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COMPANY REGISTRATION NUMBER: 08693772
Seasons Marine Limited
Filleted Unaudited Financial Statements
30 September 2024
Seasons Marine Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
4
22,738
32,738
Investments
5
20,000
20,000
--------
--------
42,738
52,738
Current assets
Debtors
6
29,952
29,539
Cash at bank and in hand
389
652
--------
--------
30,341
30,191
Creditors: amounts falling due within one year
7
199,104
195,500
---------
---------
Net current liabilities
168,763
165,309
---------
---------
Total assets less current liabilities
( 126,025)
( 112,571)
---------
---------
Net liabilities
( 126,025)
( 112,571)
---------
---------
Capital and reserves
Called up share capital
8
15,000
15,000
Share premium account
192,075
192,075
Profit and loss account
( 333,100)
( 319,646)
---------
---------
Shareholders deficit
( 126,025)
( 112,571)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Seasons Marine Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 2 June 2025 , and are signed on behalf of the board by:
Mr M Newton-Woof
Director
Company registration number: 08693772
Seasons Marine Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: The estimate useful economic life of Research and Development is 10 years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Research and development
Expenditure on research and development is written off in the year it is incurred. Govt Grant tax credit income from such expenditure is recognised when received.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Intangible asset - Intellectual Property
£
Cost
At 1 October 2023 and 30 September 2024
100,000
---------
Amortisation
At 1 October 2023
67,262
Charge for the year
10,000
---------
At 30 September 2024
77,262
---------
Carrying amount
At 30 September 2024
22,738
---------
At 30 September 2023
32,738
---------
This represents acquired Intellectual Property rights and is amortised over 10 years straight line.
5. Investments
Other investments other than loans
£
Cost
At 1 October 2023 and 30 September 2024
20,000
--------
Impairment
At 1 October 2023 and 30 September 2024
--------
Carrying amount
At 30 September 2024
20,000
--------
At 30 September 2023
20,000
--------
This consists of a share investment in a USA LLC.
6. Debtors
2024
2023
£
£
Other debtors
29,952
29,539
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,947
4,693
Other creditors
192,157
190,807
---------
---------
199,104
195,500
---------
---------
Other Creditors include Directors Loan of £183,786 (2023: £183,286) and associated company loans of £5271 (2023: £5271).
8. Called up share capital
No.
2024
No.
2023
£
£
Issued, called up and fully paid
Ordinary shares of £1 each
15,000
15,000
15,000
15,000
Shares issued and fully paid
Ordinary shares of £1 each
15,000
15,000
15,000
15,000
9. Related party transactions
Mr Keith MacGregor is a shareholder in relation to Research and Development work. As at year end Mr MacGregor owed £6219 to the company (2023: £6219).