Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-312022-09-01falseThe Company's principal activity is the manufacture of safety signage.1919truetruefalse 02916997 2022-09-01 2023-08-31 02916997 2021-09-01 2022-08-31 02916997 2023-08-31 02916997 2022-08-31 02916997 c:Director2 2022-09-01 2023-08-31 02916997 d:Buildings d:LongLeaseholdAssets 2022-09-01 2023-08-31 02916997 d:Buildings d:LongLeaseholdAssets 2023-08-31 02916997 d:Buildings d:LongLeaseholdAssets 2022-08-31 02916997 d:Buildings d:ShortLeaseholdAssets 2022-09-01 2023-08-31 02916997 d:PlantMachinery 2022-09-01 2023-08-31 02916997 d:PlantMachinery 2023-08-31 02916997 d:PlantMachinery 2022-08-31 02916997 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02916997 d:FurnitureFittings 2022-09-01 2023-08-31 02916997 d:FurnitureFittings 2023-08-31 02916997 d:FurnitureFittings 2022-08-31 02916997 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02916997 d:OtherPropertyPlantEquipment 2023-08-31 02916997 d:OtherPropertyPlantEquipment 2022-08-31 02916997 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02916997 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02916997 d:CurrentFinancialInstruments 2023-08-31 02916997 d:CurrentFinancialInstruments 2022-08-31 02916997 d:Non-currentFinancialInstruments 2023-08-31 02916997 d:Non-currentFinancialInstruments 2022-08-31 02916997 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 02916997 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 02916997 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 02916997 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 02916997 d:ShareCapital 2023-08-31 02916997 d:ShareCapital 2022-08-31 02916997 d:CapitalRedemptionReserve 2023-08-31 02916997 d:CapitalRedemptionReserve 2022-08-31 02916997 d:RetainedEarningsAccumulatedLosses 2023-08-31 02916997 d:RetainedEarningsAccumulatedLosses 2022-08-31 02916997 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 02916997 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 02916997 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 02916997 d:TaxLossesCarry-forwardsDeferredTax 2022-08-31 02916997 c:FRS102 2022-09-01 2023-08-31 02916997 c:Audited 2022-09-01 2023-08-31 02916997 c:FullAccounts 2022-09-01 2023-08-31 02916997 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 02916997 d:Subsidiary1 2022-09-01 2023-08-31 02916997 d:Subsidiary1 1 2022-09-01 2023-08-31 02916997 c:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 02916997 4 2022-09-01 2023-08-31 02916997 6 2022-09-01 2023-08-31 02916997 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 02916997










SEAWARD SAFETY LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
SEAWARD SAFETY LIMITED
REGISTERED NUMBER: 02916997

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
556,534
582,965

Investments
 5 
141,000
251,113

  
697,534
834,078

Current assets
  

Stocks
  
151,006
153,428

Debtors: amounts falling due within one year
 6 
576,205
286,931

Cash at bank and in hand
  
522,179
460,198

  
1,249,390
900,557

Creditors: amounts falling due within one year
 7 
(219,054)
(207,314)

Net current assets
  
 
 
1,030,336
 
 
693,243

Total assets less current liabilities
  
1,727,870
1,527,321

Creditors: amounts falling due after more than one year
 8 
(2,058)
(2,422)

Provisions for liabilities
  

Deferred tax
 9 
(27,893)
(11,763)

  
 
 
(27,893)
 
 
(11,763)

Net assets
  
1,697,919
1,513,136

Page 1

 
SEAWARD SAFETY LIMITED
REGISTERED NUMBER: 02916997
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
  
666
666

Capital redemption reserve
  
333
333

Profit and loss account
  
1,696,920
1,512,137

  
1,697,919
1,513,136


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Z Meadows
Director

Date: 20 November 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SEAWARD SAFETY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Seaward Safety Limited is a private company, limited by shares, and incorporated in England and Wales, registration number 02916997. The registered office is 17 Old Millers Wharf, Fishergate, Norwich, NR3 1GS. The trading address is 21-23 Barley Way, South Lowestoft Industrial Estate, Lowestoft, Suffolk, NR33 7NH

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in Sterling, which is the functional currency of the Company, and rounded to the nearest £.
The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its Group.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The directors have considered the Company’s position at the time of signing the financial statements and have undertaken an exercise to forecast future profits and cash flows for the Company. The directors have also considered the current financial position of the Company, measures the directors could take to mitigate ongoing costs should they need to and the cash and financing facilities available to the Company.
Based on this, the directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

 
SEAWARD SAFETY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Turnover from the sale of safety signage is recognised upon the date the goods are ready for despatch.
Turnover from the installation of signage and site surveys is recognised on a straight line basis over the period to which the income relates.

 
2.5

Government grants

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SEAWARD SAFETY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.


 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
SEAWARD SAFETY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
straight line
Property improvements
-
2%
straight line
Plant and machinery
-
15%
reducing balance
Fixtures and fittings
-
15%
reducing balance

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 6

 
SEAWARD SAFETY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.15

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.

  
2.16

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans with related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 19).


4.


Tangible fixed assets





Long-term leasehold property
Property improvements
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 September 2022
533,783
127,488
141,721
137,807
940,799



At 31 August 2023

533,783
127,488
141,721
137,807
940,799



Depreciation


At 1 September 2022
122,018
44,326
91,548
99,942
357,834


Charge for the year
10,676
2,549
7,526
5,680
26,431



At 31 August 2023

132,694
46,875
99,074
105,622
384,265



Net book value



At 31 August 2023
401,089
80,613
42,647
32,185
556,534



At 31 August 2022
411,765
83,162
50,173
37,865
582,965

Page 7

 
SEAWARD SAFETY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 September 2022
251,113



At 31 August 2023

251,113



Impairment


Charge for the period
110,113



At 31 August 2023

110,113



Net book value



At 31 August 2023
141,000



At 31 August 2022
251,113


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Seaward Safety Inc
15825 Tomball Parkway
Suite 14
Beltway Parkway Industrial Estate
SH249
Houston
 Texas 77086-1015
USA
Ordinary
100%

Page 8

 
SEAWARD SAFETY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£


Trade debtors
566,850
113,796

Amounts owed by group undertakings
83
137,361

Other debtors
-
11,385

Prepayments and accrued income
9,272
24,389

576,205
286,931



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
51,359
30,058

Amounts owed to group undertakings
76,265
48,431

Other taxation and social security
57,502
26,395

Other creditors
363
9,768

Accruals and deferred income
33,565
92,662

219,054
207,314



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
2,058
2,422


Page 9

 
SEAWARD SAFETY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Deferred taxation




2023


£






At beginning of year
11,763


Origination and reversal of timing differences
16,130



At end of year
27,893

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
37,383
11,763

Other short term timing differences
(9,490)
-


10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately to those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,475 (2022 - £9,039). Contributions totalling £Nil (2022 - £1,055) were payable to the fund at the reporting date.


11.


Related party transactions

The directors have taken advantage of the exemption within FRS 102 not to disclose transactions with wholly owned group companies.


12.


Controlling party

The Company's immediate and ultimate parent company is Exheat Group Limited. P B Smithers is the ultimate controlling party by virtue of his majority shareholding in Exheat Group Limited. The registered office address is 17 Millers Wharf, Fishergate, Norwich, Norfolk, NR3 1GS.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 20 November 2024 by John Atkins ACA FCCA (Senior statutory auditor) on behalf of Larking Gowen LLP.

 
Page 10