Registration number:
Seachel Company Limited
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Seachel Company Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Seachel Company Limited
Company Information
Director |
P E Warden |
Registered office |
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Accountants |
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Seachel Company Limited
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
(2,516,462) |
(601,830) |
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Shareholders' deficit |
(2,515,462) |
(600,830) |
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:
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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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 Statement of Income and Retained Earnings has been taken.
Seachel Company Limited
Statement of Financial Position as at 31 December 2023
Approved and authorised by the
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P E Warden
Director
Company registration number: 13057820
Seachel Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the operation of a licensed restaurant.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The company made a loss for the year ended 31 December 2023 and had net liabilities amounting to £2,515,462 at that date.
The company has funded the refurbishment of the leasehold premises and its initial working capital requirements with financial support from the parent undertaking to whom an amount of £3,296,398 was due at 31 December 2023. Although these amounts are payable on demand, the parent undertaking has confirmed it will continue to support the company and will not call for repayment until such time as the company has sufficient working capital.
On the basis of the above and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in the preparation of the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods or provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, discounts and rebates.
Revenue from restaurant sales are recognised at the date of service.
Seachel Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 |
Leasehold improvements |
Over period of lease |
Furniture, fittings and equipment |
20% straight line |
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.
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.
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 income statement 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.
Seachel Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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.
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Leasehold |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Stocks |
2023 |
2022 |
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Stock |
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- |
Seachel Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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- |
Other debtors |
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Details of non-current trade and other debtors
Other debtors includes an amount of £150,000 (2022: £150,000) recoverable in greater than one year.
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Seachel Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Other borrowings |
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Non-current loans and borrowings
2023 |
2022 |
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Other borrowings |
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The other borrowings are secured by a fixed charge over the leasehold property and a fixed and floating charge over the other assets and undertakings of the company.
Commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of capital commitments not included in the statement of financial position is £Nil (2022: £
Operating leases
The total future minimum lease payments not reflected in the statement of financial position amounts to £4,520,833 (2022: £4,770,833) plus a contingent amount based on future turnover.
Related party transactions |
Exemption is taken under FRS102 1AC.35 not to disclose transactions or amounts falling due with companies wholly owned within the group.