Deltasea Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10258257

Deltasea Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

30 June 2023

Deltasea Limited

Abridged Statement of Financial Position

30 June 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		213,277	324,888

Current assets

Stocks	2,506,715	2,583,378
Debtors	529,933	289,480
Cash at bank and in hand	68,727	70,022
	------------	------------
	3,105,375	2,942,880

Creditors: amounts falling due within one year	1,650,252		1,621,343
	------------		------------
Net current assets		1,455,123	1,321,537
		------------	------------
Total assets less current liabilities		1,668,400	1,646,425

Creditors: amounts falling due after more than one year		19,167	29,167

Provisions

Taxation including deferred tax	38,086	49,189
	------------	------------
Net assets	1,611,147	1,568,069
	------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	1,611,146	1,568,068
	------------	------------
Shareholder funds	1,611,147	1,568,069
	------------	------------

These abridged 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 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of financial position for the year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

Deltasea Limited

Abridged Statement of Financial Position (continued)

30 June 2023

These abridged financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:

D G Munnelly
Director

Company registration number: 10258257

Deltasea Limited

Notes to the Abridged Financial Statements

Year ended 30 June 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26 South Scarle Lane, North Scarle, Lincoln, LN6 9ER.

2. Statement of compliance

These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity. The director believes that the company has adequate resources to continue in operational existence for the foreseeable future. The company expects operational profits to be made in future years. For this reason the adoption of the going concern basis for producing the financial statements is considered appropriate.

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 goods supplied and 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. 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 material timing differences at the reporting date. 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.

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	-	20% reducing balance
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% reducing balance
Office equipment	-	25% 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.

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 stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2022: 5 ).

5. Tangible assets

	£
Cost
At 1 July 2022	489,149
Additions	15,325
Disposals	( 68,959)
	---------
At 30 June 2023	435,515
	---------
Depreciation
At 1 July 2022	164,261
Charge for the year	80,603
Disposals	( 22,626)
	---------
At 30 June 2023	222,238
	---------
Carrying amount
At 30 June 2023	213,277
	---------
At 30 June 2022	324,888
	---------

6. Financial instruments

For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.

7. Controlling party

The ultimate parent company is GTS UK Holdings Ltd a company registered in the UK (14694282).