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Registration number: 05123876

Seascope Trading Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Seascope Trading Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Seascope Trading Ltd

(Registration number: 05123876)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

348,019

348,019

Current assets

 

Debtors

5

13,962

14,434

Cash at bank and in hand

 

1

1

 

13,963

14,435

Creditors: Amounts falling due within one year

6

(212,534)

(211,828)

Net current liabilities

 

(198,571)

(197,393)

Net assets

 

149,448

150,626

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

149,348

150,526

Shareholders' funds

 

149,448

150,626

For the financial year ending 31 March 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 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 3 January 2024
 

.........................................
Mr Simon Lea
Director

 

Seascope Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is property lettings and associated activities.

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 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 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated 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..

Going concern

The financial statements have been prepared on a going concern basis.

 

Seascope Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Seascope Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Fixed asset investment participating loan

348,018

348,018

348,019

348,019

Subsidiaries

£

Cost or valuation

At 1 April 2022

1

Provision

Carrying amount

At 31 March 2023

1

At 31 March 2022

1

 

Seascope Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Investments (continued)

Fixed asset investment participating loan

£

Cost or valuation

At 1 April 2022

348,018

5

Debtors

2023
£

2022
£

Trade debtors

13,962

14,434

13,962

14,434

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

208,070

208,070

Accruals and deferred income

 

1,680

1,530

Other creditors

 

2,784

2,228

 

212,534

211,828

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Seascope Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Related party transactions

Key management personnel

During the year the director entered into the following interest free advances and credits with the company.

Transactions with the director

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Director

(1,004)

(136)

(1,140)

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Director

(12,579)

11,575

(1,004)

       
     

 

Summary of transactions with other related parties

Connected companies
 During the year the company entered into the following transactions with related parties:
 These loans are interest free and repayable on demand.
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

(208,070)

(208,070)

At end of period

(208,070)

(208,070)

2022

Other related parties
£

Total
£

At start of period

(208,070)

(208,070)

At end of period

(208,070)

(208,070)