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No description of principal activity
2017-11-01
Sage Accounts Production Advanced 2017 Update 3 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
SC365548
2017-11-01
2018-10-31
SC365548
2018-10-31
SC365548
2017-10-31
SC365548
bus:LeadAgentIfApplicable
2017-11-01
2018-10-31
SC365548
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2017-11-01
2018-10-31
SC365548
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2018-10-31
SC365548
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2017-10-31
SC365548
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2017-10-31
SC365548
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2018-10-31
SC365548
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2017-10-31
SC365548
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2018-10-31
SC365548
core:SharePremium
2017-10-31
SC365548
core:RetainedEarningsAccumulatedLosses
2018-10-31
SC365548
core:RetainedEarningsAccumulatedLosses
2017-10-31
SC365548
core:CostValuation
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2018-10-31
SC365548
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2018-10-31
SC365548
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SC365548
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bus:SmallCompaniesRegimeForAccounts
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SC365548
bus:PrivateLimitedCompanyLtd
2017-11-01
2018-10-31
|
Statement of Consent to Prepare Abridged Financial Statements |
|
All of the members of Seabraes Limited have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 October 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
SC365548
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Financial Statements |
|
Year Ended 31 October 2018
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements |
1 |
|
|
|
Abridged Statement of Financial Position |
2 |
|
|
|
Notes to the Abridged Financial Statements |
4 |
|
|
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Seabraes Limited |
|
Year Ended 31 October 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Seabraes Limited for the year ended 31 October 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Seabraes Limited, as a body, in accordance with the terms of our engagement letter dated 13 November 2014. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Seabraes Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seabraes Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Seabraes Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Seabraes Limited. You consider that Seabraes Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Seabraes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
DC CONSULTING (WWW.DCCONSULT.CO.UK)
Chartered accountant
23 July 2019
|
Abridged Statement of Financial Position |
|
31 October 2018
Fixed Assets
|
Investments |
5 |
|
414,946 |
414,946 |
|
|
|
|
|
Current Assets
|
Debtors |
2,039 |
|
– |
|
Cash at bank and in hand |
100 |
|
100 |
|
------- |
|
---- |
|
2,139 |
|
100 |
|
|
|
|
|
Creditors: amounts falling due within one year |
291,046 |
|
275,507 |
|
--------- |
|
--------- |
|
Net Current Liabilities |
|
288,907 |
275,407 |
|
|
--------- |
--------- |
|
Total Assets Less Current Liabilities |
|
126,039 |
139,539 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
– |
15,671 |
|
|
--------- |
--------- |
|
Net Assets |
|
126,039 |
123,868 |
|
|
--------- |
--------- |
|
|
|
|
Capital and Reserves
|
Called up share capital |
|
135 |
135 |
|
Share premium account |
|
11,967 |
11,967 |
|
Profit and loss account |
|
113,937 |
111,766 |
|
|
--------- |
--------- |
|
Shareholders Funds |
|
126,039 |
123,868 |
|
|
--------- |
--------- |
|
|
|
|
These abridged 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 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 abridged income statement has not been delivered.
For the year ending 31 October 2018 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 abridged 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 abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
|
31 October 2018
These abridged financial statements were approved by the
board of directors
and authorised for issue on
23 July 2019
, and are signed on behalf of the board by:
Company registration number:
SC365548
|
Notes to the Abridged Financial Statements |
|
Year Ended 31 October 2018
1.
General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Seabraes, 18 Greenmarket, Dundee, DD1 4QB, Scotland.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The abridged 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 abridged 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 abridged 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.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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.
Investments in Associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in Joint Ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of Fixed Assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to Nil
(2017: Nil).
5.
Investments
|
£ |
|
Cost |
|
|
At 1 November 2017 and 31 October 2018 |
414,946 |
|
--------- |
|
Impairment |
|
|
At 1 November 2017 and 31 October 2018 |
– |
|
--------- |
|
Carrying amount |
|
|
At 31 October 2018 |
414,946 |
|
--------- |
|
At 31 October 2017 |
414,946 |
|
--------- |
|
|
6.
Related Party Transactions
The company was under the control of
Mr K Pirie
and Mr M Pirrie throughout the current year. During the year the company operated a directors loan account in which the company owed Mr K Pirie
£nil (2017 - £7,962) and Mr M Pirrie £nil (2017 - £5,325) at the year end. At the 31st October 2018, Seabraes Limited
, was due to pay an amount of £252,803 (2017 - £123,978) from its subsidiary, TA Millard (Scotland) Limited. There is no set repayment term or interest accruing on this loan. Additionally, during the period Seabraes Limited
received management charges from TA Millard (Scotland) Limited of £66,110 (2017 - £85,788). At the 31st October 2018, Seabraes Limited
, was due to pay an amount of £nil (2017 - £27,000) to Mapken Limited, a company under the control of Mr K Pirie and Mr M Pirie. At the year end the company owed Mr John Bennett £nil (2017 - £115,671). Interest was being accrued on this loan at the higher of 7% or 6.5% above The Royal Bank of Scotland base rate with an agreed set repayment term of 4 years following drawdown of the loan. During the year £3,354 (2017 - £12,832) interest was repaid. Mr John Bennett is a former director and shareholder of the company.
