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REGISTERED NUMBER: 07651592 (England and Wales)












SEVEN SEAS YACHTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






SEVEN SEAS YACHTS LTD (REGISTERED NUMBER: 07651592)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SEVEN SEAS YACHTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mr N Politis





REGISTERED OFFICE: Piccadilly Business Centre
Unit C, Aldow Enterprise Park
Blackett Street
Manchester
Greater Manchester
M12 6AE





REGISTERED NUMBER: 07651592 (England and Wales)





ACCOUNTANTS: Christiansons Ltd
Chartered Certified Accountants
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE

SEVEN SEAS YACHTS LTD (REGISTERED NUMBER: 07651592)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 5,158 6,448

CURRENT ASSETS
Debtors 5 259,708 138,502
Cash at bank 655 86,674
260,363 225,176
CREDITORS
Amounts falling due within one year 6 101,852 25,936
NET CURRENT ASSETS 158,511 199,240
TOTAL ASSETS LESS CURRENT
LIABILITIES

163,669

205,688

PROVISIONS FOR LIABILITIES 8 1,604 1,218
NET ASSETS 162,065 204,470

CAPITAL AND RESERVES
Called up share capital 9 100,000 100,000
Retained earnings 10 62,065 104,470
SHAREHOLDERS' FUNDS 162,065 204,470

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SEVEN SEAS YACHTS LTD (REGISTERED NUMBER: 07651592)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2025 and were signed by:





Mr N Politis - Director


SEVEN SEAS YACHTS LTD (REGISTERED NUMBER: 07651592)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Seven Seas Yachts Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised at the earlier of invoice being raised or monies being received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

SEVEN SEAS YACHTS LTD (REGISTERED NUMBER: 07651592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 38,300 200 361 38,861
DEPRECIATION
At 1 June 2023 31,873 200 340 32,413
Charge for year 1,285 - 5 1,290
At 31 May 2024 33,158 200 345 33,703
NET BOOK VALUE
At 31 May 2024 5,142 - 16 5,158
At 31 May 2023 6,427 - 21 6,448

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 40 25
Amounts due from Related Comp 259,668 138,477
259,708 138,502

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 7) 394 -
Trade creditors 141 704
Tax 16,987 19,629
Directors' current accounts 82,330 3,553
Accruals and deferred income 2,000 2,050
101,852 25,936

7. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 394 -

SEVEN SEAS YACHTS LTD (REGISTERED NUMBER: 07651592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 1,604 1,218

Deferred
tax
£   
Balance at 1 June 2023 1,218
Provided during year 386
Balance at 31 May 2024 1,604

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100,000 Ordinary shares £1 100,000 100,000

10. RESERVES
Retained
earnings
£   

At 1 June 2023 104,470
Profit for the year 59,595
Dividends (102,000 )
At 31 May 2024 62,065

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr N Politis.