Registered number
10860231
Sea Palace Southport Limited
Filleted Accounts
31 July 2023
Sea Palace Southport Limited
Registered number: 10860231
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,325 250
6,325 250
Current assets
Stocks 2,500 2,500
Debtors 4 26,021 55,206
Cash at bank and in hand 40,151 41,952
68,672 99,658
Creditors: amounts falling due within one year 5 (10,168) (20,592)
Net current assets 58,504 79,066
Total assets less current liabilities 64,829 79,316
Net assets 64,829 79,316
Capital and reserves
Called up share capital 100 100
Profit and loss account 64,729 79,216
Shareholder's funds 64,829 79,316
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Cuigu Chen
Director
Approved by the board on 11 April 2024
Sea Palace Southport Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Equipments Fixture and Fittings Total
£ £ £ £
Cost
At 1 August 2022 - 595 - 595
Additions - 2,583 5,600 8,183
Surplus on revaluation - - - -
Disposals - - - -
At 31 July 2023 - 3,178 5,600 8,778
Depreciation
At 1 August 2022 - 345 - 345
Charge for the year - 708 1,400 2,108
Surplus on revaluation - - - -
On disposals - - - -
At 31 July 2023 - 1,053 1,400 2,453
Net book value
At 31 July 2023 - 2,125 4,200 6,325
At 31 July 2022 - 250 - 250
4 Debtors 2023 2022
£ £
Trade debtors - 206
Director's account 26,021 55,000
26,021 55,206
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,510 5,243
Taxation and social security costs 7,564 11,337
Other creditors 94 4,012
10,168 20,592
6 Controlling party
The company is controlled by Cuigu Chen (100%).
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