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Registered number: 00341608










SEATON TRUST LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 March 2024

 
SEATON TRUST LIMITED
Registered number: 00341608

BALANCE SHEET
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 6 
12,800,000
12,615,000

  
12,800,000
12,615,000

Current assets
  

Debtors: amounts falling due within one year
 7 
37,876
109,055

Cash at bank and in hand
 8 
2,138,430
1,973,805

  
2,176,306
2,082,860

Creditors: amounts falling due within one year
 9 
(185,864)
(130,693)

Net current assets
  
 
 
1,990,442
 
 
1,952,167

Total assets less current liabilities
  
14,790,442
14,567,167

Provisions for liabilities
  

Deferred tax
 11 
(1,759,449)
(1,685,812)

  
 
 
(1,759,449)
 
 
(1,685,812)

Net assets
  
13,030,993
12,881,355


Capital and reserves
  

Called up share capital 
  
11,850
11,850

Fair value reserve
 12 
7,798,443
7,674,502

Profit and loss account
 12 
5,220,700
5,195,003

  
13,030,993
12,881,355


Page 1

 
SEATON TRUST LIMITED
Registered number: 00341608
    
BALANCE SHEET (CONTINUED)
As at 31 March 2024

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 27 August 2024.




I D Jefferson TD, BA, BSc, FRICS
Director and Company Secretary

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SEATON TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

1.


General information

The Company is a private limited company, which is incorporated and registered in England (no. 00341608). The address of the registered office is 49 Park View, Whitley Bay, Tyne & Wear, NE26 2TP.

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 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has cash resources and no requirement for external funding. 
The directors have reviewed the prospects for the company's administration over the coming 12 months and have a reasonable expectation that the company has adequate cash resources to continue in operational existence for the foreseeable future. Consequently, they consider it is appropriate that the financial statements for the year ended 31 March 2024 be prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
SEATON TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined every 5 years by external valuers and by the Directors in the intervening years. Values are 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 profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 4

 
SEATON TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.9

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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

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.

Page 5

 
SEATON TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors are satisfied that there are no critical judgments in applying the accounting policies applied, or any key sources of estimation uncertainty in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
SEATON TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

5.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 April 2023
7,141



At 31 March 2024

7,141



Depreciation


At 1 April 2023
7,141



At 31 March 2024

7,141



Net book value



At 31 March 2024
-



At 31 March 2023
-

Page 7

 
SEATON TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
12,615,000


Disposals
(500,000)


Surplus on revaluation
685,000



At 31 March 2024
12,800,000


Comprising


Cost
3,242,110

Annual revaluation surplus/(deficit):


2023
8,872,890

2024
685,000

At 31 March 2024
12,800,000

The 2024 valuation were made by the Directors following advice from Hindmarsh & Partners but without a formal detailed valuation. This valuation takes into account general market conditions.
The last independent valuation was prepared as at March 2023 by Hindmarsh & Partners, Chartered Surveyors. The valuation is on a Fair Value basis with a special assumption that properties will generally continue to be held for investment purposes.





7.


Debtors

2024
2023
£
£


Trade debtors
19,615
97,658

Prepayments and accrued income
18,261
11,397

37,876
109,055


Page 8

 
SEATON TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,138,430
1,973,805

2,138,430
1,973,805



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
173,263
97,925

Accruals and deferred income
12,601
32,768

185,864
130,693



10.


Taxation



Corporation tax
173,263
97,925

Provision for deferred tax
73,637
1,316,196

246,900
1,414,121



11.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,685,812)
(369,616)


Charged to profit or loss
(73,637)
(1,316,196)



At end of year
(1,759,449)
(1,685,812)

Page 9

 
SEATON TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment properties
(1,759,449)
(1,685,812)

(1,759,449)
(1,685,812)


12.


Reserves

Fair value reserve
The fair value reserve relates to the revaluation of investment properties.

Profit & loss account

The profit & loss account includes all current and prior period retained profits and losses.


13.


Reconciliation of income for the year

2024
2023
£
£

Realised Profit


Profit before tax
422,538
837,170

Tax on profit on ordinary activities
(173,263)
(97,925)

Realised profit for the year

249,275
739,245

Unrealised Income


Unrealised surplus on revaluation
685,000
5,469,883

Movement in deferred tax provision
(73,637)
(1,316,196)

Unrealised income for the year

611,363
4,153,687


Combined income for the year
860,638
4,892,932

Combined income for the year

860,638
4,892,932

Page 10

 
SEATON TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

14.


Dividends

2024
2023
£
£


Dividends paid on total shares issued
711,000
711,000

711,000
711,000


15.


Related party transactions

During the year the company made payments to the following:
To ID Jefferson £20,540 (2023 - £19,720) by way of secretarial fees.
Hindmarsh & Partners Whitley Bay, an unincorporated business of which ID Jefferson is a partner:
£NIL excluding VAT (2023 - £29,017) by way of managing agent's commission; and
£4,750 excluding VAT (2023 - £19,573) by way of professional fees;
At the year end inculded within trade debtors were amounts held by Hindmarsh & Partners totalling   £13,482 (2023 - £11,731).


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 27 August 2024 by Ian Smith (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

 
Page 11