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Registered number: 01743743









SEALAND (GENERAL EXPORTERS) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SEALAND (GENERAL EXPORTERS) LIMITED
REGISTERED NUMBER: 01743743

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,212,982
1,199,077

Cash at bank and in hand
  
-
7,958

  
1,212,982
1,207,035

Creditors: amounts falling due within one year
 5 
(1,867,921)
(1,861,922)

Net current liabilities
  
 
 
(654,939)
 
 
(654,887)

Total assets less current liabilities
  
(654,939)
(654,887)

  

Net liabilities
  
(654,939)
(654,887)


Capital and reserves
  

Called up share capital 
  
200,000
200,000

Profit and loss account
  
(854,939)
(854,887)

  
(654,939)
(654,887)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S C Stevenson
Director

Date: 24 September 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
SEALAND (GENERAL EXPORTERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sealand (General Exporters) Limited is a private company limited by shares and registered in England and Wales. Its registered office address is 22-24 Ely Place, London, EC1N 6TE.
The financial statements are presented in Sterling (£), rounded to the nearest £1.
 
2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

It is the intention of the directors to cease the company's trade and close the company within 12 months of approval of the financial statements.
Therefore, the financial statements have been prepared on a basis other than that of a going concern. As a result, assets have been recognised at their recoverable amounts and full provision has been made for any liabilities and any costs of winding up. At the time of approval, the directors do not believe that this will result in any differences to the carrying values or disclosures compared to the going concern basis.
 
 
2.3

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

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.

Page 2

 
SEALAND (GENERAL EXPORTERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 3

 
SEALAND (GENERAL EXPORTERS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Amounts owed by joint ventures and associated undertakings
1,212,982
1,199,077

1,212,982
1,199,077



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
12,000
6,000

Amounts owed to group undertakings
1,855,921
1,855,922

1,867,921
1,861,922



6.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


7.


Controlling party

The immediate parent undertaking is Continental Holding S.A., a company incorporated in Luxembourg. The ultimate controlling party is the Lurego Trust, a trust registered in Guernsey. No consolidated financial statements are prepared for the trust. 
The results of the company are consolidated in Continetal Holdings S.A.. The consolidated accounts of this group are not available to the public.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Alexander Chrysaphiades FCA (senior statutory auditor) on behalf of Adler Shine LLP.

 
Page 4