Sea Pioneer Limited - Filleted accounts

Registered number:

03162669

Sea Pioneer Limited

Filleted Accounts

28 February 2025

MAT & CO

ACCOUNTANCY SERVICES LTD

Chartered Certified Accountants

Registered Auditors

15b The Boulevard

London

England

SW6 2UB

Sea Pioneer Limited
Report and accounts
Contents




Page

Balance sheet	2

Notes to the accounts	3 to 5

Sea Pioneer Limited
Registered number:			03162669
Balance Sheet
as at 28 February 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		384,075			382,203

Current assets
Debtors	4	4,592,162			2,655,507
Cash at bank and in hand		316,719			1,506,432
		4,908,881			4,161,939

Creditors: amounts falling due within one year	5	(4,374,600)			(3,730,919)

Net current assets			534,281			431,020

Total assets less current liabilities			918,356			813,223


Provisions for liabilities			(4,118)			(3,650)


Net assets			914,238			809,573

Capital and reserves
Called up share capital			100			100
Profit and loss account			914,138			809,473

Shareholders' funds			914,238			809,573

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 members have 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.



________________________________________
Mr. Cemil Tumkaya
Director
Approved by the board on 4 November 2025

Sea Pioneer Limited
Notes to the Accounts
for the year ended 28 February 2025


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.

	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:

	Leasehold land and buildings	No depreciation
	Computer equipment	20% Straight line
	Fixtures, fittings, tools and equipment	20% Reducing balance

	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			2025		2024
Number					Number

	Average number of persons employed by the company			6		5


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 March 2024	367,603		30,444		398,047
	Additions	-		6,155		6,155
	At 28 February 2025	367,603		36,599		404,202

	Depreciation
	At 1 March 2024	-		15,844		15,844
	Charge for the year	-		4,283		4,283
	At 28 February 2025	-		20,127		20,127

	Net book value
	At 28 February 2025	367,603		16,472		384,075
	At 29 February 2024	367,603		14,600		382,203

	Land and buildings is accounted for on a historical cost basis. It comprises a long leasehold of 979 years for an office property. The office property was purchased in April 2022. The directors' are of the opinion that there is no significant change in its value as at the balance sheet date. As a result no depreciation has been provided.


4	Debtors			2025		2024
£					£

	Trade debtors			410,262		833,625
	Other debtors			4,181,900		1,821,882
				4,592,162		2,655,507


5	Creditors: amounts falling due within one year			2025		2024
£					£

	Trade creditors			2,591,018		2,493,877
	Taxation and social security costs			87,441		89,036
	Other creditors			1,696,141		1,148,006
				4,374,600		3,730,919


6	Related party transactions

	Included in other creditors is a directors loan account balance of £25,779 (2024 - £107,135).


7	Controlling party

	Mr. C. Tumkaya is the controlling party by virtue of his majority shareholding.


8	Other information

	Sea Pioneer Limited is a private company limited by shares and incorporated in England. Its registered office is:

	15b The Boulevard
	London
	England
	SW6 2UB