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Registration number: 00872907


Seacourt Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Seacourt Limited

Contents

Directors' Report

1 to 2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Seacourt Limited

Directors' Report for the Year Ended 28 February 2023

The directors present their report and the financial statements for the year ended 28 February 2023.

Directors of the company

The directors who held office during the year were as follows:

N J Dinnage - Company secretary and director

G R Dinnage

D J McRae

Principal activity

The principal activity of the company is design and printing

Business Review

The Directors are pleased to present the Accounts for the year ended 28 February 2023. Sales increased by 11% on 2022, with relatively constant margins.

The increase in sales was achieved through investment in further personnel, including for the Seacourt large format division, and this combined with higher electricity and other overheads, meant that Pre-Tax Profit dipped to 4% (2022 6%). Capital expenditure in 2023 mainly comprised installing PV panels for cheaper electricity. Cash flow for the year was broadly neutral before capital investment, however all the plant & equipment was funded through working capital, apart from a £46k term loan. Since the change in ownership in 2008, Seacourt has now invested over £2.1m in updated buildings and plant and equipment.

During the year, Seacourt continued to operate its Planet Positive strategy, and indeed Seacourt achieved B Corp re-certification in August 2022. Seacourt has been recognised as being “Best for the World in 2021, 2022 and 2023” Placing Seacourt in the top 5% of all B Corps globally for environmental excellence. Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance people, profit and purpose. Society’s most challenging problems cannot be solved by government and non-profits alone. By harnessing the power of business, B Corps use profits and growth as a means to a greater end: positive impact for their employees, communities, and the environment. The Directors are grateful for the commitment of Seacourt's loyal employees.

Principal risks & uncertainties

The principal risks facing the company are related to supply chain, customer concentration and interest rates. In common with most UK manufacturers the company is reliant on its supply chain to be able to meet customer demand. The Directors work hard to ensure good working relationships with key suppliers to mitigate this risk. Customer concentration is mitigated through diversifying the customer base and by agreeing long term service level agreements with larger customers. And in addition the Debtor risk is covered by credit insurance. The company exposure to increases in interest rates is mitigated by over 60% of loan borrowing being on fixed rates, with only the 2008 term loan on a variable rate, albeit an attractive one of Base rate plus 1.35%.

 

Seacourt Limited

Directors' Report for the Year Ended 28 February 2023

Small companies provision statement

This report has 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.

Approved by the Board on 21 November 2023 and signed on its behalf by:

.........................................
G R Dinnage
Director

 

Seacourt Limited

(Registration number: 00872907)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,842,401

1,771,803

Current assets

 

Stocks

5

138,041

245,901

Debtors

6

810,990

831,384

Cash at bank and in hand

 

-

56,018

 

949,031

1,133,303

Creditors: Amounts falling due within one year

7

(1,345,988)

(1,391,240)

Net current liabilities

 

(396,957)

(257,937)

Total assets less current liabilities

 

1,445,444

1,513,866

Creditors: Amounts falling due after more than one year

7

(470,889)

(581,161)

Provisions for liabilities

(215,000)

(162,301)

Net assets

 

759,555

770,404

Capital and reserves

 

Called up share capital

8

10,122

10,122

Revaluation reserve

495,280

495,280

Retained earnings

254,153

265,002

Shareholders' funds

 

759,555

770,404

For the financial year ending 28 February 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.

 

Seacourt Limited

(Registration number: 00872907)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................

G R Dinnage
Director

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Seacourt Limited
Pony Road
Horspath Industrial Estate
Oxford
OX4 2SE

These financial statements were authorised for issue by the Board on 21 November 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 sales/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.

Government grants

The company received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accruals model and as such are recorded in the profit and loss account in the period in which the company is entitled to such grants as a result of having furloughed staff members.
Government grants provided for capital assets are amortised over the life of the assets in line with depreciation.

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

20% reducing balance

Motor vehicles

20% straight line

Plant and machinery

10 - 20% 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.

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. 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 receivables.

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 inventories 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 profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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 32 (2022 - 26).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

868,230

2,696,202

42,370

3,606,802

Additions

74,871

85,179

25,005

185,055

Disposals

(13,124)

(19,752)

-

(32,876)

At 28 February 2023

929,977

2,761,629

67,375

3,758,981

Depreciation

At 1 March 2022

51,347

1,751,687

31,965

1,834,999

Charge for the year

17,851

61,483

6,403

85,737

Eliminated on disposal

(3,827)

(329)

-

(4,156)

At 28 February 2023

65,371

1,812,841

38,368

1,916,580

Carrying amount

At 28 February 2023

864,606

948,788

29,007

1,842,401

At 28 February 2022

816,883

944,515

10,405

1,771,803

Included within the net book value of land and buildings above is £864,606 (2022 - £816,883) in respect of freehold land and buildings.
 

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Work in progress

23,502

135,292

Other inventories

114,539

110,609

138,041

245,901

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

563,158

704,133

Amounts owed by group companies

10

25,990

25,990

Prepayments

 

31,957

79,140

Other debtors

 

189,885

22,121

 

810,990

831,384

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

541,372

437,990

Trade creditors

 

632,319

783,042

Taxation and social security

 

24,099

-

Accruals and deferred income

 

128,052

110,907

Other creditors

 

20,146

59,301

 

1,345,988

1,391,240

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

470,889

581,161

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

Ordinary B shares of £1 each

63

63

63

63

Ordinary C shares of £1 each

39

39

39

39

Ordinary D shares of £1 each

20

20

20

20

 

10,122

10,122

10,122

10,122

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

470,889

581,161

2023
£

2022
£

Current loans and borrowings

Bank borrowings

541,372

437,990

Bank borrowings

The carrying amount at year end is £1,016,160 (2022 - £1,019,151).

The loans and overdrafts are secured on the fixed assets of the company.

10

Related party transactions

Summary of transactions with other related parties

Parties related to the directors
 At the balance sheet date, amounts due from parties related to the directors totalled 2023: £109,498 (2022: £nil) and amounts due to parties related to the directors totalled £26,000 (2022: £50,695).
All amount due from directors were repaid within 9 months of the year end and interest on the overdrawn balance was charged at 2%.