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Registered number: 08841726

Seven Seas Productions Limited

UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 31/12/2023

Prepared By:
David Stott Accoutancy Services
59
Medhurst Crescent
Gravesend
Kent
DA12 4HJ

Seven Seas Productions Limited

ACCOUNTS
FOR THE YEAR ENDED 31/12/2023
DIRECTORS
Jonathan Montague
Helen Pudney
REGISTERED OFFICE
23 Berkeley Square
Mayfair
London
W1J 6HE
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 08841726
BANKERS
Barclays & Lloyds
ACCOUNTANTS
David Stott Accoutancy Services
59
Medhurst Crescent
Gravesend
Kent
DA12 4HJ

Seven Seas Productions Limited

ACCOUNTS
FOR THEYEARENDED31/12/2023
CONTENTS
Page
Directors' Report3
Accountants' Report4
Statement Of Comprehensive Income5
Balance Sheet6
Notes To The Accounts7
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

Seven Seas Productions Limited

DIRECTORS' REPORT
FOR THEYEARENDED31/12/2023
The directors present their report and accounts for theyearended31/12/2023
DIRECTORS
The directors who served during theyearwere as follows:
Jonathan Montague
Helen Pudney
STATEMENT OF DIRECTORS RESPONSIBILITIES
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements the directors are required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgements and accounting estimates that are reasonable and prudent;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The report of the directors has been prepared in accordance with the special provisions within Part 15 of the Companies Act 2006.
This report was approved by the board on01/02/2024
Jonathan Montague
Director

Seven Seas Productions Limited

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE UNAUDITED ACCOUNTS
OF SEVEN SEAS PRODUCTIONS LIMITED, FOR THE YEAR ENDED 31/12/2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Seven Seas Productions Limited for the year ended 31/12/2023 as set out on pages 5 to (1) from the company's accounting records and from information and explanations you have given us.
As a practising member of the FMAAT, we are subject to its ethical and other professional requirements which are detailed on their website.
This report is made solely to the Board of Directors of Seven Seas Productions Limited, as a body, in accordance with the terms of our engagement letter dated 01/10/2018. Our work has been undertaken solely to prepare for your approval the accounts of Seven Seas Productions Limited and state those matters that we have agreed to state to the Board of Directors of Seven Seas Productions Limited, as a body, in this report, in accordance with the requirements of the FMAAT as detailed on their website. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seven Seas Productions Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Seven Seas Productions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profitability of Seven Seas Productions Limited. You consider that Seven Seas Productions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Seven Seas Productions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
David Stott Accoutancy Services
59
Medhurst Crescent
Gravesend
Kent
DA12 4HJ

Seven Seas Productions Limited

STATEMENT OF COMPREHENSIVE INCOME
FOR THEYEARENDED31/12/2023
Notes20232022
££
TURNOVER348,270225,001
Cost of sales(284,152)(99,720)
GROSS PROFIT64,118125,281
Distribution costs and selling expenses(16,276)(34,184)
Administrative expenses(361,253)(261,260)
OPERATING LOSS(313,411)(170,163)
Interest payable and similar charges(1,425)(549)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION(314,836)(170,712)
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION(314,836)(170,712)

Seven Seas Productions Limited

BALANCE SHEET AT 31/12/2023
20232022
Notes££
FIXED ASSETS
Intangible assets57,321,3357,321,335
Tangible assets6597,919828,189
7,919,2548,149,524
CURRENT ASSETS
Stock615,000865,000
Debtors89,368,0649,044,168
9,983,0649,909,168
CREDITORS: Amounts falling due within one year9405,605241,509
NET CURRENT ASSETS9,577,4599,667,659
TOTAL ASSETS LESS CURRENT LIABILITIES17,496,71317,817,183
CREDITORS: Amounts falling due after more than one year1035,15840,792
NET ASSETS17,461,55517,776,391
CAPITAL AND RESERVES
Called up share capital1113,360,00013,360,000
Revaluation reserve1g,125,160,0005,160,000
Profit and loss account(1,058,445)(743,609)
SHAREHOLDERS' FUNDS17,461,55517,776,391
For the year ending 31/12/2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board on 01/02/2024 and signed on their behalf by
.............................
Jonathan Montague
Director

Seven Seas Productions Limited

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/12/2023
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Short Leasehold Propertiesreducing balance 15%
Plant and Machineryreducing balance 25%
Equipmentreducing balance 25%
Motor Carsreducing balance 25%
1c. Intangible Assets
Development expenditure is normally written off in the year of expenditure, however expenditure incurred on specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised in relation to sales from such projects.
1d. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1e. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
1f. Goodwill
Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life to a maximum of 20 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.

Seven Seas Productions Limited

1g. Revaluation Reserve
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributible reserve known as the revaluation reserve (see also note 12).
Revaluation deficits in excess of the amount of prior revaluation surpluses on the same asset are charged to the profit and loss account.
2. EMPLOYEES
20232022
No.No.
Average number of employees43
3. DIRECTORS REMUNERATION
20232022
££
Total remuneration-(60,000)
4. TAX ON ORDINARY ACTIVITIES
20232022
££
5. INTANGIBLE FIXED ASSETS
DevelopmentPurchased
CostsPatentsGoodwillTotal
££££
Cost
At 01/01/20235,056,3352,265,000116,2357,437,570
At 31/12/20235,056,3352,265,000116,2357,437,570
Depreciation
At 01/01/2023--116,235116,235
At 31/12/2023--116,235116,235
Net Book Amounts
At 31/12/20235,056,3352,265,000-7,321,335
At 31/12/20225,056,3352,265,000-7,321,335

Seven Seas Productions Limited

6. TANGIBLE FIXED ASSETS
Short LeaseholdPlant and
PropertiesMachineryEquipmentMotor CarsTotal
£££££
Cost
At 01/01/20231,7801,031,349834,00083,6501,950,779
At 31/12/20231,7801,031,349834,00083,6501,950,779
Depreciation
At 01/01/2023890490,879613,33017,4911,122,590
For the year-67,445106,66656,159230,270
At 31/12/2023890558,324719,99673,6501,352,860
Net Book Amounts
At 31/12/2023890473,025114,00410,000597,919
At 31/12/2022890540,470220,67066,159828,189
7. STOCK 20232022
££
Stock comprises:
Stock345,000595,000
Work in progress270,000270,000
615,000865,000
8. DEBTORS 20232022
££
Amounts falling due within one year
Trade debtors166,000166,000
Amounts Due Under Contract348,270-
VAT62,14442,469
Other debtors14,15058,128
Prepayments-71
590,564266,668
Amounts falling due over more than one year
Called Up Share Capital Not Paid Not Expressed As Current Asset8,777,5008,777,500
8,777,5008,777,500
9,368,0649,044,168

Seven Seas Productions Limited

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20232022
££
Directors current account JM189,167169,321
Directors current account HP110,88131,896
Bank loans and overdrafts4,994-
Finance leases8,91910,161
Trade creditors91,64425,131
Accruals-5,000
405,605241,509
10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20232022
££
Bank loans (unsecured) >1yr35,15840,792
35,15840,792
11. SHARE CAPITAL 20232022
££
Allotted, issued and fully paid:
133600 Ordinary shares of £100 each1336000013360000
13,360,00013,360,000
New shares issued during period:
0 Ordinary shares of £100 each01332000
-1,330,000
The Board have agreed to exchange all Shares to £100 Ordinary Shares during the year.
12. REVALUATION RESERVE 20232022
££
Revaluation reserve5,160,0005,160,000
5,160,0005,160,000

Seven Seas Productions Limited

13. DIRECTORS ADDITIONAL INFORMATION
2023 was a year of consolidation, re-organisation and ongoing prototype testing to enhance existing machines to a higher level due to up and coming operational status requirements.
During this time there were several climate issues which were starting manifest and grow in proportion that required re-engineering some elements of the designs followed by the realization that these events were not abstract but were becoming omens of the future.
Temperature variances, humidity issues, micro desert sand migration traveling great distances ,then finally once again the possibility of Covid variances, new viruses appearing and the demand for additional redundant power systems.
SSP's engineers and scientists whom we outsource are from around the world giving them a distinct advantage having all experienced unique weather challenges or component issues once again found the bonus benefits of working as an international team confirming networking is still a positive attribute.
Research & Development kept the company alive and ahead of our goals, SSP does spend slightly disproportionately in this area solely because science and engineering discoveries and radical product is racing so fast one must do whatever is possible to embrace the latest technologies so that we can pass on future machines to our clientele.
Sealed closed environmental climate controls will now be installed in all our units and because our teams demanded such progress it has opened dialogue with some of the best companies worldwide who now understand our advanced programs and have advanced our capabilities dramatically.
The other advantage of this approach is that some of the older more cost effective designs can now be resurrected and deployed and the upgrading of exisiting patents and several new ones is now well underway.
Funding this year grew significantly and we are now embarking on a much expanded program that will facilitate major expansion of the R&D projects also at the same time we started preparing for mass production internationally pushing ahead into 2024 which will be the beginning of many favorable aspects everywhere.