Acorah Software Products - Accounts Production 15.0.600 false true 31 July 2022 1 August 2021 false 1 August 2022 31 July 2023 31 July 2023 10270382 Mr Eric Garnier Mr Mark Gibson Eric Garnier true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10270382 2022-07-31 10270382 2023-07-31 10270382 2022-08-01 2023-07-31 10270382 frs-core:CurrentFinancialInstruments 2023-07-31 10270382 frs-core:Non-currentFinancialInstruments 2023-07-31 10270382 frs-core:FurnitureFittings 2023-07-31 10270382 frs-core:FurnitureFittings 2022-08-01 2023-07-31 10270382 frs-core:FurnitureFittings 2022-07-31 10270382 frs-core:PlantMachinery 2023-07-31 10270382 frs-core:PlantMachinery 2022-08-01 2023-07-31 10270382 frs-core:PlantMachinery 2022-07-31 10270382 frs-core:ShareCapital 2023-07-31 10270382 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 10270382 frs-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 10270382 frs-bus:FilletedAccounts 2022-08-01 2023-07-31 10270382 frs-bus:SmallEntities 2022-08-01 2023-07-31 10270382 frs-bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 10270382 frs-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 10270382 1 2022-08-01 2023-07-31 10270382 frs-bus:Director1 2022-08-01 2023-07-31 10270382 frs-bus:Director2 2022-08-01 2023-07-31 10270382 frs-countries:EnglandWales 2022-08-01 2023-07-31 10270382 2021-07-31 10270382 2022-07-31 10270382 2021-08-01 2022-07-31 10270382 frs-core:CurrentFinancialInstruments 2022-07-31 10270382 frs-core:Non-currentFinancialInstruments 2022-07-31 10270382 frs-core:ShareCapital 2022-07-31 10270382 frs-core:RetainedEarningsAccumulatedLosses 2022-07-31
Registered number: 10270382
Seven Seas Motors Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10270382
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,088 -
13,088 -
CURRENT ASSETS
Stocks 5 394,000 341,000
Debtors 6 31,413 114,455
Cash at bank and in hand 34,060 29,589
459,473 485,044
Creditors: Amounts Falling Due Within One Year 7 (127,474 ) (87,194 )
NET CURRENT ASSETS (LIABILITIES) 331,999 397,850
TOTAL ASSETS LESS CURRENT LIABILITIES 345,087 397,850
Creditors: Amounts Falling Due After More Than One Year 8 (249,074 ) (329,314 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,487 ) -
NET ASSETS 93,526 68,536
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 93,426 68,436
SHAREHOLDERS' FUNDS 93,526 68,536
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Eric Garnier
Director
Mr Mark Gibson
Director
4th September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Seven Seas Motors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10270382 . The registered office is Castle House , Castle Street, Guildford, Surrey, GU1 3UW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on cost
Fixtures & Fittings 25% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Page 3
Page 4
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2022 1,610 1,470 3,080
Additions 17,450 - 17,450
As at 31 July 2023 19,060 1,470 20,530
Depreciation
As at 1 August 2022 1,610 1,470 3,080
Provided during the period 4,362 - 4,362
As at 31 July 2023 5,972 1,470 7,442
Net Book Value
As at 31 July 2023 13,088 - 13,088
As at 1 August 2022 - - -
5. Stocks
2023 2022
£ £
Motor vehicles (stock) 394,000 341,000
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 30,885 23,450
Other debtors 528 91,005
31,413 114,455
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 502 263
Bank loans and overdrafts 21,691 10,000
Other creditors 59,888 44,602
Taxation and social security 45,393 32,329
127,474 87,194
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 23,294 28,332
Other creditors 225,780 300,982
249,074 329,314
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
Included in Other Creditors is £225,780 (2022 - £300,982) owed to Kanmon International of Japan, a company of which Eric Garnier is a director. This loan is for a 24 month period, extendable on the agreement of both parties, and non interest bearing.
11. Ultimate Controlling Party
The company's ultimate controlling party is Eric Garnier by virtue of his ownership of 100% of the issued share capital in the company.
Page 5