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REGISTERED NUMBER: SC267312 (Scotland)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SEABROKERS LIMITED

SEABROKERS LIMITED (REGISTERED NUMBER: SC267312)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SEABROKERS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Mr E Christoffersen
MR F R Albretsen
Mr R Albretsen
Mrs M C Albretsen
Mr M P Jacques





SECRETARY: Mrs M C Albretsen





REGISTERED OFFICE: Seabrokers House
Prospect Road
Arnhall Business Park
Westhill
Aberdeenshire
AB32 6FE





REGISTERED NUMBER: SC267312 (Scotland)





AUDITORS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

SEABROKERS LIMITED (REGISTERED NUMBER: SC267312)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,835 24,268

CURRENT ASSETS
Debtors 5 1,540,234 1,356,701
Cash at bank and in hand 176,607 141,628
1,716,841 1,498,329
CREDITORS
Amounts falling due within one year 6 726,368 552,578
NET CURRENT ASSETS 990,473 945,751
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,018,308

970,019

PROVISIONS FOR LIABILITIES 253 350
NET ASSETS 1,018,055 969,669

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,017,955 969,569
1,018,055 969,669

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 16 September 2024 and were signed on its behalf by:





Mr E Christoffersen - Director


SEABROKERS LIMITED (REGISTERED NUMBER: SC267312)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Seabrokers Limited is a private company, limited by shares , registered in Scotland. 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.

Preparation of consolidated financial statements
The financial statements present information about the company as an individual undertaking and not about its group. The company and it's subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemption provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably;
- It is probable that the Company will receive the consideration due under the contract;
- The stage of completion of the contract at the end of the reporting period can be measured reliably, and
- The costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

- Plant & machinery - 10- 33.3% straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the statement of total comprehensive income.

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.


SEABROKERS LIMITED (REGISTERED NUMBER: SC267312)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 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.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless these costs are required to be recognised as part of the cost of stock or fixed assets.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 306,911 218,690 525,601
Additions 18,283 - 18,283
At 31 December 2023 325,194 218,690 543,884
DEPRECIATION
At 1 January 2023 283,504 217,829 501,333
Charge for year 14,365 351 14,716
At 31 December 2023 297,869 218,180 516,049
NET BOOK VALUE
At 31 December 2023 27,325 510 27,835
At 31 December 2022 23,407 861 24,268

SEABROKERS LIMITED (REGISTERED NUMBER: SC267312)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 518,930 346,827
Amounts owed by group undertakings 915,493 932,064
Other debtors 105,811 77,810
1,540,234 1,356,701

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 7) - 424
Trade creditors 4,782 38,458
Taxation and social security 286,902 215,409
Other creditors 434,684 298,287
726,368 552,578

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 424

Non-cancellable operating leases
2023 2022
£    £   
Within one year 88,148 88,148
Between one and five years 293,825 381,972
381,973 470,120

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven McKenzie (Senior Statutory Auditor)
for and on behalf of Acumen Accountants and Advisors Limited

9. POST BALANCE SHEET EVENTS

A dividend of £970,000 has been declared in June 2024.

10. ULTIMATE CONTROLLING PARTY

At the year end Seabrokers Limited was a wholly owned subsidiary of Seabrokers Chartering AS and the results of Seabrokers Limited are included in the consolidated financial statements of Seabrokers AS which are available from Seabrokers AS, Forbuseen 78, N-4033, Stavanger, Norway.