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Registered number: 03160824
THE NATURAL SEA SPONGE COMPANY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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THE NATURAL SEA SPONGE COMPANY LIMITED
Company Information
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Slough Interchange Industrial Estate
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THE NATURAL SEA SPONGE COMPANY LIMITED
Contents
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Notes to the Financial Statements
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THE NATURAL SEA SPONGE COMPANY LIMITED
Registered number: 03160824
Balance Sheet
As at 30 November 2024
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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THE NATURAL SEA SPONGE COMPANY LIMITED
Registered number: 03160824
Balance Sheet (continued)
As at 30 November 2024
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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2025.
The notes on pages 3 to 13 form part of these financial statements.
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
The Natural Sea Sponge Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11, Slough Interchange Industrial Estate, Whittenham Close, Slough, SL2 5EP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives .
Depreciation is provided on the following basis:
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L/Term Leasehold Property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
2.Accounting policies (continued)
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Stocks are stated at the lower of cost and net realisable value.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
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.
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS
102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes
party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially
measured at their transaction price (adjusted for transaction costs except in the initial measurement
of financial assets that are subsequently measured at fair value through profit and loss) and are
subsequently carried at their amortised cost using the effective interest method, less any provision for
impairment, unless the arrangement constitutes a financing transaction, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
equivalents, trade and most other debtors due with the operating cycle fall into this category of
financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as
subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the
recognised transaction price. Such assets are subsequently measured at fair value with the changes
in fair value being recognised in the profit or loss. Where other financial assets are not publicly
traded, hence their fair value cannot be measured reliably, they are measured at cost less
impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for
objective evidence of impairment. If an asset is impaired the impairment loss is the difference
between the carrying amount and the present value of the estimated cash flows discounted at the
asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the
estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
impairment loss will be the difference between the current carrying amount and the present value of
the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the
impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
amount to exceed the original carrying amount had the impairment not been recognised. The
impairment reversal is recognised in the profit or loss.
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
2.Accounting policies (continued)
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are
initially measured at their transaction price (adjusting for transaction costs except in the initial
measurement of financial liabilities that are subsequently measured at fair value through profit and
loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the
present value of the future payments discounted at a market rate of interest, discounting is omitted
where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate
method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary
course of business from suppliers. Trade creditors are classified as current liabilities if the payment is
due within one year. If not, they represent non-current liabilities. Trade creditors are initially
recognised at their transaction price and subsequently are measured at amortised cost using the
effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are
settled, or when the Company transfers the asset and substantially all the risks and rewards of
ownership to another party. If significant risks and rewards of ownership are retained after the
transfer to another party, then the Company will continue to recognise the value of the portion of the
risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are
discharged or cancelled.
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The average monthly number of employees, including directors, during the year was 9 (2023 - 9).
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
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L/Term Leasehold Property
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Current asset investments
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Cash and cash equivalents
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The aggregate amount of creditors for which security has been given by the company amounted to £80,000 (2023: £80,000).
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Creditors: Amounts falling due after more than one year
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The aggregate amount of creditors for which security has been given by the company amounted to £133,333 (2023: £213,333).
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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THE NATURAL SEA SPONGE COMPANY LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2024
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Related party transactions
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The Company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, where the group members are wholly owned.
During the year, the Company operated a loan account with a director. At the year end, the Company
owed the director £2,194 (2023: £22,297). The loan is interest free and repayable on demand.
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