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Company No: 04085065 (England and Wales)

SEASCAPES (FALMOUTH) MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 24 March 2024
Pages for filing with the registrar

SEASCAPES (FALMOUTH) MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 24 March 2024

Contents

SEASCAPES (FALMOUTH) MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 24 March 2024
SEASCAPES (FALMOUTH) MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 24 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 10,500 10,500
10,500 10,500
Current assets
Debtors 4 12,592 10,177
Cash at bank and in hand 79,621 88,564
92,213 98,741
Creditors: amounts falling due within one year 5 ( 25,512) ( 23,689)
Net current assets 66,701 75,052
Total assets less current liabilities 77,201 85,552
Net assets 77,201 85,552
Capital and reserves
Called-up share capital 6 10,500 10,500
Other reserves 64,000 64,000
Profit and loss account 2,701 11,052
Total shareholder's funds 77,201 85,552

For the financial year ending 24 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Seascapes (Falmouth) Management Limited (registered number: 04085065) were approved and authorised for issue by the Board of Directors on 14 November 2024. They were signed on its behalf by:

Mr A J Herman
Director
SEASCAPES (FALMOUTH) MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 24 March 2024
SEASCAPES (FALMOUTH) MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 24 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Seascapes (Falmouth) Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Daniell House, Falmouth Road, Truro, TR1 2HX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life.

Land and buildings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Land and buildings Total
£ £
Cost
At 25 March 2023 10,500 10,500
At 24 March 2024 10,500 10,500
Accumulated depreciation
At 25 March 2023 0 0
At 24 March 2024 0 0
Net book value
At 24 March 2024 10,500 10,500
At 24 March 2023 10,500 10,500

4. Debtors

2024 2023
£ £
Trade debtors 443 0
Prepayments 12,149 10,177
12,592 10,177

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 24,093 21,951
Accruals 1,419 1,738
25,512 23,689

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,500 Ordinary shares of £ 1.00 each 10,500 10,500