Company Registration No. 09249524 (England and Wales)
SEISMIC VENTURE PARTNERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
SEISMIC VENTURE PARTNERS LTD
COMPANY INFORMATION
Directors
Mr T Lloyd-Baker
Mr E Lloyd-Baker
Company number
09249524
Registered office
17a Cosway Street
London
NW1 5NR
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
SEISMIC VENTURE PARTNERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SEISMIC VENTURE PARTNERS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
50,077
155
Current assets
Debtors
5
972,357
924,458
Cash at bank and in hand
5,888
4,001
978,245
928,459
Creditors: amounts falling due within one year
6
(104,217)
(39,210)
Net current assets
874,028
889,249
Total assets less current liabilities
924,105
889,404
Creditors: amounts falling due after more than one year
7
(834,671)
(832,680)
Net assets
89,434
56,724
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
89,432
56,722
Total equity
89,434
56,724
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 year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 year 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.
SEISMIC VENTURE PARTNERS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2023 and are signed on its behalf by:
Mr T Lloyd-Baker
Director
Company Registration No. 09249524
SEISMIC VENTURE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 3 -
1
Accounting policies
Company information
Seismic Venture Partners Ltd is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
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.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include 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.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SEISMIC VENTURE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2021 - 0).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2021 and 31 October 2022
12,210
Amortisation and impairment
At 1 November 2021 and 31 October 2022
12,210
Carrying amount
At 31 October 2022
At 31 October 2021
SEISMIC VENTURE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 5 -
4
Fixed asset investments
2022
2021
£
£
Investments
50,077
155
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2021
155
Additions
50,002
Disposals
(80)
At 31 October 2022
50,077
Carrying amount
At 31 October 2022
50,077
At 31 October 2021
155
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
143,357
66,503
Other debtors
30,000
34,064
173,357
100,567
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
799,000
823,891
Total debtors
972,357
924,458
The amounts due in over one year relates to a debtor held on behalf of a fund management.
SEISMIC VENTURE PARTNERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans and overdrafts
3,888
4,610
Trade creditors
5,454
11,454
Corporation tax
9,256
3,168
Other taxation and social security
11,725
Other creditors
71,644
17,918
Accruals and deferred income
2,250
2,060
104,217
39,210
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
34,671
37,190
Other creditors
800,000
795,490
834,671
832,680
Included in other creditors due in over one year relates to a debtor held on behalf of a fund management.
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2