Registered number
11193380
I can see the sea Limited
Filleted Accounts
29 February 2024
I can see the sea Limited
Registered number: 11193380
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 43,833 43,061
Current assets
Stocks 1,872 1,872
Debtors 4 (18,434) (17,801)
Cash at bank and in hand 19,023 19,023
2,461 3,094
Creditors: amounts falling due within one year 5 (19,890) (29,798)
Net current liabilities (17,429) (26,704)
Net assets 26,404 16,357
Capital and reserves
Called up share capital 4 4
Profit and loss account 26,400 16,353
Shareholders' funds 26,404 16,357
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E S Cornelius-Jackson
Director
Approved by the board on 24 October 2024
I can see the sea Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 26,839 29,995 56,834
Additions 772 - 772
At 29 February 2024 27,611 29,995 57,606
Depreciation
At 1 March 2023 7,774 5,999 13,773
At 29 February 2024 7,774 5,999 13,773
Net book value
At 29 February 2024 19,837 23,996 43,833
At 28 February 2023 19,065 23,996 43,061
4 Debtors 2024 2023
£ £
Trade debtors (18,960) (18,327)
Other debtors 526 526
(18,434) (17,801)
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 13,080 19,738
Trade creditors (40) -
Taxation and social security costs (16,740) (13,530)
Other creditors 23,590 23,590
19,890 29,798
6 Other information
I can see the sea Limited is a private company limited by shares and incorporated in England. Its registered office is:
52 Bembridge Drive
Hayling Island
Hampshire
PO11 9LU
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