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Company No: 05028169 (England and Wales)

SEA-TREK ADVENTURES LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

SEA-TREK ADVENTURES LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

SEA-TREK ADVENTURES LIMITED

BALANCE SHEET

As at 31 January 2024
SEA-TREK ADVENTURES LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 103,991 120,000
Tangible assets 4 114,104 91,798
218,095 211,798
Current assets
Debtors 5 59,817 228,586
Cash at bank and in hand 393,248 480,743
453,065 709,329
Creditors: amounts falling due within one year 6 ( 342,523) ( 294,981)
Net current assets 110,542 414,348
Total assets less current liabilities 328,637 626,146
Creditors: amounts falling due after more than one year 7 ( 74,528) ( 155,067)
Provision for liabilities ( 22,710) ( 16,545)
Net assets 231,399 454,534
Capital and reserves
Called-up share capital 8 300 300
Share premium account 162,468 162,468
Profit and loss account 68,631 291,766
Total shareholders' funds 231,399 454,534

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sea-Trek Adventures Limited (registered number: 05028169) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

Mrs S Hobart
Director
SEA-TREK ADVENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
SEA-TREK ADVENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sea-Trek Adventures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Generator, Quay House The Gallery, Kings Wharf, Exeter, EX2 4AN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 33 % reducing balance
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 - 33 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 36 22

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 February 2023 300,000 0 300,000
Additions 0 14,805 14,805
At 31 January 2024 300,000 14,805 314,805
Accumulated amortisation
At 01 February 2023 180,000 0 180,000
Charge for the financial year 30,000 814 30,814
At 31 January 2024 210,000 814 210,814
Net book value
At 31 January 2024 90,000 13,991 103,991
At 31 January 2023 120,000 0 120,000

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 February 2023 176,581 49,165 1,959 227,705
Additions 50,271 6,163 802 57,236
At 31 January 2024 226,852 55,328 2,761 284,941
Accumulated depreciation
At 01 February 2023 105,469 29,288 1,150 135,907
Charge for the financial year 27,883 6,253 794 34,930
At 31 January 2024 133,352 35,541 1,944 170,837
Net book value
At 31 January 2024 93,500 19,787 817 114,104
At 31 January 2023 71,112 19,877 809 91,798

5. Debtors

2024 2023
£ £
Trade debtors 30,076 218,113
Corporation tax 9,213 0
Other debtors 20,528 10,473
59,817 228,586

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 55,200 57,000
Trade creditors 65,887 13,021
Taxation and social security 3,034 69,034
Other creditors 218,402 155,926
342,523 294,981

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 74,528 128,572
Other creditors 0 26,495
74,528 155,067

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
300 Ordinary shares of £ 1.00 each 300 300

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director 1 - Brought forward (58) 29,089
Director 1 - Advance 100,270 147,391
Director 1 - Repayments (103,225) (176,538)
Director 1 - Interest 55 0
Director 1 - Carried forward (2,958) (58)

Interest is charged at a rate of 2.25% as per HMRC guidelines and the loan is repayable on demand.