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Registration number: SC681757

Seggiehill Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Seggiehill Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Seggiehill Limited

(Registration number: SC681757)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

903

393,381

Investment property

5

519,598

-

 

520,501

393,381

Current assets

 

Cash at bank and in hand

 

2,200

2,736

Creditors: Amounts falling due within one year

6

(192,210)

(168,990)

Net current liabilities

 

(190,010)

(166,254)

Net assets

 

330,491

227,127

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

330,481

227,117

Shareholders' funds

 

330,491

227,127

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 Director acknowledges his 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 Director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 27 August 2024
 

.........................................
Mr Nicholas Sweeney
Director

 

Seggiehill Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
DD1 3DG
Scotland

The principal place of business is:
The Stables
Seggiehill
St Andrews
Fife
KY16 9YG

These financial statements were authorised for issue by the director on 27 August 2024.

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.

Going concern

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

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 sales/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.

 

Seggiehill Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

The company has changed their depreciation rate for buildings to 2% from 10% as the directors have felt this is a more reasonable assessment of the depreciation of buildings. This is not a change in estimation technique, just a change in the rate of writing down the value of the asset.

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

Property

2% straight line

Plant & Machinery

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade creditors

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 the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Seggiehill Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

-

1,770

1,770

At 30 November 2023

-

1,770

1,770

Depreciation

At 1 December 2022

33,851

567

34,418

Charge for the year

-

300

300

Eliminated on disposal

(33,851)

-

(33,851)

At 30 November 2023

-

867

867

Carrying amount

At 30 November 2023

-

903

903

At 30 November 2022

392,178

1,203

393,381

Included within the net book value of land and buildings above is £Nil (2022 - £392,179) in respect of freehold land and buildings.
 

5

Investment properties

 

Seggiehill Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

At 1 December

426,029

Additions

17,218

Fair value adjustments

76,351

At 30 November

519,598

There has been no valuation of investment property by an independent valuer.

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

3,553

-

Other creditors

188,657

168,990

192,210

168,990

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A Shares of £0.10 each

80

8

80

8

Ordinary B Shares of £0.10 each

10

1

10

1

Ordinary C Shares of £0.10 each

5

1

5

1

Ordinary D Shares of £0.10 each

5

1

5

1

100

10

100

10