Undersea Adventures Ltd - Filleted accounts

Registered number

03018624

Undersea Adventures Ltd

Filleted Accounts

30 November 2024

Undersea Adventures Ltd
Registered number:		03018624
Balance Sheet
as at 30 November 2024

Notes			2024			2023
£				£
Fixed assets
Intangible assets	3		212,465			-
Tangible assets	4		72,278			15,620
			284,743			15,620

Current assets
Stocks		347,069			264,158
Debtors	5	2,114			1,187
Cash at bank and in hand		1,882			5,155
		351,065			270,500

Creditors: amounts falling due within one year	6	(349,360)			(202,636)

Net current assets			1,705			67,864

Total assets less current liabilities			286,448			83,484

Creditors: amounts falling due after more than one year	7		(233,354)			(22,440)

Provisions for liabilities			-			(2,657)


Net assets			53,094			58,387

Capital and reserves
Called up share capital			100			100
Profit and loss account			52,994			58,287

Shareholder's funds			53,094			58,387

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




A Davidson
Director
Approved by the board on 14 November 2025

Undersea Adventures Ltd
Notes to the Accounts
for the year ended 30 November 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	10% and 33% reducing balance method
	Motor vehicles	20% reducing balance method

	Stocks
	Stocks are measured 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 carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees		2024		2023
Number				Number

	Average number of persons employed by the company		1		6


3	Intangible fixed assets				£
	Goodwill:

	Cost
	Additions				236,072
	At 30 November 2024				236,072

	Amortisation
	Provided during the year				23,607
	At 30 November 2024				23,607

	Net book value
	At 30 November 2024				212,465

	Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.


4	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 December 2023				128,885
	Additions				65,920
	At 30 November 2024				194,805

	Depreciation
	At 1 December 2023				113,265
	Charge for the year				9,262
	At 30 November 2024				122,527

	Net book value
	At 30 November 2024				72,278
	At 30 November 2023				15,620


5	Debtors		2024		2023
£				£

	Trade debtors		2,114		-
	Other debtors		-		1,187
			2,114		1,187


6	Creditors: amounts falling due within one year		2024		2023
£				£

	Bank loans and overdrafts		11,275		45,135
	Trade creditors		102,623		52,533
	Taxation and social security costs		13,413		20,413
	Other creditors		222,049		84,555
			349,360		202,636


7	Creditors: amounts falling due after one year		2024		2023
£				£

	Bank loans		5,417		15,137
	Other creditors		227,937		7,303
			233,354		22,440


8	Controlling party

	The company is controlled by the company director Mr A Davidson.


9	Other information

	Undersea Adventures Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	17a Unity Road
	Lowmoor Business Park
	Kirkby-in-Ashfield
	Nottingham
	NG17 7LE