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COMPANY REGISTRATION NUMBER: 04145082
South Coast Seafayre Limited
Filleted Unaudited Financial Statements
31 January 2024
South Coast Seafayre Limited
Financial Statements
Year ended 31 January 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
South Coast Seafayre Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
18,892
6,038
Current assets
Stocks
1,181
1,267
Debtors
6
2,850
1,989
Cash at bank and in hand
7,604
6,546
--------
-------
11,635
9,802
Creditors: amounts falling due within one year
7
20,881
11,986
--------
--------
Net current liabilities
9,246
2,184
--------
-------
Total assets less current liabilities
9,646
3,854
-------
-------
Net assets
9,646
3,854
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9,546
3,754
-------
-------
Shareholders funds
9,646
3,854
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
South Coast Seafayre Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 10 March 2024 , and are signed on behalf of the board by:
D Price
Director
Company registration number: 04145082
South Coast Seafayre Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 The Street, Kingston, Canterbury, Kent, CT4 6JB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis, and the company relies on the ongoing support from the directors.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Motor vehicles
-
25% reducing balance
Land and buildings were not depreciated over the year as the assets were not completed and ready to use until 31 January 2024.
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
9,289
24,770
34,059
Additions
13,315
1,256
14,571
--------
--------
--------
--------
At 31 January 2024
13,315
10,545
24,770
48,630
--------
--------
--------
--------
Depreciation
At 1 February 2023
8,400
19,621
28,021
Charge for the year
430
1,287
1,717
--------
--------
--------
--------
At 31 January 2024
8,830
20,908
29,738
--------
--------
--------
--------
Carrying amount
At 31 January 2024
13,315
1,715
3,862
18,892
--------
--------
--------
--------
At 31 January 2023
889
5,149
6,038
--------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
346
415
Other debtors
2,504
1,574
-------
-------
2,850
1,989
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,705
8,259
Other creditors
11,176
3,727
--------
--------
20,881
11,986
--------
--------
8. Related party transactions
As at the year end, the company owed the directors £8,893 (2023: £1,500).