Sea and Land Projects Limited Filleted Accounts Cover
Sea and Land Projects Limited
Company No. 07107823
Information for Filing with The Registrar
31 December 2023
Sea and Land Projects Limited Balance Sheet Registrar
at
31 December 2023
Company No.
07107823
Notes
2023
2022
£
£
Fixed assets
Intangible assets
4
--
Tangible assets
5
51,89655,335
Investments
6
11
51,89755,336
Current assets
Stocks
7
26,02018,487
Debtors
8
79,95480,718
Cash at bank and in hand
79,28951,366
185,263150,571
Creditors: Amount falling due within one year
9
(59,780)
(101,996)
Net current assets
125,48348,575
Total assets less current liabilities
177,380103,911
Creditors: Amounts falling due after more than one year
10
(179,934)
(143,734)
Provisions for liabilities
Deferred taxation
(12,974)
-
Net liabilities
(15,528)
(39,823)
Capital and reserves
Called up share capital
100,000100,000
Revaluation reserve
12
48,87553,125
Profit and loss account
12
(164,403)
(192,948)
Total equity
(15,528)
(39,823)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the 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 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 17 September 2024 and signed on its behalf by:
B.A. French
Director
17 September 2024
Sea and Land Projects Limited Notes to the Accounts Registrar
for the year ended 31 December 2023
1
General information
Sea and Land Projects Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 07107823
Its registered office is:
Central House
20 Central Avenue
St Andrews Business Park
Norwich
NR7 0HR
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
5-20% Straight line
Furniture, fittings and equipment
20% Straight line
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 profit and loss account because of items of income or expense that are taxable or deductible in other years 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.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Investments
Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
44
4
Intangible fixed assets
Goodwill
Total
£
£
Cost
At 1 January 2023
42,00042,000
At 31 December 2023
42,00042,000
Amortisation and impairment
At 1 January 2023
42,00042,000
At 31 December 2023
42,00042,000
Net book values
At 31 December 2023
--
At 31 December 2022
--
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 January 2023
91,33941791,756
Additions
-1,9201,920
At 31 December 2023
91,3392,33793,676
Depreciation
At 1 January 2023
36,24817336,421
Charge for the year
4,9454145,359
At 31 December 2023
41,19358741,780
Net book values
At 31 December 2023
50,1461,75051,896
At 31 December 2022
55,091
244
55,335
6
Investments
Other investments
Total
£
£
Cost or valuation
At 1 January 2023
1
1
At 31 December 2023
1
1
Provisions/Impairment
Net book values
At 31 December 2023
1
1
At 31 December 2022
1
1
7
Stocks
2023
2022
£
£
Raw materials and consumables
26,02018,487
26,02018,487
8
Debtors
2023
2022
£
£
Trade debtors
62,81576,714
Prepayments and accrued income
17,1394,004
79,95480,718
9
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,6535,000
Trade creditors
27,50272,516
Taxes and social security
18,309
8,949
Other creditors
1093,979
Accruals and deferred income
8,20711,552
59,780101,996
10
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,45936,656
Other loans
36,172-
Other creditors
112,303107,078
179,934143,734
During the year the Company converted invoices due to a related party into an unsecured loan, which is repayable over 3 years, however the loan can be repaid early without receiving a penalty. In addition, the loan attracts an interest rate of 7.15% on the monthly reducing balance.
11
Share Capital
The company has 100,000 £1.00 Ordinary shares in issue, all of which are paid up at par.
12
Reserves
Revaluation Reserve
Total other reserves
£
£
At 1 January 2022
57,375
57,375
Movement on revaluation reserve
(4,250)
(4,250)
At 31 December 2022 and 1 January 2023
53,125
53,125
Movement on revaluation reserve
(4,250)
(4,250)
At 31 December 2023
48,87548,875
Revaluation reserve - reflects the revaluation of a Granumat machine, previously valued by the directors at open market value.
Profit and loss account - includes all current and prior period retained profits and losses.
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