Registered number
03758328
Seafront Systems Limited
Filleted Accounts
30 June 2024
Seafront Systems Limited
Registered number: 03758328
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 327,700 322,638
Investments 5 5,655 5,655
333,355 328,293
Current assets
Stocks 109,975 109,025
Debtors 6 15,376 13,391
Cash at bank and in hand 150,589 114,093
275,940 236,509
Creditors: amounts falling due within one year 7 (118,621) (81,910)
Net current assets 157,319 154,599
Total assets less current liabilities 490,674 482,892
Creditors: amounts falling due after more than one year 8 (10,819) (20,830)
Provisions for liabilities (10,637) (7,861)
Net assets 469,218 454,201
Capital and reserves
Called up share capital 50,000 50,000
Share premium 116,975 116,975
Profit and loss account 302,243 287,226
Shareholder's funds 469,218 454,201
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Godfrey
Director
Approved by the board on 13 February 2025
Seafront Systems Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 14,200
At 30 June 2024 14,200
Amortisation
At 1 July 2023 14,200
At 30 June 2024 14,200
Net book value
At 30 June 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 477,475 246,934 724,409
Additions - 32,430 32,430
At 30 June 2024 477,475 279,364 756,839
Depreciation
At 1 July 2023 196,211 205,560 401,771
Charge for the year 9,549 17,819 27,368
At 30 June 2024 205,760 223,379 429,139
Net book value
At 30 June 2024 271,715 55,985 327,700
At 30 June 2023 281,264 41,374 322,638
5 Investments
Other
investments
£
Cost
At 1 July 2023 5,655
At 30 June 2024 5,655
6 Debtors 2024 2023
£ £
Other debtors 15,376 13,391
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 82,636 38,321
Taxation and social security costs 19,514 26,819
Other creditors 6,471 6,770
118,621 81,910
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,819 20,830
9 Controlling party
The ultimate controlling party is Mr D Godfrey by virtue of his ownership of 100% of the company's issued share capital.
10 Other information
Seafront Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Seafront Garage
The Parrog
Goodwick
Dyfed
SA64 0DE
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