Company registration number 11795145 (England and Wales)
SEABREEZE HOMES & PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
SEABREEZE HOMES & PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SEABREEZE HOMES & PROPERTIES LTD (REGISTERED NUMBER: 11795145)
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
650,000
650,000
Current assets
Cash at bank and in hand
13,509
4,322
Creditors: amounts falling due within one year
4
(66,890)
(58,474)
Net current liabilities
(53,381)
(54,152)
Total assets less current liabilities
596,619
595,848
Creditors: amounts falling due after more than one year
5
(446,374)
(450,964)
Provisions for liabilities
(36,434)
(36,334)
Net assets
113,811
108,550
Capital and reserves
Called up share capital
60
60
Non-distributable profits reserve
6
113,727
113,827
Distributable profit and loss reserves
24
(5,337)
Total equity
113,811
108,550
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SEABREEZE HOMES & PROPERTIES LTD (REGISTERED NUMBER: 11795145)
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr J Nurse
Ms T Tyrrell
Director
Director
SEABREEZE HOMES & PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Seabreeze Homes & Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Clyne Castle Cottage, Mill Lane, Swansea, SA3 5BD.
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 £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments 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 is recognised at the fair value of consideration received or receivable for the rental income
provided in the normal course of business. The following criteria must also be met before turnover is
recognised.
Turnover from a contract to provide services is recognised in the period in which the rental services
are provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
- The amount of turnover can be measured reliably
- It is probable that the company will receive the consideration due under the contract
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
1.4
Investment property
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. Changes in fair value are recognised in profit or loss. Investment property is not subject to depreciation.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SEABREEZE HOMES & PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
650,000
The property has been revalued at an amount of £650,000 at the directors' best estimate.
SEABREEZE HOMES & PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,222
7,778
Trade creditors
2,406
Taxation and social security
2,132
Other creditors
59,536
48,290
66,890
58,474
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
446,374
450,964
At the year end there are secured creditors of £446,374. The loans are secured by way of a fixed charge, and also contain a negative pledge.
6
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
113,827
161,308
Non distributable profits in the year
(100)
(47,481)
At the end of the year
113,727
113,827