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Registered number: 03099720









AIRSEA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
AIRSEA LIMITED
REGISTERED NUMBER: 03099720

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
  
175,980
-

Investment property
 4 
124,020
124,020

  
300,000
124,020

Current assets
  

Cash at bank and in hand
 5 
8,782
8,543

  
8,782
8,543

Creditors: amounts falling due within one year
 6 
(26,088)
(24,685)

Net current liabilities
  
 
 
(17,306)
 
 
(16,142)

Total assets less current liabilities
  
282,694
107,878

Provisions for liabilities
  

Deferred tax
 7 
(49,948)
-

  
 
 
(49,948)
 
 
-

Net assets
  
232,746
107,878


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Investment property reserve
  
126,032
-

Profit and loss account
  
105,714
106,878

  
232,746
107,878


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1

 
AIRSEA LIMITED
REGISTERED NUMBER: 03099720
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Muruvvet Caglayan
Director

Date: 26 November 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
AIRSEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

AIRSEA LIMITED is a private company limited by share capital, incorporated in England and Wales, registration number 03099720. The address of the registered office is 291 Green Lanes, Palmers Green, London, N13 4XS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises income from investment property. This primarily consists of rental income, recognised on a straight-line basis over the lease term, unless an alternative systematic basis better reflects the pattern of benefit derived.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 3

 
AIRSEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 4

 
AIRSEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
124,020



At 30 September 2024
124,020

The 2024 valuations were made by the Director, on an open market value for existing use basis.





5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,782
8,543

8,782
8,543



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,218
-

Corporation tax
2,776
2,394

Other creditors
22,094
21,391

Accruals and deferred income
-
900

26,088
24,685



7.


Deferred taxation

Page 5

 
AIRSEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
7.Deferred taxation (continued)




2024


£






Charged to profit or loss
(49,948)



At end of year
(49,948)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fair valuement on Investment properties
(49,948)
-

(49,948)
-


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



9.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 6