Seal Estates Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00276648 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

SEAL ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs P S Graham

SECRETARY:

Mr M C K See

REGISTERED OFFICE:

E3 The Premier Centre

Abbey Park

Romsey

Hampshire

SO51 9DG

REGISTERED NUMBER:

00276648 (England and Wales)

ACCOUNTANTS:

TBW Accountancy Limited

E3 The Premier Centre

Abbey Park

Romsey

Hampshire

SO51 9DG

FIXED ASSETS

Tangible assets

4

-

Investment property

5

1,580,000

CURRENT ASSETS

Debtors

6

22,586

49,384

CREDITORS

Amounts falling due within one year

7

57,310

56,000

NET CURRENT LIABILITIES

(34,724

)

(6,616

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,545,276

1,573,384

CAPITAL AND RESERVES

Called up share capital

500

Revaluation reserve

8

1,496,483

Retained earnings

8

48,293

76,401

SHAREHOLDERS' FUNDS

1,545,276

1,573,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 3 November 2022 and were signed by:

Mrs P S Graham - Director

1.	STATUTORY INFORMATION

Seal Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Valuation of investment property

As described in the notes to the financial statements, investment property are stated at fair value based on valuation performed by an independent professional valuer Fussell Consultancy with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.

Turnover

All the Company's turnover and pre-tax profit/(loss) was derived from the activities referred to on the Directors' Report. Turnover represents rents receivable in respect of the year.

Tangible fixed assets

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

Investment properties

Investment properties are properties held for long term rental yields and include those that are being constructed or developed for future use as investment properties.

Investment properties are initially recognised at cost and subsequently carried at fair value, determined by independent professional valuers. Changes in fair value are recognised in the profit and loss and transferred to the investment property revaluation reserves.

Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations and improvements is capitalised and the carrying amounts of the replaced components are recognised in profit or loss. The cost of maintenance, repairs and minor improvements is recognised in profit or loss when incurred.

On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in profit or 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.

Taxation

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 AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2021

and 31 March 2022

4,538

DEPRECIATION

At 1 April 2021

and 31 March 2022

4,538

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

1,580,000

NET BOOK VALUE

At 31 March 2022

1,580,000

At 31 March 2021

1,580,000

Fair value at 31 March 2022 is represented by:

£

Valuation in 2015

77,480

Valuation in 2019

1,419,003

Cost

83,517

1,580,000

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

2022

2021

£

Cost

83,517

Investment property was valued on an open market basis on 31 March 2019 by Fussell Consultancy MRICS .

There has been no material changes to the valuation of the properties in the current year.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

-

33,286

Amounts owed by group undertakings

4,753

-

Tax

4,846

Prepayments

12,987

11,252

22,586

49,384

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Accruals and deferred income

57,310

56,000

8.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

At 1 April 2021

76,401

1,496,483

1,572,884

Deficit for the year

(28,108

)

-

(28,108

)

At 31 March 2022

48,293

1,496,483

1,544,776

9.	ULTIMATE CONTROLLING PARTY

The director regards Strollmoor Limited, a company incorporated in the United Kingdom and registered in England and Wales, as the immediate parent company, and Olivia Holding Corporation, a company incorporated in Panama, as the ultimate parent company.

At the year end the parent undertaking of the smallest and largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Strollmoor Limited, incorporated in the United Kingdom. The registered office address of Strollmoor Limited is E3 The Premier Centre, Abbey Park, Romsey, Hampshire, SO51 9DG.

Strollmoor Limited produce group accounts, copies of which can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff CF4 3YA.

The ultimate controlling party is the director, Mrs Priscilla Graham.

Seal Estates Limited - Accounts to registrar (filleted) - small 22.3

Seal Estates Limited - Accounts to registrar (filleted) - small 22.3