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Company No: 04812721 (England and Wales)

SEA SENSE MORTGAGES LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

SEA SENSE MORTGAGES LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

SEA SENSE MORTGAGES LIMITED

BALANCE SHEET

As at 31 August 2024
SEA SENSE MORTGAGES LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,671 7,919
5,671 7,919
Current assets
Debtors 4 1,291 1,285
Cash at bank and in hand 25,028 28,732
26,319 30,017
Creditors: amounts falling due within one year 5 ( 30,394) ( 29,855)
Net current (liabilities)/assets (4,075) 162
Total assets less current liabilities 1,596 8,081
Net assets 1,596 8,081
Capital and reserves
Called-up share capital 225 225
Profit and loss account 1,371 7,856
Total shareholders' funds 1,596 8,081

For the financial year ending 31 August 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 Sea Sense Mortgages Limited (registered number: 04812721) were approved and authorised for issue by the Board of Directors on 16 December 2024. They were signed on its behalf by:

R L Fuller
Director
SEA SENSE MORTGAGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
SEA SENSE MORTGAGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Sea Sense Mortgages 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Suite 1, Brightwater House, Market Place, Ringwood, Hampshire, BH24 1AP.

The financial statements have been prepared under the historical cost convention, modified to include 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 Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £4,075. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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 comprises the value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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 on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 3 years straight line

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.

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 3 3

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 September 2023 27,559 28,803 35,993 92,355
Additions 0 0 769 769
At 31 August 2024 27,559 28,803 36,762 93,124
Accumulated depreciation
At 01 September 2023 22,859 27,530 34,047 84,436
Charge for the financial year 1,174 318 1,525 3,017
At 31 August 2024 24,033 27,848 35,572 87,453
Net book value
At 31 August 2024 3,526 955 1,190 5,671
At 31 August 2023 4,700 1,273 1,946 7,919

4. Debtors

2024 2023
£ £
Other debtors 1,291 1,285

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,239 70
Corporation tax 11,034 12,159
Other creditors 18,121 17,626
30,394 29,855

6. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 15,400 15,400

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 15,400 15,400