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COMPANY REGISTRATION NUMBER: 11418029
Seacare Compass Carmarthen Limited
Filleted Financial Statements
31 March 2024
Seacare Compass Carmarthen Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
1,005
Tangible assets
6
2,909,032
2,810,904
------------
------------
2,909,032
2,811,909
Current assets
Stocks
23,260
19,200
Debtors
7
121,142
723,339
Cash at bank and in hand
67,915
121,225
---------
---------
212,317
863,764
Creditors: amounts falling due within one year
8
301,911
261,814
---------
---------
Net current (liabilities)/assets
( 89,594)
601,950
------------
------------
Total assets less current liabilities
2,819,438
3,413,859
Creditors: amounts falling due after more than one year
9
2,561,605
2,561,605
Provisions
134,955
104,629
------------
------------
Net assets
122,878
747,625
------------
------------
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss account
121,878
746,625
---------
---------
Shareholders funds
122,878
747,625
---------
---------
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 income and retained earnings 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.
Seacare Compass Carmarthen Limited
Statement of Financial Position (continued)
31 March 2024
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:
D.K.H. Tan
E.L. Ng
Director
Director
Company registration number: 11418029
Seacare Compass Carmarthen 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) Limited, Ground Floor 4 Broadgate, Broadway Business Park, Chadderton, Oldham, 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 Directors have considered the impact of Covid-19 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 Covid-19 and believe that plans in place enable them to continue as a going concern for the foreseeable future. The parent company has indicated it will continue to support the company's future needs and therefore continue 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.
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.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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
-
5 - 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 28 (2023: 37 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
15,005
--------
Amortisation
At 1 April 2023
14,000
Charge for the year
1,005
--------
At 31 March 2024
15,005
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
1,005
--------
6. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
2,543,176
532,145
3,075,321
Additions
178,832
178,832
------------
---------
------------
At 31 March 2024
2,543,176
710,977
3,254,153
------------
---------
------------
Depreciation
At 1 April 2023
153,107
111,310
264,417
Charge for the year
33,134
47,570
80,704
------------
---------
------------
At 31 March 2024
186,241
158,880
345,121
------------
---------
------------
Carrying amount
At 31 March 2024
2,356,935
552,097
2,909,032
------------
---------
------------
At 31 March 2023
2,390,069
420,835
2,810,904
------------
---------
------------
7. Debtors
2024
2023
£
£
Trade debtors
59,639
236,318
Amounts owed by group undertakings and undertakings in which the company has a participating interest
427,708
Other debtors
61,503
59,313
---------
---------
121,142
723,339
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
140,160
109,345
Amounts owed to group undertakings
44,338
1,775
Accruals and deferred income
48,114
60,336
Corporation tax
60
34,922
Social security and other taxes
43,891
28,479
Other creditors
25,348
26,957
---------
---------
301,911
261,814
---------
---------
9. 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
2,561,605
2,561,605
------------
------------
10. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 13,030 (2023: £ 11,242 ).
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
12. Summary audit opinion
The auditor's report dated 20 October 2024 was unqualified .
The senior statutory auditor was Andrew Wadsworth , for and on behalf of Edwards Veeder (UK) Limited .
13. Related party transactions
The banking facility of both the company and the immediate parent company is secured on both the assets of this company and those of the immediate parent company. As at 31 March 2024,the bank loan outstanding in the parent company amounted to £722,488 (2023: £822,903).
14. Controlling party
The company is a wholly owned subsidiary of Seacare Compass (C&D) Limited, a company incorporated in England & Wales, whose registered office is 4 Broadgate, Broadway Business Park, Chadderton, Oldham OL9 9XA. Seacare Hospitality Pte Limited, a company incorporated in Singapore, was the parent company to 25 March 2019. On that date, Seacare Holdings Pte Limited (incorporated in Singapore) acquired 100% of the share capital of Seacare Hospitality (UK) Limited and became the parent company.