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Registration number: 08222251

Sea Street Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Sea Street Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Sea Street Developments Limited

Company Information

Directors

Mr JDW Green

Mr RW Green

Mr GB Green

Registered office

Harbour Office
Whitstable Harbour
Whitstable
Kent
CT5 1AB

 

Sea Street Developments Limited

(Registration number: 08222251)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

4,532,849

4,616,902

Debtors

5

335,411

144,866

Cash at bank and in hand

 

76,984

1,650

 

4,945,244

4,763,418

Creditors: Amounts falling due within one year

6

(2,322,284)

(2,562,146)

Total assets less current liabilities

 

2,622,960

2,201,272

Creditors: Amounts falling due after more than one year

6

(1,241,274)

(1,202,734)

Net assets

 

1,381,686

998,538

Capital and reserves

 

Called up share capital

4

4

Retained earnings

1,381,682

998,534

Shareholders' funds

 

1,381,686

998,538

 

Sea Street Developments Limited

(Registration number: 08222251)
Balance Sheet as at 31 May 2024 (continued)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 February 2025 and signed on its behalf by:
 

.........................................
Mr JDW Green
Director

   
     
 

Sea Street Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Harbour Office
Whitstable Harbour
Whitstable
Kent
CT5 1AB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sea Street Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of work in progress comprises the cost of the property acquired and the related acquisition cost,direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Sea Street Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Stocks

2024
£

2023
£

Finished goods and goods for resale

4,532,849

4,616,902

5

Debtors

Current

2024
£

2023
£

Trade debtors

329,704

2,204

Prepayments

1,880

1,778

Other debtors

3,827

140,884

 

335,411

144,866

 

Sea Street Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

225,865

434,403

Trade creditors

 

3,564

10,985

Taxation and social security

 

151,623

226,703

Accruals and deferred income

 

28,159

3,962

Other creditors

 

1,913,073

1,886,093

 

2,322,284

2,562,146

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

1,241,274

1,202,734

 

Sea Street Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,241,274

1,202,734

Current loans and borrowings

2024
£

2023
£

Bank borrowings

30,955

179,492

Directors current account

194,910

254,911

225,865

434,403

Bank borrowings

NatWest Loan is denominated in GBP with a nominal interest rate of 7.62%, and the final instalment is due on 31 January 2044. The carrying amount at year end is £1,272,228 (2023 - £Nil).

The items pledged as security on this loan are:
1-7 Warehouse Cottages, Sea Street, Whitstable

Oaknorth Bank PLC is denominated in GBP with a nominal interest rate of Bank of England Base Rate plus 4.75%, and the final instalment is due on 12 January 2024. The carrying amount at year end is £Nil (2023 - £1,382,227).

This was previously secured as follows:

The items pledged as security on this loan are:
1-7 Warehouse Cottages, Sea Street, Whitstable
Unit 8 of the 17-25 Sea Street Development, Sea Street, Whitstable

 

Sea Street Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Related party transactions


The Directors have provided loans to the company.
There are no fixed terms to these loans.

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

5,885

5,885

Repaid

(2,058)

(2,058)

At end of period

3,827

3,827

2023

Other related parties
£

Total
£

At start of period

5,019

5,019

Advanced

1,200

1,200

Repaid

(334)

(334)

At end of period

5,885

5,885

Terms of loans to related parties


The company has received loans from GB Green Ltd. The directors are common to both companies concerned.

 

Sea Street Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Related party transactions (continued)

Loans from related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

254,911

1,503,637

1,758,548

Advanced

-

537,339

537,339

Repaid

(60,000)

(327,750)

(387,750)

At end of period

194,911

1,713,226

1,908,137

2023

Key management
£

Other related parties
£

Total
£

At start of period

500,248

1,777,402

2,277,650

Advanced

-

128,003

128,003

Repaid

(245,337)

(401,768)

(647,105)

At end of period

254,911

1,503,637

1,758,548

Terms of loans from related parties


The Whitstable Oyster Company Limited has provided loans to Sea Street Developments Limited. The directors are common to both companies concerned.
The Faversham Real Ale Trading Company Limited has provided loans to Sea Street Developments Limited.