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Registration number: SC297233

Seafield Estates Limited
Unaudited Financial Statements
for the Year Ended 28 February 2025

Seafield Estates Limited

Contents

Statement of Financial Position | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 8

Seafield Estates Limited

(Registration number: SC297233)
Statement of Financial Position as at 28 February 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 4,044 | 5,057
Investment property | 5 | 1,084,197 | 1,069,077
|  | 1,088,241 | 1,074,134
Current assets |  |  |
Debtors | 6 | 167,370 | 182,335
Cash at bank and in hand |  | 15,356 | 7,360
|  | 182,726 | 189,695
Creditors: Amounts falling due within one year | 7 | (264,520) | (220,640)
Net current liabilities |  | (81,794) | (30,945)
Total assets less current liabilities |  | 1,006,447 | 1,043,189
Creditors: Amounts falling due after more than one year | 7 | (227,467) | (237,354)
Provisions for liabilities |  | (11,026) | (11,026)
Net assets |  | 767,954 | 794,809
Capital and reserves |  |  |
Called up share capital |  | 340,489 | 340,489
Retained earnings | 8 | 427,465 | 454,320
Shareholders' funds |  | 767,954 | 794,809

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 Income Statement.

Seafield Estates Limited

(Registration number: SC297233)
Statement of Financial Position as at 28 February 2025

Approved and authorised by the director on 18 July 2025

Mr A D Hutcheson
Director

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1 | General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

The principal place of business is:
3 Old Hawkhill
Dundee
DD1 5EU
Scotland

2 | 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income 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.

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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:

Asset class | Depreciation method and rate
Fixtures & fittings | 20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 income statement 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.

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3 | Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 0 (2024 - 0).

4 | Tangible assets

| Fixtures and fittings £ | Total £
Cost or valuation
At 1 March 2024 | 11,896 | 11,896
At 28 February 2025 | 11,896 | 11,896
Depreciation
At 1 March 2024 | 6,839 | 6,839
Charge for the year | 1,013 | 1,013
At 28 February 2025 | 7,852 | 7,852
Carrying amount
At 28 February 2025 | 4,044 | 4,044
At 29 February 2024 | 5,057 | 5,057

5 | Investment properties

| 2025 £
At 1 March | 1,069,077
Additions | 15,120
Disposals | -
Fair value adjustments | -
At 28 February | 1,084,197

The last valuation of the properties was at 28 February 2025 by the directors and they are of the opinion that they are stated at fair value in these accounts.

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6 | Debtors

Current | 2025 £ | 2024 £
Other debtors | 167,370 | 182,335
| 167,370 | 182,335

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings |  | 32,108 | 33,705
Amounts owed to Group undertakings and undertakings in which the Company has a participating interest | 10 | 66,429 | 17,959
Taxation and social security |  | 6,474 | 24,313
Accruals and deferred income |  | 5,646 | 6,022
Other creditors |  | 153,863 | 138,641
|  | 264,520 | 220,640

The bank borrowings are secured by standard security held over various investment properties and a bond and floating charge over all of the company's assets.

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings |  | 227,467 | 237,354

The bank borrowings are secured by standard security held over various investment properties and a bond and floating charge over all of the company's assets.

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

8 | Reserves

| 2025 |  | 2024
| £ |  | £
Profit and loss account - distributable reserves | 380,462 |  | 407,317
Revaluation of investment properties - undistributable reserves | 58,029 |  | 58,029
Deferred tax on revaluation of investment properties - undistributable reserves | (11,026) |  | (11,026)
| 427,465 |  | 454,320

9 | Dividends

Final dividends paid

|  | 2025 £ |  | 2024 £
Final dividend of £1.00 per each Ordinary |  | 48,517 |  | 61,209

10 | Related party transactions

Transactions with the Director

2025 | At 1 March 2024 £ | Advances to Director £ | Repayments by Director £ | At 28 February 2025 £
Mr A D Hutcheson
| (14,647) | (18,750) | 26,139 | (7,258)

2024 | At 1 March 2023 £ | Advances to Director £ | Repayments by Director £ | At 29 February 2024 £
Mr A D Hutcheson
| (20,269) | (36,066) | 41,689 | (14,647)

Seafield Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

11 | Parent and ultimate parent undertaking

The Company's immediate parent is St Colmes Ltd, incorporated in Scotland.