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REGISTERED NUMBER: 07751844 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

SEALWISE LIMITED

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SEALWISE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: Mr P J Huggins
Mr B M Griffiths
Mr C H J Huggins





REGISTERED OFFICE: Unit 5
Mendip Industrial Estate
Mendip Road, Rooksbridge
Axbridge
Somerset
BS26 2UG





REGISTERED NUMBER: 07751844 (England and Wales)





ACCOUNTANTS: Aspen Waite Limited
Chartered Accountants
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

BALANCE SHEET
28TH FEBRUARY 2023

28/2/23 28/2/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 4,067 4,067
Tangible assets 5 3,631 1,124
7,698 5,191

CURRENT ASSETS
Stocks 102,000 6,069
Debtors 6 50,973 58,958
Cash at bank and in hand 16,804 63,676
169,777 128,703
CREDITORS
Amounts falling due within one year 7 (85,418 ) (47,241 )
NET CURRENT ASSETS 84,359 81,462
TOTAL ASSETS LESS CURRENT
LIABILITIES

92,057

86,653

CAPITAL AND RESERVES
Called up share capital 238 238
Share premium 76,990 76,990
Retained earnings 14,829 9,425
SHAREHOLDERS' FUNDS 92,057 86,653

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

BALANCE SHEET - continued
28TH FEBRUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 14th November 2023 and were signed on its behalf by:





Mr P J Huggins - Director


SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

Sealwise Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

INVOICE DISCOUNTING
Amounts advanced under an invoice discounting agreement, in which full recourse lies with the lender, are recognised as a liability and included in Creditors: amounts falling due within one year. The related receivables balance continues to be reported separately in trade debtors until the account balances are collected.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st March 2022
and 28th February 2023 4,067
NET BOOK VALUE
At 28th February 2023 4,067
At 28th February 2022 4,067

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st March 2022 1,499
Additions 3,701
At 28th February 2023 5,200
DEPRECIATION
At 1st March 2022 375
Charge for year 1,194
At 28th February 2023 1,569
NET BOOK VALUE
At 28th February 2023 3,631
At 28th February 2022 1,124

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors 50,973 36,756
Corporation tax recoverable - 22,202
50,973 58,958

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade creditors 7,715 2,100
Amounts owed to group undertakings 30,360 156
Social security and other taxes 8,486 16,056
Other creditors 37,257 26,929
Accruals and deferred income 1,600 2,000
85,418 47,241

8. SECURED DEBTS

The following secured debts are included within creditors:

28/2/23 28/2/22
£    £   
Other creditors 37,257 26,929

9. PARENT COMPANY

The parent company is The Wise Technology and Solutions Group Limited, a company registered in England and Wales. The parent's registered office address is Rubis House, 15 Friarn Street, Bridgwater, Somerset, TA6 3LH.