022 13,500 13,500
_______ _______
6. Tangible assets
Freehold property Long leasehold property Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £ £ £
Cost
At 1st November 2022 2,824,195 3,750 2,827,945 162,137 210,146 3,200,228
Additions - - - 3,196 - 3,196
_______ _______ _______ _______ _______ _______
At 31st October 2023 2,824,195 3,750 2,827,945 165,333 210,146 3,203,424
_______ _______ _______ _______ _______ _______
Depreciation
At 1st November 2022 394,238 - 394,238 132,797 180,344 707,379
Charge for the year 52,196 - 52,196 6,251 4,607 63,054
_______ _______ _______ _______ _______ _______
At 31st October 2023 446,434 - 446,434 139,048 184,951 770,433
_______ _______ _______ _______ _______ _______
Carrying amount
At 31st October 2023 2,377,761 3,750 2,381,511 26,285 25,195 2,432,991
_______ _______ _______ _______ _______ _______
At 31st October 2022 2,429,957 3,750 2,433,707 29,340 29,802 2,492,849
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors - 7,480
Other debtors 9,238 37,147
_______ _______
9,238 44,627
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 93,500 53,797
Trade creditors 82,705 105,314
Social security and other taxes 135,156 124,567
Other creditors 651,656 770,662
_______ _______
963,017 1,054,340
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 1,182,830 1,270,337
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 0.20 each 1,896,011 379,202 1,896,011 379,202
_______ _______ _______ _______
11. Related party transactions
At the balance sheet date an amount of £1,435,397 (2022: £1,495,000) was owed to a director of the company. The loans are crurrently interest free and there is no fixed date for repayment.