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Company No: 05028169 (England and Wales)

SEA-TREK ADVENTURES LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

SEA-TREK ADVENTURES LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

SEA-TREK ADVENTURES LIMITED

BALANCE SHEET

As at 31 January 2025
SEA-TREK ADVENTURES LIMITED

BALANCE SHEET (continued)

As at 31 January 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 3 69,374 103,991
Tangible assets 4 156,800 114,104
226,174 218,095
Current assets
Debtors 5 13,973 59,817
Cash at bank and in hand 373,211 393,248
387,184 453,065
Creditors: amounts falling due within one year 6 ( 361,371) ( 342,523)
Net current assets 25,813 110,542
Total assets less current liabilities 251,987 328,637
Creditors: amounts falling due after more than one year 7 ( 18,726) ( 74,528)
Provision for liabilities ( 35,047) ( 22,710)
Net assets 198,214 231,399
Capital and reserves
Called-up share capital 8 300 300
Share premium account 162,468 162,468
Profit and loss account 35,446 68,631
Total shareholders' funds 198,214 231,399

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sea-Trek Adventures Limited (registered number: 05028169) were approved and authorised for issue by the Board of Directors on 07 May 2025. They were signed on its behalf by:

Mrs S Hobart
Director
SEA-TREK ADVENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
SEA-TREK ADVENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sea-Trek Adventures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Generator, Quay House The Gallery, Kings Wharf, Exeter, EX2 4AN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 3 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 - 33 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 36

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 February 2024 300,000 14,805 314,805
At 31 January 2025 300,000 14,805 314,805
Accumulated amortisation
At 01 February 2024 210,000 814 210,814
Charge for the financial year 30,000 4,617 34,617
At 31 January 2025 240,000 5,431 245,431
Net book value
At 31 January 2025 60,000 9,374 69,374
At 31 January 2024 90,000 13,991 103,991

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 February 2024 226,852 55,328 2,761 284,941
Additions 92,870 0 4,207 97,077
Disposals ( 10,910) 0 0 ( 10,910)
At 31 January 2025 308,812 55,328 6,968 371,108
Accumulated depreciation
At 01 February 2024 133,352 35,541 1,944 170,837
Charge for the financial year 46,258 4,947 1,809 53,014
Disposals ( 9,543) 0 0 ( 9,543)
At 31 January 2025 170,067 40,488 3,753 214,308
Net book value
At 31 January 2025 138,745 14,840 3,215 156,800
At 31 January 2024 93,500 19,787 817 114,104

5. Debtors

2025 2024
£ £
Trade debtors 0 30,076
Corporation tax 0 9,213
Other debtors 13,973 20,528
13,973 59,817

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 55,500 55,200
Trade creditors 72,415 65,887
Taxation and social security 33,380 3,034
Other creditors 200,076 218,402
361,371 342,523

7. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans 18,726 74,528

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
300 Ordinary shares of £ 1.00 each 300 300