Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31false2022-06-01Development of building projects11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10166779 2022-06-01 2023-05-31 10166779 2021-06-01 2022-05-31 10166779 2023-05-31 10166779 2022-05-31 10166779 2021-06-01 10166779 c:Director2 2022-06-01 2023-05-31 10166779 d:FreeholdInvestmentProperty 2023-05-31 10166779 d:FreeholdInvestmentProperty 2022-05-31 10166779 d:CurrentFinancialInstruments 2023-05-31 10166779 d:CurrentFinancialInstruments 2022-05-31 10166779 d:Non-currentFinancialInstruments 2023-05-31 10166779 d:Non-currentFinancialInstruments 2022-05-31 10166779 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10166779 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10166779 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 10166779 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 10166779 d:ShareCapital 2023-05-31 10166779 d:ShareCapital 2022-05-31 10166779 d:RevaluationReserve 2022-06-01 2023-05-31 10166779 d:RevaluationReserve 2023-05-31 10166779 d:RevaluationReserve 2022-05-31 10166779 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 10166779 d:RetainedEarningsAccumulatedLosses 2023-05-31 10166779 d:RetainedEarningsAccumulatedLosses 2022-05-31 10166779 c:FRS102 2022-06-01 2023-05-31 10166779 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 10166779 c:FullAccounts 2022-06-01 2023-05-31 10166779 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10166779 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 10166779 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 10166779 e:PoundSterling 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 10166779









SEFTON COMMERCIAL LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
SEFTON COMMERCIAL LTD
REGISTERED NUMBER: 10166779

BALANCE SHEET
AS AT 31 MAY 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
180,000
180,000

Current assets
  

Debtors: amounts falling due within one year
 5 
43,750
43,750

Cash at bank and in hand
 6 
642
835

Creditors: amounts falling due within one year
 7 
(85,437)
(71,177)

Net current liabilities
  
 
 
(41,045)
 
 
(26,592)

Total assets less current liabilities
  
138,955
153,408

Creditors: amounts falling due after more than one year
 8 
(98,928)
(119,167)

Provisions for liabilities
  

Deferred tax
  
(6,287)
(6,287)

Net assets
  
33,740
27,954


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
 10 
26,802
26,802

Profit and loss account
 10 
6,936
1,150

  
33,740
27,954


Page 1

 
SEFTON COMMERCIAL LTD
REGISTERED NUMBER: 10166779
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2024.


P E Summers
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
SEFTON COMMERCIAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Sefton Commercial Ltd ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered number is 10166779. Its registered office is 62 Salisbury Road, Walmer, Kent, CT14 7QJ.
The principal activity of the Company is that of property development and investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

The Company's only source of revenue is rental income from investment properties let to third parties. Revenue is recognised in the accounting period in which the services are rendered.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the director or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income and transferred to a separate revaluation reserve.

 
2.4

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Page 3

 
SEFTON COMMERCIAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 4

 
SEFTON COMMERCIAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Investment properties


Investment properties

£



Valuation


At 1 June 2022
180,000



At 31 May 2023
180,000

The most recent external professional valuation was provided Vail Williams LLP, as at 30 March 2021. The value per this review was £180,000, on existing use open market basis. In the opinion of the directors, the value of the property is not materially different as at the year end.





5.


Debtors

2023
2022
£
£

Other debtors
43,750
43,750



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
642
835



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
13,342
10,000

Corporation tax
-
772

Other creditors
69,595
56,488

Accruals and deferred income
2,500
3,917

85,437
71,177


Page 5

 
SEFTON COMMERCIAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
98,928
119,167


The loan of £32,364 (2022 - £39,167) is unsecured and the interest rate is 2.5% per annum. The loan is repayable in May 2026.
The bank loan of £79,906 (
2022 - £90,000) is secured by a fixed charge over the investment properties as well as floating charges over all other property or undertakings of the Company.


9.


Deferred taxation




2023
2022


£

£






At beginning of year
(6,287)
(6,287)



At end of year
(6,287)
(6,287)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment properties
(6,287)
(6,287)


10.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative revaluation gains and losses which have arisen in respect of investment property.

Profit & loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


11.


Related party transactions

At the period end £42,597 (2022 - £42,597) was owed to companies which have a participating interest in the Company.

 
Page 6