10 10 Seaton Joinery Limited SC324458 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is The principal activity of the company during the year was joinery work. Digita Accounts Production Advanced 6.30.9574.0 true SC324458 2023-08-01 2024-07-31 SC324458 2024-07-31 SC324458 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 SC324458 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 SC324458 core:CurrentFinancialInstruments 2024-07-31 SC324458 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 SC324458 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 SC324458 core:Goodwill 2024-07-31 SC324458 core:FurnitureFittingsToolsEquipment 2024-07-31 SC324458 core:LandBuildings 2024-07-31 SC324458 core:MotorVehicles 2024-07-31 SC324458 bus:SmallEntities 2023-08-01 2024-07-31 SC324458 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC324458 bus:FilletedAccounts 2023-08-01 2024-07-31 SC324458 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC324458 bus:RegisteredOffice 2023-08-01 2024-07-31 SC324458 bus:Director2 2023-08-01 2024-07-31 SC324458 bus:Director3 2023-08-01 2024-07-31 SC324458 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC324458 core:Goodwill 2023-08-01 2024-07-31 SC324458 core:FurnitureFittings 2023-08-01 2024-07-31 SC324458 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 SC324458 core:LandBuildings 2023-08-01 2024-07-31 SC324458 core:MotorVehicles 2023-08-01 2024-07-31 SC324458 core:OfficeEquipment 2023-08-01 2024-07-31 SC324458 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 SC324458 core:PlantMachinery 2023-08-01 2024-07-31 SC324458 countries:Scotland 2023-08-01 2024-07-31 SC324458 2023-07-31 SC324458 core:Goodwill 2023-07-31 SC324458 core:FurnitureFittingsToolsEquipment 2023-07-31 SC324458 core:LandBuildings 2023-07-31 SC324458 core:MotorVehicles 2023-07-31 SC324458 2022-08-01 2023-07-31 SC324458 2023-07-31 SC324458 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 SC324458 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 SC324458 core:CurrentFinancialInstruments 2023-07-31 SC324458 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 SC324458 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 SC324458 core:FurnitureFittingsToolsEquipment 2023-07-31 SC324458 core:LandBuildings 2023-07-31 SC324458 core:MotorVehicles 2023-07-31 xbrli:pure iso4217:GBP

Registration number: SC324458

Seaton Joinery Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Seaton Joinery Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Seaton Joinery Limited

(Registration number: SC324458)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

324,536

290,645

Investment property

6

58,045

58,045

 

382,581

348,690

Current assets

 

Stocks

16,100

20,930

Debtors

7

252,465

181,060

Cash at bank and in hand

 

177,204

118,578

 

445,769

320,568

Creditors: Amounts falling due within one year

8

(168,786)

(160,869)

Net current assets

 

276,983

159,699

Total assets less current liabilities

 

659,564

508,389

Creditors: Amounts falling due after more than one year

8

(15,992)

-

Provisions for liabilities

(29,844)

(22,755)

Net assets

 

613,728

485,634

Capital and reserves

 

Called up share capital

100

100

Retained earnings

613,628

485,534

Shareholders' funds

 

613,728

485,634

For the financial year ending 31 July 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 Income Statement.

 

Seaton Joinery Limited

(Registration number: SC324458)
Statement of Financial Position as at 31 July 2024

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Mr Craig Irons
Director

.........................................
Mr David Macgregor
Director

 
     
 

Seaton Joinery Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Richard Speirs Road
Kirkton Industrial Estate
Arbroath
DD11 3LT

These financial statements were authorised for issue by the Board on 25 April 2025.

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 and deferred 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.

 

Seaton Joinery Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% reducing balance

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the company directors and adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Seaton Joinery Limited

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

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 finished goods and work in progress comprises 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 income statement 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.

 

Seaton Joinery Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 10 (2023 - 10).

 

Seaton Joinery Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

200,000

200,000

At 31 July 2024

200,000

200,000

Amortisation

At 1 August 2023

200,000

200,000

At 31 July 2024

200,000

200,000

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

203,443

328,185

25,500

557,128

Additions

-

23,861

44,117

67,978

Disposals

-

-

(25,500)

(25,500)

At 31 July 2024

203,443

352,046

44,117

599,606

Depreciation

At 1 August 2023

32,561

213,464

20,458

266,483

Charge for the year

3,418

19,193

6,434

29,045

Eliminated on disposal

-

-

(20,458)

(20,458)

At 31 July 2024

35,979

232,657

6,434

275,070

Carrying amount

At 31 July 2024

167,464

119,389

37,683

324,536

At 31 July 2023

170,882

114,721

5,042

290,645

Included within the net book value of land and buildings above is £167,464 (2023 - £170,881) in respect of freehold land and buildings.
 

 

Seaton Joinery Limited

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

6

Investment properties

2024
£

At 1 August

58,045

At 31 July

58,045

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2024
£

2023
£

Trade debtors

180,290

147,069

Prepayments

576

617

Other debtors

71,599

33,374

 

252,465

181,060

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,617

-

Trade creditors

 

45,345

51,517

Taxation and social security

 

61,603

34,611

Accruals and deferred income

 

8,594

7,176

Other creditors

 

46,627

67,565

 

168,786

160,869

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

15,992

-

 

Seaton Joinery Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

15,992

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

6,617

-