Company No:
Contents
| 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 |
| Note | 31.12.2024 | 31.12.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 4 |
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| 1,500,000 | 1,500,000 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 354,011 | 368,099 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 227,164 | 240,949 | ||
| Total assets less current liabilities | 1,727,164 | 1,740,949 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Revaluation reserve |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Seachester Limited (registered number:
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I D Barnett
Director |
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.
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.
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.
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.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
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.
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.
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.
| 31.12.2024 | 31.12.2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2024 |
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| As at 31 December 2024 |
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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 |
| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxation and social security |
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| Other creditors |
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| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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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.
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.