Company registration number 01597919 (England and Wales)
GEORGE SEAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 15 NOVEMBER 2025
PAGES FOR FILING WITH REGISTRAR
GEORGE SEAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GEORGE SEAL LIMITED
BALANCE SHEET
AS AT
15 NOVEMBER 2025
15 November 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
4
436
140
Investment property
5
395,000
450,000
395,436
450,140
Current assets
Debtors
38
32
Cash at bank and in hand
143,251
151,810
143,289
151,842
Creditors: amounts falling due within one year
6
(97,356)
(117,459)
Net current assets
45,933
34,383
Total assets less current liabilities
441,369
484,523
Provisions for liabilities
(88,915)
(102,556)
Net assets
352,454
381,967
Capital and reserves
Called up share capital
180
180
Non-distributable profits reserve
7
266,417
307,667
Distributable profit and loss reserves
85,857
74,120
Total equity
352,454
381,967
GEORGE SEAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
15 NOVEMBER 2025
15 November 2025
- 2 -

For the financial year ended 15 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 8 April 2026 and are signed on its behalf by:
Mrs S Triner
Director
Company registration number 01597919 (England and Wales)
GEORGE SEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 15 NOVEMBER 2025
- 3 -
1
Accounting policies
Company information

George Seal Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lakeside Offices, The Old Cattle Market, Coronation Park, Helston, Cornwall, United Kingdom, TR13 0SR.

1.1
Basis of preparation

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 a mounts 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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

These financial statements for the year ended 15 November 2025 are the first financial statements of George Seal Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 16 November 2023. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
IT equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GEORGE SEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 15 NOVEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property

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 a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

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.

1.7
Financial instruments

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

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.

Basic financial 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 paymen ts 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.

1.8
Taxation

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

Current 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

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.

GEORGE SEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 15 NOVEMBER 2025
1
Accounting policies
(Continued)
- 5 -

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.

2
Judgements and key sources of estimation uncertainty

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.

3
Employees

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

2025
2024
Number
Number
Total
1
1
4
Tangible fixed assets
Fixtures and fittings
IT equipment
Total
£
£
£
Cost
At 16 November 2024
346
3,690
4,036
Additions
-
0
544
544
At 15 November 2025
346
4,234
4,580
Depreciation and impairment
At 16 November 2024
207
3,689
3,896
Depreciation charged in the year
69
179
248
At 15 November 2025
276
3,868
4,144
Carrying amount
At 15 November 2025
70
366
436
At 15 November 2024
139
1
140
GEORGE SEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 15 NOVEMBER 2025
- 6 -
5
Investment property
2025
£
Fair value
At 16 November 2024
450,000
Revaluations
(55,000)
At 15 November 2025
395,000

Investment property comprises the Bistro on the Quay at Ipswich. The fair value of the investment property has been arrived at on the basis of a valuation carried out on the 18.12.25 by Fenn Wright Estate Agents, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
4,757
5,467
Other creditors
92,599
111,992
97,356
117,459
7
Non-distributable profits reserve
2025
2024
£
£
At the beginning of the year
307,667
-
Investment property gains and losses, net of deferred tax
(41,250)
307,667
At the end of the year
266,417
307,667

The non-distributable reserves relate to unrealised gains on investment properties.

8
Reconciliations on adoption of FRS 102
Reconciliation of equity
16 November
15 November
2023
2024
Notes
£
£
Equity as reported under previous UK GAAP
113,375
74,301
Adjustments arising from transition to FRS 102:
Investment property measured at fair value
1
-
410,222
Deferred tax on fair value gain
-
(102,556)
Equity reported under FRS 102
113,375
381,967
GEORGE SEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 15 NOVEMBER 2025
8
Reconciliations on adoption of FRS 102
(Continued)
- 7 -
Reconciliation of profit for the financial period
2024
Notes
£
Profit as reported under previous UK GAAP
23,026
Adjustments arising from transition to FRS 102:
Investment property measured at fair value
1
410,222
Deferred tax on fair value gain
(102,556)
Profit reported under FRS 102
330,692
Notes to reconciliations on adoption of FRS 102
1. Investment property measured at fair value

Investment property has been restated to reflect its previous fair value of £450,000. This resulted in a gain of £410,222. Deferred tax on this gain was £102,556, giving a net effect of £307,666.

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