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SEABLE LIMITED

Registered Number
08295693
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

SEABLE LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

LA ROCCA, Damiano
MCILRATH, Clare Teresa
SYMCOX, Martin Andrew

Registered Address

35 Kingsland Road
London
E2 8AA

Registered Number

08295693 (England and Wales)
SEABLE LIMITED
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors2,4855,220
Cash at bank and on hand133,88584,486
136,37089,706
Creditors amounts falling due within one year5(86,636)(60,807)
Net current assets (liabilities)49,73428,899
Total assets less current liabilities49,73428,899
Creditors amounts falling due after one year6(61,964)(80,538)
Net assets(12,230)(51,639)
Capital and reserves
Profit and loss account(12,230)(51,639)
Reserves(12,230)(51,639)
The financial statements were approved and authorised for issue by the Board of Directors on 23 August 2024, and are signed on its behalf by:
LA ROCCA, Damiano
Director
Registered Company No. 08295693
SEABLE LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The directors, D LA ROCCA, M A SYMCOX and C T MCILRATH served throughout the year.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remains appropriate. The Managing director, Damiano La Rocca, will continue to support the business financially over the next 12 months.
Revenue from sale of goods
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment2
Government grants or assistance
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Coronavirus (COVID-19) Business support grants are recognised once the entity's eligibility had been established and it becomes receivable. Other income grants, are recognised once the entity's eligibility had been established and it becomes receivable.
2.Average number of employees

20232022
Average number of employees during the year21
3.Further information regarding the company's income
Other income includes a grant from The Postcode Lottery Innovation Trust. The grant was ring-fenced for specific social investment spend. The income was released to the Income Statement when the expenditure is incurred. All deferred income was released in full by 30 November 2023.
4.Tangible fixed assets
5.Creditors: amounts due within one year

2023

2022

££
Bank borrowings and overdrafts8,7247,489
Taxation and social security212-
Other creditors13,1973,562
Accrued liabilities and deferred income64,50349,756
Total86,63660,807
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. Last year Deferred income included £33,635 (2023 £0), being the remaining balance of a £50,000 Postcode Innovation Trust Grant at 30 November 2022. The Postcode Innovation Trust Grant was ring-fenced for specific social investment spend and was fully released, as the expenditure was incurred, by the end of November 2023.
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts13,01818,600
Other creditors48,94661,938
Total61,96480,538
The Director, Damiano La Rocca has loaned the company £15,500 (2021 £15,500). The amount is included within "Other Creditors". No interest is payable under this arrangement. The company received a £24,000 bounce back loan. The remaining balance is allocated as follows: - £13,585 (2022 £18,600) included within "Bank borrowings and overdrafts" plus the balance of - £5,430 (2022 £5,400) included in "Bank borrowings and overdrafts" under Creditors due within one year. Interest is charged at 2.5 per cent. Capital repayments commenced in July 2023 (postponed from Jan 2023) and the loan will be fully repaid by 6th May 2027 at approximately £1,000 per month. The company received a £50,000 loan from the Postcode Innovation Trust of which £12,461 is included in "Other creditors" due after one year. The balance of £8,899 is included in "Other creditors" due within one year.
7.Related party transactions
The company was under the control of Mr Damiano La Rocca throughout the current and previous years. Mr Damiano La Rocca is the Managing Director. The company is guaranteed by Mr Damiano La Rocca. Simone Guidi stepped down as a member and guarantor in November 2022. In the year Mr Damiano La Rocca's partner received £1,870 (2022 £6,286) for office administration services provided to the company. In the year Mr Damiano La Rocca's father received £1,922 (2022 £0) for car hire services provided to the company.