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DIRECTORS' REPORT |
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FOR THEYEARENDED31/12/2023 |
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The directors present their report and accounts for theyearended31/12/2023 |
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DIRECTORS |
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The directors who served during theyearwere as follows: |
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Jonathan Montague |
Helen Pudney |
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STATEMENT OF DIRECTORS RESPONSIBILITIES |
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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulation.
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements the directors are required to:
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- Select suitable accounting policies and then apply them consistently;
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- Make judgements and accounting estimates that are reasonable and prudent;
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- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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The report of the directors has been prepared in accordance with the special provisions within Part 15 of the Companies Act 2006. |
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This report was approved by the board on01/02/2024 |
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Jonathan Montague |
Director |
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ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE UNAUDITED ACCOUNTS |
OF SEVEN SEAS PRODUCTIONS LIMITED, FOR THE YEAR ENDED 31/12/2023 |
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In order to assist you to fulfil your duties under the Companies Act 2006,
we have prepared for your approval the accounts of Seven Seas Productions Limited for the year ended
31/12/2023 as set out on pages 5 to
(1) from the company's accounting records and from
information and explanations you have given us. |
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As a practising member of the FMAAT, we are subject to
its ethical and other professional requirements which are detailed on their website. |
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This report is made solely to the Board of Directors of Seven Seas Productions Limited,
as a body, in accordance with the terms of our engagement letter dated 01/10/2018.
Our work has been undertaken solely to prepare for your approval the accounts of
Seven Seas Productions Limited and state those matters that we have agreed to state to the Board of Directors
of Seven Seas Productions Limited, as a body, in this report, in accordance with the requirements
of the FMAAT as detailed on their website. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than Seven Seas Productions Limited and its Board
of Directors as a body for our work or for this report. |
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It is your duty to ensure that Seven Seas Productions Limited has kept adequate accounting
records and to prepare statutory accounts that give a true and fair view of the assets,
liabilities, financial position and profitability of Seven Seas Productions Limited. You consider that
Seven Seas Productions Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the
accounts of Seven Seas Productions Limited. For this reason, we have not verified the accuracy or completeness
of the accounting records or information and explanations you have given to us and we do not,
therefore, express any opinion on the statutory accounts. |
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David Stott Accoutancy Services |
59 |
Medhurst Crescent |
Gravesend |
Kent |
DA12 4HJ |
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BALANCE SHEET AT 31/12/2023 |
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| | | | | | 2023 | | | | 2022 |
| | Notes | | | | £ | | | | £ |
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FIXED ASSETS | | | | | | | | | | |
Intangible assets | | 5 | | | | 7,321,335 | | | | 7,321,335 |
Tangible assets | | 6 | | | | 597,919 | | | | 828,189 |
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| | | | | | 7,919,254 | | | | 8,149,524 |
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CURRENT ASSETS | | | | | | | | | | |
Stock | | | | 615,000 | | | | 865,000 | | |
Debtors | | 8 | | 9,368,064 | | | | 9,044,168 | | |
| | | | 9,983,064 | | | | 9,909,168 | | |
CREDITORS: Amounts falling due within one year | | 9 | | 405,605 | | | | 241,509 | | |
NET CURRENT ASSETS | | | | | | 9,577,459 | | | | 9,667,659 |
TOTAL ASSETS LESS CURRENT LIABILITIES | | | | | | 17,496,713 | | | | 17,817,183 |
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CREDITORS: Amounts falling due after more than one year | | 10 | | | | 35,158 | | | | 40,792 |
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NET ASSETS | | | | | | 17,461,555 | | | | 17,776,391 |
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CAPITAL AND RESERVES | | | | | | | | | | |
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Called up share capital | | 11 | | | | 13,360,000 | | | | 13,360,000 |
Revaluation reserve | | 1g,12 | | | | 5,160,000 | | | | 5,160,000 |
Profit and loss account | | | | | | (1,058,445) | | | | (743,609) |
SHAREHOLDERS' FUNDS | | | | | | 17,461,555 | | | | 17,776,391 |
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For the year ending 31/12/2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
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Approved by the board on 01/02/2024 and signed on their behalf by | | | | | | | | | | |
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............................. | | | | | | | | | | |
Jonathan Montague | | | | | | | | | | |
Director | | | | | | | | | | |
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13. DIRECTORS ADDITIONAL INFORMATION |
2023 was a year of consolidation, re-organisation and ongoing prototype testing to enhance existing machines to a higher level due to up and coming operational status requirements. |
During this time there were several climate issues which were starting manifest and grow in proportion that required re-engineering some elements of the designs followed by the realization that these events were not abstract but were becoming omens of the future. |
Temperature variances, humidity issues, micro desert sand migration traveling great distances ,then finally once again the possibility of Covid variances, new viruses appearing and the demand for additional redundant power systems. |
SSP's engineers and scientists whom we outsource are from around the world giving them a distinct advantage having all experienced unique weather challenges or component issues once again found the bonus benefits of working as an international team confirming networking is still a positive attribute. |
Research & Development kept the company alive and ahead of our goals, SSP does spend slightly disproportionately in this area solely because science and engineering discoveries and radical product is racing so fast one must do whatever is possible to embrace the latest technologies so that we can pass on future machines to our clientele. |
Sealed closed environmental climate controls will now be installed in all our units and because our teams demanded such progress it has opened dialogue with some of the best companies worldwide who now understand our advanced programs and have advanced our capabilities dramatically. |
The other advantage of this approach is that some of the older more cost effective designs can now be resurrected and deployed and the upgrading of exisiting patents and several new ones is now well underway. |
Funding this year grew significantly and we are now embarking on a much expanded program that will facilitate major expansion of the R&D projects also at the same time we started preparing for mass production internationally pushing ahead into 2024 which will be the beginning of many favorable aspects everywhere. |
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