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Registered number: 13852510
SEEIT VISUALISATIONS LIMITED
Unaudited Financial Statements
For The Year Ended 31 January 2024
Beach Accountants Limited
Chartered Certified Accountants
10 Blue Sky Way
Monkton Business Park South
Hebburn
South Tyneside
NE31 2EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13852510
31 January 2024 31 January 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,380 2,893
2,380 2,893
CURRENT ASSETS
Stocks 5 240 200
Debtors 6 5,701 5,476
Cash at bank and in hand 828 4,394
6,769 10,070
Creditors: Amounts Falling Due Within One Year 7 (8,948 ) (12,671 )
NET CURRENT ASSETS (LIABILITIES) (2,179 ) (2,601 )
TOTAL ASSETS LESS CURRENT LIABILITIES 201 292
PROVISIONS FOR LIABILITIES
Deferred Taxation (184 ) (223 )
NET ASSETS 17 69
CAPITAL AND RESERVES
Called up share capital 8 20 20
Profit and Loss Account (3 ) 49
SHAREHOLDERS' FUNDS 17 69
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For the 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.
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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Tony Carman
Director
31/05/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
SEEIT VISUALISATIONS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 13852510 . The registered office is 1 Mistletoe Road, Jesmond, Newcastle Upon Tyne, Tyne And Wear , NE2 2DX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Computer Equipment 20% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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 statement of comprehensive income 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 1,291 1,943 3,234
Additions 74 - 74
As at 31 January 2024 1,365 1,943 3,308
Depreciation
As at 1 February 2023 101 240 341
Provided during the period 247 340 587
As at 31 January 2024 348 580 928
Net Book Value
As at 31 January 2024 1,017 1,363 2,380
As at 1 February 2023 1,190 1,703 2,893
5. Stocks
31 January 2024 31 January 2023
£ £
Stock 240 200
6. Debtors
31 January 2024 31 January 2023
£ £
Due within one year
Prepayments and accrued income 260 511
Directors' loan accounts 5,441 4,965
5,701 5,476
The above loan will be repaid within 9 months of the year end.
7. Creditors: Amounts Falling Due Within One Year
31 January 2024 31 January 2023
£ £
Trade creditors 16 954
Corporation tax 7,117 6,465
VAT 488 4,492
Other creditors 1,327 -
Accruals and deferred income - 760
8,948 12,671
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8. Share Capital
31 January 2024 31 January 2023
£ £
Allotted, Called up and fully paid 20 20
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Tony Carman 2,482 728 490 - 2,720
Miss Amy Carman 2,483 728 490 - 2,721
The above loan is unsecured, interest free and repayable on demand.
The above loan will be repaid within 9 months of the year end.
Dividends paid to directors
31 January 2024 31 January 2023
£ £
Mr Tony Carman 490 14,400
Miss Amy Carman 490 14,400
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