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Company No: 00767510 (England and Wales)

SEACHESTER LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

SEACHESTER LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

SEACHESTER LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
SEACHESTER LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
Directors I D Barnett
P L Bowler
Registered office 2 Chapel Close
Seaford
East Sussex
BN25 2JJ
United Kingdom
Company number 00767510 (England and Wales)
Accountant Kreston Reeves LLP
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
SEACHESTER LIMITED

BALANCE SHEET

As at 31 December 2024
SEACHESTER LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 31.12.2023
£ £
Fixed assets
Investment property 4 1,500,000 1,500,000
1,500,000 1,500,000
Current assets
Debtors 5 18,526 16,018
Cash at bank and in hand 335,485 352,081
354,011 368,099
Creditors: amounts falling due within one year 6 ( 126,847) ( 127,150)
Net current assets 227,164 240,949
Total assets less current liabilities 1,727,164 1,740,949
Net assets 1,727,164 1,740,949
Capital and reserves
Called-up share capital 7 200 200
Revaluation reserve 151,153 151,153
Capital redemption reserve 20,000 20,000
Profit and loss account 1,555,811 1,569,596
Total shareholder's funds 1,727,164 1,740,949

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Seachester Limited (registered number: 00767510) were approved and authorised for issue by the Board of Directors on 01 April 2025. They were signed on its behalf by:

I D Barnett
Director
SEACHESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
SEACHESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Seachester Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Chapel Close, Seaford, East Sussex, BN25 2JJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rents, recharged maintenance costs and other property related income receivable by the company. Rents received in advance for future periods are included in other creditors.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable properties, 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 the statement of comprehensive income.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Reserves

The capital redemption reserve represents a reserve arising following reductions in the Company's issued share capital.

The revaluation reserve represents the accumulated surpluses over cost arising on the revaluation of investment property.

The profit and loss account represents accumulated realised profits less accumulated realised losses.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Investment property is accounted for at fair value. Fair value is an accounting estimate made by the directors. The main factor that can impact on the estimate is market conditions, in particular the yields expected by investors and the general economic outlook.

3. Employees

31.12.2024 31.12.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 1,500,000
As at 31 December 2024 1,500,000

Valuation

The 2024 valuations were made by the directors, on the basis of information provided by an independent professionally qualified valuer in 2023, on an open market value for existing use basis.

Historic cost

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

31.12.2024 31.12.2023
£ £
Historic cost less accumulated depreciation and impairments 837,498 845,767

5. Debtors

31.12.2024 31.12.2023
£ £
Trade debtors 6,011 1,886
Prepayments 12,515 14,132
18,526 16,018

6. Creditors: amounts falling due within one year

31.12.2024 31.12.2023
£ £
Trade creditors 9,645 10,035
Corporation tax 43,964 43,669
Other taxation and social security 12,391 12,699
Other creditors 60,847 60,747
126,847 127,150

7. Called-up share capital

31.12.2024 31.12.2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

8. Financial commitments

Commitments

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases of £36,000 (2023: £36,000) per annum for a further period of 52 years.

9. Related party transactions

The Company is a wholly owned subsidiary of Seachester One Limited and has taken advantage of the exemption conferred by the provisions of FRS 102 1A - small entities, not to disclose transactions with Seachester One Limited.

10. Ultimate controlling party

The Company's parent company is Seachester One Limited incorporated in England and Wales. The Company is ultimately controlled by Mr P L Bowler and Mr I D Barnett.