Seehorn Limited - Accounts to registrar (filleted) - small 17.3

Seehorn Limited - Accounts to registrar (filleted) - small 17.3

SEEHORN LIMITED - Company Information

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IRIS Accounts Production v17.3.0.1062 Hollybrook Residential Developments Ltd 04415573 director 1.3.16 28.2.17 28.2.17 true false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure044155732016-02-29044155732017-02-28044155732016-03-012017-02-28044155732015-02-28044155732015-03-012016-02-29044155732016-02-290441557312016-03-012017-02-2804415573ns15:EnglandWales2016-03-012017-02-2804415573ns14:PoundSterling2016-03-012017-02-2804415573ns10:Director12016-03-012017-02-2804415573ns10:PrivateLimitedCompanyLtd2016-03-012017-02-2804415573ns10:SmallEntities2016-03-012017-02-2804415573ns10:AuditExempt-NoAccountantsReport2016-03-012017-02-2804415573ns10:SmallCompaniesRegimeForDirectorsReport2016-03-012017-02-2804415573ns10:SmallCompaniesRegimeForAccounts2016-03-012017-02-2804415573ns10:FullAccounts2016-03-012017-02-2804415573ns10:OrdinaryShareClass12016-03-012017-02-2804415573ns10:RegisteredOffice2016-03-012017-02-2804415573ns5:CurrentFinancialInstruments2017-02-2804415573ns5:CurrentFinancialInstruments2016-02-2904415573ns5:ShareCapital2017-02-2804415573ns5:ShareCapital2016-02-2904415573ns5:RetainedEarningsAccumulatedLosses2017-02-2804415573ns5:RetainedEarningsAccumulatedLosses2016-02-290441557312016-03-012017-02-2804415573ns5:CostValuation2016-02-2904415573ns5:DisposalsRepaymentsInvestments2017-02-2804415573ns5:CostValuation2017-02-2804415573ns5:CurrentFinancialInstrumentsns5:WithinOneYear2017-02-2804415573ns5:CurrentFinancialInstrumentsns5:WithinOneYear2016-02-2904415573ns10:OrdinaryShareClass12017-02-28


REGISTERED NUMBER: 04415573 (England and Wales)















Financial Statements for the Year Ended 28 February 2017

for

Seehorn Limited
Seehorn Limited (Registered number: 04415573)






Contents of the Financial Statements
for the Year Ended 28 February 2017




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Seehorn Limited

Company Information
for the Year Ended 28 February 2017







DIRECTOR: Mr M Cox





REGISTERED OFFICE: Foresters Hall
25/27 Westow Street
Upper Norwood
London
SE19 3RY





REGISTERED NUMBER: 04415573 (England and Wales)





ACCOUNTANTS: Gibsons Financial Limited
Chartered Accountants
Foresters Hall
25/27 Westow Street
Upper Norwood
London
SE19 3RY
Page 1
Seehorn Limited (Registered number: 04415573)

Balance Sheet
28 February 2017

28/2/17 29/2/16
Notes £    £   
FIXED ASSETS
Investments 3 - 2,200,010

CURRENT ASSETS
Debtors 4 101,269 101,465
Cash at bank and in hand 34,477 97,714
135,746 199,179
CREDITORS
Amounts falling due within one year 5 (9,724,135 ) (9,723,829 )
NET CURRENT LIABILITIES (9,588,389 ) (9,524,650 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(9,588,389
)
(7,324,640
)

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings (9,588,489 ) (7,324,740 )
SHAREHOLDERS' FUNDS (9,588,389 ) (7,324,640 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 notes form part of these financial statements

Page 2 continued...
Seehorn Limited (Registered number: 04415573)

Balance Sheet - continued
28 February 2017


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 30 November 2017 and were signed by:





Mr M Cox - Director


The notes form part of these financial statements

Page 3
Seehorn Limited (Registered number: 04415573)

Notes to the Financial Statements
for the Year Ended 28 February 2017

1. STATUTORY INFORMATION

Seehorn 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has reported a loss for the year of £2,263,749 after exceptional items of £2,250,010 At
the balance sheet date the company's liabilities exceeded its assets by £9,588,389. Of the company's
total liabilities at the balance sheet date £8,299,490 related to amounts owed to its financier, Dranton
(Carnarvon Road) Limited, a company owned and controlled by an unrelated third party.

At the balance sheet date the company also had liabilities of £1,096,729 in relation to other loans.
These loans are repayable on demand. The company is party to a joint and several guarantee given in
relation to bank borrowings by Rilston Limited, a company incorporated in the Republic of Ireland
and controlled by Mr M Cox. The exceptional items reported for the year relate to payments made in
part settlement of the company's obligations under the terms of the joint and several guarantee.

Given the limited resources available to Seehorn Limited following the disposal of its entire stock of
properties during the year ended 28 February 2014 there is some concern about its ability to repay its
loans and meet its obligations under the terms of its guarantee, which is supported by a debenture over
the company's assets, should immediate repayment be demanded by the respective financiers.
Although the company's main third party financier has not indicated that it intends to demand such
immediate repayment, this is a material uncertainty that casts significant doubt on the company's
ability to continue as a going concern.

The company continues to pursue projects however none of the prospective opportunities are likely to
be realised in the short term. The company does not currently have a requirement for a large injection
of funds. The director has considered available management information, including the company's
funding requirements for the forthcoming year and, on the basis thereof, has an expectation that the
company will have adequate resources to continue in operational existence for the foreseeable future.

Given the foregoing, the director continues to adopt the going concern basis in the preparation of the
company's financial statements.

The financial statements do not include any adjustments that may be necessary should immediate
repayment of existing loans be sought by the company's and third party financiers.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.

Page 4 continued...
Seehorn Limited (Registered number: 04415573)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2017

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other creditors and, loans from banks and other third
parties.

Debt instruments which are payable or receivable within one year are measured at the undiscounted
amount of cash consideration expected to be paid or received.

Debt instruments which are payable or receivable after more than one year are initially measured at
the fair value of the cash consideration and thereafter at amortised cost using the effective interest
method.

First time adoption of frs102
The policies applied under the previous accounting framework are not materially different to FRS102
and have not impacted on equity or profit or loss.

3. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2016 2,200,010
Disposals (2,200,010 )
At 28 February 2017 -
NET BOOK VALUE
At 28 February 2017 -
At 29 February 2016 2,200,010

4. DEBTORS
28/2/17 29/2/16
£    £   
Amounts falling due within one year:
Other Debtors - 450
VAT 254 -
254 450

Amounts falling due after more than one year:
Other Debtors 101,015 101,015

Aggregate amounts 101,269 101,465

Page 5 continued...
Seehorn Limited (Registered number: 04415573)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2017

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/17 29/2/16
£    £   
Other loans 589,864 589,864
Trade Creditors 23,624 23,624
Amounts owed to group undertakings - 21,356
Other Creditors 8,827,709 8,806,355
Accrued Expenses 1,845 1,537
Directors' loan accounts 281,093 281,093
9,724,135 9,723,829

6. SECURED DEBTS

The following secured debts are included within creditors:

28/2/17 29/2/16
£    £   
Other loans 8,299,490 8,299,490

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 28/2/17 29/2/16
value: £    £   
100 Ordinary £1 100 100

8. RELATED PARTY DISCLOSURES

Included within Creditors at the balance sheet date is £281,093 owed to Mr M Cox and his wife.

The company is party to a joint and several guarantee given in relation to bank borrowings by Rilston
Limited, incorporated in the Republic of Ireland. Rilston Limited is controlled by Mr M Cox. The
joint and several guarantee is secured by a debenture over the assets of Seehorn Limited. The
proceeds from the disposal during the year of the company's investments were applied in part
settlement of the company's obligations under the terms of the joint and several guarantee.

Page 6