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REGISTERED NUMBER: 12968710 (England and Wales)














Financial Statements for the Year Ended 31 October 2023

for

Seaways Property Ltd

Seaways Property Ltd (Registered number: 12968710)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Seaways Property Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr O Levy
Ms J A Tyrrell





REGISTERED OFFICE: The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY





REGISTERED NUMBER: 12968710 (England and Wales)





ACCOUNTANTS: Nordens
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

Seaways Property Ltd (Registered number: 12968710)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 463,907 628,991

CURRENT ASSETS
Debtors 5 115,911 72
Cash at bank and in hand 21,324 29,434
137,235 29,506
CREDITORS
Amounts falling due within one year 6 684,190 793,600
NET CURRENT LIABILITIES (546,955 ) (764,094 )
TOTAL ASSETS LESS CURRENT LIABILITIES (83,048 ) (135,103 )

PROVISIONS FOR LIABILITIES 18,102 -
NET LIABILITIES (101,150 ) (135,103 )

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 95,276 -
Retained earnings (196,526 ) (135,203 )
SHAREHOLDERS' FUNDS (101,150 ) (135,103 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Seaways Property Ltd (Registered number: 12968710)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





Mr O Levy - Director


Seaways Property Ltd (Registered number: 12968710)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Seaways Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements have been prepared on the going concern basis. The director is of the opinion that the shareholders will continue to support it, and provide adequate funding when necessary to enable it to meet its obligations for the foreseeable future, being for a period of at least twelve months from the date of approval of the financial statements.

Seaways Property Ltd (Registered number: 12968710)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 November 2022 599,498 - 17,344
Additions - 8,633 3,177
Disposals (269,774 ) - -
Revaluations 95,276 - -
At 31 October 2023 425,000 8,633 20,521
DEPRECIATION
At 1 November 2022 - - 3,692
Charge for year - - 2,525
At 31 October 2023 - - 6,217
NET BOOK VALUE
At 31 October 2023 425,000 8,633 14,304
At 31 October 2022 599,498 - 13,652

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST OR VALUATION
At 1 November 2022 21,013 1,172 639,027
Additions 2,682 389 14,881
Disposals - - (269,774 )
Revaluations - - 95,276
At 31 October 2023 23,695 1,561 479,410
DEPRECIATION
At 1 November 2022 5,831 513 10,036
Charge for year 2,680 262 5,467
At 31 October 2023 8,511 775 15,503
NET BOOK VALUE
At 31 October 2023 15,184 786 463,907
At 31 October 2022 15,182 659 628,991

Seaways Property Ltd (Registered number: 12968710)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 October 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2022 599,498 - 17,344
Valuation in 2023 (174,498 ) 8,633 3,177
425,000 8,633 20,521

Fixtures
and Computer
fittings equipment Totals
£    £    £   
Valuation in 2022 21,013 1,172 639,027
Valuation in 2023 2,682 389 (159,617 )
23,695 1,561 479,410

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors - 72
Amounts owed by group undertakings 114,284 -
Other debtors 1,627 -
115,911 72

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 2,667 27,101
Taxation and social security 4,344 1,565
Other creditors 677,179 764,934
684,190 793,600

7. RESERVES
Revaluation
reserve
£   
Revaluation reserve 95,276

At 31 October 2023 95,276

Seaways Property Ltd (Registered number: 12968710)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. ULTIMATE CONTROLLING PARTY

Mr O Levy and Ms J Tyrell are considered to be key management personnel.