Company registration number:
08562418
Sea Property Investments Limited
Information for filing with the registrar
31 May 2024
Sea Property Investments Limited
Contents
Abridged statement of financial position
Notes to the financial statements
Sea Property Investments Limited
Abridged statement of financial position
31 May 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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5 |
850,000 |
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850,000 |
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_______ |
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_______ |
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850,000 |
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850,000 |
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Current assets |
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Debtors |
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83,710 |
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80,000 |
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Cash at bank and in hand |
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6,467 |
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7,777 |
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_______ |
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_______ |
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90,177 |
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87,777 |
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Creditors: amounts falling due |
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within one year |
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(
52,815) |
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(
55,785) |
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_______ |
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_______ |
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Net current assets |
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37,362 |
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31,992 |
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_______ |
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_______ |
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Total assets less current liabilities |
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887,362 |
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881,992 |
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Creditors: amounts falling due |
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after more than one year |
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(
776,823) |
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(
746,451) |
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Provisions for liabilities |
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6 |
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(
15,067) |
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(
15,067) |
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_______ |
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_______ |
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Net assets |
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95,472 |
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120,474 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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8 |
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4 |
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4 |
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Undistributable reserve |
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134,933 |
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134,933 |
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Profit and loss account |
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(
39,465) |
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(
14,463) |
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_______ |
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_______ |
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Shareholders funds |
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95,472 |
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120,474 |
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_______ |
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_______ |
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For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act 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 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
30 May 2025
, and are signed on behalf of the board by:
Ms A Banayoti
Director
Company registration number:
08562418
Sea Property Investments Limited
Notes to the financial statements
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in the UK. The address of the registered office is 85 Great Portland Street, First Floor, London, England, W1W 7LT.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset 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.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Investments
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£ |
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Cost |
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At 1 June 2023 and 31 May 2024 |
850,000 |
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_______ |
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Impairment |
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At 1 June 2023 and 31 May 2024 |
- |
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_______ |
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Carrying amount |
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At 31 May 2024 |
850,000 |
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_______ |
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At 31 May 2023 |
850,000 |
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_______ |
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B/fwd cost (29.01.2014)= £700,000 Revaluation in 2016 = £150,000 Total value = £850,000
6.
Provisions
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Deferred tax (note 7) |
Total |
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£ |
£ |
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At 1 June 2023 and 31 May 2024 |
15,067 |
15,067 |
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_______ |
_______ |
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7.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
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2024 |
2023 |
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£ |
£ |
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Included in provisions (note 6) |
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15,067 |
15,067 |
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_______ |
_______ |
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The deferred tax account consists of the tax effect of timing differences in respect of:
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2024 |
2023 |
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£ |
£ |
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Accelerated capital allowances |
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15,067 |
15,067 |
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_______ |
_______ |
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8.
Called up share capital
Issued, called up and fully paid
|
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2024 |
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2023 |
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No |
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£ |
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No |
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£ |
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Ordinary shares of £
1.00 each |
|
4 |
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4 |
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4 |
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4 |
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_______ |
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_______ |
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_______ |
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_______ |
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9.
Related party transactions
Ms A Banayoti
is the director and beneficial owner of the whole share capital of the following companies:Moshe Property Limited, CYRIL VI Limited, Saka Investment Limited, Paromeos Limited, Matrona Management Limited,Vere Management Limited and Moshe Property Limited.
10.
Controlling party
In the director's opinion the company is controlled ultimately by Ms A Banayoti.