Registered number
10767829
Seafield Development and Investment Ltd
Unaudited Filleted Accounts
31 March 2024
Seafield Development and Investment Ltd
Registered number: 10767829
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 784 4,952
Current assets
Stocks 5,221 -
Debtors 4 2,258 3,135
Investments held as current assets 5 204,549 35,987
Cash at bank and in hand 162,282 12,130
374,310 51,252
Creditors: amounts falling due within one year 6 (316,030) (3,548)
Net current assets 58,280 47,704
Total assets less current liabilities 59,064 52,656
Provisions for liabilities (150) -
Net assets 58,914 52,656
Capital and reserves
Called up share capital 100 100
Profit and loss account 58,814 52,556
Shareholders' funds 58,914 52,656
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J P Stone
Director
Approved by the board on 16 August 2024
Seafield Development and Investment Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. Turnover from the sale of property is recognised upon exchange of contracts. As properties are only sold when they are completed then all the costs are released to profit and loss at the same time as all the income. Until a property is sold, all the costs for that property are held on the balance sheet as work in progress.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles over 4 years
Investments
Investments in joint ventures are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors and creditors receivable/payable within one year
Debtor and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 2,282 20,500 22,782
Additions 750 - 750
At 31 March 2024 3,032 20,500 23,532
Depreciation
At 1 April 2023 1,865 15,965 17,830
Charge for the year 383 4,535 4,918
At 31 March 2024 2,248 20,500 22,748
Net book value
At 31 March 2024 784 - 784
At 31 March 2023 417 4,535 4,952
4 Debtors 2024 2023
£ £
Deferred tax asset - 507
Other debtors 2,258 2,628
2,258 3,135
5 Investments held as current assets 2024 2023
£ £
Cost
Unlisted investments 204,549 35,987
The investment is the cost incurred in a Joint Venture.
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 436 37
Taxation and social security costs 1,988 580
Other creditors 313,606 2,931
316,030 3,548
7 Other information
Seafield Development and Investment Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Providence Court
Pynes Hill
Exeter
Devon
EX2 5JL
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