Sea Scooter UK Limited - Accounts to registrar (filleted) - small 23.2.5

Sea Scooter UK Limited - Accounts to registrar (filleted) - small 23.2.5

SEA SCOOTER UK LIMITED - Company Information

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REGISTERED NUMBER: 07341645 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SEA SCOOTER UK LIMITED
SEA SCOOTER UK LIMITED (REGISTERED NUMBER: 07341645)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SEA SCOOTER UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: Karl Brown
Kris Brown





REGISTERED OFFICE: Unit 9, Nexus
Capitol Court
Dodworth
Barnsley
S75 3UD





REGISTERED NUMBER: 07341645 (England and Wales)
Page 1
SEA SCOOTER UK LIMITED (REGISTERED NUMBER: 07341645)

BALANCE SHEET
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 7,918 11,615
Investments 6 - 51,499
7,918 63,114

CURRENT ASSETS
Stocks 419,350 381,421
Debtors 7 356,007 546,764
Cash at bank and in hand 36,565 126,789
811,922 1,054,974
CREDITORS
Amounts falling due within one year 8 533,202 795,721
NET CURRENT ASSETS 278,720 259,253
TOTAL ASSETS LESS CURRENT
LIABILITIES
286,638
322,367

CREDITORS
Amounts falling due after more than one
year
9
(22,435
)
(32,387
)

PROVISIONS FOR LIABILITIES (1,031 ) (1,538 )
NET ASSETS 263,172 288,442

The notes form part of these financial statements

Page 2 continued...
SEA SCOOTER UK LIMITED (REGISTERED NUMBER: 07341645)

BALANCE SHEET - continued
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 263,072 288,342
SHAREHOLDERS' FUNDS 263,172 288,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





Kris Brown - Director


The notes form part of these financial statements

Page 3
SEA SCOOTER UK LIMITED (REGISTERED NUMBER: 07341645)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Sea Scooter UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4 continued...
SEA SCOOTER UK LIMITED (REGISTERED NUMBER: 07341645)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 5,151 24,221 29,372
Additions - 457 457
At 31 March 2023 5,151 24,678 29,829
DEPRECIATION
At 1 April 2022 1,631 16,126 17,757
Charge for year 1,030 3,124 4,154
At 31 March 2023 2,661 19,250 21,911
NET BOOK VALUE
At 31 March 2023 2,490 5,428 7,918
At 31 March 2022 3,520 8,095 11,615

Page 5 continued...
SEA SCOOTER UK LIMITED (REGISTERED NUMBER: 07341645)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022 51,499
Disposals (51,499 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 51,499

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 89,481 33,772
Amounts owed by group undertakings 185,265 429,317
Amounts owed by participating interests 42,727 47,452
Other debtors 38,534 36,223
356,007 546,764

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 9,936 9,707
Trade creditors 95,204 15,053
Amounts owed to group undertakings 1,184 58,877
Taxation and social security 53,590 53,636
Other creditors 373,288 658,448
533,202 795,721

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 22,435 32,387

Page 6 continued...
SEA SCOOTER UK LIMITED (REGISTERED NUMBER: 07341645)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 48,546 48,546
Between one and five years 57,359 105,905
105,905 154,451

11. CALLED UP SHARE CAPITAL

The share capital of £100, (2022, £100) has been allotted, called up and fully paid.

12. OTHER FINANCIAL COMMITMENTS

The company acts as a guarantor in respect of commitment entered into by a fellow group company, South Yorkshire Electric Bike Centre Limited, which at the year end amounted to £NIL (2022 - £NIL).

13. RELATED PARTY DISCLOSURES

At the balance sheet date £1,184 (2022 - £NIL) was owed by the company to it's parent undertaking, £NIL (2022 - £429,317) was owed to the company by it's parent undertaking, £227,992 (2022 - £47,452) was owed to the company by fellow group companies and £NIL (2022 - £58,877) was owed by the company to fellow group companies.

In addition to this £370,000 (2022 - £400,000) was owed by the company to the director, Karl Brown.

The amounts owed are interest free and are repayable on demand.

Transactions between the company and all related parties including fellow group companies are concluded in each and every case under normal market conditions.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Karl Brown.

The company's ultimate parent company is Karlmarx Holdings Limited, incorporated in England and Wales.

Page 7