| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 July 2024 |
| for |
| SG Seaview Leases Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 July 2024 |
| for |
| SG Seaview Leases Limited |
| SG Seaview Leases Limited (Registered number: 12013129) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SG Seaview Leases Limited |
| Company Information |
| for the Year Ended 31 July 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 Kingfisher Court |
| Bowesfield Park |
| Stockton on Tees |
| TS18 3EX |
| SG Seaview Leases Limited (Registered number: 12013129) |
| Balance Sheet |
| 31 July 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Non-distributable reserve | 10 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SG Seaview Leases Limited (Registered number: 12013129) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2024 |
| 1. | STATUTORY INFORMATION |
| SG Seaview Leases Limited is a |
| 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 |
| Although the company had net current liabilities of £448,444 as at 31 July 2024, these financial statements have been prepared on a going concern basis. The director is of the opinion that future trading results will be sufficient to enable the company to continue in operation for the foreseeable future. The director 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. |
| Turnover |
| Turnover for the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or receivable. |
| During the year the company ceased its serviced accommodation activity. Turnover now represents rental income earned in the period, exclusive of value added tax. |
| Tangible fixed assets |
| Long leasehold investment property | - |
| Improvements to property | - |
| Fixtures and fittings | - |
| The company has adopted a policy of fair value accounting for its long leasehold investment property. As a result the property is no longer depreciated and previous depreciation charged to the Profit and Loss Account has been reversed. |
| Investment property |
| The long leasehold 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 Leases Limited (Registered number: 12013129) |
| 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. |
| Loand 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Long |
| leasehold | Improvements | Fixtures |
| investment | to | and |
| property | property | fittings | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2023 |
| Revaluations |
| At 31 July 2024 |
| DEPRECIATION |
| At 1 August 2023 |
| Charge for year |
| Revaluation adjustments | ( |
) | ( |
) |
| At 31 July 2024 |
| NET BOOK VALUE |
| At 31 July 2024 |
| At 31 July 2023 |
| Cost or valuation at 31 July 2024 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2024 | 120,000 | - | 120,000 |
| Cost | 1,150,000 | 60,402 | 1,210,402 |
| 1,270,000 | 60,402 | 1,330,402 |
| SG Seaview Leases Limited (Registered number: 12013129) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| At 31 July 2024 the long leasehold investment property was valued by the directors at £1,270,000. The valuation is based on market prices for comparable properties in the local area. |
| 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. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Other loans | 791,658 | 791,658 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Other loans |
| The mortgage is secured by a fixed and floating charge over the long leasehold property. |
| SG Seaview Leases Limited (Registered number: 12013129) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2024 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 10 | 10 |
| 10. | RESERVES |
| Non-distributable |
| reserve |
| £ |
| Fair value adjustment in |
| period | 120,000 |
| Deferred tax on fair value |
| adjustment | (9,900 | ) |
| At 31 July 2024 |
| 11. | OTHER FINANCIAL COMMITMENTS |
| Total financial commitments which are not included in the balance sheet amount to £1,220 (2023 - £1,230). |