Seaberry Limited 31/07/2020 iXBRL

Seaberry Limited 31/07/2020 iXBRL

SEABERRY LIMITED - Company Information

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Company registration number: 04032653
Seaberry Limited
Unaudited filleted financial statements
31 July 2020
Seaberry Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Seaberry Limited
Directors and other information
Directors Mr M W Seaman-Hill
Mr P K Shadbolt
Company number 04032653
Registered office First Floor Offices
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Accountant Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Seaberry Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Seaberry Limited
Year ended 31 July 2020
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Seaberry Limited for the year ended 31 July 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Seaberry Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Seaberry Limited and state those matters that we have agreed to state to the board of directors of Seaberry Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Seaberry Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Seaberry Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Seaberry Limited. You consider that Seaberry Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Seaberry Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
25 February 2021
Seaberry Limited
Statement of financial position
31 July 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 4 57,500 57,500
Investments 5 614,899 614,899
_______ _______
672,399 672,399
Current assets
Debtors 6 3,678 6,111
_______ _______
3,678 6,111
Creditors: amounts falling due
within one year 7 ( 426,915) ( 443,621)
_______ _______
Net current liabilities ( 423,237) ( 437,510)
_______ _______
Total assets less current liabilities 249,162 234,889
_______ _______
Net assets 249,162 234,889
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 5,397 5,397
Profit and loss account 243,665 229,392
_______ _______
Shareholders funds 249,162 234,889
_______ _______
For the year ending 31 July 2020 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 February 2021 , and are signed on behalf of the board by:
Mr M W Seaman-Hill
Director
Company registration number: 04032653
Seaberry Limited
Notes to the financial statements
Year ended 31 July 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover represents the rents and recoverable expenses from properties which are included on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold investment property Total
£ £
Valuation
At 1 August 2019 and 31 July 2020 57,500 57,500
_______ _______
Depreciation
At 1 August 2019 and 31 July 2020 - -
_______ _______
Carrying amount
At 31 July 2020 57,500 57,500
_______ _______
At 31 July 2019 57,500 57,500
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 August 2019 and 31 July 2020 57,500
_______
The fair value of the freehold investment property has been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value, value evidence basis for existing use on 31st July 2020. On 12th March 2020 the World Health Organisation announced the COVID-19 outbreak a pandemic. The COVID-19 crisis has created a great deal of uncertainty in the property market that is not reflected in the property valuations included in the financial statements. At the date of signing these financial statements, the directors cannot yet quantify what impact the pandemic will be on the fair value of the investment property. The directors will review the fair value of the investment property at the next statement of financial position date.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold invesment property Total
£ £
At 31 July 2020
Aggregate cost 52,103 52,103
Aggregate depreciation - -
_______ _______
Carrying amount 52,103 52,103
_______ _______
At 31 July 2019
Aggregate cost 52,103 52,103
Aggregate depreciation - -
_______ _______
Carrying amount 52,103 52,103
_______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 August 2019 and 31 July 2020 614,899 614,899
_______ _______
Impairment
At 1 August 2019 and 31 July 2020 - -
_______ _______
Carrying amount
At 31 July 2020 614,899 614,899
_______ _______
At 31 July 2019 614,899 614,899
_______ _______
The company's fixed asset investments and shareholdings therein are as follows: Name of Country of Proportion Nature of Company Incorporation Holding Held Business Hitchin Arcade Limited England & Wales Ordinary Shares 37.5% Property Investor Liscomb Limited England & Wales Ordinary Shares 80% Property Investor Extracts from the accounts of the associated company and subsidiary undertaking are as follows: Year end Capital & Reserves Profit for the year Hitchin Arcade Limited 31st March 2020 £2,661,661 £49,559 Liscomb Limited 31st July 2020 £198,986 £1,047 In addition Liscomb Limited has a 12.5% interest in Hitchin Arcade Limited.
6. Debtors
2020 2019
£ £
Other debtors 3,678 6,111
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Rent and insurance in advance 894 1,500
Amounts owed to group undertaking 210,568 218,517
Amounts owed to related company 210,568 218,517
Corporation tax 622 495
Social security and other taxes 40 40
Other creditors 4,223 4,552
_______ _______
426,915 443,621
_______ _______
8. Controlling party
As at 31st July 2020 Curtis Land Limited held 50 Ordinary shares of £1.00 each of the shares of the company, the other 50 Ordinary shares of £1.00 each being held by family members of Mr P K Shadbolt . Cenpalm Limited has a 25% holding in the shares of Curtis Land Limited. Mr M W Seaman-Hill has an interest in the shares of Cenpalm Limited.