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Registration number: 05539221

Seac Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Seac Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Seac Holdings Limited

Company Information

Directors

E. J. Wilson

J. D. Buckley

S. L. Terry

J. Buckley

D. C. Buckley

Registered office

Units 2-4
Chartwell Drive
Wigston
Leicestershire
LE18 2FL

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Seac Holdings Limited

(Registration number: 05539221)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,900,000

1,200,000

Investments

5

1,093,388

1,093,388

 

2,993,388

2,293,388

Current assets

 

Investments

6

590,289

507,249

Cash at bank and in hand

 

691,641

559,191

 

1,281,930

1,066,440

Creditors: Amounts falling due within one year

7

(810,923)

(581,166)

Net current assets

 

471,007

485,274

Total assets less current liabilities

 

3,464,395

2,778,662

Provisions for liabilities

(275,369)

(72,983)

Net assets

 

3,189,026

2,705,679

Capital and reserves

 

Called up share capital

44,940

44,940

Capital redemption reserve

30,060

30,060

Other reserves

918,242

420,628

Retained earnings

2,195,784

2,210,051

Shareholders' funds

 

3,189,026

2,705,679

 

Seac Holdings Limited

(Registration number: 05539221)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
D. C. Buckley
Director

 

Seac Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 2-4
Chartwell Drive
Wigston
Leicestershire
LE18 2FL

These financial statements were authorised for issue by the Board on 25 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Seac Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit and loss account. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Seac Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Investment properties

2023
£

At 1 April 2022

1,200,000

Fair value adjustments

700,000

At 31 March 2023

1,900,000

The directors have confirmed that the valuation of £1,900,000 has been provided on an open market basis.

There has been no valuation of investment property by an independent valuer.

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,093,388

1,093,388

Subsidiaries

£

Cost or valuation

At 1 April 2022

1,093,388

At 31 March 2023

1,093,388

Carrying amount

At 31 March 2023

1,093,388

At 31 March 2022

1,093,388

6

Current asset investments

2023
£

2022
£

Other investments

590,289

507,249

 

Seac Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Amounts owed to group undertakings

766,028

525,373

Taxation and social security

34,700

45,598

Accruals and deferred income

10,186

10,186

Other creditors

9

9

810,923

581,166

8

Related party transactions

During the year the directors received dividends amounting to £245,237 (2022: £244,833).