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Registration number: 09712545

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Seaton Tramway (Enterprises) Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Seaton Tramway (Enterprises) Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 5

 

Seaton Tramway (Enterprises) Limited

(Registration number: 09712545)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

76,092

83,315

Debtors

4

93

-

Cash at bank and in hand

 

132,793

173,893

 

208,978

257,208

Creditors: Amounts falling due within one year

5

(123,538)

(171,768)

Net assets

 

85,440

85,440

Capital and reserves

 

Called up share capital

50,000

50,000

Profit and loss account

35,440

35,440

Shareholders' funds

 

85,440

85,440

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 30 July 2024 and signed on its behalf by:
 


Jennifer Mary Nunn
Director


Bruce Charles Warnes
Director

 

Seaton Tramway (Enterprises) Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Seaton Tramway
Riverside Depot
Harbour Road
Seaton
Devon
EX12 2NQ

Principal activity

The principal activity of the company is that of running a cafe and gift shop.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Seaton Tramway (Enterprises) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 5 August 2024 was Stuart Carrington, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

 

Seaton Tramway (Enterprises) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

4

Debtors

2023
£

2022
£

Other debtors

93

-

93

-

 

Seaton Tramway (Enterprises) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

30,702

3,857

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

87,548

158,889

Taxation and social security

 

1,085

5,573

Accruals and deferred income

 

3,868

3,162

Other creditors

 

335

287

 

123,538

171,768

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Related party transactions

Summary of transactions with parent

As at 31 December 2023 the company owed £87,548 (2022: £158,889) to its parent company.

Intercompany activity includes costs apportioned between the entities due to the fact that the administration function operates from the same building.

Rent was paid to the parent company at a market rate of £6,000 for the year (2022: £6,000).

The company gifts and surplus made in its trading activities each year to its parent. The total gifted to the parent entity for the year ended 31 December 2023 was £30,954 (2022: £30,971).

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Modern Electric Tramways Limited, incorporated in England and Wales.