7 Seafield Road Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08317053

Unaudited Financial Statements for the Year Ended 31 December 2020

for

7 SEAFIELD ROAD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C Hartfield

REGISTERED OFFICE:

Third Floor

126-134 Baker Street

London

W1U 6UE

REGISTERED NUMBER:

08317053

ACCOUNTANTS:

Butler & Co LLP

Chartered Accountants

Third Floor

126-134 Baker Street

London

W1U 6UE

FIXED ASSETS

Investment property

4

925,000

CURRENT ASSETS

Debtors

5

26,918

27,690

Cash at bank

49,171

20,349

76,089

48,039

CREDITORS

Amounts falling due within one year

6

594,308

596,388

NET CURRENT LIABILITIES

(518,219

)

(548,349

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

406,781

376,651

PROVISIONS FOR LIABILITIES

8

50,931

NET ASSETS

355,850

325,720

CAPITAL AND RESERVES

Called up share capital

9

100

1

Retained earnings

10

355,750

325,719

SHAREHOLDERS' FUNDS

355,850

325,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 authorised for issue by the director and authorised for issue on 16 September 2021 and were signed by:

C Hartfield - Director

1.	STATUTORY INFORMATION

7 Seafield Road Limited is a private company, limited by shares , registered in Not specified/Other. 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.

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the fact that there is a net current deficit of £518,219 on the balance sheet. The shareholders will provide the necessary support to maintain the company as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

COVID-19

Since the financial year end, there are uncertainties relating to COVID19 pandemic .However, no provisions have been made in the financial statements to reflect the future impact on the business as a result of these uncertainties.

Turnover

Turnover represents rents receivable net of Value Added Tax. Rent is recognised for the period for which it is due.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value 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.

Deferred tax

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 1 (2019 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

and 31 December 2020

925,000

NET BOOK VALUE

At 31 December 2020

925,000

At 31 December 2019

925,000

Fair value at 31 December 2020 is represented by:

£

Valuation in 2016

925,000

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

2020

2019

£

Cost

656,941

Investment property was valued on an open market basis on 31 December 2016 by Goldin Lemcke .

In the opinion of the director, the fair value of the investment property as at 31 December 2020 was not significantly different from the Net Book Value.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Other debtors

26,918

27,690

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Other loans (see note 7)

578,000

583,000

Trade creditors

(1

)

(1

)

Tax

9,976

7,552

Other creditors

1,000

Directors' current accounts

1,066

570

Accrued expenses

4,267

594,308

596,388

7.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

Amounts falling due within one year or on demand:

Other loans

578,000

583,000

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

Deferred tax

50,931

Deferred

tax

£

Balance at 1 January 2020

50,931

Balance at 31 December 2020

50,931

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

1

Ordinary

£1

100

1

10.

RESERVES

Retained
earnings

Non-distributableOther
reserves

Totals

£

As at 01 January 2020

108,591

217,128

325,719

Profit for the year

42,531

Dividends paid

(12,500

)

(12,500

)

Non-distributable reserves

As at 31 December 2020

138,622

217,128

355,750

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at the balance sheet date, an amount of £1,066 (2019: £570) was owed to the director.

7 Seafield Road Limited - Accounts to registrar (filleted) - small 18.2

7 Seafield Road Limited - Accounts to registrar (filleted) - small 18.2