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Company No: 13319648 (England and Wales)

# SEAL FAMILY PROPERTIES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

SEAL FAMILY PROPERTIES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

SEAL FAMILY PROPERTIES LIMITED

## BALANCE SHEET

As at 31 March 2025
SEAL FAMILY PROPERTIES LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 823,517 |  | 827,329
Investment property | 4 | 10,145,000 |  | 10,145,000
|  | 10,968,517 |  | 10,972,329
Current assets |  |  |  |
Debtors | 5 | 188,917 |  | 1,348,075
Cash at bank and in hand |  | 15,439 |  | 8,137
|  | 204,356 |  | 1,356,212
Creditors: amounts falling due within one year | 6 | ( 2,592,379) |  | ( 2,048,694)
Net current liabilities |  | (2,388,023) |  | (692,482)
Total assets less current liabilities |  | 8,580,494 |  | 10,279,847
Creditors: amounts falling due after more than one year | 7 | ( 9,618,601) |  | ( 9,832,175)
Provision for liabilities |  | ( 69,423) |  | ( 4,557)
Net (liabilities)/assets |  | ( 1,107,530) |  | 443,115
Capital and reserves |  |  |  |
Called-up share capital |  | 100 |  | 100
Profit and loss account |  | ( 1,107,630 ) |  | 443,015
Total shareholders' (deficit)/funds |  | ( 1,107,530) |  | 443,115

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Seal Family Properties Limited (registered number: 13319648) were approved and authorised for issue by the Board of Directors on 25 August 2026. They were signed on its behalf by:

C J Seal Director |

SEAL FAMILY PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
SEAL FAMILY PROPERTIES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Seal Family Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brighthay Farm Bright Hay Lane, North Chideock, Bridport, DT6 6JZ, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,107,530. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Assets under construction | not depreciated
Plant and machinery | 25 % reducing balance
Computer equipment | 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 4 |  | 4

#### 3. Tangible assets

| Assets under construc- tion |  | Plant and machinery |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 809,101 |  | 33,776 |  | 3,428 |  | 846,305
Additions | 0 |  | 0 |  | 1,535 |  | 1,535
At 31 March 2025 | 809,101 |  | 33,776 |  | 4,963 |  | 847,840
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 0 |  | 16,202 |  | 2,774 |  | 18,976
Charge for the financial year | 0 |  | 4,394 |  | 953 |  | 5,347
At 31 March 2025 | 0 |  | 20,596 |  | 3,727 |  | 24,323
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 809,101 |  | 13,180 |  | 1,236 |  | 823,517
At 31 March 2024 | 809,101 |  | 17,574 |  | 654 |  | 827,329

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 10,145,000
As at 31 March 2025 | 10,145,000

Valuation

Investment property comprises commercial property owned by the company. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 29 December 2023 by Symonds & Sampson LLP Chartered Surveyors, 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

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2025 |  | 2024
| £ |  | £
Historic cost | 11,032,415 |  | 11,032,415

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 42,004 |  | 774,427
Amounts owed by related parties | 128,607 |  | 343,779
Other debtors | 18,306 |  | 229,869
| 188,917 |  | 1,348,075

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 2,018,704 |  | 423,929
Trade creditors | 59,486 |  | 53,955
Amounts owed to related parties | 13,506 |  | 104,651
Taxation and social security | 216,194 |  | 173,331
Other creditors | 284,489 |  | 1,292,828
| 2,592,379 |  | 2,048,694

The bank loans are secured against the company's commercial property portfolio.
Included in other creditors are loans from the directors which are interest free and repayable on demand.

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 1,881,222 |  | 3,605,494
Deposits | 49,498 |  | 47,885
Other creditors | 7,687,881 |  | 6,178,796
| 9,618,601 |  | 9,832,175

The bank loans are secured against the company's commercial property portfolio.
Included within other creditors are loans from the directors which are interest free.