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REGISTERED NUMBER: 07927727 (England and Wales)















SEATON QUAY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SEATON QUAY LIMITED (REGISTERED NUMBER: 07927727)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 4


SEATON QUAY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Peter C Rich
Edward I Rich
Abigail K Rich





SECRETARY: Caroline A Hall





REGISTERED OFFICE: 43 Portland Road
London
W11 4LJ





REGISTERED NUMBER: 07927727 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

SEATON QUAY LIMITED (REGISTERED NUMBER: 07927727)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Inventories 4 14,316,782 6,728,022
Debtors 5 123,221 42,159
Cash at bank 39,542 38,827
14,479,545 6,809,008
CREDITORS
Amounts falling due within one year 6 6,164,853 144,975
NET CURRENT ASSETS 8,314,692 6,664,033
TOTAL ASSETS LESS CURRENT LIABILITIES 8,314,692 6,664,033

CREDITORS
Amounts falling due after more than one year 7 10,228,662 7,174,041
NET LIABILITIES (1,913,970 ) (510,008 )

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings (1,914,970 ) (511,008 )
SHAREHOLDERS' FUNDS (1,913,970 ) (510,008 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 30 July 2024 and were signed on its behalf by:





Edward I Rich - Director


SEATON QUAY LIMITED (REGISTERED NUMBER: 07927727)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Seaton Quay Limited 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.

The principal accounting policies of the company have remained unchanged from the previous year and are set out below.

Functional and presentation currency
The Company's functional and presentational currency is British Pound Sterling (GBP).

Inventories
Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - NIL ) .

4. INVENTORIES
2024 2023
£    £   
Stocks 14,316,782 6,728,022

SEATON QUAY LIMITED (REGISTERED NUMBER: 07927727)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 123,221 42,159

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 315,150 121,379
Amounts owed to group undertakings 5,827,479 21,083
Other creditors 1,711 -
Accruals and deferred income 20,513 2,513
6,164,853 144,975

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 8) 10,228,662 2,065,223
Amounts owed to group undertakings - 5,108,818
10,228,662 7,174,041

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,228,662 2,065,223

The bank loan is secured by fixed and floating charges over the company's assets.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. GOING CONCERN

There were net liabilities of £1,913,970 (2023: £510,008) at the financial reporting date, however the directors have confirmed that the group will continue to support the company and ensure it remains a going concern.