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REGISTERED NUMBER: 11254417 (England and Wales)












UNDERSEA CENTRE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






UNDERSEA CENTRE LIMITED (REGISTERED NUMBER: 11254417)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


UNDERSEA CENTRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: Mr P Reynolds
Mr I D Reynolds
Mrs L A Penny
Mr M F Hall





REGISTERED OFFICE: Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR





BUSINESS ADDRESS: 1 The Crosshouse Centre
Crosshouse Road
Southampton
Hampshire
SO14 5GZ





REGISTERED NUMBER: 11254417 (England and Wales)

UNDERSEA CENTRE LIMITED (REGISTERED NUMBER: 11254417)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 4 96,142 119,146
Tangible assets 5 47,384 59,569
143,526 178,715

CURRENT ASSETS
Stocks 172,905 168,740
Debtors 6 22,889 19,014
Cash at bank and in hand 180,474 157,817
376,268 345,571
CREDITORS
Amounts falling due within one year 7 (65,264 ) (63,490 )
NET CURRENT ASSETS 311,004 282,081
TOTAL ASSETS LESS CURRENT
LIABILITIES

454,530

460,796

CREDITORS
Amounts falling due after more than one
year

8

(382,678

)

(394,678

)

PROVISIONS FOR LIABILITIES (11,847 ) (14,893 )
NET ASSETS 60,005 51,225

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 59,905 51,125
60,005 51,225

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

UNDERSEA CENTRE LIMITED (REGISTERED NUMBER: 11254417)

BALANCE SHEET - continued
31 AUGUST 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:




Mr I D Reynolds - Director



Mrs L A Penny - Director


UNDERSEA CENTRE LIMITED (REGISTERED NUMBER: 11254417)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. STATUTORY INFORMATION

Undersea Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The principal accounting policies adopted are set out below.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically dispatched to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 10 years
Motor vehicles - 25% Reducing balance
Computer equipment - Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


UNDERSEA CENTRE LIMITED (REGISTERED NUMBER: 11254417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

UNDERSEA CENTRE LIMITED (REGISTERED NUMBER: 11254417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£ £ £
COST
At 1 September 2022
and 31 August 2023 192,285 18,040 210,325
AMORTISATION
At 1 September 2022 76,914 14,265 91,179
Charge for year 19,229 3,775 23,004
At 31 August 2023 96,143 18,040 114,183
NET BOOK VALUE
At 31 August 2023 96,142 - 96,142
At 31 August 2022 115,371 3,775 119,146

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
COST
At 1 September 2022
and 31 August 2023 56,722 34,796 3,110 94,628
DEPRECIATION
At 1 September 2022 22,831 9,243 2,985 35,059
Charge for year 5,672 6,388 125 12,185
At 31 August 2023 28,503 15,631 3,110 47,244
NET BOOK VALUE
At 31 August 2023 28,219 19,165 - 47,384
At 31 August 2022 33,891 25,553 125 59,569

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 12,284 10,895
Other debtors 10,605 8,119
22,889 19,014

UNDERSEA CENTRE LIMITED (REGISTERED NUMBER: 11254417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 28,282 21,476
Amounts owed to group undertakings 12,000 12,000
Taxation and social security 20,508 23,844
Other creditors 4,474 6,170
65,264 63,490

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Amounts owed to group undertakings 382,678 394,678