Company registration number 0577593 (England and Wales)
SEFTON HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SEFTON HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
SEFTON HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,246
1,745
Investment properties
5
21,495,040
16,836,503
21,496,286
16,838,248
Current assets
Debtors
6
96,473
170,811
Cash at bank and in hand
555,929
717,530
652,402
888,341
Creditors: amounts falling due within one year
7
(196,317)
(168,284)
Net current assets
456,085
720,057
Total assets less current liabilities
21,952,371
17,558,305
Creditors: amounts falling due after more than one year
8
(3,284,108)
(3,504,684)
Provisions for liabilities
9
(2,992,037)
(1,934,660)
Net assets
15,676,226
12,118,961
Capital and reserves
Called up share capital
10
4,765
4,765
Capital redemption reserve
2,697
2,697
Profit and loss reserve - not distributable
12,228,168
8,747,756
Distributable profit and loss reserves
3,440,596
3,363,743
Total equity
15,676,226
12,118,961
The directors of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS102 section 1A for small entities.
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mr M J R Bleasdale BA (Hons) MBA
Director
Company Registration No. 0577593
SEFTON HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserve - not distributable
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
4,765
2,697
9,039,485
3,193,982
12,240,929
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(291,729)
276,975
(14,754)
Dividends
-
-
-
(107,214)
(107,213)
Balance at 31 March 2023
4,765
2,697
8,747,756
3,363,743
12,118,961
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
3,531,236
216,629
3,747,865
Dividends
-
-
-
(190,600)
(190,600)
Realisation on sale of Investment Properties
-
-
(50,824)
50,824
-
Balance at 31 March 2024
4,765
2,697
12,228,168
3,440,596
15,676,226
SEFTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Sefton Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Molyneux Way, Old Roan, Aintree, Liverpool, L10 2JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rents receivable during the period net of VAT and trade discounts and is recognised on an accruals basis in accordance with the relevant tenancy agreement. Any rent free incentives granted are spread across the full term of the lease.
Turnover also includes service charges in respect of insurance and redecoration, which are calculated annually, recharged to the tenants and credited to income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Equally over between 3 and 20 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SEFTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Changes to the fair value of the investment properties will also affect the provision for deferred tax on the revaluation gains. Increases or decreases in the provision form part of the taxation charge in the profit and loss account.
Investment properties are not depreciated and this treatment is contrary to Companies Act 2006, which states fixed assets should be depreciated.
Notwithstanding this matter, the company has complied with applicable legislation. In the opinion of the director, the departure has been necessary to show a true and fair view of the company's financial position and performance. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SEFTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
SEFTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Operating leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
82,546
64,619
Adjustments in respect of prior periods
989
Total current tax
83,535
64,619
Deferred tax
Origination and reversal of timing differences
1,057,377
(85,049)
Total tax charge/(credit)
1,140,912
(20,430)
SEFTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
15,667
Depreciation and impairment
At 1 April 2023
13,922
Depreciation charged in the year
499
At 31 March 2024
14,421
Carrying amount
At 31 March 2024
1,246
At 31 March 2023
1,745
5
Investment property
2024
£
Fair value or cost
At 1 April 2023
16,836,503
Additions at cost
259,924
Disposals at fair value
(190,000)
Increase in fair value
4,588,613
At 31 March 2024
21,495,040
The freehold and long leasehold properties owned by the Company were valued as at 31 March 2024 by an external valuer, Gerald Eve LLP, a regulated firm of Chartered Surveyors. The valuation was prepared in accordance with the requirements of the RICS Valuation - Global Standard 2022 and the national standards and guidance set out in the UK national supplement (November 2018), the International Valuation Standards, and UK GAAP FRS 102 Section 1A for small entities.
The aggregate fair value of the residential properties as at 31 March 2024 was £19,020,040 (2023 - £14,286,503) and the company's commercial properties were valued at £2,475,000 (2023 - £2,550,000).
No depreciation is provided in respect of investment properties for the reasons set out in the accounting policies note.
SEFTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
69,085
137,207
Other debtors
27,388
33,604
96,473
170,811
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
82,509
64,619
Other taxation and social security
14,202
14,938
Other creditors
99,606
88,727
196,317
168,284
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,284,108
3,504,684
The bank loan is secured by a fixed charge over the investment properties of the company and by a floating charge over all the property or undertaking of the company. The charge also includes a negative pledge clause under which the company cannot pledge as security the assets charged to the bank in respect of any additional borrowings.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fair value adjustment re investment property
2,992,037
1,934,660
SEFTON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 April 2023
1,934,660
Charge to profit or loss
1,057,377
Liability at 31 March 2024
2,992,037
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
4,765 Ordinary shares of £1 each
4,765
4,765
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Louise Casey ACA.
The auditor was Mitchell Charlesworth (Audit) Limited.
12
Parent company
The ultimate and immediate parent company is Bleasdale Investments Limited, which is incorporated in England and Wales.
2024-03-312023-04-01false23 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr M J R Bleasdale BA (Hons) MBAMr C S R BleasdaleMr J C R BleasdaleMrs S F R Garforthfalsefalse05775932023-04-012024-03-3105775932024-03-3105775932023-03-310577593core:OtherPropertyPlantEquipment2024-03-310577593core:OtherPropertyPlantEquipment2023-03-310577593core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-310577593core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-310577593core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-310577593core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-310577593core:CurrentFinancialInstruments2024-03-310577593core:CurrentFinancialInstruments2023-03-310577593core:ShareCapital2024-03-310577593core:ShareCapital2023-03-310577593core:CapitalRedemptionReserve2024-03-310577593core:CapitalRedemptionReserve2023-03-310577593core:FurtherSpecificReserve1ComponentTotalEquity2024-03-310577593core:FurtherSpecificReserve1ComponentTotalEquity2023-03-310577593core:RetainedEarningsAccumulatedLosses2024-03-310577593core:RetainedEarningsAccumulatedLosses2023-03-310577593core:ShareCapital2022-03-310577593core:CapitalRedemptionReserve2022-03-310577593core:FurtherSpecificReserve1ComponentTotalEquity2022-03-3105775932022-03-310577593bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-310577593bus:Director12023-04-012024-03-310577593core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3105775932022-04-012023-03-310577593core:RetainedEarningsAccumulatedLosses2023-04-012024-03-310577593core:FurnitureFittings2023-04-012024-03-310577593core:UKTax2023-04-012024-03-310577593core:UKTax2022-04-012023-03-310577593core:OtherPropertyPlantEquipment2023-03-310577593core:OtherPropertyPlantEquipment2023-04-012024-03-3105775932023-03-310577593core:WithinOneYear2024-03-310577593core:WithinOneYear2023-03-310577593core:Non-currentFinancialInstruments2024-03-310577593core:Non-currentFinancialInstruments2023-03-310577593bus:PrivateLimitedCompanyLtd2023-04-012024-03-310577593bus:FRS1022023-04-012024-03-310577593bus:Audited2023-04-012024-03-310577593bus:Director22023-04-012024-03-310577593bus:Director32023-04-012024-03-310577593bus:Director42023-04-012024-03-310577593bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP