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Registration number: SC297233

Seafield Estates Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Seafield Estates Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Seafield Estates Limited

(Registration number: SC297233)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,057

442

Investment property

5

1,069,077

994,491

 

1,074,134

994,933

Current assets

 

Debtors

6

182,335

118,760

Cash at bank and in hand

 

7,360

102,325

 

189,695

221,085

Creditors: Amounts falling due within one year

7

(220,640)

(171,925)

Net current (liabilities)/assets

 

(30,945)

49,160

Total assets less current liabilities

 

1,043,189

1,044,093

Creditors: Amounts falling due after more than one year

7

(237,354)

(254,675)

Provisions for liabilities

(11,026)

(10,660)

Net assets

 

794,809

778,758

Capital and reserves

 

Called up share capital

340,489

340,489

Retained earnings

8

454,320

438,269

Shareholders' funds

 

794,809

778,758

For the financial year ending 29 February 2024 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

 

Seafield Estates Limited

(Registration number: SC297233)
Statement of Financial Position as at 29 February 2024

Approved and authorised by the director on 30 May 2024
 


 

Mr A D Hutcheson
Director

 

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
3 Old Hawkhill
Dundee
DD1 5EU
Scotland

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income 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.

 

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

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 & fittings

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised 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.

 

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 0 (2023 - 0).

 

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 March 2023

6,856

6,856

Additions

5,040

5,040

At 29 February 2024

11,896

11,896

Depreciation

At 1 March 2023

6,414

6,414

Charge for the year

425

425

At 29 February 2024

6,839

6,839

Carrying amount

At 29 February 2024

5,057

5,057

At 28 February 2023

442

442

5

Investment properties

2024
£

At 1 March

994,491

Additions

74,586

Disposals

-

Fair value adjustments

-

At 29 February

1,069,077

The last valuation of the properties was at 29 February 2024 by the directors and they are of the opinion that they are stated at fair value in these accounts.

 

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

10

-

913

Other debtors

 

182,335

117,847

   

182,335

118,760

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

33,705

27,833

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

10

17,959

-

Taxation and social security

 

24,313

9,197

Accruals and deferred income

 

6,022

5,107

Other creditors

 

138,641

129,788

 

220,640

171,925

The bank borrowings are secured by standard security held over various investment properties and a bond and floating charge over all of the company's assets.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

237,354

254,675

The bank borrowings are secured by standard security held over various investment properties and a bond and floating charge over all of the company's assets.

 

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Reserves

2024

2023

£

£

Profit and loss account - distributable reserves

407,317

390,900

Revaluation of investment properties - undistributable reserves

58,029

58,029

Deferred tax on revaluation of investment properties - undistributable reserves

(11,026)

(10,660)

454,320

438,269

9

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £1.00 (2023 - £Nil) per each Ordinary

61,209

-

 

 

10

Related party transactions

Transactions with the Director

2024

At 1 March 2023
£

Advances to Director
£

Repayments by Director
£

At 29 February 2024
£

Mr A D Hutcheson

(20,269)

(36,066)

41,669

(14,667)

2023

At 1 March 2022
£

Advances to Director
£

Repayments by Director
£

At 28 February 2023
£

Mr A D Hutcheson

(24,082)

(56,637)

60,450

(20,269)

 

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Parent and ultimate parent undertaking

The Company's immediate parent is St Colmes Ltd, incorporated in Scotland.