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COMPANY REGISTRATION NUMBER: 13803557
Seacare Compass Aberdeen Limited
Filleted Financial Statements
31 March 2024
Seacare Compass Aberdeen Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,223,149
1,235,376
Current assets
Stocks
6,148
4,962
Debtors
6
15,013
27,558
Cash at bank and in hand
27,365
235,300
--------
---------
48,526
267,820
Creditors: amounts falling due within one year
7
159,084
85,032
---------
---------
Net current (liabilities)/assets
( 110,558)
182,788
------------
------------
Total assets less current liabilities
1,112,591
1,418,164
Creditors: amounts falling due after more than one year
8
1,299,000
1,299,000
Provisions
( 55,001)
17,461
------------
------------
Net (liabilities)/assets
( 131,408)
101,703
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 132,408)
100,703
---------
---------
Shareholders (deficit)/funds
( 131,408)
101,703
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 20 October 2024 , and are signed on behalf of the board by:
Z. Ong
W. Y. Loh
Director
Director
Company registration number: 13803557
Seacare Compass Aberdeen Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Edwards Veeder (UK) Ltd, Ground Floor, 4 Broadgate, Broadway Business Park, Chadderton, OL9 9XA, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Director have considered the impact of the global economic crisis as a result of the war in Ukraine on the Company's trade, workforce and supply chain, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the Directors are confident that they have in place plans to deal with any financial losses that may arise. Such plans include, but are not limited to fully utilising the support that has been made available by the government in relation to staff cost, payment deferral of taxes and loan funding. The Directors do however recognise that significant uncertainty exists surrounding the duration and impact of the global economic crisis as a result of the war in Ukraine and hence there is inherent risk regarding the success and survivability of these plans. The risk represents a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern, however the Directors have concluded that the Company remains a going concern whilst such viable options are available to it. The Directors therefore continue to to adopt the going concern basis of preparation for these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
50 years straight line
Fixtures and fittings
-
3-15 years straight line
Equipment
-
3-25 years straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 19 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
1,179,947
70,550
12,842
1,263,339
Additions
8,807
10,739
19,546
------------
--------
--------
------------
At 31 March 2024
1,179,947
79,357
23,581
1,282,885
------------
--------
--------
------------
Depreciation
At 1 April 2023
14,414
12,708
841
27,963
Charge for the year
15,724
13,826
2,223
31,773
------------
--------
--------
------------
At 31 March 2024
30,138
26,534
3,064
59,736
------------
--------
--------
------------
Carrying amount
At 31 March 2024
1,149,809
52,823
20,517
1,223,149
------------
--------
--------
------------
At 31 March 2023
1,165,533
57,842
12,001
1,235,376
------------
--------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
10,874
8,240
Other debtors
4,139
19,318
--------
--------
15,013
27,558
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
21,787
25,967
Amounts owed to group undertakings and undertakings in which the company has a participating interest
77,958
1,601
Corporation tax
1,729
8,274
Social security and other taxes
7,294
9,465
Other creditors
50,316
39,725
---------
--------
159,084
85,032
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,299,000
1,299,000
------------
------------
9. Summary audit opinion
The auditor's report dated 20 October 2024 was unqualified .
The senior statutory auditor was Andrew Wadsworth FCCA , for and on behalf of Edwards Veeder (UK) Limited .
10. Related party transactions
Included within creditors are loan account balances of £714,450, £389,700 and £194,850 in respect of Seacare Hospitality (UK) Limited, CH Holding Limited and K2 Union Hospitality Limited respectively. These balances are unsecured and repayable on demand. Interest is charged at 3.25% annum on the loans.
11. Controlling party
The company is a 55% subsidiary of Seacare Hospitality (UK) Limited, a company incorporated in England & Wales. The remaining 45% of the issued shares are owned 30% by CH Holding Limited and 15% by K2 Union Hospitality Limited,companies both incorporated in England and Wales. Seacare Holdings Private Limited (incorporated in Singapore) owns 100% of the share capital of Seacare Hospitality (UK) Limited and is the parent company.