Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Current assets | ||||
| Stocks |
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| Debtors | 3 |
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| Cash at bank and in hand |
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| 1,280,397 | 1,806,166 | |||
| Creditors: amounts falling due within one year | 4 | (
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(
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| 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 |
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 6 |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of RS Seaton Limited (registered number:
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Jeremy Paul Blake Rihll
Director |
Jeffrey Mark Slade
Director |
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.
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 £.
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 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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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.
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.
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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| £ | £ | ||
| Amounts owed by Group undertakings |
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| Amounts owed by Parent undertakings |
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| VAT recoverable |
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| £ | £ | ||
| Amounts owed to Parent undertakings |
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| Amounts owed to directors |
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| Accruals and deferred income |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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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