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REGISTERED NUMBER: SC627800 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Seamount Ltd

Seamount Ltd (Registered number: SC627800)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Seamount Ltd (Registered number: SC627800)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
CURRENT ASSETS
Stocks 194,738 82,264
Debtors 4 37,834 5,932
Cash at bank 18,547 265,686
251,119 353,882
CREDITORS
Amounts falling due within one year 5 (100,550 ) (184,717 )
NET CURRENT ASSETS 150,569 169,165
TOTAL ASSETS LESS CURRENT
LIABILITIES

150,569

169,165

CREDITORS
Amounts falling due after more than one
year

6

(13,333

)

(23,333

)
NET ASSETS 137,236 145,832

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 137,136 145,732
137,236 145,832

Seamount Ltd (Registered number: SC627800)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





Mr A R Ness - Director


Seamount Ltd (Registered number: SC627800)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Seamount Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC627800. The registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, Stirlingshire, FK3 8WX.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents property development income excluding value added tax. Income is recognised at the point at which the property development is complete..

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Seamount Ltd (Registered number: SC627800)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors - 218
Amounts owed by related parties 100 100
Other debtors 37,734 5,614
37,834 5,932

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 8,333 8,333
Trade creditors 12,600 -
Taxation and social security 64,616 144,746
Other creditors 15,001 31,638
100,550 184,717

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 13,333 23,333

7. RELATED PARTY DISCLOSURES

At year end 31 March 2024, Seamount Ltd was owed £100 by related parties (2023: £100).