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Company No: 10352545 (England and Wales)

SEASIDE STEVE COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SEASIDE STEVE COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SEASIDE STEVE COMPANY LIMITED

BALANCE SHEET

As at 30 April 2024
SEASIDE STEVE COMPANY LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,146,391 1,171,617
1,146,391 1,171,617
Current assets
Stocks 30,733 11,712
Debtors 4 2,835 733
Cash at bank and in hand 78,251 314,299
111,819 326,744
Creditors: amounts falling due within one year 5 ( 884,885) ( 1,033,680)
Net current liabilities (773,066) (706,936)
Total assets less current liabilities 373,325 464,681
Creditors: amounts falling due after more than one year 6 ( 447,637) ( 489,001)
Net liabilities ( 74,312) ( 24,320)
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 290,208 290,208
Profit and loss account ( 364,620 ) ( 314,628 )
Total shareholders' deficit ( 74,312) ( 24,320)

For the financial 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.

Director's responsibilities:

The financial statements of Seaside Steve Company Limited (registered number: 10352545) were approved and authorised for issue by the Director on 19 August 2024. They were signed on its behalf by:

S J Attrill
Director
SEASIDE STEVE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SEASIDE STEVE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Seaside Steve Company 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, Dorset, BH15 2PW, United Kingdom. The principal place of business is The Clubhouse, Beach Road, West Bexington, Dorset, DT2 9DG, England.

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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £74,312. The Company is supported through loans from the director. The director has 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 director will continue to support the Company. Given the current position, the director believes 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 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 sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 25 - 33.33 % reducing balance
Other property, plant and equipment 10 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.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 May 2023 960,000 70,285 371,813 1,402,098
Additions 0 1,347 17,009 18,356
At 30 April 2024 960,000 71,632 388,822 1,420,454
Accumulated depreciation
At 01 May 2023 0 51,256 179,225 230,481
Charge for the financial year 0 5,066 38,516 43,582
At 30 April 2024 0 56,322 217,741 274,063
Net book value
At 30 April 2024 960,000 15,310 171,081 1,146,391
At 30 April 2023 960,000 19,029 192,588 1,171,617

4. Debtors

2024 2023
£ £
Other debtors 2,835 733

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 74,062 85,051
Trade creditors 18,234 17,943
Other taxation and social security 16,246 14,229
Other creditors 776,343 916,457
884,885 1,033,680

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 447,637 489,001

There are no amounts included above in respect of which any security has been given by the small entity.