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Registration number: 06202668

Prime Seascape Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Prime Seascape Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Prime Seascape Ltd

(Registration number: 06202668)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,297,435

918,447

Current assets

 

Debtors

5

53,284

53,284

Cash at bank and in hand

 

41,499

30,483

 

94,783

83,767

Creditors: Amounts falling due within one year

6

(579,576)

(352,315)

Net current liabilities

 

(484,793)

(268,548)

Total assets less current liabilities

 

812,642

649,899

Creditors: Amounts falling due after more than one year

6

(843,366)

(615,000)

Provisions for liabilities

(524)

(655)

Net (liabilities)/assets

 

(31,248)

34,244

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(31,250)

34,242

Shareholders' (deficit)/funds

 

(31,248)

34,244

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
 

 

Prime Seascape Ltd

(Registration number: 06202668)
Statement of Financial Position as at 31 March 2023 (continued)


Mr Simon Lea
Company secretary and director

 

Prime Seascape 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 development.

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.

Going concern

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

 

Prime Seascape 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises 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.

 

Prime Seascape Ltd

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

2

Accounting policies (continued)

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 statement of financial position 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

No depreciation is applied to the investment property

Fittings fixtures and equipment

20% reducing balance

Impairment

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.

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

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 statement of comprehensive income 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.

 

Prime Seascape Ltd

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

2

Accounting policies (continued)

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).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

915,000

8,939

923,939

Additions

379,678

-

379,678

At 31 March 2023

1,294,678

8,939

1,303,617

Depreciation

At 1 April 2022

-

5,492

5,492

Charge for the year

-

690

690

At 31 March 2023

-

6,182

6,182

Carrying amount

At 31 March 2023

1,294,678

2,757

1,297,435

At 31 March 2022

915,000

3,447

918,447

The above land and buildings relates to investment property.

Revaluation

The company's freehold property was revalued by the director on 31 March 2023. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,306,368 (2022 - £915,000).

 

Prime Seascape Ltd

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

5

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

9

53,284

53,284

 

53,284

53,284

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

41,981

6,336

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

9

206,411

206,411

Taxation and social security

 

-

8,795

Accruals and deferred income

 

27,404

2,128

Other creditors

 

303,780

128,645

 

579,576

352,315

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

843,366

615,000

The bank loans of £843,279 (2022: £615,000) are secured by a fixed and floating charge over all property or undertakings of the company.

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Prime Seascape Ltd

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

843,366

615,000

 

Prime Seascape Ltd

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

9

Related party transactions

Key management personnel

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

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Director

(127,425)

(174,528)

(301,953)

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Director

(5,076)

(122,349)

(127,425)

       
     

 

Summary of transactions with other related parties

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

 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

53,284

53,284

At end of period

53,284

53,284

2022

Other related parties
£

Total
£

At start of period

53,284

53,284

At end of period

53,284

53,284

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

(206,411)

(206,411)

At end of period

(206,411)

(206,411)

 

Prime Seascape Ltd

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

9

Related party transactions (continued)

2022

Other related parties
£

Total
£

At start of period

(206,411)

(206,411)

At end of period

(206,411)

(206,411)