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REGISTERED NUMBER: 11117337 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SEASIDE HOMES LIMITED

SEASIDE HOMES LIMITED (REGISTERED NUMBER: 11117337)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


SEASIDE HOMES LIMITED (REGISTERED NUMBER: 11117337)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 988 733
Investment property 5 240,000 190,000
240,988 190,733

CURRENT ASSETS
Debtors 6 270 368
Cash at bank 3,109 4,814
3,379 5,182
CREDITORS
Amounts falling due within one year 7 74,373 79,500
NET CURRENT LIABILITIES (70,994 ) (74,318 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

169,994

116,415

CREDITORS
Amounts falling due after more than one
year

8

(65,827

)

(67,952

)

PROVISIONS FOR LIABILITIES (24,480 ) (9,105 )
NET ASSETS 79,687 39,358

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 73,440 35,020
Retained earnings 6,246 4,337
79,687 39,358

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

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

The director acknowledges her 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.

SEASIDE HOMES LIMITED (REGISTERED NUMBER: 11117337)

BALANCE SHEET - continued
31 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 director and authorised for issue on 25 September 2024 and were signed by:





T L Gent - Director


SEASIDE HOMES LIMITED (REGISTERED NUMBER: 11117337)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Seaside Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11117337

Registered office: 8 Hyde Gardens
Eastbourne
BN21 4PN

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
Based on the director's continued support and review of the company's expected performance and projected cash flows, the director has concluded that these financial statements should be prepared on a going concern basis.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Turnover
Turnover represents amounts receivable by the company in respect of rent receivable during the period.
Turnover is exempt from value added tax.

Turnover is recognised base on the period rentals relate to.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes purchase cost and directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

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.


SEASIDE HOMES LIMITED (REGISTERED NUMBER: 11117337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES

The average number of employees during the year was NIL (2022 - 1 ).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,004
Additions 484
At 31 December 2023 1,488
DEPRECIATION
At 1 January 2023 271
Charge for year 229
At 31 December 2023 500
NET BOOK VALUE
At 31 December 2023 988
At 31 December 2022 733

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 190,000
Revaluations 50,000
At 31 December 2023 240,000
NET BOOK VALUE
At 31 December 2023 240,000
At 31 December 2022 190,000

SEASIDE HOMES LIMITED (REGISTERED NUMBER: 11117337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2019 47,920
Valuation in 2020 20,000
Valuation in 2021 (20,000 )
Valuation in 2023 50,000
Cost 142,080
240,000

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

2023 2022
£    £   
Cost 142,080 142,080

The investment property was valued on an open market basis on 31 December 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments and accrued income 270 368

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,841 7,841
Other creditors 1,800 1,800
Directors' current accounts 63,352 68,540
Accruals and deferred income 1,380 1,319
74,373 79,500

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-5 years 39,203 39,203
Bank loans more 5 yrs non-inst 26,624 28,749
65,827 67,952

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 26,624 28,749

Lloyds Bank PLC have a fixed & floating charge over all current and future assets of the company.