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Registered number: 04103743
Sea-fire Europe Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Garrett Adam Accountants Limited
ACCA
3 Johnson's Barns
Waterworks Road
Petersfield
Hampshire
GU32 2BY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04103743
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 18,179 23,617
18,179 23,617
CURRENT ASSETS
Stocks 5 778,440 794,571
Debtors 6 914,414 1,225,633
Cash at bank and in hand 802,849 592,475
2,495,703 2,612,679
Creditors: Amounts Falling Due Within One Year 7 (686,405 ) (1,167,228 )
NET CURRENT ASSETS (LIABILITIES) 1,809,298 1,445,451
TOTAL ASSETS LESS CURRENT LIABILITIES 1,827,477 1,469,068
Creditors: Amounts Falling Due After More Than One Year 8 (65,000 ) (95,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (3,356 ) (4,264 )
NET ASSETS 1,759,121 1,369,804
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account 1,759,120 1,369,803
SHAREHOLDERS' FUNDS 1,759,121 1,369,804
Page 1
Page 2
For the year ending 30 April 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 his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr E Ellis
Director
08/01/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sea-fire Europe Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04103743 . The registered office is D2 Discovery Voyager Park, Portfield Road, Portsmouth, Hampshire, PO3 5FN.
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. 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.
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:
Leasehold 25% Straight line
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 25% Reducing balance
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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 19,708 38,464 10,466 39,698 108,336
Additions - - - 440 440
As at 30 April 2024 19,708 38,464 10,466 40,138 108,776
Depreciation
As at 1 May 2023 18,532 25,950 10,466 29,771 84,719
Provided during the period 658 2,995 - 2,225 5,878
As at 30 April 2024 19,190 28,945 10,466 31,996 90,597
Net Book Value
As at 30 April 2024 518 9,519 - 8,142 18,179
As at 1 May 2023 1,176 12,514 - 9,927 23,617
5. Stocks
2024 2023
£ £
Stock 778,440 794,571
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 823,579 977,210
Prepayments and accrued income 81,477 57,464
Other debtors 227 227
VAT 9,131 190,732
914,414 1,225,633
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 154,046 639,543
Bank loans and overdrafts 30,000 30,000
Corporation tax 131,286 100,680
Other taxes and social security 4,814 866
Net wages - 671
Other creditors 2,441 1,622
Accruals and deferred income 307,480 237,508
Amounts owed to group undertakings 56,338 156,338
686,405 1,167,228
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 65,000 95,000
9. Deferred Taxation
The deferred tax has been calculated at the effective rate of 25% (2022:25%)
The deferred tax provision is expected to reverse over a number of years as accelerated capital allowances reduce.
2024 2023
£ £
Other timing differences 3,356 4,264
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 May 2023 4,264 4,264
Utilised (908 ) (908)
Balance at 30 April 2024 3,356 3,356
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5
Page 6
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 75,000 75,000
Later than one year and not later than five years 300,000 300,000
Later than five years 225,000 300,000
600,000 675,000
13. Exceptional Items
During the financial year, a settlement was reached for an ongoing court case. The case resulted in a settlement payment of £58,804 (€70,000). This amount has been recognised as an exceptional item in the statement of comprehensive income under other operating income.
The legal settlement is considered an exceptional item due to its non-recurring nature and material financial impact on the company's results.
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