Silverfin false false 31/07/2023 01/08/2022 31/07/2023 J P Fell 19/07/2011 14 November 2023 The principal activity of the Company during the financial year was that of the wholesale of chemical products. 07711074 2023-07-31 07711074 bus:Director1 2023-07-31 07711074 2022-07-31 07711074 core:CurrentFinancialInstruments 2023-07-31 07711074 core:CurrentFinancialInstruments 2022-07-31 07711074 core:Non-currentFinancialInstruments 2023-07-31 07711074 core:Non-currentFinancialInstruments 2022-07-31 07711074 core:ShareCapital 2023-07-31 07711074 core:ShareCapital 2022-07-31 07711074 core:RetainedEarningsAccumulatedLosses 2023-07-31 07711074 core:RetainedEarningsAccumulatedLosses 2022-07-31 07711074 core:OfficeEquipment 2022-07-31 07711074 core:OfficeEquipment 2023-07-31 07711074 2022-08-01 2023-07-31 07711074 bus:FilletedAccounts 2022-08-01 2023-07-31 07711074 bus:SmallEntities 2022-08-01 2023-07-31 07711074 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07711074 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07711074 bus:Director1 2022-08-01 2023-07-31 07711074 core:OfficeEquipment core:TopRangeValue 2022-08-01 2023-07-31 07711074 2021-08-01 2022-07-31 07711074 core:OfficeEquipment 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: 07711074 (England and Wales)

SARGASSO WORLDWIDE INDUSTRIAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

SARGASSO WORLDWIDE INDUSTRIAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

SARGASSO WORLDWIDE INDUSTRIAL LIMITED

BALANCE SHEET

As at 31 July 2023
SARGASSO WORLDWIDE INDUSTRIAL LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,501 428
2,501 428
Current assets
Stocks 267,749 307,444
Debtors 4 13,714 58,241
Cash at bank and in hand 139,262 ( 18,297)
420,725 347,388
Creditors: amounts falling due within one year 5 ( 131,245) ( 138,925)
Net current assets 289,480 208,463
Total assets less current liabilities 291,981 208,891
Creditors: amounts falling due after more than one year 6 ( 52,071) ( 70,337)
Net assets 239,910 138,554
Capital and reserves
Called-up share capital 1 1
Profit and loss account 239,909 138,553
Total shareholder's funds 239,910 138,554

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Sargasso Worldwide Industrial Limited (registered number: 07711074) were approved and authorised for issue by the Director on 14 November 2023. They were signed on its behalf by:

J P Fell
Director
SARGASSO WORLDWIDE INDUSTRIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
SARGASSO WORLDWIDE INDUSTRIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sargasso Worldwide Industrial Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Braeburn House, New Street, Marnhull, DT10 1PY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

Taxation

Current 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 corporation 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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 stocks 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 August 2022 5,480 5,480
Additions 2,768 2,768
At 31 July 2023 8,248 8,248
Accumulated depreciation
At 01 August 2022 5,052 5,052
Charge for the financial year 695 695
At 31 July 2023 5,747 5,747
Net book value
At 31 July 2023 2,501 2,501
At 31 July 2022 428 428

4. Debtors

2023 2022
£ £
Trade debtors 11,573 28,189
Other debtors 2,141 30,052
13,714 58,241

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 17,747 17,386
Taxation and social security 28,653 16,628
Other creditors 84,845 104,911
131,245 138,925

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 52,071 70,337