Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302022-12-01falseManufacturers of natual sea sponges and importer and exporter of bodycare products910truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03160824 2022-12-01 2023-11-30 03160824 2021-12-01 2022-11-30 03160824 2023-11-30 03160824 2022-11-30 03160824 c:CompanySecretary1 2022-12-01 2023-11-30 03160824 c:Director1 2022-12-01 2023-11-30 03160824 c:RegisteredOffice 2022-12-01 2023-11-30 03160824 d:Buildings d:LongLeaseholdAssets 2022-12-01 2023-11-30 03160824 d:Buildings d:LongLeaseholdAssets 2023-11-30 03160824 d:Buildings d:LongLeaseholdAssets 2022-11-30 03160824 d:PlantMachinery 2022-12-01 2023-11-30 03160824 d:PlantMachinery 2023-11-30 03160824 d:PlantMachinery 2022-11-30 03160824 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03160824 d:MotorVehicles 2022-12-01 2023-11-30 03160824 d:MotorVehicles 2023-11-30 03160824 d:MotorVehicles 2022-11-30 03160824 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03160824 d:OfficeEquipment 2022-12-01 2023-11-30 03160824 d:OfficeEquipment 2023-11-30 03160824 d:OfficeEquipment 2022-11-30 03160824 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03160824 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03160824 d:CurrentFinancialInstruments 2023-11-30 03160824 d:CurrentFinancialInstruments 2022-11-30 03160824 d:Non-currentFinancialInstruments 2023-11-30 03160824 d:Non-currentFinancialInstruments 2022-11-30 03160824 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 03160824 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 03160824 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 03160824 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 03160824 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 03160824 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 03160824 d:ShareCapital 2023-11-30 03160824 d:ShareCapital 2022-11-30 03160824 d:RetainedEarningsAccumulatedLosses 2023-11-30 03160824 d:RetainedEarningsAccumulatedLosses 2022-11-30 03160824 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 03160824 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 03160824 c:FRS102 2022-12-01 2023-11-30 03160824 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 03160824 c:FullAccounts 2022-12-01 2023-11-30 03160824 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 03160824 2 2022-12-01 2023-11-30 03160824 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
Registered number: 03160824










THE NATURAL SEA SPONGE COMPANY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




















 
THE NATURAL SEA SPONGE COMPANY LIMITED
 
 
Company Information


Director
D Bersos 




Company secretary
D Bersos



Registered number
03160824



Registered office
Unit 11
Slough Interchange Industrial Estate

Whittenham Close

Slough

SL2 5EP





 
THE NATURAL SEA SPONGE COMPANY LIMITED
Registered number: 03160824

Balance Sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
136,744
160,900

  
136,744
160,900

Current assets
  

Stocks
  
363,591
473,884

Debtors: amounts falling due within one year
 5 
1,763,112
775,376

Current asset investments
 6 
135,780
135,780

Cash at bank and in hand
 7 
113,227
1,179,904

  
2,375,710
2,564,944

Creditors: amounts falling due within one year
 8 
(591,970)
(568,188)

Net current assets
  
 
 
1,783,740
 
 
1,996,756

Total assets less current liabilities
  
1,920,484
2,157,656

Creditors: amounts falling due after more than one year
 9 
(213,333)
(293,333)

Provisions for liabilities
  

Deferred tax
  
(15,229)
(17,486)

  
 
 
(15,229)
 
 
(17,486)

Net assets
  
1,691,922
1,846,837


Capital and reserves
  

Called up share capital 
  
100,006
100,006

Profit and loss account
  
1,591,916
1,746,831

  
1,691,922
1,846,837


Page 1

 
THE NATURAL SEA SPONGE COMPANY LIMITED
Registered number: 03160824
    
Balance Sheet (continued)
As at 30 November 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 February 2025.




D Bersos
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
THE NATURAL SEA SPONGE COMPANY LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 30 November 2023

1.


General information

The Natural Sea Sponge Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Slough Interchange Industrial Estate, Whittenham Close, Slough, SL2 5EP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
THE NATURAL SEA SPONGE COMPANY LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
THE NATURAL SEA SPONGE COMPANY LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives .

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
15 years straight line
Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
THE NATURAL SEA SPONGE COMPANY LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 10).

Page 6

 
THE NATURAL SEA SPONGE COMPANY LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 30 November 2023

4.


Tangible fixed assets





L/Term Leasehold Property
Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
151,814
101,749
74,449
219,739
547,751



At 30 November 2023

151,814
101,749
74,449
219,739
547,751



Depreciation


At 1 December 2022
96,961
74,008
50,892
164,990
386,851


Charge for the year
8,631
4,161
5,889
5,475
24,156



At 30 November 2023

105,592
78,169
56,781
170,465
411,007



Net book value



At 30 November 2023
46,222
23,580
17,668
49,274
136,744



At 30 November 2022
54,853
27,741
23,557
54,749
160,900


5.


Debtors

2023
2022
£
£


Trade debtors
120,724
215,431

Amounts owed by group undertakings
1,574,635
475,269

Other debtors
29,260
50,080

Prepayments and accrued income
25,567
34,596

Tax recoverable
12,926
-

1,763,112
775,376


Page 7

 
THE NATURAL SEA SPONGE COMPANY LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 30 November 2023

6.


Current asset investments

2023
2022
£
£

Other investments
135,780
135,780

135,780
135,780



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
113,227
1,179,904

113,227
1,179,904



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
80,000
80,000

Trade creditors
93,556
390,929

Amounts owed to group undertakings
290,733
-

Corporation tax
-
12,926

Other taxation and social security
37,161
43,086

Other creditors
69,096
31,653

Accruals and deferred income
21,424
9,594

591,970
568,188


The aggregate amount of creditors for which security has been given by the company amounted to £80,000 (2022: £80,000).

Page 8

 
THE NATURAL SEA SPONGE COMPANY LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 30 November 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
213,333
293,333

213,333
293,333


The aggregate amount of creditors for which security has been given by the company amounted to £213,333 (2022: £293,333).


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
80,000
80,000


80,000
80,000

Amounts falling due 1-2 years

Other loans
213,333
293,333


213,333
293,333



293,333
373,333


Page 9

 
THE NATURAL SEA SPONGE COMPANY LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 30 November 2023

11.


Deferred taxation




2023


£






At beginning of year
(17,486)


Charged to profit or loss
2,257



At end of year
(15,229)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(15,229)
(17,486)

(15,229)
(17,486)


12.


Controlling party

The company is controlled by Falcon Aim Limited by virtue of its shareholding.

 
Page 10