Company registration number 08707325 (England and Wales)
SEAWAY AQUA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SEAWAY AQUA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SEAWAY AQUA LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,000
4,000
Tangible assets
4
32,990
31,560
35,990
35,560
Current assets
Stocks
6,700
6,700
Debtors
5
44,890
28,018
Cash at bank and in hand
2,232
15,066
53,822
49,784
Creditors: amounts falling due within one year
6
(44,373)
(30,420)
Net current assets
9,449
19,364
Total assets less current liabilities
45,439
54,924
Creditors: amounts falling due after more than one year
7
(3,106)
(7,038)
Provisions for liabilities
(6,120)
(5,470)
Net assets
36,213
42,416
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
36,113
42,316
Total equity
36,213
42,416
SEAWAY AQUA LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 March 2025 and are signed on its behalf by:
Mr T  Bunce
Mr R J Sanders
Director
Director
Company registration number 08707325 (England and Wales)
SEAWAY AQUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Seaway Aqua Limited is a private company limited by shares incorporated in England and Wales. The registered office is 176 Exeter Road, Kingsteignton, Newton Abbot, Devon, TQ12 3NG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance basis
Motor vehicles
20% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SEAWAY AQUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
10,000
Amortisation and impairment
At 1 October 2023
6,000
Amortisation charged for the year
1,000
At 30 September 2024
7,000
Carrying amount
At 30 September 2024
3,000
At 30 September 2023
4,000
SEAWAY AQUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
74,823
Additions
13,183
Disposals
(11,000)
At 30 September 2024
77,006
Depreciation and impairment
At 1 October 2023
43,263
Depreciation charged in the year
6,591
Eliminated in respect of disposals
(5,838)
At 30 September 2024
44,016
Carrying amount
At 30 September 2024
32,990
At 30 September 2023
31,560
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
44,630
21,364
Other debtors
260
6,654
44,890
28,018
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,932
10,722
Taxation and social security
13,756
11,677
Other creditors
26,685
8,021
44,373
30,420
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,106
7,038
SEAWAY AQUA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
One director
-
4,277
4,000
(8,277)
-
4,277
4,000
(8,277)
-
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