0 20 October 2024 false false false false true false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 856,223 856,223 856,223 xbrli:pure xbrli:shares iso4217:GBP 11307402 2023-04-01 2024-03-31 11307402 2024-03-31 11307402 2023-03-31 11307402 2022-04-01 2023-03-31 11307402 2023-03-31 11307402 2022-03-31 11307402 core:Subsidiary1 2023-04-01 2024-03-31 11307402 core:Subsidiary2 2023-04-01 2024-03-31 11307402 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 11307402 bus:Director1 2023-04-01 2024-03-31 11307402 bus:Director3 2023-04-01 2024-03-31 11307402 core:WithinOneYear 2024-03-31 11307402 core:WithinOneYear 2023-03-31 11307402 core:AfterOneYear 2024-03-31 11307402 core:AfterOneYear 2023-03-31 11307402 core:ShareCapital 2024-03-31 11307402 core:ShareCapital 2023-03-31 11307402 core:RetainedEarningsAccumulatedLosses 2024-03-31 11307402 core:RetainedEarningsAccumulatedLosses 2023-03-31 11307402 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 11307402 core:Non-currentFinancialInstruments 2024-03-31 11307402 core:Non-currentFinancialInstruments 2023-03-31 11307402 bus:SmallEntities 2023-04-01 2024-03-31 11307402 bus:Audited 2023-04-01 2024-03-31 11307402 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11307402 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11307402 bus:FullAccounts 2023-04-01 2024-03-31 11307402 bus:OrdinaryShareClass1 2024-03-31 11307402 bus:OrdinaryShareClass1 2023-03-31
COMPANY REGISTRATION NUMBER: 11307402
Seacare Compass (C&D) Limited
Filleted Financial Statements
31 March 2024
Seacare Compass (C&D) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
856,223
856,223
Current assets
Debtors
5
2,704,296
2,145,019
Cash at bank and in hand
192,320
------------
------------
2,704,296
2,337,339
Creditors: amounts falling due within one year
6
80,110
459,385
------------
------------
Net current assets
2,624,186
1,877,954
------------
------------
Total assets less current liabilities
3,480,409
2,734,177
Creditors: amounts falling due after more than one year
7
2,656,393
2,719,893
------------
------------
Net assets
824,016
14,284
------------
------------
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
823,016
13,284
---------
--------
Shareholders funds
824,016
14,284
---------
--------
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.
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:
H Y Lee Serene
A N Sia
Director
Director
Company registration number: 11307402
Seacare Compass (C&D) 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.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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.
4. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
856,223
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
856,223
---------
At 31 March 2023
856,223
---------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Bruce Holdings Limited
Ordinary
100
Seacare Compass (Carmarthen) Limited
Ordinary
100
Bruce Holdings Limited Registered address: Station Hotel 49 Lovers Walk Dumfries Scotland DG1 1LT
Seacare Compass (Carmarthen) Limited Registered address: C/O Edwards Veeder (Uk) Limited Ground Floor, 4 Broadgate, Broadway BusinessPark, Chadderton, Oldham UK OL9 9XA
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2024
2023
2024
2023
£
£
£
£
Subsidiary undertakings
Bruce Holdings Limited
782,341
1,063,001
349,340
371,422
Seacare Compass (Carmarthen) Limited
122,878
751,852
45,253
491,823
---------
------------
---------
---------
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,698,934
2,139,657
Other debtors
5,362
5,362
------------
------------
2,704,296
2,145,019
------------
------------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
72,710
73,204
Trade creditors
541
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,663
301,308
Other creditors
5,196
84,873
--------
---------
80,110
459,385
--------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
946,393
1,009,893
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,710,000
1,710,000
------------
------------
2,656,393
2,719,893
------------
------------
The bank loan is secured by way of a charge over the assets of the company, an intercompany guarantee from the subsidiary company and a charge over the subsidiary's assets.
8. 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
-------
-------
-------
-------
9. 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 .
10. Related party transactions
Included within creditors are loan account balances of £1,197,000 (2023: £1,197,000) and £513,000 (2023: £513,000) in respect of Seacare Hospitality (UK) Limited and CH Holding Limited respectively. These balances are unsecured and repayable on demand. Interest is charged at 3.25% per annum on these loans. During the year, dividends of £280,000 (2023: £161,000) was paid to Seacare Hospitality (UK) Limited and £120,000 (2023: £69,000) was paid to CH Holding Limited.
11. Controlling party
The company is a 70% subsidiary of Seacare Hospitality (UK) Limited, a company incorporated in England & Wales. The remaining 30% of the issued shares are owned by CH Holding Limited, a company incorporated in England & Wales. Seacare Holdings Private Limited (incorporated in Singapore) owns the 100% shareholding of Seacare Hospitality (UK) Limited and is the parent company.