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Registration number: 11802711

Seebeck 163 Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Seebeck 163 Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 4

 

Seebeck 163 Limited

(Registration number: 11802711)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

2,708,131

2,708,131

Creditors: Amounts falling due within one year

6

(1,043,414)

(1,161,233)

Total assets less current liabilities

 

1,664,717

1,546,898

Creditors: Amounts falling due after more than one year

6

(1,719,315)

(1,504,177)

Net (liabilities)/assets

 

(54,598)

42,721

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(54,698)

42,621

Shareholders' (deficit)/funds

 

(54,598)

42,721

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 20 February 2024 and signed on its behalf by:
 

.........................................
J M Hudson
Director

 

Seebeck 163 Limited

Notes to the 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:
9C Trafalgar Way
Bar Hill
Cambridge
Cambridgeshire
CB23 8SQ
England

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.

Going concern

The financial statements have been prepared on a going concern basis. The company has the support of its major creditors.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 February 2024 was Caroline Webster FCA, who signed for and on behalf of UHY Ross Brooke.

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.

Tax

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Seebeck 163 Limited

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

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 profit or loss. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investments

2023
£

2022
£

Investments in subsidiaries

2,708,131

2,708,131

Subsidiaries

£

Cost or valuation

At 1 April 2022

2,708,131

Provision

Carrying amount

At 31 March 2023

2,708,131

At 31 March 2022

2,708,131

 

Seebeck 163 Limited

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

5

Debtors

2023
£

2022
£

-

-

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,035,619

856,414

Other creditors

7,795

304,819

1,043,414

1,161,233

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other creditors

1,719,315

1,504,177

Included in creditors are £1,665,167 loan notes secured on the composite guarantee and debenture by the Company and Todd Research Limited in favour of Spring Ventures Nominees Limited as security trustee of the Noteholders. A repayment holiday has been granted with interest only payment to be made in the next financial year. Repayment are expected to restart in the following financial year on a quarterly basis at £109k with the balance to be repaid on 2 April 2026. The loan notes have an interest rate of 6%. The loan notes are payable to Spring Ventures Group Investments Limited (parent company) and the spouse of a Director.

Also included in creditors are £54,148 unsecured loan notes. The loan notes are repayable on 2 April 2024 with an interest rate of 2%. The loan notes are payable to a Director who resigned during the year.