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Registration number: 09635526

Seahorse Electrical & Maintenance Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Seahorse Electrical & Maintenance Services Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Seahorse Electrical & Maintenance Services Ltd

Company Information

Directors

Mr Jason Gibson

Mr David Osborne

Company secretary

Cobat Secretarial Services Limited

Registered office

1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Seahorse Electrical & Maintenance Services Ltd

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Jason Gibson

Mr David Osborne

Principal activity

The principal activity of the company is Maintenance

Going concern

The financial statements have been prepared on the going concern basis.

Small companies provision statement

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

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
Mr Jason Gibson
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Seahorse Electrical & Maintenance Services Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Seahorse Electrical & Maintenance Services Ltd for the year ended 30 June 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Seahorse Electrical & Maintenance Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Seahorse Electrical & Maintenance Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that Seahorse Electrical & Maintenance Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

14 October 2024

 

Seahorse Electrical & Maintenance Services Ltd

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

1,269,571

1,193,934

Cost of sales

 

(836,694)

(752,529)

Gross profit

 

432,877

441,405

Administrative expenses

 

(291,389)

(275,188)

Operating profit

 

141,488

166,217

Interest payable and similar expenses

 

(542)

-

Profit before tax

4

140,946

166,217

Tax on profit

 

(34,866)

(32,646)

Profit for the financial year

 

106,080

133,571

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Seahorse Electrical & Maintenance Services Ltd

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

106,080

133,571

Total comprehensive income for the year

106,080

133,571

 

Seahorse Electrical & Maintenance Services Ltd

(Registration number: 09635526)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

31,324

15,098

Current assets

 

Stocks

6

1,575

5,150

Debtors

7

52,825

110,506

Cash at bank and in hand

 

464,520

275,644

 

518,920

391,300

Creditors: Amounts falling due within one year

8

(146,144)

(106,378)

Net current assets

 

372,776

284,922

Net assets

 

404,100

300,020

Capital and reserves

 

Called up share capital

9

102

102

Retained earnings

403,998

299,918

Shareholders' funds

 

404,100

300,020

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
Mr Jason Gibson
Director

 

Seahorse Electrical & Maintenance Services Ltd

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

102

299,918

300,020

Profit for the year

-

106,080

106,080

Dividends

-

(2,000)

(2,000)

At 30 June 2024

102

403,998

404,100

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

102

170,347

170,449

Profit for the year

-

133,571

133,571

Dividends

-

(4,000)

(4,000)

At 30 June 2023

102

299,918

300,020

 

Seahorse Electrical & Maintenance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

These financial statements were authorised for issue by the Board on 14 October 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

 

Seahorse Electrical & Maintenance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

Office Equipment

20% on reducing balance

Motor Vehicles

20% on reducing balance

Plant & Machinery

20% on reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

 

Seahorse Electrical & Maintenance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,278

3,775

 

Seahorse Electrical & Maintenance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

8,649

18,995

4,935

32,579

Additions

-

28,632

-

28,632

Disposals

-

(13,995)

-

(13,995)

At 30 June 2024

8,649

33,632

4,935

47,216

Depreciation

At 1 July 2023

6,085

10,409

987

17,481

Charge for the year

513

6,985

780

8,278

Eliminated on disposal

-

(9,867)

-

(9,867)

At 30 June 2024

6,598

7,527

1,767

15,892

Carrying amount

At 30 June 2024

2,051

26,105

3,168

31,324

At 30 June 2023

2,564

8,586

3,948

15,098

6

Stocks

2024
£

2023
£

Other inventories

1,575

5,150

7

Debtors

Current

2024
£

2023
£

Trade debtors

52,825

109,740

Other debtors

-

766

 

52,825

110,506

8

Creditors

Creditors: amounts falling due within one year

 

Seahorse Electrical & Maintenance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024
£

2023
£

Due within one year

Trade creditors

32,855

23,725

Taxation and social security

51,710

39,421

Accruals and deferred income

3,000

3,500

Other creditors

58,579

39,732

146,144

106,378

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

102

102

102

102

       

10

Dividends

2024

2023

£

£

Final dividend of £19.61 (2023 - £39.22) per ordinary share

2,000

4,000

 

 

11

Related party transactions

 

Seahorse Electrical & Maintenance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

101,378

89,214