Company registration number 3455002 (England and Wales)
SEQUANA INVESTMENT AND PROMOTION COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SEQUANA INVESTMENT AND PROMOTION COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
SEQUANA INVESTMENT AND PROMOTION COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
2
27,509
27,509
Current assets
Debtors
4
1,198,767
1,198,767
Creditors: amounts falling due within one year
5
(3,353,895)
(3,353,295)
Net current liabilities
(2,155,128)
(2,154,528)
Net liabilities
(2,127,619)
(2,127,019)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(2,128,619)
(2,128,019)
Total equity
(2,127,619)
(2,127,019)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 18 September 2024
M R Coleman
Director
Company registration number 3455002 (England and Wales)
SEQUANA INVESTMENT AND PROMOTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Sequana Investment and Promotion Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 200 Court Road, Eltham, London, SE9 4EW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SEQUANA INVESTMENT AND PROMOTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.5
Equity instruments

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

2
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
27,509
27,509
3
Associates

Details of the company's associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Nero Signs (Glass/Designs) Limited
England & Wales
Ordinary
33.00
Imperial Bulk Carriers Limited
Bermuda
Ordinary
39.00
4
Debtors
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
1,198,767
1,198,767

Other debtors are stated after provisions for impairment of £2,190,911 (2022: £2,190,911).

SEQUANA INVESTMENT AND PROMOTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,509
2,509
Other creditors
3,351,386
3,350,786
3,353,895
3,353,295
6
Related party transactions

During the year loans were made available to Nero Signs (Glass/Designs) Limited, in which the company has an interest. At the balance sheet date the net balance due and included within debtors is £1,095,789 (2022: £1,095,789). The loans do not bear interest.

 

At the balance sheet date the company owed Imperial Bulk Carriers £2,509 (2022: £2,509), in which the company has an interest. There were no transactions with the company in 2022 or 2023.

 

During the year the company had amounts outstanding from Imperial Shipping Limited, a company related by virtue of common directorship. The balance within debtors at the year end was £102,978 (2022: £102,978).

 

At the balance sheet date the company owed £3,320,602 (2022: £3,320,002) to Sequana Maritime Limited, a company related through common directorship. The only movements are the payment of accountancy fees by Sequana Maritime Ltd on behalf of the company.

There were no directors loans.    

 

All of the above amounts outstanding do not bear interest, are unsecured, and due on demand.

7
Reserves

This is the cumulative profit and loss net of distributions to owners.

8
Ultimate controlling party

The ultimate controlling party is M R Coleman

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