Seascope Trading Limited 31/03/2019 iXBRL

Seascope Trading Limited 31/03/2019 iXBRL

SEASCOPE TRADING LIMITED - Company Information

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31/03/2019 2019-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-08-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 05123876 2018-08-01 2019-03-31 05123876 2019-03-31 05123876 2018-07-31 05123876 2017-08-01 2018-07-31 05123876 2018-07-31 05123876 core:FurnitureFittingsToolsEquipment 2018-08-01 2019-03-31 05123876 bus:Director1 2018-08-01 2019-03-31 05123876 core:WithinOneYear 2019-03-31 05123876 core:WithinOneYear 2018-07-31 05123876 core:FurnitureFittingsToolsEquipment 2018-07-31 05123876 core:LandBuildings core:OwnedOrFreeholdAssets 2019-03-31 05123876 core:FurnitureFittingsToolsEquipment 2019-03-31 05123876 core:AfterOneYear 2019-03-31 05123876 core:AfterOneYear 2018-07-31 05123876 core:LandBuildings core:OwnedOrFreeholdAssets 2018-07-31 05123876 core:ShareCapital 2019-03-31 05123876 core:ShareCapital 2018-07-31 05123876 core:RetainedEarningsAccumulatedLosses 2019-03-31 05123876 core:RetainedEarningsAccumulatedLosses 2018-07-31 05123876 core:LandBuildings core:OwnedOrFreeholdAssets 2018-08-01 2019-03-31 05123876 core:CostValuation core:Non-currentFinancialInstruments 2019-03-31 05123876 core:Non-currentFinancialInstruments 2019-03-31 05123876 core:Non-currentFinancialInstruments 2018-07-31 05123876 core:FurnitureFittingsToolsEquipment 2018-07-31 05123876 bus:Director1 2018-07-31 05123876 bus:Director1 2019-03-31 05123876 bus:Director1 2017-07-31 05123876 bus:Director1 2018-07-31 05123876 bus:Director1 2017-08-01 2018-07-31 05123876 bus:SmallEntities 2018-08-01 2019-03-31 05123876 bus:AuditExemptWithAccountantsReport 2018-08-01 2019-03-31 05123876 bus:FullAccounts 2018-08-01 2019-03-31 05123876 bus:SmallCompaniesRegimeForAccounts 2018-08-01 2019-03-31 05123876 bus:PrivateLimitedCompanyLtd 2018-08-01 2019-03-31 05123876 core:AllAssociates 2018-08-01 2019-03-31 05123876 core:AllAssociates 2019-03-31 05123876 core:AllAssociates 2018-07-31
Company registration number: 05123876
Seascope Trading Limited
Unaudited filleted financial statements
31 March 2019
SEASCOPE TRADING LIMITED
Contents
Statement of financial position
Notes to the financial statements
SEASCOPE TRADING LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2019
31/03/19 31/07/18
Note £ £ £ £
Fixed assets
Tangible assets 5 335,012 335,101
Investments 6 360,221 360,221
_______ _______
695,233 695,322
Current assets
Debtors 7 61,527 62,699
Cash at bank and in hand 229 929
_______ _______
61,756 63,628
Creditors: amounts falling due
within one year 8 ( 527,484) ( 523,977)
_______ _______
Net current liabilities ( 465,728) ( 460,349)
_______ _______
Total assets less current liabilities 229,505 234,973
Creditors: amounts falling due
after more than one year 9 ( 207,000) ( 207,000)
_______ _______
Net assets 22,505 27,973
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10 22,405 27,873
_______ _______
Shareholders funds 22,505 27,973
_______ _______
For the period ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:
Mr Simon Lea
Director
Company registration number: 05123876
SEASCOPE TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 MARCH 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the principal place of business is Flat 1 Little Beach, The Esplanade, Woolacombe, Devon, EX34 7DJ. The company has changed its year end from 31 July to 31 March to align its reporting period with other related parties. The comparative amounts and notes are therefore not entirely comparable.
Principal activity
The principal activity of the company is property lettings and associated activities.
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.
Going concern
The director has determined that the company will have adequate resources available to finance its trading and other obligations during the course of the twelve months from the date of approval of these financial statements. These financial statements have therefore been prepared on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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:
Freehold property - No depreciation is applied to the investment property
Fittings fixtures and equipment - 25 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2018: 1 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2018 and 31 March 2019 334,968 5,220 340,188
_______ _______ _______
Depreciation
At 1 August 2018 - 5,087 5,087
Charge for the year - 89 89
_______ _______ _______
At 31 March 2019 - 5,176 5,176
_______ _______ _______
Carrying amount
At 31 March 2019 334,968 44 335,012
_______ _______ _______
At 31 July 2018 334,968 133 335,101
_______ _______ _______
The above freehold property relates to investment property. The property was appropriated to fixed assets from trading stock on 31 July 2010 at the director's valuation. As at 31 March 2019 this value is believed to be an approximation of its current market value and, therefore, no revaluation is considered necessary.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 March 2019
Aggregate cost 334,968 334,968
Aggregate depreciation - -
_______ _______
Carrying amount 334,968 334,968
_______ _______
At 31 July 2018
Aggregate cost 334,968 334,968
Aggregate depreciation - -
_______ _______
Carrying amount 334,968 334,968
_______ _______
6. Investments
Shares in group undertakings and participating interests Loans to group undertakings and participating interests Total
£ £ £
Cost
At 1 August 2018 and 31 March 2019 1 360,220 360,221
_______ _______ _______
Impairment
At 1 August 2018 and 31 March 2019 - - -
_______ _______ _______
Carrying amount
At 31 March 2019 1 360,220 360,221
_______ _______ _______
At 31 July 2018 1 360,220 360,221
_______ _______ _______
7. Debtors
31/03/19 31/07/18
£ £
Trade debtors 61,527 62,699
_______ _______
8. Creditors: amounts falling due within one year
31/03/19 31/07/18
£ £
Bank loans and overdrafts 1,890 1,911
Accruals and deferred income 2,399 2,630
Other creditors 523,195 519,436
_______ _______
527,484 523,977
_______ _______
9. Creditors: amounts falling due after more than one year
31/03/19 31/07/18
£ £
Bank loans and overdrafts 207,000 207,000
_______ _______
The bank loan of £207,000 (2018: £207,000) is secured over the property known as Flat 3 Little Beach and all the current and future undertakings and assets of the company. Additional security is provided by personal guarantees to the bank by the director.
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the period the director entered into the following interest-free advances and credits with the company:
Loans to / (from) director at 1 April 2018 Loans to / (from) the director Amounts repaid Balance at 31 March 2019
£ £ £ £
Director ( 148,107) ( 16,572) 12,080 ( 152,599)
_______ _______ _______ _______
Loans to / (from) director at 1 April 2017 Loans to / (from) the director Amounts repaid Balance at 31 March 2018
£ £ £ £
Director ( 144,503) ( 25,723) 22,119 ( 148,107)
_______ _______ _______ _______
12. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Period Year Period Year
ended ended ended ended
31/03/19 31/07/18 31/03/19 31/07/18
£ £ £ £
Connected companies - - ( 370,542) ( 370,542)
_______ _______ _______ _______
These loans are interest free and repayable on demand.