Registration number:
Douglas Seaton (Trading) Limited
for the Year Ended 31 December 2024
Douglas Seaton (Trading) Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Douglas Seaton (Trading) Limited
Company Information
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Director |
Mr E Seaton |
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Company secretary |
Mr E Seaton |
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Registered office |
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Bankers |
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Accountants |
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Douglas Seaton (Trading) Limited
(Registration number: 00546394)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
( |
( |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Douglas Seaton (Trading) Limited
(Registration number: 00546394)
Balance Sheet as at 31 December 2024
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Douglas Seaton (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company has net liabilities however the directors are confident that the company can trade profitably in the future.
The company has received confirmation of continued support from its parent company, Douglas Seaton Limited. Therefore these accounts have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Douglas Seaton (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
20% on reducing balance |
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Fixtures and fittings |
15%/25% on reducing balance |
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Computer equipment |
25% on reducing balance |
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Office equipment |
20% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Douglas Seaton (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Douglas Seaton (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Loss/profit before tax |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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- |
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Tangible assets |
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Plant and machinery |
Total |
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Cost or valuation |
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Additions |
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At 31 December 2024 |
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Depreciation |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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Douglas Seaton (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Debtors |
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2024 |
2023 |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
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Creditors |
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2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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HP and finance lease liability 1 (under 1yr) |
3,915 |
3,915 |
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2024 |
2023 |
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Non-current loans and borrowings |
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HP and finance lease liability 1 (1-2 yrs) |
2,610 |
6,526 |
Douglas Seaton (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Support for group borrowings due to Barclays Bank Plc is provided under the terms of a cross guarantee and debenture between Douglas Seaton Limited and the company.
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Related party transactions |
The company has taken advantage of the exemptions in FRS102 Section 1A "Related Party Disclosures" from disclosing transactions with other members of the group and key management personnel.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is