2023-01-012023-12-312023-12-31false05268253Florence House Seaford 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Florence House Seaford Limited

Registered Number
05268253
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Florence House Seaford Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Mairin COLLEARY
Barry COLLEARY
George GLENDON
Daphne HAGENBACH,

Company Secretary

COLLEARY, Mairin

Registered Address

Florence House, Southdown Road
Seaford
East Sussex
BN25 4JS

Registered Number

05268253 (England and Wales)
Florence House Seaford Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3121,197147,147
121,197147,147
Current assets
Stocks9551,231
Debtors291,644230,624
Cash at bank and on hand129,508118,625
422,107350,480
Creditors amounts falling due within one year4(81,734)(109,673)
Net current assets (liabilities)340,373240,807
Total assets less current liabilities461,570387,954
Creditors amounts falling due after one year(181,152)(135,389)
Provisions for liabilities(12,518)(16,260)
Net assets267,900236,305
Capital and reserves
Called up share capital2,0002,000
Share premium18,00018,000
Profit and loss account247,900216,305
Shareholders' funds267,900236,305
The financial statements were approved and authorised for issue by the Board of Directors on 25 June 2024, and are signed on its behalf by:
Mairin COLLEARY
Director
Registered Company No. 05268253
Florence House Seaford Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year170
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23462,786
Additions1,951
At 31 December 23464,737
Depreciation and impairment
At 01 January 23315,640
Charge for year27,900
At 31 December 23343,540
Net book value
At 31 December 23121,197
At 31 December 22147,147
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables6,3558,921
Bank borrowings and overdrafts10,00410,004
Taxation and social security40,64534,939
Other creditors15,69851,032
Accrued liabilities and deferred income9,0324,777
Total81,734109,673
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Related party transactions
At 31 December 2023 the company was owed £157,125.34 by Florence House Seaford Limited, A company in common ownership.