Company registration number 11061613 (England and Wales)
SEALANES BRIGHTON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SEALANES BRIGHTON LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
SEALANES BRIGHTON LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SEALANES BRIGHTON LTD FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sealanes Brighton Ltd for the year ended 30 September 2023 which comprise, the 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 at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Sealanes Brighton Ltd, as a body, in accordance with the terms of our engagement letter dated 27 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Sealanes Brighton Ltd and state those matters that we have agreed to state to the board of directors of Sealanes Brighton Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sealanes Brighton Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Sealanes Brighton Ltd 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 profit of Sealanes Brighton Ltd. You consider that Sealanes Brighton Ltd 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 Sealanes Brighton Ltd. 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.

Carpenter Box
20 September 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SEALANES BRIGHTON LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,815,255
1,583,032
Current assets
Debtors
4
54,780
77,626
Cash at bank and in hand
69,369
533,541
124,149
611,167
Creditors: amounts falling due within one year
5
(487,092)
(236,951)
Net current (liabilities)/assets
(362,943)
374,216
Total assets less current liabilities
4,452,312
1,957,248
Creditors: amounts falling due after more than one year
6
(4,405,058)
(1,977,401)
Net assets/(liabilities)
47,254
(20,153)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
47,154
(20,253)
Total equity
47,254
(20,153)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr R A Gilbert
Director
Company registration number 11061613 (England and Wales)
SEALANES BRIGHTON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Sealanes Brighton Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 80 Manor Road, Lancing, BN15 0HD.

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
Going concern

At the time of approving the financial statements, the directortrues have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment.

 

The directors will also provide their continued support in meeting the company's liabilities as needed. The financial statements do not include any adjustments that would result from a withdrawal of the directors' support.

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold property
Depreciated over the length of the lease
Plant and equipment
20% straight line per annum

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 credited or charged to profit or loss.

Assets under the course construction are not depreciated.

1.5
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.

SEALANES BRIGHTON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.

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.

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.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons employed by the company during the year was 0 (2022 - 0).

SEALANES BRIGHTON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Leasehold property
Assets under construction
Plant and equipment
Total
£
£
£
£
Cost
At 1 October 2022
280,475
1,293,849
38,764
1,613,088
Additions
2,568,680
-
0
781,854
3,350,534
Disposals
-
0
-
0
(36,036)
(36,036)
Transfers
1,293,849
(1,293,849)
-
0
-
0
At 30 September 2023
4,143,004
-
0
784,582
4,927,586
Depreciation and impairment
At 1 October 2022
-
0
-
0
30,056
30,056
Depreciation charged in the year
83,717
-
0
27,988
111,705
Eliminated in respect of disposals
-
0
-
0
(29,430)
(29,430)
At 30 September 2023
83,717
-
0
28,614
112,331
Carrying amount
At 30 September 2023
4,059,287
-
0
755,968
4,815,255
At 30 September 2022
280,475
1,293,849
8,708
1,583,032
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
54,780
7,788
Other debtors
-
0
69,838
54,780
77,626
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
281,041
222,845
Taxation and social security
25,081
11,649
Other creditors
180,970
2,457
487,092
236,951
SEALANES BRIGHTON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,417,456
259,420
Other creditors
1,987,602
1,717,981
4,405,058
1,977,401

The bank loans are secured over the leasehold property.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
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