23 31/12/2023 2023-12-31 false false false false false false false false false false true false false true false false false true true true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 11687583 2023-01-01 2023-12-31 11687583 2023-12-31 11687583 2022-12-31 11687583 2022-12-31 11687583 core:PlantMachinery 2023-01-01 2023-12-31 11687583 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 11687583 core:MotorVehicles 2023-01-01 2023-12-31 11687583 bus:Director1 2023-01-01 2023-12-31 11687583 core:PlantMachinery 2022-12-31 11687583 core:FurnitureFittingsToolsEquipment 2022-12-31 11687583 core:MotorVehicles 2022-12-31 11687583 core:PlantMachinery 2023-12-31 11687583 core:FurnitureFittingsToolsEquipment 2023-12-31 11687583 core:MotorVehicles 2023-12-31 11687583 core:WithinOneYear 2023-12-31 11687583 core:WithinOneYear 2022-12-31 11687583 core:ShareCapital 2023-12-31 11687583 core:ShareCapital 2022-12-31 11687583 core:RetainedEarningsAccumulatedLosses 2023-12-31 11687583 core:RetainedEarningsAccumulatedLosses 2022-12-31 11687583 core:BetweenOneFiveYears 2023-12-31 11687583 core:BetweenOneFiveYears 2022-12-31 11687583 core:MoreThanFiveYears 2023-12-31 11687583 core:MoreThanFiveYears 2022-12-31 11687583 core:PlantMachinery 2022-12-31 11687583 core:FurnitureFittingsToolsEquipment 2022-12-31 11687583 core:MotorVehicles 2022-12-31 11687583 bus:SmallEntities 2023-01-01 2023-12-31 11687583 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11687583 bus:FullAccounts 2023-01-01 2023-12-31 11687583 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11687583 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11687583 core:ParentEntities 2023-01-01 2023-12-31 11687583 1 2023-01-01 2023-12-31
Company registration number: 11687583
Seasight Davits UK Ltd
Unaudited filleted financial statements
31 December 2023
Seasight Davits UK Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Seasight Davits UK Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 64,547 80,154
_______ _______
64,547 80,154
Current assets
Stocks 108,259 -
Debtors 4 536,908 513,659
Cash at bank and in hand 632,767 60,137
_______ _______
1,277,934 573,796
Creditors: amounts falling due
within one year 5 ( 696,140) ( 365,935)
_______ _______
Net current assets 581,794 207,861
_______ _______
Total assets less current liabilities 646,341 288,015
Provisions for liabilities ( 16,137) ( 15,230)
_______ _______
Net assets 630,204 272,785
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 630,104 272,685
_______ _______
Shareholders funds 630,204 272,785
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
Jimmy Damsgaard Stephen Cottee
Director Director
Company registration number: 11687583
Seasight Davits UK Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
Seasight Davits UK Ltd (Company number 11687583 ) is a private company limited by shares, registered in England & Wales. The address of the registered office is 11 Albion Place, Maidstone, Kent, ME14 5DY.
Going concern
The directors have assessed the company's reserves and conclude that the company should be assessed as a going concern for a period of at least twelve months from the date of signing of the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Services rendered are largely related to the supply of davit cranes used for transporting cargo and tools from the vessels to the platforms on offshore wind farms, together with the commissioning, servicing and repair of the cranes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans from banks and other third parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 23 (2022: 16).
3. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 43,314 11,817 61,430 116,561
Additions 3,981 1,096 - 5,077
_______ _______ _______ _______
At 31 December 2023 47,295 12,913 61,430 121,638
_______ _______ _______ _______
Depreciation
At 1 January 2023 10,359 4,164 21,884 36,407
Charge for the year 8,816 1,982 9,886 20,684
_______ _______ _______ _______
At 31 December 2023 19,175 6,146 31,770 57,091
_______ _______ _______ _______
Carrying amount
At 31 December 2023 28,120 6,767 29,660 64,547
_______ _______ _______ _______
At 31 December 2022 32,955 7,653 39,546 80,154
_______ _______ _______ _______
4. Debtors
2023 2022
£ £
Trade debtors 418,623 481,241
Other debtors 118,285 32,418
_______ _______
536,908 513,659
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 8
Trade creditors 346,714 173,383
Amounts owed to group undertakings and undertakings in which the company has a participating interest 112,268 72,244
Social security and other taxes 90,928 91,481
Other creditors 146,230 28,819
_______ _______
696,140 365,935
_______ _______
6. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 45,000 45,000
Later than 1 year and not later than 5 years 180,000 180,000
Later than 5 years 74,158 119,158
_______ _______
299,158 344,158
_______ _______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Seasight Davits ApS 1,432,983 1,522,429 ( 112,268) ( 72,244)
HVSA (Hvide Sande Shipyard, Steel & Service - - - -
_______ _______ _______ _______
All the above transactions are made on normal commercial terms and are unsecured.Seaight Davits ApS, a company based in Denmark, own 75% of the issued and fully paid ordinary share capital of Seasight Davits UK Limited.
8. Controlling party
Throughout the period the ultimate parent company was HSSB Holding ApS.HSSB Holding ApS is the parent of the largest group for which group accounts including Seasight Davits UK Limited are prepared. Seasight Davits ApS is the parent of the smallest group for which group accounts including Seasight Davits UK Limited are prepared. Copies of these accounts may be obtained from Seasight Davits ApS, Beddingsvej 2, 6960 Havide Sande .