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REGISTERED NUMBER: 03211467 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31st December 2023

for

SEWARD LIMITED

SEWARD LIMITED (REGISTERED NUMBER: 03211467)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SEWARD LIMITED

Company Information
for the Year Ended 31st December 2023







DIRECTORS: J L Patrick
S J Ray
D P Crothers





SECRETARY: Mrs E C Patrick





REGISTERED OFFICE: Technology Centre
Easting Close
Worthing
West Sussex
BN14 8HQ





REGISTERED NUMBER: 03211467 (England and Wales)





ACCOUNTANTS: MastersFuller
Chartered Certified Accountants
38 Salisbury Road
Worthing
West Sussex
BN11 1RD

SEWARD LIMITED (REGISTERED NUMBER: 03211467)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 954 1,087
Tangible assets 5 845,998 860,424
Investments 6 70 70
847,022 861,581

CURRENT ASSETS
Debtors 7 41,974 1,715
Cash at bank 6,560 12,471
48,534 14,186
CREDITORS
Amounts falling due within one year 8 36,959 150,137
NET CURRENT ASSETS/(LIABILITIES) 11,575 (135,951 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

858,597

725,630

CREDITORS
Amounts falling due after more than one
year

9

(482,281

)

(339,143

)

PROVISIONS FOR LIABILITIES (32,759 ) (32,759 )
NET ASSETS 343,557 353,728

CAPITAL AND RESERVES
Called up share capital 4,314 4,314
Capital redemption reserve 11 1,707 1,707
Fair value reserve 11 422,914 422,914
Retained earnings 11 (85,378 ) (75,207 )
SHAREHOLDERS' FUNDS 343,557 353,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SEWARD LIMITED (REGISTERED NUMBER: 03211467)

Balance Sheet - continued
31st December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th September 2024 and were signed on its behalf by:





J L Patrick - Director


SEWARD LIMITED (REGISTERED NUMBER: 03211467)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

Seward Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover relates to recharged expenses charged to the parent company, net of Value Added Tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Fixtures and fittings - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


SEWARD LIMITED (REGISTERED NUMBER: 03211467)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1st January 2023
and 31st December 2023 21,193
AMORTISATION
At 1st January 2023 20,106
Amortisation for year 133
At 31st December 2023 20,239
NET BOOK VALUE
At 31st December 2023 954
At 31st December 2022 1,087

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1st January 2023
and 31st December 2023 855,000 10,478 865,478
DEPRECIATION
At 1st January 2023 - 5,054 5,054
Charge for year 14,031 395 14,426
At 31st December 2023 14,031 5,449 19,480
NET BOOK VALUE
At 31st December 2023 840,969 5,029 845,998
At 31st December 2022 855,000 5,424 860,424

SEWARD LIMITED (REGISTERED NUMBER: 03211467)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31st December 2023 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2022 279,223 - 279,223
Cost 575,777 10,478 586,255
855,000 10,478 865,478

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 575,777 575,777
Aggregate depreciation 176,450 176,450

Value of land in freehold land and buildings 399,327 399,327

Freehold property was valued on an open market basis on 31st December 2022 by the directors .

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 70
NET BOOK VALUE
At 31st December 2023 70
At 31st December 2022 70

Consolidated accounts have not been prepared, as the company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the company and the group are considered eligible for the exemption as determined by reference to sections 384 and 399(2A) of the Act.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 35,869 -
Other debtors 6,105 1,715
41,974 1,715

SEWARD LIMITED (REGISTERED NUMBER: 03211467)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans & overdrafts 30,588 24,000
Trade creditors 2,506 2,121
Amounts owed to group undertakings - 121,851
Other creditors 3,865 2,165
36,959 150,137

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 482,281 339,143

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 482,281 339,143

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 512,869 363,143

National Westminster Bank plc holds a fixed charge over the assets of the business in respect of the mortgage.

11. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1st January 2023 (75,207 ) 1,707 422,914 349,414
Deficit for the year (10,171 ) (10,171 )
At 31st December 2023 (85,378 ) 1,707 422,914 339,243