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Registration number: 03436205

Prepared for the registrar

Domsea Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Domsea Limited

(Registration number: 03436205)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

135,722

6,639

Investment property

5

1,972,329

1,972,329

Investments

6

196,930

196,930

 

2,304,981

2,175,898

Current assets

 

Stocks

34,812

34,812

Debtors

7

907,116

2,874,647

Cash at bank and in hand

 

1,330,874

1,110,258

 

2,272,802

4,019,717

Creditors: Amounts falling due within one year

8

(786,242)

(2,655,940)

Net current assets

 

1,486,560

1,363,777

Total assets less current liabilities

 

3,791,541

3,539,675

Deferred tax liabilities

(33,931)

-

Net assets

 

3,757,610

3,539,675

Capital and reserves

 

Called up share capital

700,000

700,000

Share premium reserve

950,000

950,000

Revaluation reserve

95,475

95,475

Retained earnings

2,012,135

1,794,200

Shareholders' funds

 

3,757,610

3,539,675

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 August 2025
 


S M Tandy
Director

 

Domsea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

1

General information

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

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rent and sale of properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Domsea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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

Fixtures, fittings & equipment

10% straight line

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by an internal valuer. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers from rent or sale of properties performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Domsea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

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

 

Domsea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

14,449

6,250

20,699

Additions

3,749

156,500

160,249

At 31 December 2024

18,198

162,750

180,948

Depreciation

At 1 January 2024

8,923

5,137

14,060

Charge for the year

1,544

29,622

31,166

At 31 December 2024

10,467

34,759

45,226

Carrying amount

At 31 December 2024

7,731

127,991

135,722

At 31 December 2023

5,526

1,113

6,639

 

5

Investment properties

£

At 1 January 2024 and 31 December 2024

1,972,329

The valuation of the investment properties was confirmed as reasonable at 31 December 2024 by S Tandy, director of the company, on an open market basis. No depreciation is provided in respect of these properties.

 

6

Investments

Subsidiaries

£

Cost and carrying amount

At 1 January 2024 and 31 December 2024

196,930

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Berkeley House Gloucester Limited

Windsor House
Cheltenham
GL50 3AT

England and Wales

Ordinary

100%

100%

Radcombe Services Limited

Windsor House
Cheltenham
GL50 3AT

England and Wales

Ordinary

100%

100%

 

Domsea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The aggregate amount of capital and reserves of Berkeley House Gloucester Limited at the end of the period was £15,483.

The aggregate amount of capital and reserves of Radcombe Services Limited at the end of the period was £348,808.

 

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

10,577

12,101

Receivables from related parties

10

238,526

2,249,763

Prepayments

 

343

283

Other debtors

 

657,670

612,500

 

907,116

2,874,647

 

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

600,000

600,000

Trade creditors

 

2,645

3,018

Amounts due to related parties

10

86,018

1,957,104

Taxation and social security

 

55,755

17,083

Accruals and deferred income

 

31,824

47,735

Other creditors

 

10,000

31,000

 

786,242

2,655,940

 

9

Loans and borrowings

Current loans and borrowings

Note

2024
£

2023
£

Other borrowings

10

600,000

600,000

Other borrowings relates to: a loan from Tandy Associates Limited Pensions scheme as detailed in note 11.

 

Domsea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

10

Related party transactions

Summary of transactions with other related parties

As at 31 December 2024, the company was owed £238,526 (2023 - owed £153,104) to fellow group companies.

As at 31 December 2024, the company owed £80,000 (2023 - £80,000) to a company under common control.

As at 31 December 2024, the company owed £6,018 (2023 - £2,249,763 owed by) to S Tandy in the form of a director's loan account.

As at 31 December 2024, the company owed £nil (2023 - £1,724,000) by a company that holds a minority interest in the company.

As at 31 December 2024, the company owed £600,000 (2023 - £600,000) to Tandy Associates Limited Pension Scheme, an entity in which S Tandy is a trustee.

No interest was charged on the above balances, other than the amounts due to/from S Tandy and due to the Tandy Associates Pension Scheme. There are no fixed repayment terms.