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Registration number: 00242874

Douglas Seaton Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Douglas Seaton Limited
(Registration number: 00242874)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Douglas Seaton Limited
(Registration number: 00242874)

Company Information

Director

Mr E Seaton

Company secretary

Mr E Seaton

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Solicitors

Porter Dodson
The Close
Church Path
Yeovil
Somerset

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Douglas Seaton Limited
(Registration number: 00242874)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

420,000

420,000

Investments

5

200

200

 

420,200

420,200

Current assets

 

Debtors

6

1,640,809

1,457,885

Creditors: Amounts falling due within one year

7

(73,271)

(10,000)

Net current assets

 

1,567,538

1,447,885

Total assets less current liabilities

 

1,987,738

1,868,085

Creditors: Amounts falling due after more than one year

7

(73,510)

(83,510)

Net assets

 

1,914,228

1,784,575

Capital and reserves

 

Called up share capital

38,400

38,400

Revaluation reserve

419,092

419,092

Profit and loss account

1,456,736

1,327,083

Total equity

 

1,914,228

1,784,575

For the financial year ending 31 December 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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Douglas Seaton Limited
(Registration number: 00242874)

Balance Sheet as at 31 December 2023

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.

Approved and authorised by the director on 20 September 2024
 

.........................................
Mr E Seaton
Company secretary and director

 

Douglas Seaton Limited
(Registration number: 00242874)

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

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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.

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 399(2A) of the Companies Act 2006 and has not prepared group accounts.

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 the future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Douglas Seaton Limited
(Registration number: 00242874)

Notes to the Financial Statements for the Year Ended 31 December 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.

The value of freehold property in these accounts also includes freehold land, which is not depreciated. The value of freehold land has not been seperately quantified. The directors consider that the value of freehold land on which the buildings stand forms a significant part of the value at which they are stated in the accounts.

It is the company's policy to maintain the freehold property in a state of sound repair, the costs being written off to the profit and loss account when incurred. Accordingly, the directors' believe that the useful economic life of the buildings is so long and that the residual value, measured in prices prevailing at the time of acquisition, is so high, that any depreciation is not material to these accounts.

Any permanent diminution in the value of freehold property is recognised in the profit and loss account when incurred.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Douglas Seaton Limited
(Registration number: 00242874)

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Douglas Seaton Limited
(Registration number: 00242874)

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

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

420,000

420,000

At 31 December 2023

420,000

420,000

Depreciation

Carrying amount

At 31 December 2023

420,000

420,000

At 31 December 2022

420,000

420,000

Included within the net book value of land and buildings above is £420,000 (2022 - £420,000) in respect of freehold land and buildings.
 

Revaluations

The Freehold Property class of fixed assets was revalued on 3 February 2010 by Porters Intrinsic (members of RICS) who are external to the company. The basis of this valuation was on existing use and assuming continuing volume of business. This class of asset has a current value of £420,000 (2022 - £420,000) and a carrying amount at historical cost of £908 (2022 - £908). The depreciation on this historical cost is £Nil (2022 - £Nil).

 

Douglas Seaton Limited
(Registration number: 00242874)

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

5

Investments

2023
£

2022
£

Investments in subsidiaries

200

200

Subsidiaries

£

Cost or valuation

At 1 January 2023

200

At 31 December 2023

200

Carrying amount

At 31 December 2023

200

At 31 December 2022

200

6

Debtors

2023
£

2022
£

Trade debtors

9,435

9,435

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,340,752

1,353,794

Other debtors

268,000

-

Directors' current accounts

-

94,656

Prepayments and accrued income

22,622

-

Total current trade and other debtors

1,640,809

1,457,885

 

Douglas Seaton Limited
(Registration number: 00242874)

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

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

3,540

-

Other creditors

 

59,731

-

 

73,271

10,000

Due after one year

 

Loans and borrowings

8

73,510

83,510

8

Loans and borrowings

Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

73,510

83,510

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

9

Financial commitments, guarantees and contingencies

Support for group borrowings due to Barclays Bank Plc is provided under the terms of a cross guarantee and debenture between Douglas Seaton (Trading) Limited (formerly Douglas Seaton (Forecourts) Limited) and the company.

 

Douglas Seaton Limited
(Registration number: 00242874)

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

10

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director 1 Interest free loan repayable on demand

94,656

72,816

(167,472)

-

 

94,656

72,816

(167,472)

-

       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director 1 Interest free loan repayable on demand

186,593

136,977

(228,914)

94,656

 

186,593

136,977

(228,914)

94,656