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Company Registration No. 14185129 (England and Wales)
Seafarer Venture Ltd Unaudited accounts for the year ended 30 June 2024
Seafarer Venture Ltd Unaudited accounts Contents
Page
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Seafarer Venture Ltd Company Information for the year ended 30 June 2024
Directors
Daniel Newburg Anna Smith
Company Number
14185129 (England and Wales)
Registered Office
268 Belsize Road London NW6 4BT United Kingdom
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Seafarer Venture Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
382,834 
352,080 
Current assets
Debtors
- 
9,539 
Cash at bank and in hand
514 
45,195 
514 
54,734 
Creditors: amounts falling due within one year
(366,453)
(408,025)
Net current liabilities
(365,939)
(353,291)
Net assets/(liabilities)
16,895 
(1,211)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
16,795 
(1,311)
Shareholders' funds
16,895 
(1,211)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by
Daniel Newburg Director Company Registration No. 14185129
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Seafarer Venture Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Seafarer Venture Ltd is a private company, limited by shares, registered in England and Wales, registration number 14185129. The registered office is 268 Belsize Road, London, NW6 4BT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% - straight line
Motor vehicles
2% - straight line (once vessel restored)
Prior period adjustment
During the year ended 30 June 2024, it was discovered that capital improvements to the company's Motor Vehicles had been overcharged by £92,218 (including VAT) in the previous year. The supplier has cancelled the relevant invoices that were unpaid. As this relates to the prior period, the 2023 comparative figures have been restated to reflect the correct asset value and corresponding liabilities. This adjustment has resulted in a decrease of £76,848 in tangible fixed assets, a decrease of £92,218 in trade creditors, and a decrease of £15,370 in VAT recoverable as at 30 June 2023. There is no impact on retained earnings or profit and loss in either year as the asset had not yet been depreciated and the liability remained unpaid.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 July 2023
32,369 
322,948 
355,317 
Additions
4,768 
29,700 
34,468 
At 30 June 2024
37,137 
352,648 
389,785 
Depreciation
At 1 July 2023
3,237 
- 
3,237 
Charge for the year
3,714 
- 
3,714 
At 30 June 2024
6,951 
- 
6,951 
Net book value
At 30 June 2024
30,186 
352,648 
382,834 
At 30 June 2023
29,132 
322,948 
352,080 
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Seafarer Venture Ltd Notes to the Accounts for the year ended 30 June 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Other debtors
- 
9,539 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
387 
1,963 
Trade creditors
401 
- 
Loans from directors
357,240 
406,062 
Accruals
8,425 
- 
366,453 
408,025 
7
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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