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Registration number: 01006947

Seacroft Holiday Estate (Trusthorpe) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Seacroft Holiday Estate (Trusthorpe) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Seacroft Holiday Estate (Trusthorpe) Limited

Company Information


 

Directors

R Sutherland

Mrs D Smith

Mrs J Barnes


 

Registered office

Sutton Road
Trusthorpe
Mablethorpe
LN12 2PN


 


 

 

Seacroft Holiday Estate (Trusthorpe) Limited

(Registration number: 01006947)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

605,752

579,828

Current assets

 

Stocks

6

138,789

78,633

Debtors

7

3,313

14,597

Other financial assets

5

717,438

716,044

Cash at bank and in hand

 

1,093,950

991,332

 

1,953,490

1,800,606

Creditors: Amounts falling due within one year

8

(984,745)

(854,678)

Net current assets

 

968,745

945,928

Total assets less current liabilities

 

1,574,497

1,525,756

Provisions for liabilities

(124,161)

(85,297)

Net assets

 

1,450,336

1,440,459

Capital and reserves

 

Called up share capital

6,992

6,992

Revaluation reserve

252,464

265,054

Other reserves

5,008

5,008

Retained earnings

1,185,872

1,163,405

Shareholders' funds

 

1,450,336

1,440,459

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................

R Sutherland

Director

 

Seacroft Holiday Estate (Trusthorpe) Limited

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 England and Wales and the company registration number is 01006947.

The address of its registered office is:
Sutton Road
Trusthorpe
Mablethorpe
LN12 2PN

These financial statements cover the individual entity, Seacroft Holiday Estate (Trusthorpe) Limited.

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.

These financial statements are presented in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Going concern

The financial statements 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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Seacroft Holiday Estate (Trusthorpe) Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance and 10% straight line

Motor vehicles

25% reducing balance

Land and buildings

10% reducing balance and 4% reducing balance

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.

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, 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.

 

Seacroft Holiday Estate (Trusthorpe) Limited

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 19 (2022 - 18).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,195,490

351,040

53,029

1,599,559

Additions

62,393

9,187

-

71,580

At 31 December 2023

1,257,883

360,227

53,029

1,671,139

Depreciation

At 1 January 2023

698,278

275,737

45,716

1,019,731

Charge for the year

30,607

13,221

1,828

45,656

At 31 December 2023

728,885

288,958

47,544

1,065,387

Carrying amount

At 31 December 2023

528,998

71,269

5,485

605,752

At 31 December 2022

497,212

75,303

7,313

579,828

Included within the net book value of land and buildings above is £528,998 (2022 - £497,212) in respect of freehold land and buildings.
 

 

Seacroft Holiday Estate (Trusthorpe) Limited

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 January 2023

716,044

716,044

Fair value adjustments

1,394

1,394

At 31 December 2023

717,438

717,438

Impairment

Carrying amount

At 31 December 2023

717,438

717,438

6

Stocks

2023
£

2022
£

Raw materials and consumables

15,894

13,368

Other inventories

122,895

65,265

138,789

78,633

7

Debtors

Current

2023
£

2022
£

Trade debtors

3,313

14,597

 

3,313

14,597

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Directors loan account

9

2,000

22,634

Trade creditors

 

110,862

31,104

Taxation and social security

 

111,427

107,978

Accrued expenses

 

429,683

415,660

Other creditors

 

330,773

277,302

 

984,745

854,678

 

Seacroft Holiday Estate (Trusthorpe) Limited

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

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

2,000

22,634

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £29.00 per each ordinary share capital

202,768

202,768