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Registered number: 02440503









SEABROOK HOLDINGS LIMITED









CONSOLIDATED 
 
ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
SEABROOK HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
M R Seabrook 
S M Seabrook (resigned 16 June 2023)
D L Tanner (resigned 1 March 2024)
R K Austin 
A Clark 
R Wright (appointed 27 January 2023)
J W Wyatt (appointed 30 January 2023)
S E Jones (appointed 20 August 2023)




Registered number
02440503



Registered office
Admiral House
853 London Road

West Thurrock

Essex

RM20 3LG




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
SEABROOK HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2
Directors' Responsibilities Statement
 
3
Independent Auditors' Report
 
4 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14 - 15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Consolidated Analysis of Net Debt
 
19
Notes to the Financial Statements
 
20 - 46


 
SEABROOK HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Introduction
 
The directors present their strategic report for the year end 31 July 2023.

Business review
 
This was our second year of trading since considerable restrictions by HMRC were lifted thus resulting in Seabrook becoming a fully approved Customs and Customs bonded warehouse. We have seen another year of steady growth in the bonded Warehouse business along with an increase in Tobacco goods. 
Although Brexit affected the supply within Europe, it also affected the European market selling within Asia. We have seen a steady increase in UK exporting due to supply pressures in Europe with other parts of the group bucking this trend generating considerable growth in imports.
Consolidating our Warehousing functions and purchasing a temperature controlled warehouse has brought customers benefits and has gone hand in hand with reviewing our customer base, while still actively on boarding new customers. 
Leisure and retail/service subsidiaries revenue increased year on year benefitting from our investments made over the Covid period.

Principal risks and uncertainties
 
The principal risk to the business is the uncertainties in energy and fuel prices along with inflation that are driving commodities up worldwide. However, there has been a positive view for growth following Seabrook’s addition of new companies within the group, with an expected increase in turnover of the core group of companies by 50% in the coming years.

Financial key performance indicators
 
The directors consider that turnover and gross profit are the key financial performance indicators.


This report was approved by the board on 11 October 2024 and signed on its behalf.



M R Seabrook
Director

Page 1

 
SEABROOK HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,825,901 (2022 - loss £844,737).

The directors paid a dividend in the year totalling £660,000 (2022: £Nil).

Directors

The directors who served during the year were:

M R Seabrook 
S M Seabrook (resigned 16 June 2023)
D L Tanner (resigned 1 March 2024)
R K Austin 
A Clark 
R Wright (appointed 27 January 2023)
J W Wyatt (appointed 30 January 2023)

Future developments

There are no future development other than those disclosed in the post balance sheet events narrative.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Post year end the Company acquired a 50% holding in Brandphoenix Holdings Limited and its subsidary company. There have been no other significant events affecting the Company since the year end.

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 October 2024 and signed on its behalf.
 




M R Seabrook
Director

Page 2

 
SEABROOK HOLDINGS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
SEABROOK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Seabrook Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 July 2023 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 4

 
SEABROOK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 5

 
SEABROOK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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 directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SEABROOK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation, Environmental regulation and tax legislation.
We obtained an understanding of how the Company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of the compliance with the relevant laws and regulations.

We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are describe below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows:
• Walkthrough testing was carried out to identify and assess the design effectiveness of controls     management have in place to prevent and detect fraud, including known or suspected instances of non-  compliance with laws and regulations and fraud,
• Understanding how those charged with governance considered and addressed the potential for override   of controls or other inappropriate influence over the financial reporting process,
• Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of  material misstatements due to fraud,
• Assessing the appropriateness of accounting estimates and challenging any significant assumptions or    judgements made by management,
• Incorporating testing of manual journal entries that were posted throughout the year. In particular, we    focused on material journal entries, journal entries posted with unusual account combinations, and    journal  entries crediting revenue or cash. These were scrutinised for evidence of unusual entries,
 
Page 7

 
SEABROOK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS LIMITED (CONTINUED)


• Selecting specific revenue transactions based on risk criteria and obtaining supporting documentation    including sales invoice and delivery documentations to ensure revenue was appropriately recorded,  
• Reviewing specific cost of sale transactions based on risk criteria and reviewing delivery documentation   to ensure the expense was appropriately recorded,
• Evaluated the business rationale of any significant transactions that are unusual or outside the normal    course of business.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' 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 2006Our 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 Auditors' 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.





Laura Ambrose (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

11 October 2024
Page 8

 
SEABROOK HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
29,460,983
25,157,132

Cost of sales
  
(20,070,494)
(16,648,752)

Gross profit
  
9,390,489
8,508,380

Administrative expenses
  
(7,968,812)
(7,915,767)

Other operating income
 5 
37,522
12,434

Operating profit
 6 
1,459,199
605,047

Income from fixed assets investments
  
-
25,000

Interest receivable and similar income
 11 
1,657,012
1,288,160

Interest payable and similar expenses
 12 
(363,962)
(251,880)

Profit before taxation
  
2,752,249
1,666,327

Tax on profit
 13 
(786,169)
(2,500,351)

Profit/(loss) for the financial year
  
1,966,080
(834,024)

Profit/(loss) for the year attributable to:
  

Non-controlling interests
  
140,179
10,713

Owners of the parent Company
  
1,825,901
(844,737)

  
1,966,080
(834,024)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 20 to 46 form part of these financial statements.

Page 9

 
SEABROOK HOLDINGS LIMITED
REGISTERED NUMBER: 02440503

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 16 
1,530,433
269,152

Tangible assets
 17 
17,861,154
17,569,763

Investments
 18 
1,046,111
1,046,112

Investment property
 19 
257,241
264,610

  
20,694,939
19,149,637

Current assets
  

Stocks
 20 
360,898
2,082,649

Debtors: amounts falling due within one year
 21 
18,662,653
12,954,744

Cash at bank and in hand
 22 
4,157,131
4,122,281

  
23,180,682
19,159,674

Creditors: amounts falling due within one year
 23 
(15,556,792)
(11,780,714)

Net current assets
  
 
 
7,623,890
 
 
7,378,960

Total assets less current liabilities
  
28,318,829
26,528,597

Creditors: amounts falling due after more than one year
 24 
(5,359,775)
(4,926,543)

Provisions for liabilities
  

Deferred taxation
 28 
(349,198)
(277,900)

  
 
 
(349,198)
 
 
(277,900)

Net assets
  
22,609,856
21,324,154

Page 10

 
SEABROOK HOLDINGS LIMITED
REGISTERED NUMBER: 02440503
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 29 
60,000
60,000

Revaluation reserve
 30 
52,705
62,890

Profit and loss account
 30 
22,072,074
20,903,357

Equity attributable to owners of the parent Company
  
22,184,779
21,026,247

Non-controlling interests
  
425,077
297,907

  
22,609,856
21,324,154


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 October 2024.




M R Seabrook
Director

The notes on pages 20 to 46 form part of these financial statements.

Page 11

 
SEABROOK HOLDINGS LIMITED
REGISTERED NUMBER: 02440503

COMPANY BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 17 
13,017,235
13,344,803

Investments
 18 
1,544,085
1,004,400

  
14,561,320
14,349,203

Current assets
  

Debtors: amounts falling due within one year
 21 
17,813,012
14,906,258

Cash at bank and in hand
 22 
3,303,845
3,449,321

  
21,116,857
18,355,579

Creditors: amounts falling due within one year
 23 
(16,282,554)
(13,411,060)

Net current assets
  
 
 
4,834,303
 
 
4,944,519

Total assets less current liabilities
  
19,395,623
19,293,722

  

Creditors: amounts falling due after more than one year
 24 
(4,492,671)
(4,903,086)

Provisions for liabilities
  

Deferred taxation
 28 
(10,740)
(18,865)

  
 
 
(10,740)
 
 
(18,865)

Net assets
  
14,892,212
14,371,771

Page 12

 
SEABROOK HOLDINGS LIMITED
REGISTERED NUMBER: 02440503
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 29 
60,000
60,000

Profit and loss account brought forward
  
14,311,771
15,641,955

Profit/(loss) for the year
  
1,180,441
(1,330,184)

Other changes in the profit and loss account

  

(660,000)
-

Profit and loss account carried forward
  
14,832,212
14,311,771

  
14,892,212
14,371,771


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 October 2024.


M R Seabrook
Director

The notes on pages 20 to 46 form part of these financial statements.

Page 13

 

 
SEABROOK HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023



Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 August 2022
60,000
62,890
20,903,357
21,026,247
297,907
21,324,154



Comprehensive income for the year


Profit for the year
-
-
1,825,901
1,825,901
140,179
1,966,080


Deficit on revaluation of freehold property
-
(7,369)
-
(7,369)
-
(7,369)


Transfer between reserves
-
(2,816)
2,816
-
-
-


Additions in year
-
-
-
-
(13,009)
(13,009)

Total comprehensive income for the year
-
(10,185)
1,828,717
1,818,532
127,170
1,945,702



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(660,000)
(660,000)
-
(660,000)



At 31 July 2023
60,000
52,705
22,072,074
22,184,779
425,077
22,609,856



Page 14

 

 
SEABROOK HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022



Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 August 2021
60,000
62,890
21,748,094
21,870,984
287,194
22,158,178



Comprehensive income for the year


Loss for the year
-
-
(844,737)
(844,737)
10,713
(834,024)

Total comprehensive income for the year
-
-
(844,737)
(844,737)
10,713
(834,024)



At 31 July 2022
60,000
62,890
20,903,357
21,026,247
297,907
21,324,154



The notes on pages 20 to 46 form part of these financial statements.

Page 15

 
SEABROOK HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2022
60,000
14,311,771
14,371,771


Comprehensive income for the year

Profit for the year
-
1,180,441
1,180,441
Total comprehensive income for the year
-
1,180,441
1,180,441


Contributions by and distributions to owners

Dividends: Equity capital
-
(660,000)
(660,000)


At 31 July 2023
60,000
14,832,212
14,892,212



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2021
60,000
15,641,955
15,701,955


Comprehensive income for the year

Loss for the year
-
(1,330,184)
(1,330,184)
Total comprehensive income for the year
-
(1,330,184)
(1,330,184)


At 31 July 2022
60,000
14,311,771
14,371,771


The notes on pages 20 to 46 form part of these financial statements.

Page 16

 
SEABROOK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,966,080
(834,024)

Adjustments for:

Amortisation and impairment of intangible assets
294,176
37,098

Depreciation of tangible assets
758,358
667,364

Loss on disposal of tangible assets
(34,399)
(18,099)

Government grants
-
(11,875)

Interest paid
363,962
251,880

Interest received
(1,657,012)
(1,288,160)

Taxation charge
786,169
2,500,351

Decrease/(increase) in stocks
1,721,751
(12,536)

(Increase) in debtors
(5,707,909)
(586,061)

Increase/(decrease) in creditors
4,209,310
(1,478,152)

Corporation tax (paid)
(281,216)
(349,921)

Dividends recieved
-
(25,000)

Net cash generated from operating activities

2,419,270
(1,147,135)


Cash flows from investing activities

Purchase of intangible fixed assets
(1,555,457)
(1,000)

Purchase of tangible fixed assets
(522,201)
(127,278)

Sale of tangible fixed assets
48,153
34,488

Sale of listed investments
-
2,560

Government grants received
-
11,875

Interest received
1,657,012
1,288,160

HP interest paid
(1,132)
(1,938)

Dividends recieved
-
25,000

Purchase of fixed asset investments
(1,205,405)
-

Net cash from investing activities

(1,579,030)
1,231,867
Page 17

 
SEABROOK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(462,918)
(660,011)

Repayment of/new finance leases
33,680
(3,775)

Interest paid
(362,830)
(249,942)

Net cash used in financing activities
(792,068)
(913,728)

Net increase/(decrease) in cash and cash equivalents
48,172
(828,996)

Cash and cash equivalents at beginning of year
4,108,959
4,937,955

Cash and cash equivalents at the end of year
4,157,131
4,108,959


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,157,131
4,122,281

Bank overdrafts
-
(13,322)

4,157,131
4,108,959


The notes on pages 20 to 46 form part of these financial statements.

Page 18

 
SEABROOK HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023





At 1 August 2022
Cash flows
Acquisition and disposal of subsidiaries
At 31 July 2023
£

£

£

£

Cash at bank and in hand

4,122,281

(1,043,307)

1,078,157

4,157,131

Bank overdrafts

(13,322)

13,322

-

-

Debt due after 1 year

(4,903,086)

410,415

-

(4,492,671)

Debt due within 1 year

(431,258)

1,276,580

(1,224,077)

(378,755)

Finance leases

(27,663)

(33,680)

(441,613)

(502,956)


(1,253,048)
623,330
(587,533)
(1,217,251)

The notes on pages 20 to 46 form part of these financial statements.

Page 19

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Seabrook Holdings Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 02440503. The address of the registered office is Admiral House, 853 London Road, West Thurrock, Essex, RM20 3LG. The company's principal activity is that of a holding company. The principal activities of the group is that of freight logistics, warehousing, leisure activities and buying and selling of property and motor vehicles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Group 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.

Revenue from freight forwarding services
The provision for freight forwarding services include land freight and sea freight. Revenue is earned when the company acts as a freight consolidator in respect of land freight services, and as a non-vessel operating common carrier in respect of sea freight services. In both cases, the company acts
Page 21

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.4
Revenue (continued)

as an indirect carrier and therefore revenue is recognised when the services are rendered, which coincide with the date of departure of shipments.
Revenue from warehousing and distribution services
Revenue is recognised from the provision of warehousing and distribution services over the period in which the services are provided.
Rental Income
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight line basis over the term of the lease.
Revenue from sale of vehicles
Revenue is recognised from the point of dispatch of the vehicle when delivering to the customer.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 22

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Page 23

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Long-term leasehold property
-
straight line over the life of the lease
Short-term leasehold property
-
straight line over the life of the lease
Plant and machinery
-
20%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 24

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.16

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling prices less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 25

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Financial instruments

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 26

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.23
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Impairment of debtors - The Group reviews and assesses debtors frequently. When assessing impairment of these amounts, the management considers the ageing profile and historical experience.
Carrying value of investments - The Group reviews and assesses investment valuations frequently. When assessing impairments of investments, the management considers the future cash flows expected to arise from the investments and select a suitable discount rate in order to calculate present value.
The director does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.

Page 28

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Warehousing & Freight income
23,534,376
21,776,074

Vehicle sale
496,641
-

Property sale
2,193,628
-

Golf, Leisure & Hospitality income
3,196,383
3,289,966

Property income
39,955
91,092

29,460,983
25,157,132


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
22,679,013
17,495,557

Rest of Europe
5,201,979
6,380,648

Rest of the world
1,579,991
1,280,927

29,460,983
25,157,132



5.


Other operating income

2023
2022
£
£

Other operating income
37,522
559

Government grants receivable
-
11,875

37,522
12,434


Page 29

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
758,358
667,364

Exchange differences
46,479
50,732

Other operating lease rentals
289,472
288,602

Auditor's remuneration
115,000
74,185

Defined contribution pension cost
125,227
89,841


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and group financial statements
115,000
74,185


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,328,369
3,870,615
371,992
389,868

Social security costs
417,857
391,870
43,071
42,870

Cost of defined contribution scheme
125,227
89,841
-
-

4,871,453
4,352,326
415,063
432,738


Page 30

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.Employees (continued)

The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Management
15
10
2
2



Warehouse
33
34
-
-



Other
139
93
-
-

187
137
2
2


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
549,751
453,379

Group contributions to defined contribution pension schemes
9,767
9,917

559,518
463,296


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £201,478 (2022 - £200,000).


10.


Income from investments

2023
2022
£
£





Dividends received from unlisted investments
-
25,000

-
25,000


Page 31

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Interest receivable

2023
2022
£
£


Other interest receivable
1,657,012
1,288,160

1,657,012
1,288,160


12.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
200
392

Other loan interest payable
362,630
216,650

Finance leases and hire purchase contracts
1,132
1,938

Other interest payable
-
32,900

363,962
251,880


13.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
739,948
547,856

Adjustments in respect of previous periods
-
1,951,569


739,948
2,499,425


Total current tax
739,948
2,499,425

Deferred tax


Origination and reversal of timing differences
46,221
926

Total deferred tax
46,221
926


Taxation on profit on ordinary activities
786,169
2,500,351
Page 32

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 21% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,752,250
1,666,327


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21% (2022 - 19%)
577,973
316,602

Effects of:


Non-tax deductible amortisation of goodwill and impairment
61,777
97,618

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
28,638
6,038

Capital allowances for year in excess of depreciation
42,753
52,412

Adjustments to tax charge in respect of prior periods
-
1,951,569

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(4,750)

Unrelieved tax losses carried forward
-
28,557

Changes in the deferred tax rate
-
50,669

Other differences leading to an increase (decrease) in the tax charge
75,028
1,636

Total tax charge for the year
786,169
2,500,351


Factors that may affect future tax charges

The corporation tax rate increased from 19% to 25% with effect from 1 April 2023. This results in the increase in tax rate shown above.


14.


Dividends

2023
2022
£
£


Dividends
660,000
-

660,000
-

Page 33

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

15.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £1,180,441 (2022 - loss £1,330,184).


16.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 August 2022
371,000


Additions
1,555,457



At 31 July 2023

1,926,457



Amortisation


At 1 August 2022
101,848


Charge for the year on owned assets
62,920


Impairment charge
231,256



At 31 July 2023

396,024



Net book value



At 31 July 2023
1,530,433



At 31 July 2022
269,152



Page 34

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

17.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Short-term leasehold property
Plant and machinery
Motor vehicles

£
£
£
£
£



Cost or valuation


At 1 August 2022
18,134,748
30,000
20,000
3,275,737
59,562


Additions
-
16,200
-
312,777
116,504


Acquisition of subsidiary
-
-
84,868
92,475
576,818


Disposals
-
-
-
(238,786)
(25,691)



At 31 July 2023

18,134,748
46,200
104,868
3,442,203
727,193



Depreciation


At 1 August 2022
1,696,070
6,191
20,000
2,367,019
47,940


Charge for the year on owned assets
333,644
2,445
1,980
251,657
33,056


Charge for the year on financed assets
-
-
-
4,121
45,485


Disposals
-
-
-
(237,974)
(12,750)


Acquisition of subsidiary
-
-
53,968
43,022
117,471



At 31 July 2023

2,029,714
8,636
75,948
2,427,845
231,202



Net book value



At 31 July 2023
16,105,034
37,564
28,920
1,014,358
495,991



At 31 July 2022
16,438,678
23,809
-
908,718
11,622
Page 35

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           17.Tangible fixed assets (continued)


Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 August 2022
418,952
248,451
22,187,450


Additions
67,840
8,880
522,201


Acquisition of subsidiary
52,439
-
806,600


Disposals
-
-
(264,477)



At 31 July 2023

539,231
257,331
23,251,774



Depreciation


At 1 August 2022
279,502
200,965
4,617,687


Charge for the year on owned assets
58,527
27,443
708,752


Charge for the year on financed assets
-
-
49,606


Disposals
-
-
(250,724)


Acquisition of subsidiary
50,838
-
265,299



At 31 July 2023

388,867
228,408
5,390,620



Net book value



At 31 July 2023
150,364
28,923
17,861,154



At 31 July 2022
139,450
47,486
17,569,763

Page 36

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           17.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 August 2022
14,753,444
55,322
24,500
59,135
14,892,401


Additions
-
-
-
1,126
1,126



At 31 July 2023

14,753,444
55,322
24,500
60,261
14,893,527



Depreciation


At 1 August 2022
1,484,100
16,024
10,200
37,274
1,547,598


Charge for the year on owned assets
295,068
13,836
4,892
14,898
328,694



At 31 July 2023

1,779,168
29,860
15,092
52,172
1,876,292



Net book value



At 31 July 2023
12,974,276
25,462
9,408
8,089
13,017,235



At 31 July 2022
13,269,344
39,298
14,300
21,861
13,344,803







18.


Fixed asset investments

Group





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 August 2022
7,188
1,038,924
1,046,112



At 31 July 2023
7,188
1,038,924
1,046,112




Page 37

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Company





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 August 2022
64,300
1,000,100
1,064,400


Additions
539,685
-
539,685



At 31 July 2023

603,985
1,000,100
1,604,085



Impairment


At 1 August 2022
60,000
-
60,000



At 31 July 2023

60,000
-
60,000


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Seabrook Warehousing Limited
Ordinary
100%
Seabrook Global Logistics Limited
Ordinary
100%
Seabrook Export Services Limited
Ordinary
75%
Seabrook Property Services Limited
Ordinary
100%
Brentwood Golf Club Limited
Ordinary
100%
Lakeside Lodge Golf and Country Club Limited
Ordinary
100%
Seabrook Tank Services Limited
Ordinary
100%
Brentwood Golf and Hotel Country Club Limited
Ordinary
100%
R & I Properties Essex Ltd
Ordinary
100%
Gallery 2021 Limited
Ordinary
100%
World Freight Holdings Ltd
Ordinary
60%
World Freight Consultants Ltd
Ordinary
60%
World Freight Transport Limited
Ordinary
60%
World Freight Loading Ltd
Ordinary
60%

Page 38

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

19.


Investment property

Group


Freehold investment property

£



Valuation


At 1 August 2022
264,610


Surplus on revaluation
(7,369)



At 31 July 2023
257,241

The 2023 valuations were made by the managing director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
186,213
186,213

186,213
186,213



Page 39

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

20.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
360,898
29,963

Work in progress
-
2,052,686

360,898
2,082,649



21.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
5,768,778
3,135,613
59,429
31,280

Amounts owed by group undertakings
-
-
6,313,544
5,922,217

Other debtors
12,262,823
9,436,251
11,438,600
8,951,931

Prepayments and accrued income
631,052
382,880
1,439
830

18,662,653
12,954,744
17,813,012
14,906,258



22.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
4,157,131
4,122,281
3,303,845
3,449,321

Less: bank overdrafts
-
(13,322)
-
-

4,157,131
4,108,959
3,303,845
3,449,321


Page 40

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

23.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
-
13,322
-
-

Bank loans
378,755
431,258
378,755
431,258

Trade creditors
5,117,462
4,956,538
99,030
28,884

Amounts owed to group undertakings
-
-
12,904,541
10,645,403

Corporation tax
2,538,109
2,315,050
2,173,612
2,201,872

Other taxation and social security
4,655,622
2,009,371
27,649
22,237

Obligations under finance lease and hire purchase contracts
160,141
4,206
-
-

Other creditors
1,312,415
334,169
643,837
60,286

Accruals and deferred income
1,394,288
1,716,800
55,130
21,120

15,556,792
11,780,714
16,282,554
13,411,060



24.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
4,492,671
4,903,086
4,492,671
4,903,086

Net obligations under finance leases and hire purchase contracts
342,815
23,457
-
-

Other creditors
524,289
-
-
-

5,359,775
4,926,543
4,492,671
4,903,086




Page 41

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

25.


Loans

A cross guarantee and debenture exists between Seabrook Warehousing Limited and Seabrook Holdings Limited.
The borrowings of the group are secured by way of fixed and floating charges across the assets of the group.
The mortgage is secured over the freehold property located in Thurrock.


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
378,755
431,258
378,755
431,258


378,755
431,258
378,755
431,258

Amounts falling due 1-2 years

Bank loans
429,697
410,415
429,697
410,415


429,697
410,415
429,697
410,415

Amounts falling due 2-5 years

Bank loans
2,470,959
2,360,078
2,470,959
2,360,078


2,470,959
2,360,078
2,470,959
2,360,078

Amounts falling due after more than 5 years

Bank loans
1,592,014
2,132,594
1,592,014
2,132,594

1,592,014
2,132,594
1,592,014
2,132,594

4,871,425
5,334,345
4,871,425
5,334,345


Page 42

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

26.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
160,141
4,206

Between 1-5 years
342,815
23,457

502,956
27,663


27.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
4,157,131
4,129,470




Financial assets measured at fair value through profit or loss comprise of cash in bank.

Page 43

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

28.


Deferred taxation


Group



2023


£






At beginning of year
(277,900)


Charged to profit or loss
(71,113)


Arising on business combinations
(185)



At end of year
(349,198)

Company


2023


£






At beginning of year
(18,865)


Charged to profit or loss
8,125



At end of year
(10,740)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(331,630)
(263,148)
(10,740)
(18,865)

Investment property fair value movement
(17,568)
(14,752)
-
-

(349,198)
(277,900)
(10,740)
(18,865)

Page 44

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

29.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60,000 (2022 - 60,000) Ordinary shares of £1.00 each
60,000
60,000



30.


Reserves

Revaluation reserve

The revaluation reserve represents uplifts in the investment property value net of any deferred tax movements and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


31.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounts to £125,227 (2022: £89,841).
Contributions totalling £28,187 (2022: £18,778) were payable to the fund at the balance sheet date.


32.


Commitments under operating leases

At 31 July 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
177,197
178,625

Later than 1 year and not later than 5 years
186,049
369,880

Later than 5 years
11,600
13,920

374,846
562,425
Page 45

 
SEABROOK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

33.


Transactions with directors

At the end of the year £525,972 (2022: £135,127 owed from) was due to the Director M R Seabrook.


34.


Related party transactions

During the year the company received management charges of £600,000 (2022: £600,000) from subsidiary Companies. 
The total remuneration paid to the key management personnel across the group is £967,236 (2022: £845,960).
At the year end the following amount were due from/(to) the related parties:


2023
2022
£
£

Key management personnel
(537,465)
353,277
(537,465)
353,277


35.


Post balance sheet events

Post year end the Company acquired a 50% holding in Brandphoenix Holdings Limited and its subsidary company. There have been no other significant events affecting the Company since the year end.


36.


Controlling party

The ultimate controlling party is M Seabrook by virtue of his majority shareholding in the ultimate parent company.

Page 46