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Registered number: 08295793
Seapoint Investments Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 30 November 2023
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Statement of Income and Retained Earnings 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Directors J B Tully
A S McAlpine
Company Number 08295793
Registered Office 3 Deadmans Ash Lane
Sarratt
Rickmansworth
Hertfordshire
WD3 6AL
Accountants Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 November 2023.
Principal Activity
The company's principal activity continues to be that of property ownership and rental business.
Directors
The directors who held office during the year were as follows:
J B Tully
A S McAlpine
Small Company Rules
This report has 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.
On behalf of the board
J B Tully
Director
27/08/2024
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Page 3
Accountants' Report
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 November 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
27/08/2024
Exceed Accountants Limited
Ground Floor Marlborough House
298 Regents Park Road
London
N3 2SZ
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Page 4
Statement of Income and Retained Earnings
2023 2022
Notes £ £
TURNOVER 12,125 14,264
GROSS PROFIT 12,125 14,264
Administrative expenses (2,966 ) (5,345 )
Loss on revaluation of investment property - (20,000 )
OPERATING PROFIT/(LOSS) 9,159 (11,081 )
Interest payable and similar charges (7,447 ) (8,142 )
PROFIT/(LOSS) BEFORE TAXATION 1,712 (19,223 )
Tax on Profit/(loss) (325 ) (148 )
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR 1,387 (19,371 )
RETAINED EARNINGS
As at 1 December 2022 15,970 15,340
As at 30 November 2023 17,357 15,970
The notes on pages 7 to 9 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 340,000 340,000
340,000 340,000
CURRENT ASSETS
Cash at bank and in hand 7,902 26,742
7,902 26,742
Creditors: Amounts Falling Due Within One Year 4 (1,967 ) (1,642 )
NET CURRENT ASSETS (LIABILITIES) 5,935 25,100
TOTAL ASSETS LESS CURRENT LIABILITIES 345,935 365,100
Creditors: Amounts Falling Due After More Than One Year 5 (220,228 ) (240,780 )
NET ASSETS 125,707 124,320
CAPITAL AND RESERVES
Called up share capital 6 100 100
Revaluation reserve 108,250 108,250
Profit and Loss Account 17,357 15,970
SHAREHOLDERS' FUNDS 125,707 124,320
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Page 6
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
J B Tully
Director
27/08/2024
The notes on pages 7 to 9 form part of these financial statements.
Page 6
Page 7
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% on cost
1.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 2)
2 2
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3. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2022 340,000 3,880 343,880
As at 30 November 2023 340,000 3,880 343,880
Depreciation
As at 1 December 2022 - 3,880 3,880
As at 30 November 2023 - 3,880 3,880
Net Book Value
As at 30 November 2023 340,000 - 340,000
As at 1 December 2022 340,000 - 340,000
In the opinion of the directors, the fair value of the investment properties is considered to be £340,000 as at 30 November 2023.
4. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 473 148
Accruals and deferred income 1,494 1,494
1,967 1,642
5. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Directors loan account 220,228 240,780
220,228 240,780
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Value Number 2023 2022
Allotted, called up and fully paid £ £ £
Ordinary Shares 1 100 100 100
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7. Related Party Transactions
At the balance sheet date company owed its directors J B Tully £140,475 (2022 - £153,925) and A S McAlpine £79,753 (2022 - £86,856).
These loans are interest bearing (interest rate of 3.5% per annum), repayable on demand and long term in nature.
8. Ultimate Controlling Party
The ultimate controlling party are the company directors.
9. General Information
Seapoint Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08295793 . The registered office is 3 Deadmans Ash Lane, Sarratt, Rickmansworth, Hertfordshire, WD3 6AL.
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