Seac Limited 00145362 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the manufacturing of specialist fasteners and composite building products. Digita Accounts Production Advanced 6.30.9574.0 true 00145362 2022-04-01 2023-03-31 00145362 2023-03-31 00145362 bus:OrdinaryShareClass1 2023-03-31 00145362 core:CurrentFinancialInstruments 2023-03-31 00145362 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00145362 core:OtherResidualIntangibleAssets 2023-03-31 00145362 core:FurnitureFittingsToolsEquipment 2023-03-31 00145362 core:OtherPropertyPlantEquipment 2023-03-31 00145362 bus:SmallEntities 2022-04-01 2023-03-31 00145362 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00145362 bus:FullAccounts 2022-04-01 2023-03-31 00145362 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 00145362 bus:RegisteredOffice 2022-04-01 2023-03-31 00145362 bus:Director1 2022-04-01 2023-03-31 00145362 bus:Director2 2022-04-01 2023-03-31 00145362 bus:Director3 2022-04-01 2023-03-31 00145362 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00145362 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00145362 core:FurnitureFittings 2022-04-01 2023-03-31 00145362 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 00145362 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 00145362 core:PlantMachinery 2022-04-01 2023-03-31 00145362 countries:EnglandWales 2022-04-01 2023-03-31 00145362 2022-03-31 00145362 core:OtherResidualIntangibleAssets 2022-03-31 00145362 core:FurnitureFittingsToolsEquipment 2022-03-31 00145362 core:OtherPropertyPlantEquipment 2022-03-31 00145362 2021-04-01 2022-03-31 00145362 2022-03-31 00145362 bus:OrdinaryShareClass1 2022-03-31 00145362 core:CurrentFinancialInstruments 2022-03-31 00145362 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 00145362 core:OtherResidualIntangibleAssets 2022-03-31 00145362 core:FurnitureFittingsToolsEquipment 2022-03-31 00145362 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00145362

Seac Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Seac Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Seac Limited

Company Information

Directors

D. C. Buckley

B. Clarke

J. D. 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 Limited

(Registration number: 00145362)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

50,098

58,769

Current assets

 

Stocks

6

1,794,558

717,395

Debtors

7

1,820,575

1,391,692

Cash at bank and in hand

 

1,445,255

1,866,359

 

5,060,388

3,975,446

Creditors: Amounts falling due within one year

8

(954,216)

(453,175)

Net current assets

 

4,106,172

3,522,271

Total assets less current liabilities

 

4,156,270

3,581,040

Provisions for liabilities

(10,976)

(9,107)

Net assets

 

4,145,294

3,571,933

Capital and reserves

 

Called up share capital

9

24,000

24,000

Retained earnings

4,121,294

3,547,933

Shareholders' funds

 

4,145,294

3,571,933

 

Seac Limited

(Registration number: 00145362)
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 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 for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

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.

 

Seac Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% Reducing balance

Plant and machinery

25% Reducing balance

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.

 

Seac Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

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.

 

Seac Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 27).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

301,658

301,658

At 31 March 2023

301,658

301,658

Amortisation

At 1 April 2022

301,658

301,658

At 31 March 2023

301,658

301,658

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

-

-

 

Seac Limited

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

5

Tangible assets

Fixtures and fittings
 £

Plant nad machinery
£

Total
£

Cost or valuation

At 1 April 2022

161,020

821,098

982,118

Additions

-

7,816

7,816

Disposals

(11,126)

(7,642)

(18,768)

At 31 March 2023

149,894

821,272

971,166

Depreciation

At 1 April 2022

148,342

775,007

923,349

Charge for the year

2,411

11,779

14,190

Eliminated on disposal

(9,259)

(7,212)

(16,471)

At 31 March 2023

141,494

779,574

921,068

Carrying amount

At 31 March 2023

8,400

41,698

50,098

At 31 March 2022

12,678

46,091

58,769

6

Stocks

2023
£

2022
£

Work in progress

-

20,000

Stock

1,794,558

697,395

1,794,558

717,395

 

Seac Limited

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

 

955,985

794,762

Amounts owed by group company

766,029

525,374

Prepayments

 

38,625

71,556

Other debtors

 

59,936

-

   

1,820,575

1,391,692

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

593,953

188,305

Taxation and social security

260,850

178,211

Accruals and deferred income

96,579

84,155

Other creditors

2,834

2,504

954,216

453,175

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

24,000

24,000

24,000

24,000