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Registration number: 02745210

Seamariner Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Seamariner Limited

Contents

Company Information

1

Strategic Report

2 to 3

Director's Report

4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account and Statement of Retained Earnings

9

Balance Sheet

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 21

 

Seamariner Limited

Company Information

Director

W T Burch

Company secretary

A G Burch

Registered office

The Square
Fawley
Southampton
Hampshire
SO45 1DD

Bankers

The Royal Bank of Scotland PLC
156 High Street
Southampton
Hampshire
SO14 2NP

Auditors

Xeinadin Audit Limited
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

 

Seamariner Limited

Strategic Report for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is provisions of temporary/permanent seafarers and marine personnel

Fair review of the business

The company continues to grow and establish itself with many large contractors around the UK and Europe.

The company has implemented many new systems, recruited extra office staff and have many projects in the build stage, the company is now positioned to offer a wider range of services and recruitment solutions for our clients.

With many changes to government policy, employment law, EU laws and other external factors the business has continued to adapt and make changes in order to offer the same level of service it has achieved over the last 30 years.

Overall management and the director is satisfied with the performance of the company.

Development and performance

With the implementation and training of new roles within the business the company has achieved structural changes without affecting the high level of service the company provides.

With many successful tenders achieved during the financial year KPI’s have been set in accordance with our ISO9001:2015 continual improvement plans and we anticipate a stronger year which we intend to build upon into the future.

The company continues to review its spending, overheads and will look to make sensible saving where possible.

We also continue to scrutinise our approach to the company’s carbon footprint, our task is to continue exploring solutions to reach net zero carbon emissions for our land based operations.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

12,282,205

14,561,845

Gross profit margin

%

16

18

Profit/(Loss)

£

565,515

1,167,559

Principal risks and uncertainties

Risk management is addressed through our ISO9001:2015 framework of policies and procedures. With ongoing audits, both internally and externally we continually improve and address any findings through our review and implementation management processes.

It is of utmost importance we comply with local, national and international regulations, laws and standards. Including MLC,2006 which is specific to our industry.

Future developments

The company continually looks to research new markets and build stronger relationships which serve both our clients and customers, a continued emphasis on employee training will be further developed.

Approved and authorised by the director on 4 September 2024
 

 

Seamariner Limited

Strategic Report for the Year Ended 31 December 2023

.........................................
W T Burch
Director

 

Seamariner Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

W T Burch

Information included in the Strategic Report

•The important events since the period end;
•future developments.

Financial instruments

Objectives and policies

The business' principal financial instruments comprise bank balances, trade debtors and loans to the business. The main purpose of these instruments is to finance the company’s operations.

Price risk, credit risk, liquidity risk and cash flow risk

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Loans comprise loans from financial institutions. The interest rates and monthly repayments are fixed.

The company manages the liquidity risk by ensuring that there are sufficient funds to meet the payments. The company uses invoice discounting to support cash flow when necessary.

Disclosure of information to the auditors

The director has taken 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. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Xeinadin Audit Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the director on 4 September 2024
 

.........................................
W T Burch
Director

 

Seamariner Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

Seamariner Limited

Independent Auditor's Report to the Members of Seamariner Limited

Opinion

We have audited the financial statements of Seamariner Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, 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 31 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 auditor 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.

The preceeding period financial statements were not audited.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Seamariner Limited

Independent Auditor's Report to the Members of Seamariner Limited

Opinion on other matter 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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:

 

Seamariner Limited

Independent Auditor's Report to the Members of Seamariner Limited

We considered the opportunities and incentives that may exist within the organisation for fraud and identified
the greatest potential for fraud in the following areas: timing of recognition of income and transactions with
related parties. In common with all audits under ISAs (UK), we are also required to perform specific procedures
to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
included UK Companies Act, Employment law, health and safety, pensions legislation and tax legislation. In
addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a
material penalty.

Our procedures to respond to risks identified included the following:
- Enquiry of management, and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws
and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Jacqueline Taylor (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor

Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

9 September 2024

 

Seamariner Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

12,282,205

14,561,845

Cost of sales

 

(10,294,887)

(11,995,227)

Gross profit

 

1,987,318

2,566,618

Administrative expenses

 

(1,233,283)

(1,080,375)

Operating profit

5

754,035

1,486,243

Other interest receivable and similar income

6

1,415

285

Interest payable and similar charges

7

(13,710)

(13,091)

 

(12,295)

(12,806)

Profit before tax

 

741,740

1,473,437

Taxation

11

(176,225)

(305,878)

Profit for the financial year

 

565,515

1,167,559

Retained earnings brought forward

 

2,114,970

1,090,411

Dividends paid

 

(326,032)

(143,000)

Retained earnings carried forward

 

2,354,453

2,114,970

 

Seamariner Limited

(Registration number: 02745210)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

288,805

304,597

Current assets

 

Debtors

13

2,695,815

2,412,148

Cash at bank and in hand

 

74,139

11,567

 

2,769,954

2,423,715

Creditors: Amounts falling due within one year

15

(540,951)

(431,466)

Net current assets

 

2,229,003

1,992,249

Total assets less current liabilities

 

2,517,808

2,296,846

Creditors: Amounts falling due after more than one year

15

(163,259)

(181,780)

Net assets

 

2,354,549

2,115,066

Capital and reserves

 

Called up share capital

48

48

Capital redemption reserve

48

48

Retained earnings

2,354,453

2,114,970

Shareholders' funds

 

2,354,549

2,115,066

Approved and authorised by the director on 4 September 2024
 

.........................................
W T Burch
Director

 

Seamariner Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

565,515

1,167,559

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

43,384

33,281

Loss on disposal of tangible assets

4

-

4,755

Finance income

6

(1,415)

(285)

Finance costs

7

13,710

13,091

Income tax expense

11

176,225

305,878

 

797,419

1,524,279

Working capital adjustments

 

Increase in trade debtors

13

(279,931)

(898,140)

Increase/(decrease) in trade creditors

15

166,583

(277,322)

Cash generated from operations

 

684,071

348,817

Income taxes paid

11

(311,183)

(160,146)

Net cash flow from operating activities

 

372,888

188,671

Cash flows from investing activities

 

Interest received

6

1,415

285

Acquisitions of tangible assets

(27,591)

(14,807)

Proceeds from sale of tangible assets

 

-

(1)

Net cash flows from investing activities

 

(26,176)

(14,523)

Cash flows from financing activities

 

Interest paid

7

(13,710)

(13,091)

Repayment of bank borrowing

 

(17,521)

(22,433)

Proceeds from other borrowing draw downs

 

73,933

-

Repayment of other borrowing

 

(810)

-

Dividends paid

20

(326,032)

(143,000)

Net cash flows from financing activities

 

(284,140)

(178,524)

Net increase/(decrease) in cash and cash equivalents

 

62,572

(4,376)

Cash and cash equivalents at 1 January

 

11,567

15,943

Cash and cash equivalents at 31 December

 

74,139

11,567

 

Seamariner Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Square
Fawley
Southampton
Hampshire
SO45 1DD

These financial statements have been prepared in accordance with FRS 102 reporting standards. In the prior year they were prepared in accordance with FRS 102 1A reporting standards. This transition has not affected the companies financial position and performance.

These financial statements were authorised for issue by the director on 4 September 2024.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Seamariner Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

3 years straight line

Fixtures and fittings

3-10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Seamariner Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors as well as loans.
 Recognition and measurement
These are measured at transaction price.
 Impairment
For financial assets measured at fair value, the impairment loss is measured as the difference between an asset's carrying value and the anticipated recoverable value.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

 

Seamariner Limited

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

2023
£

2022
£

Rendering of services

12,281,705

14,561,845

Other revenue

500

-

12,282,205

14,561,845

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
£

2022
£

Loss on disposal of tangible assets

-

(4,755)

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

43,384

33,281

Operating lease expense - other

9,129

8,582

Loss on disposal of property, plant and equipment

-

4,755

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

698

-

Other finance income

717

285

1,415

285

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

13,710

10,428

Interest expense on other finance liabilities

-

2,663

13,710

13,091

8

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

 

Seamariner Limited

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

2023
£

2022
£

Wages and salaries

10,570,073

12,120,599

Social security costs

300,864

458,568

Other short-term employee benefits

425

-

Pension costs, defined contribution scheme

172,495

9,697

Other employee expense

38,423

1,161

11,082,280

12,590,025

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

55

70

Administration and support

14

13

69

83

9

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

29,845

47,333

Contributions paid to money purchase schemes

159,999

-

189,844

47,333

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

1

1

10

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

18,000

-


 

11

Taxation

Tax charged/(credited) in the profit and loss account

 

Seamariner Limited

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

2023
£

2022
£

Current taxation

UK corporation tax

179,961

311,183

UK corporation tax adjustment to prior periods

-

(1,632)

179,961

309,551

Deferred taxation

Arising from origination and reversal of timing differences

(3,736)

(3,673)

Tax expense in the income statement

176,225

305,878

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

741,740

1,473,437

Corporation tax at standard rate

174,461

279,953

Decrease in UK and foreign current tax from adjustment for prior periods

-

(1,633)

Tax decrease from effect of capital allowances and depreciation

(762)

(607)

Effect of expense not deductible in determining taxable profit (tax loss)

2,526

28,165

Total tax charge

176,225

305,878

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

6,150

-

6,150

-

2022

Asset
£

Liability
£

3,680

-

3,680

-

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £2,000 (2022 - £2,000). The deferred tax asset arising on the timing difference between depreciation and capital allowances is expected to reduce to zero over the useful life of the assets on which the timing differences arose.

 

Seamariner Limited

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

12

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

443,806

40,308

484,114

Additions

5,012

22,579

27,591

At 31 December 2023

448,818

62,887

511,705

Depreciation

At 1 January 2023

159,968

19,549

179,517

Charge for the year

23,241

20,142

43,383

At 31 December 2023

183,209

39,691

222,900

Carrying amount

At 31 December 2023

265,609

23,196

288,805

At 31 December 2022

283,838

20,759

304,597

Included within the net book value of land and buildings above is £265,609 (2022 - £283,838) in respect of freehold land and buildings.
 

13

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,623,027

1,647,263

Amounts owed by related parties

21

972,134

642,134

Other debtors

 

87,397

111,826

Prepayments

 

5,841

7,245

Deferred tax assets

11

7,416

3,680

   

2,695,815

2,412,148

Less non-current portion

 

(26,000)

(32,979)

 

2,669,815

2,379,169

14

Cash and cash equivalents

2023
£

2022
£

Cash on hand

-

4,734

Cash at bank

74,139

6,833

74,139

11,567

 

Seamariner Limited

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

15

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

18

105,031

30,907

Social security and other taxes

 

89,735

81,929

Outstanding defined contribution pension costs

 

2,153

1,747

Accruals

 

164,071

5,700

Income tax liability

11

179,961

311,183

 

540,951

431,466

Due after one year

 

Loans and borrowings

18

163,259

181,780

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £172,495 (2022 - £9,697).

Contributions totalling £2,153 (2022 - £1,747) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

48

48

48

48

       
 

Seamariner Limited

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

18

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

163,259

181,780

Current loans and borrowings

2023
£

2022
£

Bank borrowings

31,907

30,907

Other borrowings

73,124

-

105,031

30,907

The Royal Bank of Scotland plc holds a fixed, floating charge & negative pledge over the assets of the company including the building held.

RBS Invoice Finance Ltd holds a fixed, floating charge & negative pledge over the assets of the company.

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

7,967

1,615

Later than one year and not later than five years

25,446

-

Later than five years

11,663

-

45,076

1,615

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,850 (2022 - £11,934).

20

Dividends

2023

2022

£

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

-

-

Interim dividend of £6,792.00 (2022 - £2,979.00) per ordinary share

326,032

143,000

326,032

143,000

 

 
 

Seamariner Limited

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

21

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

W T Burch

Directors loan account

-

14,832

14,832

Summary of transactions with other related parties

Advantage has been taken of the exemption under FRS 102 to not disclose details of all transactions with its parent company on the grounds that the consolidated accounts are publicly available.

At the balance sheet date the company was owed £33,174 (2022: £33,174) by a former shareholder. This loan is unsecured, interest free and recoverable on demand.

22

Financial instruments

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets that are debt instruments measured at amortised cost

2,769,954

2,423,713

Financial liabilities measured at amortised cost

704,210

613,244

Items of income, expense, gains or losses

The total interest income for financial assets not measured at fair value through profit or loss is £1,415 (2022 - £285). The total interest expense for financial liabilities not measured at fair value through profit or loss is £13,710 (2022 - £13,091).

23

Parent and ultimate parent undertaking

The company's immediate parent is Seamariner (WB) Limited, incorporated in England.

  These financial statements are available upon request from The Square, Fawley, Southampton, Hampshire, SO45 1DD