Company registration number SC065063 (Scotland)
SEACRAIG ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SEACRAIG ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SEACRAIG ESTATES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
270,096
270,096
Current assets
Cash at bank and in hand
337
80
Creditors: amounts falling due within one year
6
(171,959)
(163,898)
Net current liabilities
(171,622)
(163,818)
Total assets less current liabilities
98,474
106,278
Creditors: amounts falling due after more than one year
7
(22,589)
(26,017)
Net assets
75,885
80,261
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
75,785
80,161
Total equity
75,885
80,261
The directors of the company have elected not to include a copy of the profit and loss account 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 members have 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 8 May 2025 and are signed on its behalf by:
Mr B J B MacAulay
Director
Company Registration No. SC065063
SEACRAIG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Seacraig Estates Limited is a private company limited by shares incorporated in Scotland. The registered office is 272 Bath Street, Glasgow, United Kingdom, G2 4JR.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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:
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
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.
1.3
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SEACRAIG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
4,843
41,345
881
47,069
Depreciation and impairment
At 1 April 2023 and 31 March 2024
4,843
41,345
881
47,069
Carrying amount
At 31 March 2024
At 31 March 2023
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
270,096
The fair valuation of the investment properties has been carried out by a director.
SEACRAIG ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,221
3,221
Other creditors
168,738
160,677
171,959
163,898
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
22,589
26,017
8
Loans and overdrafts
2024
2023
£
£
Bank loans
25,810
29,238
Payable within one year
3,221
3,221
Payable after one year
22,589
26,017
The bank accounts are secured by standard security over the investment properties.
9
Related party transactions
Mr B MacAulay
During the year, Mr B MacAulay, the director, provided a loan to the company. At the balance sheet date the company owed Mr B MacAulay £166,938 (2023: £156,492). The loan is unsecured, interest free and repayable on demand.