Company registration number 01532534 (England and Wales)
SEABOURNE FORWARDING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SEABOURNE FORWARDING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SEABOURNE FORWARDING LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
7
205,959
103,483
Current assets
Debtors
8
2,354,975
2,752,158
Cash at bank and in hand
558,528
517,610
2,913,503
3,269,768
Creditors: amounts falling due within one year
9
(2,064,808)
(2,562,980)
Net current assets
848,695
706,788
Total assets less current liabilities
1,054,654
810,271
Provisions for liabilities
(20,743)
Net assets
1,033,911
810,271
Capital and reserves
Called up share capital
12,500
12,500
Profit and loss reserves
1,021,411
797,771
Total equity
1,033,911
810,271
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved by the board of directors and authorised for issue on 27 February 2024 and are signed on its behalf by:
P Levtcheva
Director
Company registration number 01532534 (England and Wales)
SEABOURNE FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Seabourne Forwarding Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gardiner House, 6b Hemnall Street, Epping, Essex, CM16 4LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% per annum
Fixtures & Fittings
20% per annum
Motor vehicles
25% per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SEABOURNE FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SEABOURNE FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SEABOURNE FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The group operates a defined benefit pension scheme. The assets of the scheme are held separately from those of the group. Due to the way the scheme is run it is not possible for each subsidiary to identify its share of the underlying assets and liabilities. Consequently the company has accounted for its contributions to the scheme as if it were a defined contribution scheme.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at set rates of exchange determined at the beginning of the accounting period. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
SEABOURNE FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Bad Debt Provision
The company applies bad debt provision policy as set out by its ultimate controlling party. Provisioning for trade debtors relies upon a certain degree of estimation uncertainty however the directors are satisfied that the provision is appropriate in light of tight controls and regular customer communication.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,509
10,500
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 35 (2022 - 34).
2023
2022
Number
Number
Total
35
34
5
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
232,589
149,070
SEABOURNE FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
6
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
273,040
Amortisation and impairment
At 1 July 2022 and 30 June 2023
273,040
Carrying amount
At 30 June 2023
At 30 June 2022
7
Tangible fixed assets
Leasehold improvements
Fixtures & Fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
59,660
150,892
24,801
235,353
Additions
29,850
123,771
153,621
Disposals
(8,909)
(1,950)
(10,859)
At 30 June 2023
89,510
265,754
22,851
378,115
Depreciation and impairment
At 1 July 2022
7,063
112,383
12,424
131,870
Depreciation charged in the year
8,584
36,848
5,713
51,145
Eliminated in respect of disposals
(8,909)
(1,950)
(10,859)
At 30 June 2023
15,647
140,322
16,187
172,156
Carrying amount
At 30 June 2023
73,863
125,432
6,664
205,959
At 30 June 2022
52,597
38,509
12,377
103,483
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,935,593
2,472,830
Amounts owed by group undertakings
12,268
Other debtors
407,114
276,787
2,354,975
2,749,617
SEABOURNE FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Debtors
(Continued)
- 8 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
2,541
Total debtors
2,354,975
2,752,158
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,329,540
1,635,218
Amounts owed to group undertakings
6,884
Taxation and social security
324,346
482,568
Other creditors
410,922
438,310
2,064,808
2,562,980
10
Pensions
The group operates a defined benefits pension scheme whose assets are held in independent trustee administered funds. Due to the way the scheme is run it is not possible for each subsidiary to identify its share of the underlying assets and liabilities and accordingly, no provision has been made in these accounts.
The most recent actuarial valuation of the scheme was carried out 30 June 2023 by a qualified actuary, independent of the scheme's sponsoring employer. This disclosed a surplus of £470,000 compared to a surplus at 30 June 2022 of £821,000. The Scheme was closed on 30 September 2007. Full provision and disclosure under FRS 102 has been made in the consolidated accounts of the ultimate 'holding' company, as it is not a requirement to prepare consolidated accounts at an intermediary level.
The pension cost charge for the year in respect of contributions to this Scheme amounted to £101,886 (2022: £100,148).
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Ahsan Miraj
Statutory Auditor:
Bright Grahame Murray
SEABOURNE FORWARDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
12
Financial commitments, guarantees and contingent liabilities
The company is part of a group composite accounting agreement, together with the immediate parent company, an intermediate parent company and its fellow trading subsidiaries, whereby they cross-guarantee any indebtedness to the bankers and grant right of set-off. The amount owed to the group's bankers under the composite accounting agreement as at 30 June 2023 was £nil (2022: £nil).
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,335,558
1,473,429
14
Related party transactions
During the year the company incurred a management fee of £15,475 (2022: £13,750) from Seabourne Holdings Limited, an intermediary parent undertaking.
Other than the transactions disclosed above, the company's other related party transactions were with wholly owned group companies and therefore have not been disclosed.
15
Parent company
The company's immediate parent undertaking is Seabourne Group Limited, and the ultimate holding company is CJ Bourne (Asset Management) Limited. Both companies are registered in England. Copies of the consolidated accounts are available from the registered office of those companies.
The ultimate controlling party is the Sir Clive Bourne Share Fund, in which Lady Bourne has an interest in possession.
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