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Registration number: 11565504

Seaborne Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Seaborne Developments Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Seaborne Developments Ltd

Company Information

Directors

Mrs G L Mackin

Mr T Mackin

Registered office

The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountant
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

Seaborne Developments Ltd

(Registration number: 11565504)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,398

-

Current assets

 

Stocks

5

4,944,805

5,157,857

Debtors

6

7,021

8,182

Cash at bank and in hand

 

322,297

99,970

 

5,274,123

5,266,009

Creditors: Amounts falling due within one year

7

(3,204,296)

(4,314,146)

Net current assets

 

2,069,827

951,863

Total assets less current liabilities

 

2,072,225

951,863

Creditors: Amounts falling due after more than one year

7

(1,690,113)

(602,456)

Provisions for liabilities

(600)

-

Net assets

 

381,512

349,407

Capital and reserves

 

Called up share capital

100

100

Retained earnings

381,412

349,307

Shareholders' funds

 

381,512

349,407

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 June 2025 and signed on its behalf by:
 

.........................................
Mrs G L Mackin
Director

 

Seaborne Developments Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

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.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of land and property in the ordinary course of the Company’s activities. Turnover is recognised on the completion of contracts.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Seaborne Developments Ltd

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

2

Accounting policies (continued)

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:

Asset class

Depreciation method and rate

Office equipment

25% 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.

Stocks

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs other than finance related expenditure.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 2).

 

Seaborne Developments Ltd

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

4

Tangible assets

Furniture fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,825

2,825

At 30 September 2024

2,825

2,825

Depreciation

Charge for the year

427

427

At 30 September 2024

427

427

Carrying amount

At 30 September 2024

2,398

2,398

5

Stocks

2024
£

2023
£

Work in progress

4,944,805

5,157,857

6

Debtors

2024
£

2023
£

Prepayments

3,000

2,000

Other debtors

4,021

6,182

7,021

8,182

 

Seaborne Developments Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

591,649

1,963,949

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,354,314

1,178,141

Taxation and social security

 

114,541

98,569

Accruals and deferred income

 

2,600

2,500

Other creditors

 

141,192

1,070,987

 

3,204,296

4,314,146

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,690,113

602,456

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,690,113

602,456

Bank security

The bank borrowings of the company are secured by a fixed and floating charge over the assets of the company.