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Registration number: 07833408

Golden Sea Ventures LTD

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Golden Sea Ventures LTD

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Golden Sea Ventures LTD

(Registration number: 07833408)
Balance Sheet as at 30 November 2024

Note

2024

2023

Fixed assets

 

Tangible assets

4

1,968,300

2,187,000

Current assets

 

Debtors

10,428

9,302

Cash at bank and in hand

 

8,561

15,473

 

18,989

24,775

Creditors: Amounts falling due within one year

5

(2,930,978)

(2,882,489)

Net current liabilities

 

(2,911,989)

(2,857,714)

Net liabilities

 

(943,689)

(670,714)

Capital and reserves

 

Called up share capital

6

1,160

1,160

Retained earnings

(944,849)

(671,874)

Shareholders' deficit

 

(943,689)

(670,714)

For the financial year ending 30 November 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 and 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 Profit and Loss Account.

Approved and authorised by the director on 24 March 2025
 

.........................................
Mr D Y Fontaine
Director

   
     
 

Golden Sea Ventures LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

These financial statements were authorised for issue by the director on 24 March 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the net current asset deficiency on the basis that the company will be supported, financially, by the parent company to enable the company to meet its financial obligations as and when they fall due.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

Golden Sea Ventures LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Asset class

Depreciation method and rate

Yacht

10% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 1).

 

Golden Sea Ventures LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Yacht

Total

Cost or valuation

At 1 December 2023

2,700,000

2,700,000

At 30 November 2024

2,700,000

2,700,000

Depreciation

At 1 December 2023

513,000

513,000

Charge for the year

218,700

218,700

At 30 November 2024

731,700

731,700

Carrying amount

At 30 November 2024

1,968,300

1,968,300

At 30 November 2023

2,187,000

2,187,000

5

Creditors

Creditors: amounts falling due within one year

2024

2023

Due within one year

Accruals and deferred income

197

-

Other creditors

2,930,781

2,882,489

2,930,978

2,882,489

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

No.

Ordinary of €1.16 each

1,000

1,160

1,000

1,160