Company Registration No. 09249524 (England and Wales)
SEISMIC VENTURE PARTNERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
SEISMIC VENTURE PARTNERS LTD
COMPANY INFORMATION
Directors
Mr T Lloyd-Baker
Mr E Lloyd-Baker
Company number
09249524
Registered office
The Old Rectory
Lustleigh
Newton Abbot
Devon
TQ13 9TE
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
SEISMIC VENTURE PARTNERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SEISMIC VENTURE PARTNERS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,129,502
581,632
Current assets
Debtors
5
24,410
50,315
Cash at bank and in hand
1,322
3,189
25,732
53,504
Creditors: amounts falling due within one year
6
(35,122)
(38,113)
Net current (liabilities)/assets
(9,390)
15,391
Total assets less current liabilities
1,120,112
597,023
Creditors: amounts falling due after more than one year
7
(824,482)
(829,200)
Provisions for liabilities
(248,959)
(111,991)
Net assets/(liabilities)
46,671
(344,168)
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
9
746,876
335,974
Profit and loss reserves
(700,207)
(680,144)
Total equity
46,671
(344,168)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
SEISMIC VENTURE PARTNERS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr T Lloyd-Baker
Director
Company Registration No. 09249524
SEISMIC VENTURE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Seismic Venture Partners Ltd is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
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.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SEISMIC VENTURE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 0).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
12,210
Amortisation and impairment
At 1 November 2023 and 31 October 2024
12,210
Carrying amount
At 31 October 2024
At 31 October 2023
4
Fixed asset investments
2024
2023
£
£
Investments
1,129,502
581,632
SEISMIC VENTURE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2023
581,632
Valuation changes
547,870
At 31 October 2024
1,129,502
Carrying amount
At 31 October 2024
1,129,502
At 31 October 2023
581,632
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,800
Corporation tax recoverable
1,077
Other debtors
13,533
50,315
24,410
50,315
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,738
4,738
Trade creditors
3,020
9,464
Corporation tax
17,525
Other creditors
24,764
3,886
Accruals and deferred income
2,600
2,500
35,122
38,113
SEISMIC VENTURE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
24,482
29,200
Other creditors
800,000
800,000
824,482
829,200
Included in other creditors due in over one year relates to an amount held on behalf of a fund management.
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
9
Revaluation reserve
2024
2023
£
£
At beginning of year
335,974
-
Other movements
410,902
335,974
At end of year
746,876
335,974