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Registration number: 06202668

Prime Seascape Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Prime Seascape Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Prime Seascape Ltd

(Registration number: 06202668)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

1,297,435

Investments

5

101

-

 

101

1,297,435

Current assets

 

Debtors

6

1,098,763

53,284

Cash at bank and in hand

 

170

41,499

 

1,098,933

94,783

Creditors: Amounts falling due within one year

7

(515,286)

(579,576)

Net current assets/(liabilities)

 

583,647

(484,793)

Total assets less current liabilities

 

583,748

812,642

Creditors: Amounts falling due after more than one year

7

-

(843,366)

Provisions for liabilities

-

(524)

Net assets/(liabilities)

 

583,748

(31,248)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

583,746

(31,250)

Shareholders' funds/(deficit)

 

583,748

(31,248)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 13 March 2025
 

 

Prime Seascape Ltd

(Registration number: 06202668)
Statement of Financial Position as at 31 March 2024 (continued)


Mr Simon Lea
Company secretary and director

 

Prime Seascape Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is property development.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Going concern

The financial statements have been prepared on a going concern basis.

 

Prime Seascape Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

No depreciation is applied to the investment property

Fittings fixtures and equipment

20% reducing balance

 

Prime Seascape Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Prime Seascape Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

1,294,678

8,939

1,303,617

Additions

226,745

-

226,745

Disposals

(1,521,423)

(8,939)

(1,530,362)

At 31 March 2024

-

-

-

Depreciation

At 1 April 2023

-

6,182

6,182

Eliminated on disposal

-

(6,182)

(6,182)

At 31 March 2024

-

-

-

Carrying amount

At 31 March 2024

-

-

-

At 31 March 2023

1,294,678

2,757

1,297,435

The above land and buildings relates to investment property.

Revaluation

The company's freehold property was revalued by the director on 31 March 2024. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £760,712 (2023 - £1,306,368).

 

Prime Seascape Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Investments

2024
£

2023
£

Investments in subsidiaries

101

-

Subsidiaries

£

Cost or valuation

Additions

101

Provision

Carrying amount

At 31 March 2024

101

 

Prime Seascape Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

10

1,098,763

53,284

 

1,098,763

53,284

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

144

41,981

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

379,143

206,411

Accruals and deferred income

 

1,896

27,404

Other creditors

 

134,103

303,780

 

515,286

579,576

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

843,366


The bank loans of £Nil (2023: £843,279) are secured by a fixed and floating charge over all property or undertakings of the company.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Prime Seascape Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

843,366

10

Related party transactions

Summary of transactions with key management

During the year the director entered into the following interest free advances and credits with the company. The loan is repayable on demand.
 

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Director

(301,953)

169,614

(132,339)

       
     

 

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Director

(127,425)

(174,528)

(301,953)

 

Summary of transactions with subsidiaries

During the year the company entered into the following transactions with subsidiaries:
The borrowing of the subsidiary companies is secured over the property and undertakings of Prime Seascape Ltd by way of fixed and floating charges.

 

Summary of transactions with other related parties

Connected companies
 During the year the company entered into the following transactions with related parties:

 

 

Prime Seascape Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Related party transactions (continued)

Loans to related parties

2024

Subsidiary
£

Other related parties
£

Total
£

At start of period

-

53,284

53,284

Advanced

1,045,479

-

1,045,479

At end of period

1,045,479

53,284

1,098,763

2023

Other related parties
£

Total
£

At start of period

53,284

53,284

At end of period

53,284

53,284

Terms of loans to related parties

The loans are interest free and repayable on demand.
 

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

206,411

206,411

Advanced

187,836

187,836

Repaid

(15,104)

(15,104)

At end of period

379,143

379,143

2023

Other related parties
£

Total
£

At start of period

206,411

206,411

At end of period

206,411

206,411

Terms of loans from related parties

The loans are interest free and repayable on demand.