Silverfin false 31/03/2023 01/04/2022 31/03/2023 T J Camacho 23/03/2018 16 January 2025 The principal activity of the Company during the financial year was the letting and operating of own or leased real estate. 11273501 2023-03-31 11273501 bus:Director1 2023-03-31 11273501 2022-03-31 11273501 core:CurrentFinancialInstruments 2023-03-31 11273501 core:CurrentFinancialInstruments 2022-03-31 11273501 core:ShareCapital 2023-03-31 11273501 core:ShareCapital 2022-03-31 11273501 core:RetainedEarningsAccumulatedLosses 2023-03-31 11273501 core:RetainedEarningsAccumulatedLosses 2022-03-31 11273501 core:PlantMachinery 2022-03-31 11273501 core:Vehicles 2022-03-31 11273501 core:FurnitureFittings 2022-03-31 11273501 core:ComputerEquipment 2022-03-31 11273501 core:PlantMachinery 2023-03-31 11273501 core:Vehicles 2023-03-31 11273501 core:FurnitureFittings 2023-03-31 11273501 core:ComputerEquipment 2023-03-31 11273501 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 11273501 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 11273501 2022-04-01 2023-03-31 11273501 bus:FullAccounts 2022-04-01 2023-03-31 11273501 bus:SmallEntities 2022-04-01 2023-03-31 11273501 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11273501 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11273501 bus:Director1 2022-04-01 2023-03-31 11273501 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 11273501 core:Vehicles 2022-04-01 2023-03-31 11273501 core:FurnitureFittings 2022-04-01 2023-03-31 11273501 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 11273501 2021-04-01 2022-03-31 11273501 core:PlantMachinery 2022-04-01 2023-03-31 11273501 core:ComputerEquipment 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 11273501 (England and Wales)

SEALTEAM LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

SEALTEAM LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

SEALTEAM LIMITED

BALANCE SHEET

As at 31 March 2023
SEALTEAM LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 60,688 25,038
Investment property 4 1,080,548 1,080,548
1,141,236 1,105,586
Current assets
Debtors 5 41,230 68,140
Cash at bank and in hand 6 2,857 13,326
44,087 81,466
Creditors: amounts falling due within one year 7 ( 1,229,193) ( 1,146,539)
Net current liabilities (1,185,106) (1,065,073)
Total assets less current liabilities (43,870) 40,513
Net (liabilities)/assets ( 43,870) 40,513
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 43,970 ) 40,413
Total shareholder's (deficit)/funds ( 43,870) 40,513

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Sealteam Limited (registered number: 11273501) were approved and authorised for issue by the Director on 16 January 2025. They were signed on its behalf by:

T J Camacho
Director
SEALTEAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
SEALTEAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
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

Sealteam 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 Albert Goodman, Lupin Way, Yeovil, BA22 8WW, 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 parent company provides the company with a loan to fund working capital. The company is dependant on the support of the parent company, which has agreed not to request the repayment of the loan unless the company has surplus funds after allowing it to meet its other liabilities. In view of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for property rental income in the normal course of business, and is shown net of returns, rebates and discounts. Turnover also includes consideration received for the sale of machinery. The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Rental income received in advance of the period to which it relates is included as deferred income within other creditors on the balance sheet.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Plant and machinery 5 years straight line
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Computer equipment 5 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2022 22,477 31,000 1,275 3,112 57,864
Additions 121 53,000 0 201 53,322
At 31 March 2023 22,598 84,000 1,275 3,313 111,186
Accumulated depreciation
At 01 April 2022 11,615 19,840 218 1,153 32,826
Charge for the financial year 4,174 12,728 127 643 17,672
At 31 March 2023 15,789 32,568 345 1,796 50,498
Net book value
At 31 March 2023 6,809 51,432 930 1,517 60,688
At 31 March 2022 10,862 11,160 1,057 1,959 25,038

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 1,080,548
As at 31 March 2023 1,080,548

Valuation

There has been no valuation of investment property by an independent valuer.

5. Debtors

2023 2022
£ £
Trade debtors 0 4,012
Other debtors 41,230 64,128
41,230 68,140

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 2,857 13,326

7. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to related parties 1,197,475 1,128,475
Taxation and social security 21,832 6,630
Other creditors 9,886 11,434
1,229,193 1,146,539

8. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2022, the balance owed by the director was £58,277. During the year, £17,775 was advanced to the director, and £58,731 was repaid by the director. At 31 March 2023, the balance owed by the director was £17,321.

At 1 April 2021, the balance owed by the director was £36,179. During the year, £27,078 was advanced to the director, and £4,980 was repaid by the director. At 31 March 2022, the balance owed by the director was £58,277.