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Registration number: NI025468

Seaport (NI) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Seaport (NI) Limited

(Registration number: NI025468)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Land & work in progress

5

150,878

150,528

Debtors

6

130,305

104,481

Cash at bank and in hand

 

1,111,950

1,122,649

 

1,393,133

1,377,658

Creditors: Amounts falling due within one year

7

(21,697)

(15,530)

Total assets less current liabilities

 

1,371,436

1,362,128

Creditors: Amounts falling due after more than one year

7

(28,148)

(33,703)

Net assets

 

1,343,288

1,328,425

Capital and reserves

 

Called up share capital

8

602,968

602,968

Profit and loss account

740,320

725,457

Total equity

 

1,343,288

1,328,425

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 December 2024 and signed on its behalf by:
 

.........................................
Mr Seymour Sweeney
Director

 

Seaport (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: The Old Barn, 6 Seaport Avenue, Portballintrae, Co Antrim, BT57 8SB.

These financial statements were authorised for issue by the Board on 17 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Seaport (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computers & office equipment

30% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

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 income statement in operating expenses.

Land & work in progress

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 1).

 

Seaport (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

2,200

2,200

At 30 June 2024

2,200

2,200

Depreciation

At 1 July 2023

2,200

2,200

At 30 June 2024

2,200

2,200

Carrying amount

At 30 June 2024

-

-

5

Stocks

2024
£

2023
£

Land for development and work in progress

150,878

150,528

6

Debtors

Current

2024
£

2023
£

Prepayments

113

394

Other debtors

130,192

104,087

 

130,305

104,481

 

Seaport (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

362

506

Taxation and social security

4,433

33

Other creditors

9,402

7,491

Loans and borrowings

7,500

7,500

21,697

15,530

Due after one year

Loans and borrowings

28,148

33,703

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

602,968

602,968

602,968

602,968