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Registered number: 12281875
SEVEN SEAS TRADING LIMITED
Director's Report and
Unaudited Financial Statements
For The Year Ended 30 November 2024
South
Contents
Page
Company Information 1
Director's Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Director Mrs Ayesha Draz
Company Number 12281875
Registered Office Suite #6, 1st Floor, 2 Square Street
Bradford
BD4 7NP
Accountants South
133 West Hendon Broadway
London
NW9 7DY
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Director's Report
The director presents her report and the financial statements for the year ended 30 November 2024.
Directors
The director who held office during the year were as follows:
Mrs Ayesha Draz
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mrs Ayesha Draz
Director
18/12/2024
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Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of SEVEN SEAS TRADING LIMITED for the year ended 30 November 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SEVEN SEAS TRADING LIMITED which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of SEVEN SEAS TRADING LIMITED , as a body, in accordance with the terms of our engagement letter dated 02 February 2021. Our work has been undertaken solely to prepare for your approval the accounts of SEVEN SEAS TRADING LIMITED and state those matters that we have agreed to state to the director of SEVEN SEAS TRADING LIMITED , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SEVEN SEAS TRADING LIMITED and its director as a body for our work or for this report.
It is your duty to ensure that SEVEN SEAS TRADING LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of SEVEN SEAS TRADING LIMITED . You consider that SEVEN SEAS TRADING LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of SEVEN SEAS TRADING LIMITED . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
AQ Accountants Ltd
18/12/2024
South
133 West Hendon Broadway
London
NW9 7DY
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 69,785 53,955
Cost of sales (55,131 ) (43,486 )
GROSS PROFIT 14,654 10,469
Administrative expenses (36,884 ) (45,047 )
OPERATING LOSS AND LOSS FOR THE FINANCIAL YEAR (22,230 ) (34,578 )
The notes on pages 7 to 9 form part of these financial statements.
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Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,082 1,319
1,082 1,319
CURRENT ASSETS
Stocks 5 16,574 53,659
Debtors 6 71,303 62,535
Cash at bank and in hand 9,264 690
97,141 116,884
Creditors: Amounts Falling Due Within One Year 7 (5,556 ) (3,306 )
NET CURRENT ASSETS (LIABILITIES) 91,585 113,578
TOTAL ASSETS LESS CURRENT LIABILITIES 92,667 114,897
Creditors: Amounts Falling Due After More Than One Year 8 (264,795 ) (264,795 )
NET LIABILITIES (172,128 ) (149,898 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (172,129 ) (149,899 )
SHAREHOLDERS' FUNDS (172,128) (149,898)
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For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mrs Ayesha Draz
Director
18/12/2024
The notes on pages 7 to 9 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
SEVEN SEAS TRADING LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12281875 . The registered office is Suite #6, 1st Floor, 2 Square Street, Bradford, BD4 7NP.
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:
Fixtures & Fittings 18%
Computer Equipment 18%
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2023 1,300 1,615 2,915
As at 30 November 2024 1,300 1,615 2,915
Depreciation
As at 1 December 2023 712 884 1,596
Provided during the period 106 131 237
As at 30 November 2024 818 1,015 1,833
Net Book Value
As at 30 November 2024 482 600 1,082
As at 1 December 2023 588 731 1,319
5. Stocks
2024 2023
£ £
Stock 16,574 53,659
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 25,924 36,669
Other debtors 45,379 25,866
71,303 62,535
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,268 1,268
Other taxes and social security 620 -
Accruals 3,668 2,038
5,556 3,306
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 264,795 264,795
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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