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Registered number: 11007769
SEAFARERS & CO LTD
Unaudited Financial Statements
For The Year Ended 31 October 2024
Hillmans Ltd
Chartered Accountants
2 Laurel House, 1 Station Road
Worle
Weston-super-Mare
North Somerset
BS22 6AR
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 11007769
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 24,431 30,267
24,431 30,267
CURRENT ASSETS
Debtors 5 464 52
Cash at bank and in hand 77 12,873
541 12,925
Creditors: Amounts Falling Due Within One Year 6 (38,413 ) (39,965 )
NET CURRENT ASSETS (LIABILITIES) (37,872 ) (27,040 )
TOTAL ASSETS LESS CURRENT LIABILITIES (13,441 ) 3,227
NET (LIABILITIES)/ASSETS (13,441 ) 3,227
CAPITAL AND RESERVES
Called up share capital 7 12 12
Profit and Loss Account (13,453 ) 3,215
SHAREHOLDERS' FUNDS (13,441) 3,227
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
F Day
Director
22 July 2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
SEAFARERS & CO LTD is a private company, limited by shares, incorporated in England & Wales, registered number 11007769 . The registered office is 2 Laurel House 1 Station Rd, Worle, Weston-Super-Mare, North Somerset, BS22 6AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Written down value
Motor Vehicles 25% Written down value
Computer Equipment 33% Straight Line method
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 5)
4 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2023 41,457 21,995 3,118 66,570
Additions 2,550 - 732 3,282
As at 31 October 2024 44,007 21,995 3,850 69,852
Depreciation
As at 1 November 2023 21,944 12,716 1,643 36,303
Provided during the period 5,515 2,320 1,283 9,118
As at 31 October 2024 27,459 15,036 2,926 45,421
Net Book Value
As at 31 October 2024 16,548 6,959 924 24,431
As at 1 November 2023 19,513 9,279 1,475 30,267
Page 2
Page 3
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 464 1
Other debtors - 51
464 52
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,734 1,533
Bank loans and overdrafts 4,842 -
Other creditors 20,317 24,229
Taxation and social security 8,520 14,203
38,413 39,965
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12 12
8. Related Party Transactions
Amounts Falling Due Within One Year is an amount of £19,338.42 owed to the director in respect of a loan provided to the company. The loan is interest-free and repayable on demand
9. Ultimate Controlling Party
The company's ultimate controlling party is F Day by virtue of his ownership of 100% of the issued share capital in the company.
Page 3