Douglas Seaton (Trading) Limited 00546394 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of the operation of petrol forecourts Digita Accounts Production Advanced 6.30.9574.0 true true false 00546394 2023-01-01 2023-12-31 00546394 2023-12-31 00546394 core:RetainedEarningsAccumulatedLosses 2023-12-31 00546394 core:ShareCapital 2023-12-31 00546394 core:CurrentFinancialInstruments 2023-12-31 00546394 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00546394 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 00546394 bus:SmallEntities 2023-01-01 2023-12-31 00546394 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00546394 bus:FullAccounts 2023-01-01 2023-12-31 00546394 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00546394 bus:RegisteredOffice 2023-01-01 2023-12-31 00546394 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 00546394 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00546394 bus:Agent1 2023-01-01 2023-12-31 00546394 1 2023-01-01 2023-12-31 00546394 countries:UnitedKingdom 2023-01-01 2023-12-31 00546394 2022-01-01 2022-12-31 00546394 2022-12-31 00546394 core:RetainedEarningsAccumulatedLosses 2022-12-31 00546394 core:ShareCapital 2022-12-31 00546394 core:CurrentFinancialInstruments 2022-12-31 00546394 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00546394 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 00546394

Douglas Seaton (Trading) Limited





Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Douglas Seaton (Trading) Limited
(Registration number: 00546394)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Douglas Seaton (Trading) Limited
(Registration number: 00546394)

Company Information

Director

Mr E Seaton

Company secretary

Mr E Seaton

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Bankers

Barclays Bank Plc
King George Street
Yeovil
Somerset
BA20 1PX

Accountants

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

 

Douglas Seaton (Trading) Limited
(Registration number: 00546394)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

2,730

3,879

Cash at bank and in hand

 

71

140

 

2,801

4,019

Creditors: Amounts falling due within one year

5

(1,375,459)

(1,396,469)

Total assets less current liabilities

 

(1,372,658)

(1,392,450)

Creditors: Amounts falling due after more than one year

5

(6,526)

(10,441)

Net liabilities

 

(1,379,184)

(1,402,891)

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

(1,379,384)

(1,403,091)

Total equity

 

(1,379,184)

(1,402,891)

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.

 

Douglas Seaton (Trading) Limited
(Registration number: 00546394)

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.

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.

Approved and authorised by the director on 20 September 2024
 

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

 

Douglas Seaton (Trading) Limited
(Registration number: 00546394)

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 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.

Going concern

The company has net liabilities however the directors are confident that the company can trade profitably in the future.

The company has received confirmation of continued support from its parent company, Douglas Seaton Limited. Therefore these accounts have been prepared on a going concern basis.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Douglas Seaton (Trading) Limited
(Registration number: 00546394)

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 (Trading) Limited
(Registration number: 00546394)

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Douglas Seaton (Trading) Limited
(Registration number: 00546394)

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

4

Debtors

2023
£

2022
£

Other debtors

2,339

3,265

Prepayments and accrued income

391

614

Total current trade and other debtors

2,730

3,879

5

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

3,915

3,916

Trade creditors

24,673

30,189

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

1,340,752

1,353,794

Taxation and social security

1,804

3,495

Accrued expenses

4,315

5,075

1,375,459

1,396,469

Due after one year

Loans and borrowings

6,526

10,441

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

6,526

10,441

6

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance lease liability 1 (under 1yr)

3,915

3,916

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liability 1 (1-2 yrs)

6,526

10,441

 

Douglas Seaton (Trading) Limited
(Registration number: 00546394)

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

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,800 (2022 - £1,800). The total amount is in respect of operating leases.

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

8

Related party transactions

The company has taken advantage of the exemptions in FRS102 Section 1A "Related Party Disclosures" from disclosing transactions with other members of the group and key management personnel.

9

Parent and ultimate parent undertaking

The company's immediate parent is Douglas Seaton Limited, incorporated in United Kingdom.

 The ultimate controlling party is Mr E Seaton.