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REGISTERED NUMBER: 11180924 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 July 2024

for

SG Seaview Limited

SG Seaview Limited (Registered number: 11180924)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SG Seaview Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: S J Green
Miss G L Sharples





REGISTERED OFFICE: Seagreen
Turner Street
Redcar
TS10 1AZ





REGISTERED NUMBER: 11180924 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

SG Seaview Limited (Registered number: 11180924)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,797 -
Investments 5 10 10
Investment property 6 1,600,000 1,520,000
1,603,807 1,520,010

CURRENT ASSETS
Debtors 7 612,835 597,659
Cash at bank and in hand 9,240 8,415
622,075 606,074
CREDITORS
Amounts falling due within one year 8 926,639 1,155,268
NET CURRENT LIABILITIES (304,564 ) (549,194 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,299,243

970,816

CREDITORS
Amounts falling due after more than one
year

9

(861,046

)

(894,329

)

PROVISIONS FOR LIABILITIES (46,800 ) -
NET ASSETS 391,397 76,487

CAPITAL AND RESERVES
Called up share capital 11 100 100
Non-distributable reserve 12 348,169 314,969
Retained earnings 43,128 (238,582 )
SHAREHOLDERS' FUNDS 391,397 76,487

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SG Seaview Limited (Registered number: 11180924)

Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





Miss G L Sharples - Director


SG Seaview Limited (Registered number: 11180924)

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

1. STATUTORY INFORMATION

SG Seaview Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Although the company had net current liabilities of £304,564 as at 31 July 2024, these financial statements have been prepared on a going concern basis. The directors are of the opinion that future trading results will be sufficient to enable the company to continue in operation for the foreseeable future. The directors will provide additional financial support to the company if required.

These financial statements do not include any adjustments that would result should the company cease to trade.

Preparation of consolidated financial statements
The financial statements contain information about SG Seaview Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents rental income earned in the period, exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SG Seaview Limited (Registered number: 11180924)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
Additions 4,197
At 31 July 2024 4,197
DEPRECIATION
Charge for year 400
At 31 July 2024 400
NET BOOK VALUE
At 31 July 2024 3,797

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 10
NET BOOK VALUE
At 31 July 2024 10
At 31 July 2023 10

SG Seaview Limited (Registered number: 11180924)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 1,520,000
Revaluations 80,000
At 31 July 2024 1,600,000
NET BOOK VALUE
At 31 July 2024 1,600,000
At 31 July 2023 1,520,000

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2019 163,085
Valuation in 2020 128,063
Valuation in 2021 43,111
Valuation in 2022 (19,290 )
Valuation in 2023 80,000
Cost 1,205,031
1,600,000

At 31 July 2024 the investment property was valued by the directors at £1,600,000.

Whilst Mr S Green is not a professional valuer he has over 30 years experience in the construction industry and has multiple industry-specific accreditations and qualifications. He has over 20 years experience in property investment, development and conversions and alongside creating a portfolio of investment properties across multiple companies has overseen the turn-around of over 25 profitable property transactions, including a multi-million pound development. In addition he is an experienced and compliant deal sourcer.

The company's other director, Ms G Sharples, has a BA Hons in teaching and is CeMAP Level 3 qualified in mortgage advice. She has over 20 years experience in property investment, development and conversions and in addition, currently manages a lettings and deal sourcing agency.

In combination the directors own properties with a current market value in the region of £7,000,000.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,869 5,452
Amounts owed by group undertakings 444,752 449,042
Other debtors 162,214 143,165
612,835 597,659

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 18,433 5,882
Trade creditors 24,900 34,535
Taxation and social security 1,356 609
Other creditors 881,950 1,114,242
926,639 1,155,268

SG Seaview Limited (Registered number: 11180924)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 764,452 795,214
Other creditors 96,594 99,115
861,046 894,329

Amounts falling due in more than five years:

Repayable by instalments
Bank loan more than 5 years by
instalments 679,646 713,421
Other loans more than 5 years
by instalments 90,143 89,022
769,789 802,443

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bridging loan 96,594 99,115
Other loans 2,520 2,357
99,114 101,472

The loans are secured by a fixed and floating charge over the investment property.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Non-distributable
reserve
£   
At 1 August 2023 314,969
Fair value adjustment in
period 80,000
Deferred tax on fair value
adjustment (46,800 )

At 31 July 2024 348,169