Seagrass Limited 03556626 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is Rental of business property Digita Accounts Production Advanced 6.30.9574.0 true 03556626 2022-03-01 2023-02-28 03556626 2023-02-28 03556626 bus:OrdinaryShareClass1 2023-02-28 03556626 core:CurrentFinancialInstruments 2023-02-28 03556626 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03556626 core:FurnitureFittingsToolsEquipment 2023-02-28 03556626 core:LandBuildings 2023-02-28 03556626 bus:SmallEntities 2022-03-01 2023-02-28 03556626 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 03556626 bus:AbridgedAccounts 2022-03-01 2023-02-28 03556626 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 03556626 bus:RegisteredOffice 2022-03-01 2023-02-28 03556626 bus:Director1 2022-03-01 2023-02-28 03556626 bus:Director3 2022-03-01 2023-02-28 03556626 bus:Director5 2022-03-01 2023-02-28 03556626 bus:Director6 2022-03-01 2023-02-28 03556626 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 03556626 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03556626 core:Buildings 2022-03-01 2023-02-28 03556626 core:FurnitureFittings 2022-03-01 2023-02-28 03556626 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 03556626 core:LandBuildings 2022-03-01 2023-02-28 03556626 countries:UnitedKingdom 2022-03-01 2023-02-28 03556626 2022-02-28 03556626 core:FurnitureFittingsToolsEquipment 2022-02-28 03556626 core:LandBuildings 2022-02-28 03556626 2021-03-01 2022-02-28 03556626 2022-02-28 03556626 bus:OrdinaryShareClass1 2022-02-28 03556626 core:CurrentFinancialInstruments 2022-02-28 03556626 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 03556626 core:FurnitureFittingsToolsEquipment 2022-02-28 03556626 core:LandBuildings 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03556626

Seagrass Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 28 February 2023

 

Seagrass Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Seagrass Limited

Company Information

Directors

Mr Graham James Snoxell

Ms Angelique Wright

Mr Mark James Snoxell

Mr Graham Gwyther

Registered office

Little Mead
Hollingdon
Buckinghamshire
LU7 0DN

Accountants

Pi Accountants
Chartered Certified Accountants
Little Mead
Hollingdon
Buckinghamshire
LU7 0DN

 

Seagrass Limited

(Registration number: 03556626)
Abridged Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,234

13,292

Current assets

 

Stocks

5

-

11,196

Debtors

6

28,505

30,774

Cash at bank and in hand

 

59,436

36,258

 

87,941

78,228

Creditors: Amounts falling due within one year

(7,935)

(7,204)

Net current assets

 

80,006

71,024

Total assets less current liabilities

 

98,240

84,316

Provisions for liabilities

(1,338)

(2,526)

Net assets

 

96,902

81,790

Capital and reserves

 

Called up share capital

7

20

20

Retained earnings

96,882

81,770

Shareholders' funds

 

96,902

81,790

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Seagrass Limited

(Registration number: 03556626)
Abridged Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

.........................................
Mr Mark James Snoxell
Director

.........................................
Mr Graham Gwyther
Director

 

Seagrass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Little Mead
Hollingdon
Buckinghamshire
LU7 0DN
England

The principal place of business is:
The Block House
24-26 Clarendon Road
Luton
Bedfordshire
LU2 7PQ
United Kingdom

These financial statements were authorised for issue by the Board on 2 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Seagrass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

Straight Line 10%

Fixtures and Fittings

Reducing Balance 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Seagrass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Seagrass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

144,875

16,372

161,247

Additions

11,196

-

11,196

At 28 February 2023

156,071

16,372

172,443

Depreciation

At 1 March 2022

131,632

16,323

147,955

Charge for the year

6,242

12

6,254

At 28 February 2023

137,874

16,335

154,209

Carrying amount

At 28 February 2023

18,197

37

18,234

At 28 February 2022

13,243

49

13,292

Included within the net book value of land and buildings above is £18,197 (2022 - £13,243) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

-

11,196

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

20

20

20

20