Company registration number 15421257 (England and Wales)
SEDDON ENGINEERING FINANCE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SEDDON ENGINEERING FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SEDDON ENGINEERING FINANCE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
Notes
£
£
Current assets
Debtors
4
16,316,403
Cash at bank and in hand
1,824
16,318,227
Creditors: amounts falling due within one year
5
(2,598,762)
Net current assets
13,719,465
Creditors: amounts falling due after more than one year
6
(13,691,876)
Net assets
27,589
Capital and reserves
Called up share capital
7
1
Profit and loss reserves
27,588
Total equity
27,589

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 20 May 2025 and are signed on its behalf by:
S J Seddon
Director
Company Registration No. 15421257
SEDDON ENGINEERING FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Seddon Engineering Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units A2-A6, Edgefold Industrial Estate, Plodder Lane, Bolton, United Kingdom, BL4 0LR.

1.1
Reporting period

The reporting period covers the period from incorporation on 17 January 2024 to 31 December 2024 and thus represents a short period of account.

1.2
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.The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of Edgefold Holdings Limited. These consolidated financial statements are available from its registered office, Units A2-A6, Edgefold Industrial Estate, Bolton, BL4 0LR.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

SEDDON ENGINEERING FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
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.

SEDDON ENGINEERING FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

 

The directors do not believe there are any key accounting estimates.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
3
The directors did not recieve any remuneration from the company in the current year.
4
Debtors
2024
Amounts falling due within one year:
£
Other debtors
2,624,204
Prepayments and accrued income
323
2,624,527
SEDDON ENGINEERING FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
4
Debtors
(Continued)
- 5 -
2024
Amounts falling due after more than one year:
£
Other debtors
13,691,876
Total debtors
16,316,403
5
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
2,589,566
Corporation tax
9,196
2,598,762
6
Creditors: amounts falling due after more than one year
2024
£
Amounts owed to group undertakings
13,691,876
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of of £1 each
1
1
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Helen Davies
Statutory Auditor:
Azets Audit Services
SEDDON ENGINEERING FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
9
Related party transactions

In preparing these financial statements, advantage has been taken of the provision under Financial Reporting Standard 102 which states that disclosure is not required of transactions with entities that are part of the group, as the consolidated financial statements in which the company is included are publicly available.

 

During the year, the company entered into the following transactions with related parties:

 

On 1 April 2024, an unsecured loan of £6,981,538 was provided by the company to Geohn Estates Limited, a company related by way of common directors. The loan is repayable on demand and interest is payable at a rate of 2.5% above the Bank of England base rate. The balance included in other debtors at the year end amounts to £8,641,876. During the year, a further £1,910,338 was advanced to the company, £250,000 was repaid and interest charged amounted to £430,216.

 

On 1 April 2024, an unsecured loan of £6,672,618 was provided by the company to Edgefold Homes Limited, a company related by common directors. The loan is repayable on demand interest is payable at a rate of 1% above the Bank of England base rate. The balance included in other debtors at the year end amounts to £7,674,204. During the year, a further £4,451,586 was advanced to the company, £3,450,000 was repaid and interest charged amounted to £267,624, this was subsequently waived.

10
Ultimate controlling party

The company is a wholly owned subsidiary of Seddon Engineering Holdings Limited, a company incorporated in England and Wales.

 

The largest group in which the results are consolidated is that headed by Edgefold Holdings Limited, a company incorporated in England and Wales.

 

Throughout the current and previous financial year, the ultimate controlling party of Edgefold Holdings Limited was S J Seddon.

 

The consolidated financial statements of the group are available to the public and may be obtained from its registered office, Units A2-A6, Edgefold Industrial Estate, Bolton, BL4 0LR.

 

 

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