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REGISTERED NUMBER: 10244669 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

SELIGMAN FARM DEVELOPMENT LTD

SELIGMAN FARM DEVELOPMENT LTD (REGISTERED NUMBER: 10244669)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SELIGMAN FARM DEVELOPMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: Mrs C Endicott





SECRETARY: Martin and Company (Company Secretaries) Limited





REGISTERED OFFICE: 25 St Thomas Street
Winchester
Hampshire
SO23 9HJ





REGISTERED NUMBER: 10244669 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

SELIGMAN FARM DEVELOPMENT LTD (REGISTERED NUMBER: 10244669)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,317,222 7,293,851
Investments 5 27,250 27,250
Investment property 6 1,011,282 -
7,355,754 7,321,101

CURRENT ASSETS
Stocks 266,543 250,660
Debtors 7 226,398 242,857
Cash at bank 78,403 91,030
571,344 584,547
CREDITORS
Amounts falling due within one year 8 208,131 226,239
NET CURRENT ASSETS 363,213 358,308
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,718,967

7,679,409

CREDITORS
Amounts falling due after more than one
year

9

(847,482

)

(874,457

)

PROVISIONS FOR LIABILITIES (24,102 ) (12,657 )
NET ASSETS 6,847,383 6,792,295

CAPITAL AND RESERVES
Called up share capital 11 6,450,000 6,450,000
Retained earnings 397,383 342,295
SHAREHOLDERS' FUNDS 6,847,383 6,792,295

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

SELIGMAN FARM DEVELOPMENT LTD (REGISTERED NUMBER: 10244669)

BALANCE SHEET - continued
31ST MARCH 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4th July 2024 and were signed by:





Mrs C Endicott - Director


SELIGMAN FARM DEVELOPMENT LTD (REGISTERED NUMBER: 10244669)

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


1. STATUTORY INFORMATION

Seligman Farm Development 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.

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 etc - 25% on reducing balance

Freehold property and improvements are not depreciated as the value of the assets stay constant or is considered to increase over time.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

SELIGMAN FARM DEVELOPMENT LTD (REGISTERED NUMBER: 10244669)

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


2. ACCOUNTING POLICIES - continued

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.

Rental income
Rental income is shown on an accruals basis within the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023 6,061,282 1,292,453 7,353,735
Additions - 59,204 59,204
Disposals - (12,000 ) (12,000 )
Reclassification/transfer (1,011,282 ) - (1,011,282 )
At 31st March 2024 5,050,000 1,339,657 6,389,657
DEPRECIATION
At 1st April 2023 - 59,884 59,884
Charge for year - 15,450 15,450
Eliminated on disposal - (2,899 ) (2,899 )
At 31st March 2024 - 72,435 72,435
NET BOOK VALUE
At 31st March 2024 5,050,000 1,267,222 6,317,222
At 31st March 2023 6,061,282 1,232,569 7,293,851

Freehold property and improvements are not depreciated as the value of the assets stay constant or is considered to increase over time.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

SELIGMAN FARM DEVELOPMENT LTD (REGISTERED NUMBER: 10244669)

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


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st April 2023
and 31st March 2024 27,250
NET BOOK VALUE
At 31st March 2024 27,250
At 31st March 2023 27,250

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Reclassification/transfer 1,011,282
At 31st March 2024 1,011,282
NET BOOK VALUE
At 31st March 2024 1,011,282

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 173,716 169,162
Other debtors 52,682 73,695
226,398 242,857

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 84,125 35,000
Hire purchase contracts 12,170 -
Trade creditors 51,853 48,921
Taxation and social security 25,461 38,779
Other creditors 34,522 103,539
208,131 226,239

SELIGMAN FARM DEVELOPMENT LTD (REGISTERED NUMBER: 10244669)

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


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 843,425 874,457
Hire purchase contracts 4,057 -
847,482 874,457

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 878,425 909,457

The loan is secured on various freehold property at New Barn Farm, Crawley.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
6,450,100 Ordinary £1 6,450,000 6,450,000