Company Registration No. 06323489 (England and Wales)
Blue Sea Holidays Limited
Unaudited accounts
for the year ended 28 October 2023
Blue Sea Holidays Limited
Unaudited accounts
Contents
Blue Sea Holidays Limited
Company Information
for the year ended 28 October 2023
Directors
Mr P P Verd Bellanger
Mr A R Brewer
Company Number
06323489 (England and Wales)
Registered Office
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Blue Sea Holidays Limited
Statement of financial position
as at 28 October 2023
Tangible assets
1,483
1,976
Cash at bank and in hand
119,910
345,580
Creditors: amounts falling due within one year
(343,035)
(402,035)
Net current (liabilities)/assets
(77,600)
40,664
Total assets less current liabilities
(66,235)
42,640
Creditors: amounts falling due after more than one year
(16,700)
(26,617)
Net (liabilities)/assets
(82,935)
16,023
Called up share capital
20
20
Profit and loss account
(82,955)
16,003
Shareholders' funds
(82,935)
16,023
For the year ending 28 October 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by
Mr A R Brewer
Director
Company Registration No. 06323489
Blue Sea Holidays Limited
Notes to the Accounts
for the year ended 28 October 2023
Blue Sea Holidays Limited is a private company, limited by shares, registered in England and Wales, registration number 06323489. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland companies Act 2006.
These financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
. the amount of revenue can be measured reliably;
. it is probable that the Company will receive the consideration due under the contract;
. the stage of completion of the contract at the end of the reporting period can be measured reliably; and
. the costs incurred and the costs to complete the contract can be measured reliably.
Blue Sea Holidays Limited
Notes to the Accounts
for the year ended 28 October 2023
Interest income is recognised statement of income and retained earnings using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Website - 4 years
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Blue Sea Holidays Limited
Notes to the Accounts
for the year ended 28 October 2023
The financial statements have been prepared on the going concern basis. The Directors are of the opinion that the use of the going concern basis is appropriate as they are satisfied that the profitability is improving.
4
Intangible fixed assets
Other
At 28 October 2023
109,823
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 29 October 2022
1,207
8,228
9,435
At 28 October 2023
1,207
8,228
9,435
At 29 October 2022
1,117
6,342
7,459
Charge for the year
21
472
493
At 28 October 2023
1,138
6,814
7,952
At 28 October 2023
69
1,414
1,483
At 28 October 2022
90
1,886
1,976
Amounts falling due within one year
Trade debtors
145,155
97,119
Accrued income and prepayments
370
-
Blue Sea Holidays Limited
Notes to the Accounts
for the year ended 28 October 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
9,825
9,733
Trade creditors
152,334
204,389
Taxes and social security
60,151
56,316
Other creditors
34,248
77,040
Loans from directors
21,217
17,698
8
Creditors: amounts falling due after more than one year
2023
2022
The bank loan term is for 6 years repayable in installments. The interest rate is 2.5%.
Allotted, called up and fully paid:
20 Ordinary shares of £1 each
20
20
10
Transactions with related parties
At the year end the company owed the director £21,217 (2022 - £17,698). This loan is interest free and repayable on demand.
11
Average number of employees
During the year the average number of employees was 1 (2022: 1).