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REGISTERED NUMBER: 08535024 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SEA BARN LIMITED

SEA BARN LIMITED (REGISTERED NUMBER: 08535024)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SEA BARN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P J Little
M B Little





REGISTERED OFFICE: The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG





REGISTERED NUMBER: 08535024 (England and Wales)





ACCOUNTANTS: Lang Bennetts
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

SEA BARN LIMITED (REGISTERED NUMBER: 08535024)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 13,256 16,984

CURRENT ASSETS
Debtors 6 400 400
Cash at bank 362 36,468
762 36,868
CREDITORS
Amounts falling due within one year 7 11,326 34,702
NET CURRENT (LIABILITIES)/ASSETS (10,564 ) 2,166
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,692

19,150

CREDITORS
Amounts falling due after more than one
year

8

(9,000

)

(13,000

)

PROVISIONS FOR LIABILITIES - (1,969 )
NET (LIABILITIES)/ASSETS (6,308 ) 4,181

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (6,310 ) 4,179
SHAREHOLDERS' FUNDS (6,308 ) 4,181

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SEA BARN LIMITED (REGISTERED NUMBER: 08535024)

BALANCE SHEET - continued
31 MARCH 2023


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 Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





M B Little - Director


SEA BARN LIMITED (REGISTERED NUMBER: 08535024)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Sea Barn 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company had net current liabilities of £10,564, and net liabilities of £6,308, at 31 March 2023. In the opinion of the Directors, the company will be able to settle all debts that fall due for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Turnover
Turnover represents net invoiced sales, excluding valued added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on reducing balance

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

SEA BARN LIMITED (REGISTERED NUMBER: 08535024)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 5,514 23,067 28,581
DEPRECIATION
At 1 April 2022 1,103 10,494 11,597
Charge for year 1,103 2,625 3,728
At 31 March 2023 2,206 13,119 15,325
NET BOOK VALUE
At 31 March 2023 3,308 9,948 13,256
At 31 March 2022 4,411 12,573 16,984

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments 400 400

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,000 4,000
Trade creditors 906 4,796
Directors' current accounts 5,108 19,863
Deferred income - 4,496
Accrued expenses 1,312 1,547
11,326 34,702

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 4,000 4,000
Bank loans - 2-5 years 5,000 9,000
9,000 13,000

SEA BARN LIMITED (REGISTERED NUMBER: 08535024)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
P J Little and M B Little
Balance outstanding at start of year - 5,549
Amounts repaid - (5,549 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

10. RELATED PARTY DISCLOSURES

During the financial period the directors withdrew net funds from their Directors' loan of £19,755.

The company paid the Directors rent for the business premises of £5,000. (Last year: £15,000.)

At 31 March 2023, the company owed the Directors £5,108. (2022: £19,863.)

The transactions with the directors were interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

Directors P J Little and M B Little are also shareholders of the company, each owning 1 of the 2 allotted shares, with equal voting rights. Together, they are the ultimate controlling party of the company.