Seven Seas Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 06790653 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SEVEN SEAS PROPERTIES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

2,927

3,903

Investment property

5

4,305,000

4,307,927

4,308,903

CURRENT ASSETS

Debtors

6

958

1,817

Cash at bank

16,457

93,297

17,415

95,114

CREDITORS

Amounts falling due within one year

7

123,171

173,254

NET CURRENT LIABILITIES

(105,756

)

(78,140

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,202,171

4,230,763

CREDITORS

Amounts falling due after more than one
year

8

(1,833,846

)

(1,950,340

)

PROVISIONS FOR LIABILITIES

10

(392,000

)

(392,000

)

NET ASSETS

1,976,325

1,888,423

CAPITAL AND RESERVES

Called up share capital

200

Revaluation reserve

1,231,583

Retained earnings

744,542

656,640

SHAREHOLDERS' FUNDS

1,976,325

1,888,423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

S E Gent - Director

1.	STATUTORY INFORMATION

Seven Seas Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06790653

Registered office:

15 West Street

Brighton

East Sussex

BN1 2RL

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rent receivable from property lettings and is recognised based on the period it relates to.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes purchase cost and directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.

EMPLOYEES

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2024

and 31 March 2025

10,544

DEPRECIATION

At 1 April 2024

6,641

Charge for year

976

At 31 March 2025

7,617

NET BOOK VALUE

At 31 March 2025

2,927

At 31 March 2024

3,903

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

4,305,000

NET BOOK VALUE

At 31 March 2025

4,305,000

At 31 March 2024

4,305,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2016

362,444

Valuation in 2018

206,795

Valuation in 2019

394,771

Valuation in 2020

19,880

Valuation in 2021

132,000

Valuation in 2022

465,529

Valuation in 2023

42,314

Cost

2,681,267

4,305,000

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

Cost

2,681,267

Investment property was valued on an open market basis on 31 March 2025 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Other debtors

100

Prepayments and accrued income

858

1,717

958

1,817

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

17,814

Tax

33,870

51,537

Other creditors

15,300

14,000

Directors' current accounts

53,248

86,963

Accruals and deferred income

2,939

2,940

123,171

173,254

Directors loan is interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans - 1-2 years

17,814

Bank loans - 2-5 years

53,441

Bank loans more 5 yr by instal

1,762,591

1,879,085

1,833,846

1,950,340

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,762,591

1,879,085

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

1,302,047

1,418,541

Mortgages are secured by way of fixed and floating charges over the respective property.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

392,000

Deferred

tax

£

Balance at 1 April 2024

392,000

Movement in year

Balance at 31 March 2025

392,000