Seago Yachting Limited 30/09/2022 iXBRL

Seago Yachting Limited 30/09/2022 iXBRL

SEAGO YACHTING LIMITED - Company Information

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Company registration number: 4572947
Seago Yachting Limited
Unaudited filleted financial statements
30 September 2022
Seago Yachting Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Seago Yachting Limited
Directors and other information
Directors S M G Thomas
C Lake
N D Eckert
D Temple
J Cash-Reed
T D Stoddart
Secretary J Cash-Reed
Company number 4572947
Registered office 1 West Sreet
Lewes
East Sussex
BN7 2NZ
Accountants Maxwell-Gumbleton & Co.
1 West Street
Lewes
East Sussex
BN7 2NZ
Seago Yachting Limited
Statement of financial position
30 September 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 121,692 88,358
_______ _______
121,692 88,358
Current assets
Stocks 1,898,136 1,191,374
Debtors 6 1,125,271 726,036
Cash at bank and in hand 1,114,262 1,726,502
_______ _______
4,137,669 3,643,912
Creditors: amounts falling due
within one year 7 ( 1,015,505) ( 851,246)
_______ _______
Net current assets 3,122,164 2,792,666
_______ _______
Total assets less current liabilities 3,243,856 2,881,024
Creditors: amounts falling due
after more than one year 8 ( 249,396) ( 364,569)
Provisions for liabilities 9 ( 7,664) ( 8,201)
_______ _______
Net assets 2,986,796 2,508,254
_______ _______
Capital and reserves
Called up share capital 12 300,000 300,000
Profit and loss account 2,686,796 2,208,254
_______ _______
Shareholders funds 2,986,796 2,508,254
_______ _______
For the year ending 30 September 2022 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 19 June 2023 , and are signed on behalf of the board by:
D Temple
Director
Company registration number: 4572947
Seago Yachting Limited
Notes to the financial statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 West Sreet, Lewes, East Sussex, BN7 2NZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property - 10 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Rental assets - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2021: 14 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Rental assets Total
£ £ £ £ £ £
Cost
At 1 October 2021 151,964 85,714 59,990 25,013 - 322,681
Additions 38,063 14,505 3,299 - 5,648 61,515
_______ _______ _______ _______ _______ _______
At 30 September 2022 190,027 100,219 63,289 25,013 5,648 384,196
_______ _______ _______ _______ _______ _______
Depreciation
At 1 October 2021 119,420 54,822 52,655 7,426 - 234,323
Charge for the year 9,187 11,310 2,158 4,397 1,129 28,181
_______ _______ _______ _______ _______ _______
At 30 September 2022 128,607 66,132 54,813 11,823 1,129 262,504
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 September 2022 61,420 34,087 8,476 13,190 4,519 121,692
_______ _______ _______ _______ _______ _______
At 30 September 2021 32,544 30,892 7,335 17,587 - 88,358
_______ _______ _______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 839,458 715,989
Other debtors 285,813 10,047
_______ _______
1,125,271 726,036
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 130,390 -
Trade creditors 467,630 331,274
Amounts owed to group undertakings and undertakings in which the company has a participating interest 13,455 13,455
Social security and other taxes 243,605 345,273
Other creditors 160,425 161,244
_______ _______
1,015,505 851,246
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 239,167 350,000
Other creditors 10,229 14,569
_______ _______
249,396 364,569
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 October 2021 8,201 8,201
Charges against provisions ( 537) ( 537)
_______ _______
At 30 September 2022 7,664 7,664
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in provisions (note 9) 7,664 8,201
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Accelerated capital allowances 7,664 8,201
_______ _______
11. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2022 2021
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 839,458 715,989
Other debtors 285,813 10,047
_______ _______
1,125,271 726,036
_______ _______
Financial liabilities measured at amortised cost
Bank and other loans 369,557 350,000
Trade creditors 467,630 331,274
Other creditors 153,725 161,244
_______ _______
990,912 842,518
_______ _______
12. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 300,000 300,000 300,000 300,000
_______ _______ _______ _______
13. Controlling party
The company is a 100% owned subsidiary of Seago Holdings Limited , a company incorporated in Great Britain.