Sea_Legends_Limited - Accounts


Sea Legends Limited
Unaudited Financial Statements
For Filing with Registrar
For the period ended 30 September 2018
Company Registration No. 11082453 (England and Wales)
Sea Legends Limited
Company Information
Directors
G Kontidis
(Appointed 27 November 2017)
C Lane
(Appointed 1 June 2018)
Company number
11082453
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Accountants
Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Sea Legends Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Sea Legends Limited
Balance Sheet
As at 30 September 2018
Page 1
2018
Notes
£
£
Fixed assets
Tangible assets
2
660,094
Current assets
-
Creditors: amounts falling due within one year
3
(663,155)
Net current liabilities
(663,155)
Total assets less current liabilities
(3,061)
Capital and reserves
Called up share capital
4
1
Profit and loss reserves
(3,062)
Total equity
(3,061)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

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

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 20 June 2019 and are signed on its behalf by:
G Kontidis
Director
Company Registration No. 11082453
Sea Legends Limited
Notes to the Financial Statements
For the period ended 30 September 2018
Page 2
1
Accounting policies
Company information

Sea Legends Limited is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Reporting period

The reporting period is from the date of incorporation 27 November 2017 to 30 September 2018.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Vessels
20 years straight line
Sea Legends Limited
Notes to the Financial Statements (Continued)
For the period ended 30 September 2018
1
Accounting policies
(Continued)
Page 3

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

Cash at bank and in hand includes cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other basic instruments at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Sea Legends Limited
Notes to the Financial Statements (Continued)
For the period ended 30 September 2018
Page 4
2
Tangible fixed assets
Vessels
£
Cost
At 27 November 2017
-
Additions
662,856
At 30 September 2018
662,856
Depreciation and impairment
At 27 November 2017
-
Depreciation charged in the period
2,762
At 30 September 2018
2,762
Carrying amount
At 30 September 2018
660,094
3
Creditors: amounts falling due within one year
2018
£
Trade creditors
13,590
Amounts due to group undertakings
646,766
Other creditors
2,799
663,155
4
Called up share capital
2018
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1

On incorporation the company issued one Ordinary share of £1 at par.

5
Related party transactions

Included within creditors is an amount of £646,766 due to related group undertakings. The amounts are repayable on demand, interest free, and unsecured.

 

Included within other creditors is an amount of £999 due to a director. The balance is interest free, unsecured and repayable on demand.

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