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REGISTERED NUMBER: 07751844 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH FEBRUARY 2024

FOR

SEALWISE LIMITED

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SEALWISE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29TH FEBRUARY 2024







DIRECTORS: Mr P J Huggins
Mr B M Griffiths
Mr C H J Huggins





REGISTERED OFFICE: Unit 5
Mendip Industrial Estate
Mendip Road, Rooksbridge
Axbridge
Somerset
BS26 2UG





REGISTERED NUMBER: 07751844 (England and Wales)





ACCOUNTANTS: Aspen Waite Limited
Chartered Accountants
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

BALANCE SHEET
29TH FEBRUARY 2024

29/2/24 28/2/23
Notes £    £   
FIXED ASSETS
Intangible assets 4 4,067 4,067
Tangible assets 5 65,722 3,631
69,789 7,698

CURRENT ASSETS
Stocks 46,564 102,000
Debtors 6 153,326 50,973
Cash at bank 167,058 16,804
366,948 169,777
CREDITORS
Amounts falling due within one year 7 (134,684 ) (85,418 )
NET CURRENT ASSETS 232,264 84,359
TOTAL ASSETS LESS CURRENT
LIABILITIES

302,053

92,057

CREDITORS
Amounts falling due after more than one
year

8

(57,478

)

-

PROVISIONS FOR LIABILITIES (8,271 ) -
NET ASSETS 236,304 92,057

CAPITAL AND RESERVES
Called up share capital 238 238
Share premium 76,990 76,990
Retained earnings 159,076 14,829
SHAREHOLDERS' FUNDS 236,304 92,057

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 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.

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

BALANCE SHEET - continued
29TH FEBRUARY 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 and authorised for issue by the Board of Directors and authorised for issue on 1st October 2024 and were signed on its behalf by:





Mr P J Huggins - Director


SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024

1. STATUTORY INFORMATION

Sealwise 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.

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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred.

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.

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

INVOICE DISCOUNTING
Amounts advanced under an invoice discounting agreement, in which full recourse lies with the lender, are recognised as a liability and included in Creditors: amounts falling due within one year. The related receivables balance continues to be reported separately in trade debtors until the account balances are collected.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st March 2023
and 29th February 2024 4,067
NET BOOK VALUE
At 29th February 2024 4,067
At 28th February 2023 4,067

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st March 2023 - - 5,200 5,200
Additions 23,609 56,190 - 79,799
At 29th February 2024 23,609 56,190 5,200 84,999
DEPRECIATION
At 1st March 2023 - - 1,569 1,569
Charge for year 2,361 14,047 1,300 17,708
At 29th February 2024 2,361 14,047 2,869 19,277
NET BOOK VALUE
At 29th February 2024 21,248 42,143 2,331 65,722
At 28th February 2023 - - 3,631 3,631

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
Additions 23,609 56,190 79,799
At 29th February 2024 23,609 56,190 79,799
DEPRECIATION
Charge for year 2,361 14,047 16,408
At 29th February 2024 2,361 14,047 16,408
NET BOOK VALUE
At 29th February 2024 21,248 42,143 63,391

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 112,422 50,973
Other debtors 40,904 -
153,326 50,973

SEALWISE LIMITED (REGISTERED NUMBER: 07751844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Hire purchase contracts 15,760 -
Trade creditors 31,344 7,715
Amounts owed to group undertakings - 30,360
Social security and other taxes 27,401 8,486
Other creditors 58,379 37,257
Accruals and deferred income 1,800 1,600
134,684 85,418

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Hire purchase contracts 57,478 -

9. SECURED DEBTS

The following secured debts are included within creditors:

29/2/24 28/2/23
£    £   
Hire purchase contracts 73,238 -
Other creditors 58,379 37,257
131,617 37,257

10. PARENT COMPANY

The parent company is The Wise Technology and Solutions Group Limited, a company registered in England and Wales. The parent's registered office address is Rubis House, 15 Friarn Street, Bridgwater, Somerset, TA6 3LH.