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Registered Number: 12202730
England and Wales

 

 

 

GREEK BLUE SEA LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2021

End date: 30 September 2022
Directors Mr Christos Athanasacopulos
Mr Savvas Sfrantzis
Registered Number 12202730
Registered Office 16 Hurst Street
Birmingham
B5 4BN
1
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 3 43,784    50,031 
43,784    50,031 
Current assets      
Stocks 4 4,280    5,300 
Debtors 5 79,828    15,185 
Cash at bank and in hand 69,325    110,538 
153,433    131,023 
Creditors: amount falling due within one year 6 (164,963)   (117,321)
Net current assets (11,530)   13,702 
 
Total assets less current liabilities 32,254    63,733 
Net assets 32,254    63,733 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 32,154    63,633 
Shareholders' funds 32,254    63,733 
 


For the year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 02 October 2024 and were signed on its behalf by:


-------------------------------
Mr Savvas Sfrantzis
Director
2
General Information
GREEK BLUE SEA LTD is a private company, limited by shares, registered in England and Wales, registration number 12202730, registration address 16 Hurst Street, Birmingham, B5 4BN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10% Reducing Balance
Fixtures and Fittings 10% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 8 (2021 : 8).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 01 October 2021 307    62,160    62,467 
Additions    
Disposals    
At 30 September 2022 307    62,160    62,467 
Depreciation
At 01 October 2021 62    12,374    12,436 
Charge for year 31    6,216    6,247 
On disposals    
At 30 September 2022 93    18,590    18,683 
Net book values
Closing balance as at 30 September 2022 214    43,570    43,784 
Opening balance as at 01 October 2021 245    49,786    50,031 


4.

Stocks

2022
£
  2021
£
Stocks 4,280    5,300 
4,280    5,300 

5.

Debtors: amounts falling due within one year

2022
£
  2021
£
Prepayments & Accrued Income 12,500    12,500 
Other Debtors 39,241   
Directors' Current Accounts 28,087    2,685 
79,828    15,185 
The director's overdrawn account was cleared before the due date for the payment of the corporation tax.


6.

Creditors: amount falling due within one year

2022
£
  2021
£
Trade Creditors 10,120    23,134 
Bank Loans & Overdrafts 50,127    52,061 
Corporation Tax 18,185    12,971 
PAYE & Social Security 24,700    17,140 
VAT 61,831    12,015 
164,963    117,321 

3