The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Seneca Property 103 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 The Parks, Haydock, Newton le Willows, Merseyside, WA12 0QJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

The directors are of the opinion that the company is a going concern. Whilst there are accumulated losses, the company is generating sufficient cash and has the necessary funding facilities, either agreed or in place, to allow it to continue meeting its obligations as they fall due.true

Turnover is recognised at the fair value of the consideration receivable for rents charged in the normal course of business, and is shown net of VAT.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

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 current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The investment property was revalued during the prior year in line with the valuation report prepared by Fisher German Chartered Surveyors dated 19 October 2023. The directors believe that the carrying value is not materially different to the current market value.

The bank loans are secured on the company's property.

The bank loans are secured on the company's property.

Ordinary Shares

The Ordinary shareholders shall be entitled to, in aggregate, 10% of the votes capable of being cast on a resolution.

The profits of the Company shall be distributed 70% to the Ordinary A shareholders as a class and 30% to the Ordinary shareholders as a class, and the profits available for distribution to the Ordinary shareholders shall be distributed pro-rata according to the number of Ordinary shares held by each Ordinary shareholder.

On a distribution of capital, the assets of the Company remaining after payment of its liabilities shall be distributed 70% to the Ordinary A shareholders as a class, and 30% to the Ordinary Shareholders as a class, and the assets distributed to the Ordinary shareholders shall be distributed pro-rata according to the number of Ordinary shares held by each Ordinary shareholder.

The shares are not redeemable.

Ordinary A Shares

The Ordinary A shareholders shall be entitled to, in aggregate, 90% of the votes capable of being cast on a resolution.

The profits of the Company shall be distributed 70% to the Ordinary A shareholders as a class and 30% to the Ordinary shareholders as a class, and the profits available for distribution to the Ordinary A shareholders shall be distributed pro-rata according to the number of Ordinary A shares held by each Ordinary A shareholder.

On a distribution of capital, the assets of the Company remaining after payment of its liabilities shall be distributed 70% to the Ordinary A shareholders as a class, and 30% to the Ordinary Shareholders as a class, and the assets distributed to the Ordinary A shareholders shall be distributed pro-rata according to the number of Ordinary A shares held by each Ordinary A shareholder.

The shares are not redeemable.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

During the year the company had short term, unsecured loans from related companies upon which no interest has been charged.

During the year ended 31 December 2024, a court ruling was made in favour of the local council regarding a business rates dispute. The ruling required the company to pay £40,620 in respect of business rates relating to periods prior to 31 December 2023. The conditions surrounding this liability existed as at 31 December 2023, but it was not recognised in the previously issued financial statements for the year. As a result, the prior year figures have been restated to reflect this liability.