Registered number
11251171
SEA STATS LTD
Filleted Accounts
29 February 2024
SEA STATS LTD
Registered number: 11251171
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 10,000 10,000
Tangible assets 4 18,275 22,287
28,275 32,287
Current assets
Stocks 28,555 19,500
Cash at bank and in hand 4,524 771
33,079 20,271
Creditors: amounts falling due within one year 5 (7,935) (4,649)
Net current assets 25,144 15,622
Total assets less current liabilities 53,419 47,909
Creditors: amounts falling due after more than one year 6 (129,132) (129,426)
Net liabilities (75,713) (81,517)
Capital and reserves
Called up share capital 1 1
Profit and loss account (75,714) (81,518)
Shareholder's funds (75,713) (81,517)
The director is 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 director acknowledges his 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.
_________________
Rizwan Salahuddin
Director
Approved by the board on 25 February 2025
SEA STATS LTD
Notes to the Accounts
for the year ended 29 February 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:
Plant and machinery 18% reducing balance
Fixtures, fittings, tools and equipment 18% reducing balance
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 10,000
At 29 February 2024 10,000
Amortisation
At 29 February 2024 -
Net book value
At 29 February 2024 10,000
At 28 February 2023 10,000
4 Tangible fixed assets
Plant and machinery etc Fixtures, fittings, tools and equipment Total
£ £ £
Cost
At 1 March 2023 24,444 34,549 58,993
At 29 February 2024 24,444 34,549 58,993
Depreciation
At 1 March 2023 14,965 21,741 36,706
Charge for the year 1,706 2,306 4,012
At 29 February 2024 16,671 24,047 40,718
Net book value
At 29 February 2024 7,773 10,502 18,275
At 28 February 2023 9,479 12,808 22,287
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,306 1,293
Taxation and social security costs 989 704
Other creditors 5,640 2,652
7,935 4,649
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 163
Other creditors 129,132 129,263
129,132 129,426
7 Other information
SEA STATS LTD is a private company limited by shares and incorporated in England. Its registered office is:
290 Seven Sisters Road,
London,
Greater London,
England,
N4 2AB
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