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
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
Seafarer Venture Ltd
Statement of financial position
as at 30 June 2024
Tangible assets
382,834
352,080
Cash at bank and in hand
514
45,195
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)
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
Seafarer Venture Ltd
Notes to the Accounts
for the year ended 30 June 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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)
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
At 1 July 2023
3,237
-
3,237
Charge for the year
3,714
-
3,714
At 30 June 2024
6,951
-
6,951
At 30 June 2024
30,186
352,648
382,834
At 30 June 2023
29,132
322,948
352,080
Seafarer Venture Ltd
Notes to the Accounts
for the year ended 30 June 2024
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Loans from directors
357,240
406,062
7
Average number of employees
During the year the average number of employees was 2 (2023: 2).