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REGISTERED NUMBER: 12013129 (England and Wales)













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: S J Green
Miss G L Sharples





REGISTERED OFFICE: Seagreen
Turner Street
Redcar
TS10 1AZ





REGISTERED NUMBER: 12013129 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
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 1,296,464 1,169,377

CURRENT ASSETS
Debtors 5 12,153 14,901
Cash at bank 6,872 12,682
19,025 27,583
CREDITORS
Amounts falling due within one year 6 467,469 509,991
NET CURRENT LIABILITIES (448,444 ) (482,408 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

848,020

686,969

CREDITORS
Amounts falling due after more than one
year

7

(791,658

)

(791,658

)

PROVISIONS FOR LIABILITIES (9,900 ) -
NET ASSETS/(LIABILITIES) 46,462 (104,689 )

CAPITAL AND RESERVES
Called up share capital 9 10 10
Non-distributable reserve 10 110,100 -
Retained earnings (63,648 ) (104,699 )
SHAREHOLDERS' FUNDS 46,462 (104,689 )

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.

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 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 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 £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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold investment property - not provided
Improvements to property - over the period of the lease
Fixtures and fittings - 20% on cost

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 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Long
leasehold Improvements Fixtures
investment to and
property property fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2023 1,150,000 4,000 56,402 1,210,402
Revaluations 120,000 - - 120,000
At 31 July 2024 1,270,000 4,000 56,402 1,330,402
DEPRECIATION
At 1 August 2023 18,400 65 22,560 41,025
Charge for year - 33 11,280 11,313
Revaluation adjustments (18,400 ) - - (18,400 )
At 31 July 2024 - 98 33,840 33,938
NET BOOK VALUE
At 31 July 2024 1,270,000 3,902 22,562 1,296,464
At 31 July 2023 1,131,600 3,935 33,842 1,169,377

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 289 -
Other debtors 11,864 14,901
12,153 14,901

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 16,519 19,383
Amounts owed to group undertakings 444,752 449,042
Taxation and social security - 8,833
Other creditors 6,198 32,733
467,469 509,991

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 791,658 791,658

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 791,658 791,658

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: £    £   
10 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 110,100

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £1,220 (2023 - £1,230).