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Company registration number: 14701460
Seacroft Capital Developments Limited
Unaudited filleted financial statements
31 March 2024
Seacroft Capital Developments Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Seacroft Capital Developments Limited
Directors and other information
Directors James Swift (Appointed 2 March 2023)
Jenny Dreiling (Appointed 2 March 2023)
Secretary Jenny Dreiling
Company number 14701460
Registered office 122 Middlesex Street
London
E1 7HY
Business address 122 Middlesex Street
London
E1 7HY
Accountant N L Shah & Co
2 Crawford Gardens
Palmers Green
London
N13 5TD
Seacroft Capital Developments Limited
Statement of financial position
31 March 2024
31/03/24
Note £ £
Fixed assets
Tangible assets 4 423,649
_______
423,649
Current assets
Debtors 5 5,997
Cash at bank and in hand 2,156
_______
8,153
Creditors: amounts falling due
within one year 6 ( 15,695)
_______
Net current liabilities ( 7,542)
_______
Total assets less current liabilities 416,107
Creditors: amounts falling due
after more than one year 7 ( 415,103)
_______
Net assets 1,004
_______
Capital and reserves
Called up share capital 100
Profit and loss account 904
_______
Shareholders funds 1,004
_______
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 December 2024 , and are signed on behalf of the board by:
James Swift Jenny Dreiling
Director Director
Company registration number: 14701460
Seacroft Capital Developments Limited
Statement of changes in equity
Period ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 2 March 2023 - - -
Profit for the period 904 904
_______ _______ _______
Total comprehensive income for the period - 904 904
Issue of shares 100 100
_______ _______ _______
Total investments by and distributions to owners 100 - 100
_______ _______ _______
At 31 March 2024 100 904 1,004
_______ _______ _______
Seacroft Capital Developments Limited
Notes to the financial statements
Period ended 31 March 2024
1. General information
The company is a private company limited by share capital, incorporated in England and Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Investment property Total
£ £
Cost
At 2 March 2023 - -
Additions 423,649 423,649
_______ _______
At 31 March 2024 423,649 423,649
_______ _______
Depreciation
At 2 March 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 423,649 423,649
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
Additions 423,649
_______
_______
In the opinion of the Directors, the market value of the investment property at the Balance Sheet date is at least at its book value.
5. Debtors
31/03/24
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest 100
Other debtors 5,897
_______
5,997
_______
6. Creditors: amounts falling due within one year
31/03/24
£
Corporation tax 212
Other creditors 15,483
_______
15,695
_______
Other creditors include loans due within one year, and which are secured by fixed charges and negative pledges against the investment property of the company of £12,240.
7. Creditors: amounts falling due after more than one year
31/03/24
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest 124,807
Other creditors 290,296
_______
415,103
_______
Other Creditors include loans due after more than 1 year, and which are secured by fixed charges and negative pledges against the investment property of the company of £290,296. Of this amount £244, 800 is repayable after more than five years.
8. Related party transactions
At the balance sheet date, included in creditors due after more than one year are amounts due to entities which share common directors or in which directors have a material interest was £124,807.
9. Controlling party
The company is a wholly owned subsidiary of Sterling Seacroft Limited, Company number 14696479, a company incorporated in England and Wales. The ultimate controlling party are the directors.