0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 414,946 414,946 414,946 xbrli:pure xbrli:shares iso4217:GBP SC365548 2022-11-01 2023-10-31 SC365548 2023-10-31 SC365548 2022-10-31 SC365548 2021-11-01 2022-10-31 SC365548 2022-10-31 SC365548 2021-10-31 SC365548 bus:Director1 2022-11-01 2023-10-31 SC365548 core:WithinOneYear 2023-10-31 SC365548 core:WithinOneYear 2022-10-31 SC365548 core:ShareCapital 2023-10-31 SC365548 core:ShareCapital 2022-10-31 SC365548 core:SharePremium 2023-10-31 SC365548 core:SharePremium 2022-10-31 SC365548 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC365548 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC365548 core:CostValuation core:Non-currentFinancialInstruments 2023-10-31 SC365548 core:Non-currentFinancialInstruments 2023-10-31 SC365548 core:Non-currentFinancialInstruments 2022-10-31 SC365548 bus:SmallEntities 2022-11-01 2023-10-31 SC365548 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC365548 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 SC365548 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC365548 bus:FullAccounts 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: SC365548
Seabraes Limited
Filleted Unaudited Financial Statements
31 October 2023
Seabraes Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed Assets
Investments
4
414,946
414,946
Current Assets
Debtors
5
18,692
Cash at bank and in hand
107,135
82,523
---------
--------
125,827
82,523
Creditors: amounts falling due within one year
6
530,878
472,225
---------
---------
Net Current Liabilities
405,051
389,702
---------
---------
Total Assets Less Current Liabilities
9,895
25,244
-------
--------
Net Assets
9,895
25,244
-------
--------
Capital and Reserves
Called up share capital
235
235
Share premium account
11,967
11,967
Profit and loss account
( 2,307)
13,042
--------
--------
Shareholders Funds
9,895
25,244
--------
--------
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 statement of income and retained earnings has not been delivered.
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 .
Seabraes Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr K Pirie
Director
Company registration number: SC365548
Seabraes Limited
Notes to the Financial Statements
Year Ended 31 October 2023
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Seabraes, 18 Greenmarket, Dundee, DD1 4QB, Scotland.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue Recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in Associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in Joint Ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
4. Investments
Shares in group undertakings
£
Cost
At 1 November 2022 and 31 October 2023
414,946
---------
Impairment
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
414,946
---------
At 31 October 2022
414,946
---------
The company has invested in the ordinary share capital of TA Millard and it's details are as follows:
Percentage Country of
Name of subsidiary owned incorporation
TA Millard (Scotland) Ltd 100% Scotland
2023
2022
£
£
Aggregate capital and reserves
TA Millard (Scotland) Ltd
957,552
791,892
Profit and (loss) for the year
TA Millard (Scotland) Ltd
165,660
51,179
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
5. Debtors
2023
2022
£
£
Other debtors
18,692
--------
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
506,844
434,227
Corporation tax
22,784
26,755
Social security and other taxes
9,993
Other creditors
1,250
1,250
---------
---------
530,878
472,225
---------
---------
7. Related Party Transactions
The company was under the control of Mr K Pirie and Mr M Pirrie throughout the current year. At the 31st October 2023, Seabraes Limited , was due to pay an amount of £506,844 (2022 - £434,227 to its subsidiary, TA Millard (Scotland) Limited). There is no set repayment term or interest accruing on this loan. Additionally, during the period Seabraes Limited received management charges from TA Millard (Scotland) Limited of £234,293 (2022 - £221,109). At the year end there is a balance of £nil (2022 - £Nil) inluded within trade debtors relating to amounts due from TA Millard (Scotland) Limited.