Company registration number 01241909 (England and Wales)
Seafab Properties Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with registrar
Seafab Properties Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Seafab Properties Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seafab Properties Limited for the year ended 31 March 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Seafab Properties Limited, as a body, in accordance with the terms of our engagement letter dated 21 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Seafab Properties Limited and state those matters that we have agreed to state to the Board of Directors of Seafab Properties Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seafab Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Seafab Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Seafab Properties Limited. You consider that Seafab Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Seafab Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
27 January 2025
Seafab Properties Limited
Statement of financial position
as at 31 March 2024
31 March 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,000
15,000
Tangible assets
4
1,374,963
1,353,397
1,384,963
1,368,397
Current assets
Debtors
61,203
49,204
Cash at bank and in hand
77,348
111,931
138,551
161,135
Creditors: amounts falling due within one year
(191,363)
(193,681)
Net current liabilities
(52,812)
(32,546)
Total assets less current liabilities
1,332,151
1,335,851
Creditors: amounts falling due after more than one year
5
(199,802)
(199,811)
Provisions for liabilities
(63,034)
(47,906)
Net assets
1,069,315
1,088,134
Capital and reserves
Called up share capital
19,800
19,800
Revaluation reserve
189,101
204,229
Capital redemption reserve
200
200
Profit and loss reserves
860,214
863,905
Total equity
1,069,315
1,088,134
Seafab Properties Limited
Statement of financial position (continued)
as at 31 March 2024
31 March 2024
3
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 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 member has 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.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Simon L. Green
Director
Company registration number 01241909 (England and Wales)
Seafab Properties Limited
Notes to the financial statements
for the year ended 31 March 2024
4
1
Accounting policies
Company information
Seafab Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Templeback, 10 Temple Back, Bristol, BS1 6FL.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Development costs
10% straight line
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 and fittings
25% reducing balance and 33.3% straight line
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.
Seafab Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
5
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. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
2
3
Intangible fixed assets
Total
£
Cost
At 1 April 2023 and 31 March 2024
50,000
Amortisation and impairment
At 1 April 2023
35,000
Amortisation charged for the year
5,000
At 31 March 2024
40,000
Carrying amount
At 31 March 2024
10,000
At 31 March 2023
15,000
Seafab Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
6
4
Tangible fixed assets
Total
£
Cost
At 1 April 2023
1,404,092
Additions
24,962
Disposals
(7,426)
At 31 March 2024
1,421,628
Depreciation and impairment
At 1 April 2023
50,695
Depreciation charged in the year
3,258
Eliminated in respect of disposals
(7,288)
At 31 March 2024
46,665
Carrying amount
At 31 March 2024
1,374,963
At 31 March 2023
1,353,397
5
Creditors: amounts falling due after more than one year
The bank loan is secured by a Standard Security and Bond & Floating Charge, both in favour of Cumberland Building Society.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
199,802
199,811
6
Directors' transactions
During the year the following directors entered into advances and credits with the company:
Description
Opening debit balance
Amounts advanced
Amounts credited
Closing balance
£
£
£
£
Norman Green - director's loan
(29,369)
(3,738)
33,107
-
(29,369)
(3,738)
33,107
-
Seafab Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
7
7
Ultimate controlling party
Norman Green, director, controls the company by virtue of a controlling interest of 96.97% of the issued ordinary share capital in Brylint Limited, Allachy House, Queen's Road, Aberlour, Banffshire, AB38 9PR, the ultimate holding company, which in turn owns 100% of the issued ordinary share capital in Seafab Properties Limited.