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REGISTERED NUMBER: 10322492 (England and Wales)





















REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

SEIDOR UK LTD

SEIDOR UK LTD (REGISTERED NUMBER: 10322492)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 7

Balance Sheet 8

Notes to the Financial Statements 9


SEIDOR UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr J Benito Martinez
Mr D G Coombe
Mr J P Gomensoro Pereyra
Mr P M Barea
Mr C Iribarren Donadeu
A J Phillips





REGISTERED OFFICE: Suite 5 The Monument
45-47 Monument Hill
Weybridge
KT13 8RN





REGISTERED NUMBER: 10322492 (England and Wales)





AUDITORS: Aspen Waite Ltd
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

SEIDOR UK LTD (REGISTERED NUMBER: 10322492)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of information technology consultancy.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

Mr J Benito Martinez
Mr D G Coombe
Mr J P Gomensoro Pereyra
Mr P M Barea
Mr C Iribarren Donadeu
A J Phillips

DONATIONS
Donations made in the financial year were:
£2,500 to British Red Cross Charity; and £198 to Cancer Research UK Charity.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 are sufficient to show and explain the company's transactions and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Aspen Waite Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.


SEIDOR UK LTD (REGISTERED NUMBER: 10322492)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr J P Gomensoro Pereyra - Director


5th June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SEIDOR UK LTD

Opinion
We have audited the financial statements of Seidor UK Ltd (the 'company') for the year ended 31st December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SEIDOR UK LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We concentrated on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We used tests agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

We addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SEIDOR UK LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Waite (Senior Statutory Auditor)
for and on behalf of Aspen Waite Ltd
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

5th June 2024

SEIDOR UK LTD (REGISTERED NUMBER: 10322492)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER 7,969,868 6,376,404

Cost of sales (3,300,527 ) (2,871,780 )
GROSS PROFIT 4,669,341 3,504,624

Administrative expenses (3,567,275 ) (2,695,508 )
OPERATING PROFIT and
PROFIT BEFORE TAXATION 1,102,066 809,116

Tax on profit (188,436 ) (159,120 )
PROFIT FOR THE FINANCIAL YEAR 913,630 649,996

Retained earnings at beginning of year 1,108,451 548,316

Dividends (162,498 ) (89,861 )

RETAINED EARNINGS AT END OF
YEAR

1,859,583

1,108,451

SEIDOR UK LTD (REGISTERED NUMBER: 10322492)

BALANCE SHEET
31ST DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Intangible assets 5 681 1,362
Tangible assets 6 3,990 5,185
Investments 7 1,027,547 -
1,032,218 6,547

CURRENT ASSETS
Debtors 8 1,809,680 1,612,373
Cash at bank 3,676,242 3,167,502
5,485,922 4,779,875
CREDITORS
Amounts falling due within one year 9 (4,627,460 ) (3,646,432 )
NET CURRENT ASSETS 858,462 1,133,443
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,890,680

1,139,990

PROVISIONS FOR LIABILITIES (997 ) (1,439 )
NET ASSETS 1,889,683 1,138,551

CAPITAL AND RESERVES
Called up share capital 10 30,100 30,100
Retained earnings 1,859,583 1,108,451
SHAREHOLDERS' FUNDS 1,889,683 1,138,551

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 5th June 2024 and were signed on its behalf by:





Mr J P Gomensoro Pereyra - Director


SEIDOR UK LTD (REGISTERED NUMBER: 10322492)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Seidor UK Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

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.

Computer software is being amortised evenly over its estimated useful life of two years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 10% straight line
Plant and machinery - 12% straight line

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


SEIDOR UK LTD (REGISTERED NUMBER: 10322492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


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 27 (2022 - 25 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31/12/23 31/12/22
£    £   
Depreciation - owned assets 1,195 1,195
Goodwill amortisation - 21,538
Computer software amortisation 681 -

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 107,692 1,912 109,604
AMORTISATION
At 1st January 2023 107,692 550 108,242
Charge for year - 681 681
At 31st December 2023 107,692 1,231 108,923
NET BOOK VALUE
At 31st December 2023 - 681 681
At 31st December 2022 - 1,362 1,362

SEIDOR UK LTD (REGISTERED NUMBER: 10322492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 5,076 4,750 9,826
DEPRECIATION
At 1st January 2023 2,144 2,497 4,641
Charge for year 586 609 1,195
At 31st December 2023 2,730 3,106 5,836
NET BOOK VALUE
At 31st December 2023 2,346 1,644 3,990
At 31st December 2022 2,932 2,253 5,185

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
Additions 1,027,547
At 31st December 2023 1,027,547
NET BOOK VALUE
At 31st December 2023 1,027,547

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 1,663,476 1,434,232
Bad debt provision (145,151 ) (30,498 )
Amounts owed by group undertakings 3,837 2,976
Other debtors 11,112 11,112
Prepayments and deferred
expenses 276,406 194,551
1,809,680 1,612,373

SEIDOR UK LTD (REGISTERED NUMBER: 10322492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 238,358 508,488
Amounts owed to group undertakings 325,600 85,924
Corporation tax 262,139 159,119
Social security and other taxes 69,694 57,995
VAT 506,072 451,167
Other creditors 31,715 40,024
Directors' current accounts - 4
Deferred income 2,693,214 1,981,240
Accrued expenses 500,668 362,471
4,627,460 3,646,432

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
30,100 Ordinary £1 30,100 30,100

11. ULTIMATE CONTROLLING PARTY

The controlling party is Seidor Logistics S.L., a company incorporated in Spain.

The ultimate controlling party is Seidor, S.A., a company incorporated in Spain.

Seidor, S.A.'s registered office is at Eix Onze De Setembre 41-43, Baixos, Vic, Barcelona, Spain 08500.