Seaton Motor Company Limited 01188267 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of land and property rental. Digita Accounts Production Advanced 6.30.9574.0 true true 01188267 2023-04-01 2024-03-31 01188267 2024-03-31 01188267 core:CurrentFinancialInstruments 2024-03-31 01188267 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01188267 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 01188267 core:PlantMachinery 2024-03-31 01188267 1 2024-03-31 01188267 bus:SmallEntities 2023-04-01 2024-03-31 01188267 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01188267 bus:FilletedAccounts 2023-04-01 2024-03-31 01188267 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01188267 bus:RegisteredOffice 2023-04-01 2024-03-31 01188267 bus:Director1 2023-04-01 2024-03-31 01188267 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01188267 core:LandBuildings 2023-04-01 2024-03-31 01188267 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01188267 core:PlantMachinery 2023-04-01 2024-03-31 01188267 countries:EnglandWales 2023-04-01 2024-03-31 01188267 1 2023-04-01 2024-03-31 01188267 2023-03-31 01188267 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01188267 core:PlantMachinery 2023-03-31 01188267 1 2023-03-31 01188267 2022-04-01 2023-03-31 01188267 2023-03-31 01188267 core:CurrentFinancialInstruments 2023-03-31 01188267 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01188267 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01188267 core:PlantMachinery 2023-03-31 01188267 1 2023-03-31 01188267 1 2022-04-01 2023-03-31 01188267 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 01188267

Seaton Motor Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Seaton Motor Company Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Seaton Motor Company Limited

(Registration number: 01188267)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

1,750,000

Current assets

 

Debtors

5

307,046

1,000

Cash at bank and in hand

 

1,436,054

6,554

 

1,743,100

7,554

Creditors: Amounts falling due within one year

6

(208,851)

(38,123)

Net current assets/(liabilities)

 

1,534,249

(30,569)

Total assets less current liabilities

 

1,534,249

1,719,431

Provisions for liabilities

-

(80,398)

Net assets

 

1,534,249

1,639,033

Capital and reserves

 

Called up share capital

200,000

200,000

Profit and loss account

1,334,249

1,439,033

Shareholders' funds

 

1,534,249

1,639,033

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 9 August 2024 and signed on its behalf by:
 


Mr D J Cannings
Director

 

Seaton Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Scantlebury
Chardstock
Axminster
Devon
EX13 7BN

Principal activity

The principal activity of the company is that of land and property rental.

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Seaton Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment property

Not depreciated

Plant and machinery

3 years straight line

Impairment

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.

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

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.

 

Seaton Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

1,750,000

1,149

1,751,149

Disposals

(1,750,000)

(1,149)

(1,751,149)

At 31 March 2024

-

-

-

Depreciation

At 1 April 2023

-

1,149

1,149

Eliminated on disposal

-

(1,149)

(1,149)

At 31 March 2024

-

-

-

Carrying amount

At 31 March 2024

-

-

-

At 31 March 2023

1,750,000

-

1,750,000

Included within the net book value of land and buildings above is £Nil (2023 - £1,750,000) in respect of freehold land and buildings.
 

5

Debtors

2024
£

2023
£

Other debtors

307,046

1,000

307,046

1,000

 

Seaton Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

207,051

15,835

Accruals and deferred income

1,800

1,038

Other creditors

-

21,250

208,851

38,123

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors

1,000

307,046

(1,000)

307,046

         
       

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Directors

-

1,000

1,000

 


 

Directors’ loans are repayable on demand and subject to interest on overdrawn balances at the official rate.

9

Events after the end of the reporting period

Following the sale of the properties in February 2024, it is the intention of the directors to dissolve the company as soon as practicable.