SEAG8 LIMITED Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07570940

SEAG8 LIMITED

Filleted Unaudited Financial Statements

30 April 2020

SEAG8 LIMITED

Financial Statements

Year ended 30 April 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

SEAG8 LIMITED

Statement of Financial Position

30 April 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	770,039	768,877

Current assets

Debtors	6	397,081	359,694
Cash at bank and in hand		48,711	27,206
		---------	---------
		445,792	386,900

Creditors: amounts falling due within one year	7	956,943	813,070
		---------	---------
Net current liabilities		511,151	426,170
		---------	---------
Total assets less current liabilities		258,888	342,707

Creditors: amounts falling due after more than one year	8	137,365	214,598

Provisions	111,925	104,365
	---------	---------
Net assets	9,598	23,744
	---------	---------

Capital and reserves

Called up share capital	10	10
Profit and loss account	9,588	23,734
	-------	--------
Shareholders funds	9,598	23,744
	-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2020 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

SEAG8 LIMITED

Statement of Financial Position (continued)

30 April 2020

These financial statements were approved by the board of directors and authorised for issue on 30 April 2021 , and are signed on behalf of the board by:

Mr R J Fraser

Director

Company registration number: 07570940

SEAG8 LIMITED

Notes to the Financial Statements

Year ended 30 April 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 37 St. Margarets Street, Canterbury, CT1 2TU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% - 33.33% straight line
Other fixed assets	-	5% straight line
Motor vehicles	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. 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. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).

5. Tangible assets

	Plant and machinery	Other fixed assets	Motor vehicles	Total
	£	£	£	£
Cost
At 1 May 2019	226,595	620,104	8,750	855,449
Additions	52,606	–	–	52,606
	---------	---------	-------	---------
At 30 April 2020	279,201	620,104	8,750	908,055
	---------	---------	-------	---------
Depreciation
At 1 May 2019	18,788	62,010	5,774	86,572
Charge for the year	17,522	31,005	2,917	51,444
	---------	---------	-------	---------
At 30 April 2020	36,310	93,015	8,691	138,016
	---------	---------	-------	---------
Carrying amount
At 30 April 2020	242,891	527,089	59	770,039
	---------	---------	-------	---------
At 30 April 2019	207,807	558,094	2,976	768,877
	---------	---------	-------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	392,120	205,744
Other debtors	4,961	153,950
	---------	---------
	397,081	359,694
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	362,492	380,377
Trade creditors	390,579	253,404
Other creditors	203,872	179,289
	---------	---------
	956,943	813,070
	---------	---------

Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.

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

	2020	2019
	£	£
Bank loans and overdrafts	137,365	214,598
	---------	---------

Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.

9. Related party transactions

At the year end the company owed £Nil (2019: £1,192) to a director. During the year the company paid dividends of £104,071 (2019: 81,576) to the directors.