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REGISTERED NUMBER: 11177468 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

SEAFARER (BROADSTAIRS) LIMITED

SEAFARER (BROADSTAIRS) LIMITED (REGISTERED NUMBER: 11177468)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

SEAFARER (BROADSTAIRS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: M S Davudovic





REGISTERED OFFICE: 28 Wilton Road
Bexhill on Sea
East Sussex
TN40 1EZ





REGISTERED NUMBER: 11177468 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
28 Wilton Road
Bexhill on Sea
East Sussex
TN40 1EZ

SEAFARER (BROADSTAIRS) LIMITED (REGISTERED NUMBER: 11177468)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 83,625 97,167

CURRENT ASSETS
Stocks 8,200 4,000
Debtors 5 9,447 13,216
Cash at bank and in hand 15,557 4,810
33,204 22,026
CREDITORS
Amounts falling due within one year 6 147,027 78,914
NET CURRENT LIABILITIES (113,823 ) (56,888 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(30,198

)

40,279

CREDITORS
Amounts falling due after more than one
year

7

43,914

62,621
NET LIABILITIES (74,112 ) (22,342 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (74,212 ) (22,442 )
(74,112 ) (22,342 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 9 September 2024 and were signed by:




M S Davudovic - Director


SEAFARER (BROADSTAIRS) LIMITED (REGISTERED NUMBER: 11177468)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Seafarer (Broadstairs) 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
In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements.The directors have paid particular attention to likely cashflow requirements and the future availability of adequate cashflow to the company.

On the basis of this consideration, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Turnover
Turnover represents net invoiced sales of goods excluding value added tax. Turnover is recognised when the company receives the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance

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

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.

SEAFARER (BROADSTAIRS) LIMITED (REGISTERED NUMBER: 11177468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 125,000
Additions (11,475 )
At 31 January 2024 113,525
DEPRECIATION
At 1 February 2023 27,833
Charge for year 2,067
At 31 January 2024 29,900
NET BOOK VALUE
At 31 January 2024 83,625
At 31 January 2023 97,167

SEAFARER (BROADSTAIRS) LIMITED (REGISTERED NUMBER: 11177468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023 90,000
Additions (11,475 )
At 31 January 2024 78,525
DEPRECIATION
At 1 February 2023
and 31 January 2024 13,500
NET BOOK VALUE
At 31 January 2024 65,025
At 31 January 2023 76,500

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other debtors 8,250 8,250
Tax - 1,038
VAT - 3,928
Prepayments 1,197 -
9,447 13,216

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 5,040 6,000
Hire purchase contracts (see note 8) 25,097 25,034
Social security and other taxes 6,870 1,074
VAT 22,895 -
Directors' current accounts 83,805 45,453
Accrued expenses 3,320 1,353
147,027 78,914

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans - 1-2 years 5,040 6,000
Bank loans - 2-5 years 22,619 25,736
Hire purchase contracts (see note 8) 16,255 30,885
43,914 62,621

SEAFARER (BROADSTAIRS) LIMITED (REGISTERED NUMBER: 11177468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.1.24 31.1.23
£    £   
Gross obligations repayable:
Within one year 32,389 32,388
Between one and five years 17,438 33,632
49,827 66,020

Finance charges repayable:
Within one year 7,292 7,354
Between one and five years 1,183 2,747
8,475 10,101

Net obligations repayable:
Within one year 25,097 25,034
Between one and five years 16,255 30,885
41,352 55,919

Non-cancellable operating leases
31.1.24 31.1.23
£    £   
Within one year 37,500 10,500
Between one and five years 141,125 16,625
In more than five years 69,750 -
248,375 27,125

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at the balance sheet date, the director Mr M Davudovic was owed £83,805 by the company. There are no terms attached and the loan is repayable on demand.
Amounts have been aggregated where appropriate and there are no material transactions.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SEAFARER (BROADSTAIRS) LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seafarer (Broadstairs) Limited for the year ended 31 January 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Seafarer (Broadstairs) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Seafarer (Broadstairs) Limited and state those matters that we have agreed to state to the director of Seafarer (Broadstairs) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seafarer (Broadstairs) Limited and its director for our work or for this report.

It is your duty to ensure that Seafarer (Broadstairs) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Seafarer (Broadstairs) Limited. You consider that Seafarer (Broadstairs) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Seafarer (Broadstairs) 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 financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
28 Wilton Road
Bexhill on Sea
East Sussex
TN40 1EZ


9 September 2024