Company No: 05028169 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	3	36,281		69,374
Tangible assets	4	213,299		156,800
		249,580		226,174
Current assets
Debtors	5	75,687		13,973
Cash at bank and in hand		489,840		373,211
		565,527		387,184
Creditors: amounts falling due within one year	6	( 562,386)		( 361,371)
Net current assets		3,141		25,813
Total assets less current liabilities		252,721		251,987
Creditors: amounts falling due after more than one year	7	0		( 18,726)
Provision for liabilities		( 49,421)		( 35,047)
Net assets		203,300		198,214
Capital and reserves
Called-up share capital	8	30,000		300
Share premium account		162,468		162,468
Profit and loss account		10,832		35,446
Total shareholders' funds		203,300		198,214

For the financial year ending 31 January 2026 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Sea-Trek Adventures Limited (registered number: 05028169) were approved and authorised for issue by the Board of Directors on 27 July 2026. They were signed on its behalf by:

Mrs S Hobart Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sea-Trek Adventures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Generator, Quay House The Gallery, Kings Wharf, Exeter, EX2 4AN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Website costs	33 % reducing balance

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	25		25

3. Intangible assets

	Goodwill		Website costs		Total
	£		£		£
Cost
At 01 February 2025	300,000		14,805		314,805
At 31 January 2026	300,000		14,805		314,805
Accumulated amortisation
At 01 February 2025	240,000		5,431		245,431
Charge for the financial year	30,000		3,093		33,093
At 31 January 2026	270,000		8,524		278,524
Net book value
At 31 January 2026	30,000		6,281		36,281
At 31 January 2025	60,000		9,374		69,374

4. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 February 2025	308,812		55,328		6,968		371,108
Additions	125,498		1,891		1,464		128,853
At 31 January 2026	434,310		57,219		8,432		499,961
Accumulated depreciation
At 01 February 2025	170,067		40,488		3,753		214,308
Charge for the financial year	66,032		4,183		2,139		72,354
At 31 January 2026	236,099		44,671		5,892		286,662
Net book value
At 31 January 2026	198,211		12,548		2,540		213,299
At 31 January 2025	138,745		14,840		3,215		156,800

5. Debtors

	2026		2025
	£		£
Trade debtors	58,151		0
Other debtors	17,536		13,973
	75,687		13,973

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	18,551		55,500
Trade creditors	111,078		72,415
Taxation and social security	32,849		33,380
Other creditors	399,908		200,076
	562,386		361,371

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	0		18,726

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
30,000 Ordinary shares of £ 1.00 each (2025: 300 shares of £ 1.00 each)	30,000		300

During the year 29,700 ordinary shares were allotted with an aggregate nominal value of £29,700.