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Company No: 13508114 (England and Wales)

RS SEATON LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

RS SEATON LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

RS SEATON LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
RS SEATON LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Current assets
Stocks 246,056 1,803,632
Debtors 3 818,969 2,482
Cash at bank and in hand 215,372 52
1,280,397 1,806,166
Creditors: amounts falling due within one year 4 ( 562,168) ( 1,317,903)
Net current assets 718,229 488,263
Total assets less current liabilities 718,229 488,263
Creditors: amounts falling due after more than one year 5 0 ( 255,022)
Net assets 718,229 233,241
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 718,129 233,141
Total shareholder's funds 718,229 233,241

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of RS Seaton Limited (registered number: 13508114) were approved and authorised for issue by the Board of Directors on 22 June 2025. They were signed on its behalf by:

Jeremy Paul Blake Rihll
Director
Jeffrey Mark Slade
Director
RS SEATON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
RS SEATON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

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.

General information and basis of accounting

RS Seaton 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 Lorams, Perkins Village, Exeter, EX5 2JG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items 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 £.

Going concern

The directors have assessed the Statement of Financial Position 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
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 Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 570,473 0
Amounts owed by Parent undertakings 248,496 0
VAT recoverable 0 2,482
818,969 2,482

4. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Parent undertakings 0 791,504
Amounts owed to directors 0 3,650
Accruals and deferred income 16,797 43,751
Taxation and social security 231,371 65,998
Other creditors 314,000 413,000
562,168 1,317,903

5. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 255,022

The bank loans are secured against the freehold properties of the Company by way of a fixed a floating charge.

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed to companies under common control 314,000 0
Amounts owed by companies under common control 571,358 791,504

As RS Seaton is a 100% subsidiary of RS Developments (South West) Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and has therefore not disclosed transactions or balances with its parent company.

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 0 3,650

No interest has been charged and there are no set repayments terms