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REGISTERED NUMBER: 03007466 (England and Wales)












SEAGER AND HUGHES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SEAGER AND HUGHES LIMITED (REGISTERED NUMBER: 03007466)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SEAGER AND HUGHES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: M C Culhane





SECRETARY: M C Culhane





REGISTERED OFFICE: Watley Farm
Locks Lane
Sparsholt
Winchester
Hampshire
SO21 2LU





REGISTERED NUMBER: 03007466 (England and Wales)

SEAGER AND HUGHES LIMITED (REGISTERED NUMBER: 03007466)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 51,241 76,127
Investments 5 142,524 142,524
Investment property 6 5,791,985 4,666,923
5,985,750 4,885,574

CURRENT ASSETS
Debtors 7 210,101 90,047
Cash at bank 23 10,372
210,124 100,419
CREDITORS
Amounts falling due within one year 8 (2,024,207 ) (1,590,311 )
NET CURRENT LIABILITIES (1,814,083 ) (1,489,892 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,171,667

3,395,682

CREDITORS
Amounts falling due after more than one
year

9

(2,586,126

)

(1,810,869

)

PROVISIONS FOR LIABILITIES (12,810 ) (19,031 )
NET ASSETS 1,572,731 1,565,782

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserves 446,903 446,903
Retained earnings 1,125,728 1,118,779
1,572,731 1,565,782

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SEAGER AND HUGHES LIMITED (REGISTERED NUMBER: 03007466)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 February 2025 and were signed by:





M C Culhane - Director


SEAGER AND HUGHES LIMITED (REGISTERED NUMBER: 03007466)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Seager and Hughes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards 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 FRS102 have been applied other than where additional disclosure is required to show a true and far 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% Reducing balance
Motor vehicles - 25% Reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fixed asset investments
Fixed asset investments, excluding property, are valued at cost.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lived.

The interest element of these obligations is charged to the profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

SEAGER AND HUGHES LIMITED (REGISTERED NUMBER: 03007466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

SEAGER AND HUGHES LIMITED (REGISTERED NUMBER: 03007466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 January 2023 65,833 33,545 99,378
Disposals - (14,800 ) (14,800 )
At 31 December 2023 65,833 18,745 84,578
DEPRECIATION
At 1 January 2023 14,302 8,949 23,251
Charge for year 12,884 4,198 17,082
Eliminated on disposal - (6,996 ) (6,996 )
At 31 December 2023 27,186 6,151 33,337
NET BOOK VALUE
At 31 December 2023 38,647 12,594 51,241
At 31 December 2022 51,531 24,596 76,127

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£ £
Other investments 142,524 142,524

6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023 4,666,923
Additions 1,125,062
At 31 December 2023 5,791,985
NET BOOK VALUE
At 31 December 2023 5,791,985
At 31 December 2022 4,666,923

SEAGER AND HUGHES LIMITED (REGISTERED NUMBER: 03007466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£
Valuation in 2016 453,877
Valuation in 2017 (50,000 )
Valuation in 2019 43,026
Cost 5,345,082
5,791,985

The investment properties were valued on a open market basis by the Director at 31 December 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 200,070 81,560
Other debtors 10,031 8,487
210,101 90,047

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 361,684 46,039
Hire purchase contracts 12,643 104,478
Trade creditors 39,815 8,997
Taxation and social security 75,402 75,494
Other creditors 1,534,663 1,355,303
2,024,207 1,590,311

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 2,472,025 1,762,643
Hire purchase contracts 114,101 48,226
2,586,126 1,810,869

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 526,718 429,744
526,718 429,744

SEAGER AND HUGHES LIMITED (REGISTERED NUMBER: 03007466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank overdrafts 338,899 -
Hire purchase contracts 126,744 152,704
Bank loans 2,470,644 1,774,509
2,936,287 1,927,213

Bank loans and overdrafts are secured by way of fixed and floating charges over the company's assets.

Hire purchase assets are secured by way of a charge over the asset to which it relates.