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REGISTERED NUMBER: 05606475 (England and Wales)








Unaudited Financial Statements

for the Year Ended

31 March 2024

for

Seamcor Limited

Seamcor Limited (Registered number: 05606475)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Seamcor Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J J Kotze
Mrs K E Kotze
Miss S S Kotze
A Bouwer





REGISTERED OFFICE: Suite GO2
Oak House
Bridgwater Road
Worcester
WR4 9FQ





REGISTERED NUMBER: 05606475 (England and Wales)





ACCOUNTANTS: Nicklin Accountancy Services Limited
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Seamcor Limited (Registered number: 05606475)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,252,926 1,100,405
Tangible assets 5 9,102 13,117
1,262,028 1,113,522

CURRENT ASSETS
Stocks - 9,117
Debtors 6 258,755 282,868
Cash at bank 5,838 59,002
264,593 350,987
CREDITORS
Amounts falling due within one year 7 634,138 590,609
NET CURRENT LIABILITIES (369,545 ) (239,622 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

892,483

873,900

CREDITORS
Amounts falling due after more than one
year

8

625,050

661,090
NET ASSETS 267,433 212,810

CAPITAL AND RESERVES
Called up share capital 40,001 40,001
Retained earnings 227,432 172,809
SHAREHOLDERS' FUNDS 267,433 212,810

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Seamcor Limited (Registered number: 05606475)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2024 and were signed on its behalf by:





J J Kotze - Director


Seamcor Limited (Registered number: 05606475)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Seamcor Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. The income receivable on support contracts is spread over the period to which it relates.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully amortised in the current year.

Development costs are being amortised evenly over their estimated useful life of nil years.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Development costs - 10% on the straight line basis

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Seamcor Limited (Registered number: 05606475)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Research and development
Research and development expenditure is written off as incurred, except for development expenditure incurred on individual projects which is carried forward when its future recoverability can reasonably be regarded as assured. The expenditure capitalised during the period is being amortised over 10 years, which reflects the expected life of the products being developed.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 April 2023 2,027,700
Additions 386,575
At 31 March 2024 2,414,275
AMORTISATION
At 1 April 2023 927,295
Amortisation for year 234,054
At 31 March 2024 1,161,349
NET BOOK VALUE
At 31 March 2024 1,252,926
At 31 March 2023 1,100,405

Seamcor Limited (Registered number: 05606475)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 18,141 20,602 16,000 54,743
Additions - 1,204 - 1,204
At 31 March 2024 18,141 21,806 16,000 55,947
DEPRECIATION
At 1 April 2023 17,401 20,225 4,000 41,626
Charge for year 720 499 4,000 5,219
At 31 March 2024 18,121 20,724 8,000 46,845
NET BOOK VALUE
At 31 March 2024 20 1,082 8,000 9,102
At 31 March 2023 740 377 12,000 13,117

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 75,145 150,718
Other debtors 183,610 132,150
258,755 282,868

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 122,511 20,000
Hire purchase contracts 3,007 6,014
Trade creditors 85,198 125,050
Taxation and social security 22,976 21,164
Other creditors 400,446 418,381
634,138 590,609

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 35,000 53,333
Hire purchase contracts - 3,007
Other creditors 590,050 604,750
625,050 661,090

9. RELATED PARTY DISCLOSURES

At the balance sheet date the amount owed to the directors amounted to £184: (2023 £47,923).