SEAHOP_LIMITED - Accounts

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

For the financial year ended 30 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

SeaHop Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.

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 amounts in these financial statements are rounded to the nearest £1.

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.

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

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30th December 2019 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Included within other creditors is a loan secured by way of a floating charge against the property, being 674 Carmarthen Road, Swansea. It also contains a negative pledge.

Included within other creditors is a loan secured by way of a fixed charge against the property, being 8 Murray Street, Llanelli, It also contains a floating charge which covers all the property or undertakings of the company along with a negative pledge.

Included within other creditors is a loan secured by way of a fixed a floating charge which covers all the property or undertakings of the company. It also contains a negative pledge.

The bank loan is secured by the legal mortgage by the company over the property at 124 Neath Road, Swansea in favour of the bank for the liabilities of the company to the bank.

Included within other creditors is a loan secured by way of a fixed charge against the property, being 11 & 15 John Street, Llanelli. It also contains a negative pledge.

Included within other creditors is a loan secured by way of a fixed charge against the property, being 8 Murray Street, Llanelli, it also contains a negative pledge.

Included within other creditors is a loan secured by way of a fixed charge against the property, being 674 Carmarthen Road, Swansea. It also contains a negative pledge.

Included within other creditors is a loan secured by way of a fixed charge against the property, being 124 Neath Road, Swansea, It also contains a floating charge which covers all the property or undertakings of the company along with a negative pledge.

Included within other creditors is a loan secured by way of a fixed charge against the property, being 8 Murray Street, Llanelli,

Included within other creditors is a loan secured by way of a fixed charge against the property, being 18 & 20 Thomas Street. It also contains a negative pledge.

Included within other creditors is a loan secured by way of a fixed charge against the property, being 674 Carmarthen Road, Swansea. It also contains a floating charge which covers all the property or undertakings of the company along with a negative pledge.