Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31true3trueRental company2023-08-01false3falsetruefalse 01362661 2023-08-01 2024-07-31 01362661 2022-08-01 2023-07-31 01362661 2024-07-31 01362661 2023-07-31 01362661 c:Director1 2023-08-01 2024-07-31 01362661 d:FurnitureFittings 2024-07-31 01362661 d:FurnitureFittings 2023-07-31 01362661 d:FreeholdInvestmentProperty 2024-07-31 01362661 d:FreeholdInvestmentProperty 2023-07-31 01362661 d:FreeholdInvestmentProperty 2 2023-08-01 2024-07-31 01362661 d:CurrentFinancialInstruments 2024-07-31 01362661 d:CurrentFinancialInstruments 2023-07-31 01362661 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 01362661 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 01362661 d:ShareCapital 2024-07-31 01362661 d:ShareCapital 2023-07-31 01362661 d:RevaluationReserve 2023-08-01 2024-07-31 01362661 d:RevaluationReserve 2024-07-31 01362661 d:RevaluationReserve 2023-07-31 01362661 d:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 01362661 d:RetainedEarningsAccumulatedLosses 2024-07-31 01362661 d:RetainedEarningsAccumulatedLosses 2023-07-31 01362661 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 01362661 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 01362661 c:OrdinaryShareClass1 2023-08-01 2024-07-31 01362661 c:OrdinaryShareClass1 2024-07-31 01362661 c:OrdinaryShareClass1 2023-07-31 01362661 c:FRS102 2023-08-01 2024-07-31 01362661 c:Audited 2023-08-01 2024-07-31 01362661 c:FullAccounts 2023-08-01 2024-07-31 01362661 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01362661 c:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 01362661 6 2023-08-01 2024-07-31 01362661 f:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01362661









SEABROOK PROPERTY SERVICES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
SEABROOK PROPERTY SERVICES LIMITED
REGISTERED NUMBER: 01362661

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 6 
-
3

Investment property
 7 
413,049
257,241

  
413,049
257,244

Current assets
  

Debtors: amounts falling due within one year
 8 
506,855
750,214

Cash at bank and in hand
 9 
10,136
10,103

  
516,991
760,317

Creditors: amounts falling due within one year
 10 
(3,401,538)
(3,515,764)

Net current liabilities
  
 
 
(2,884,547)
 
 
(2,755,447)

Total assets less current liabilities
  
(2,471,498)
(2,498,203)

Provisions for liabilities
  

Deferred tax
 11 
(56,520)
(17,568)

  
 
 
(56,520)
 
 
(17,568)

Net liabilities
  
(2,528,018)
(2,515,771)

Page 1

 
SEABROOK PROPERTY SERVICES LIMITED
REGISTERED NUMBER: 01362661
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
60,000
60,000

Revaluation reserve
 13 
169,561
52,705

Profit and loss account
 13 
(2,757,579)
(2,628,476)

  
(2,528,018)
(2,515,771)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 April 2025.



M R Seabrook
Director

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

Page 2

 
SEABROOK PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Seabrook Property Services Limited a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 01362661. The address of the registered office is  Admiral House, 853 London Road, West Thurrock, Essex, United Kingdom, RM20 3LG. The company's     principal activity is that of property letting and property development.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company, rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Seabrook Holding Limited as at 31 July 2024 and these financial statements may be obtained from Companies House.

Page 3

 
SEABROOK PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Going concern

The company incurred a loss before tax of £168,055 in the year. At the year end the company had net liabilities of £2,528,018. The financial statements have been prepared on the going concern basis as the directors have considered the company's next 12 months working capital requirements in relation to its cash position at the date of the approval of these financial statements.
It is noted the company is financially reliant on the parent company, Seabrook Holdings Limited and at the year end an amount of £3,273,914 was due to the parent company. Should the support of the parent company be withdrawn, the company would be unable to continue trading.
The company relies on the financial support of the company's bankers as a consequence of a loan taken by the holding company used to purchase properties. A cross guarantee exists with this company.
As a result of the ongoing support from the parent company and the company's bankers there is no material uncertainty in the company's ability to continue as a going concern. For this reason they continue to adopt the going concern basis for preparing these financial statements

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
SEABROOK PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

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:

Rental Income
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight line basis over the term of the lease.

 
2.6

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.


 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and 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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
SEABROOK PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

IThe Company make estimates and judgements on assets and liabilities at the balance sheet date. The      Company's estimates and assumptions are based on historical experience and expectation of future           events and are reviewed periodically. The key estimates that have the most significant effect on the            Company at 31 July 2024 are discussed below.
Valuation of investment property
The Company has measured its investment property at fair value. In determining fair value, an external reviwer completed the valuation. Estimates are required to be made about property                                    yields. Consideration is given to comparable properties, current leasing arrangements and market              research.

Page 6

 
SEABROOK PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3


5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 August 2023
3,816



At 31 July 2024

3,816



Depreciation


At 1 August 2023
3,816



At 31 July 2024

3,816



Net book value



At 31 July 2024
-



At 31 July 2023
-

Page 7

 
SEABROOK PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
103



At 31 July 2024

103



Impairment


At 1 August 2023
100


Charge for the period
3



At 31 July 2024

103



Net book value



At 31 July 2024
-



At 31 July 2023
3

Page 8

 
SEABROOK PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
257,241


Surplus on revaluation
155,808



At 31 July 2024
413,049

The 2024 valuations were made by the Directors, on an open market value for existing use basis.



At 31 July 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
186,968
186,968

186,968
186,968


8.


Debtors

2024
2023
£
£


Trade debtors
3,500
29,730

Amounts owed by group undertakings
74,856
293,799

Other debtors
426,209
424,525

Prepayments and accrued income
2,290
2,160

506,855
750,214


Page 9

 
SEABROOK PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
10,136
10,103

10,136
10,103



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
114,826
115,094

Amounts owed to group undertakings
3,274,502
3,392,158

Other creditors
550
1,072

Accruals and deferred income
11,660
7,440

3,401,538
3,515,764



11.


Deferred taxation




2024


£






At beginning of year
(17,568)


Charged to profit or loss
(38,952)



At end of year
(56,520)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment properties
(56,520)
(17,568)

(56,520)
(17,568)

Page 10

 
SEABROOK PROPERTY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



60,000 (2023 - 60,000) Ordinary shares of £1.00 each
60,000
60,000



13.


Reserves

Revaluation reserve

The revaluation reserve represents uplifts in the investment property value net of any deferred tax movements and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


14.


Controlling party

The ultimate parent company is  Seabrook Holdings Limited, a company incorporated in United Kingdom.    
The registered address is  Admiral House, 853 London Road, West Thurrock, Essex, United Kingdom, RM20 3LG.
The ultimate controlling party is M Seabrook by virtue of his majority shareholding in the ultimate parent company.


15.


Auditors' information

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

The audit report was signed on 28 April 2025 by Laura Ambrose BA(Hons) FCA (Senior Statutory Auditor) on behalf of Haslers.

 
Page 11