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Registration number: 00872907


Seacourt Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Seacourt Limited

Contents

Directors' Report

1 to 2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Seacourt Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors of the company

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

N J Dinnage - Company secretary and director

G R Dinnage

D J McRae

Principal activity

The principal activity of the company is design and printing

Business Review

The Directors are pleased to present the Accounts for the year ended 29 February 2024. Sales decreased on 2023, however the Gross Profit margin percentage increased compared to the prior year.

In early 2023, the monthly sales decreased, however the Directors took early decisions to increase margins and reduced overheads, party enabled by the implantation of the new ERP system. As a result, with the better Gross Profit margin and lower overheads, meant that Pre-Tax Profit increased from 4% to 7% of Sales. Capital expenditure in 2024 mainly comprised a replacement Tesla car. Cash flow for the year was cash positive, with overall borrowing well down on the prior year. Since the change in ownership in 2008, Seacourt has now invested over £2.1m in updated buildings and plant and equipment.

During the year, Seacourt continued to operate its Planet Positive strategy, and indeed Seacourt achieved B Corp re-certification and a record score in August 2024. Seacourt has been recognised as being “Best for the World in 2021, 2022 and 2023” Placing Seacourt in the top 5% of all B Corps globally for environmental excellence. Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance people, profit and purpose. Society’s most challenging problems cannot be solved by government and non-profits alone. By harnessing the power of business, B Corps use profits and growth as a means to a greater end: positive impact for their employees, communities, and the environment. The Directors are grateful for the commitment of Seacourt's loyal employees.

Principal risks & uncertainties

The principal risks facing the company are related to supply chain, customer concentration and interest rates. In common with most UK manufacturers the company is reliant on its supply chain to be able to meet customer demand. The Directors work hard to ensure good working relationships with key suppliers to mitigate this risk. Customer concentration is mitigated through diversifying the customer base and by agreeing long term service level agreements with larger customers. And in addition the Debtor risk is covered by credit insurance. The company exposure to increases in interest rates is mitigated by over 60% of loan borrowing being on fixed rates, with only the 2008 term loan on a variable rate, albeit an attractive one of Base rate plus 1.35%.

 

Seacourt Limited

Directors' Report for the Year Ended 29 February 2024

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 by the Board on 26 November 2024 and signed on its behalf by:

.........................................
G R Dinnage
Director

 

Seacourt Limited

(Registration number: 00872907)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,801,215

1,842,401

Current assets

 

Stocks

5

180,546

138,041

Debtors

6

668,986

810,990

 

849,532

949,031

Creditors: Amounts falling due within one year

7

(1,290,233)

(1,345,988)

Net current liabilities

 

(440,701)

(396,957)

Total assets less current liabilities

 

1,360,514

1,445,444

Creditors: Amounts falling due after more than one year

7

(387,273)

(470,889)

Provisions for liabilities

(206,000)

(215,000)

Net assets

 

767,241

759,555

Capital and reserves

 

Called up share capital

8

10,122

10,122

Revaluation reserve

495,280

495,280

Retained earnings

261,839

254,153

Shareholders' funds

 

767,241

759,555

For the financial year ending 29 February 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

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

G R Dinnage
Director

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Seacourt Limited
Pony Road
Horspath Industrial Estate
Oxford
OX4 2SE

These financial statements were authorised for issue by the Board on 26 November 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.

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.

Government grants

The company received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accruals model and as such are recorded in the profit and loss account in the period in which the company is entitled to such grants as a result of having furloughed staff members.
Government grants provided for capital assets are amortised over the life of the assets in line with depreciation.

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Property improvements

20% reducing balance

Motor vehicles

20% straight line

Plant and machinery

10 - 20% reducing balance

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. 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.

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 29 (2023 - 32).

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

929,977

2,761,629

67,375

3,758,981

Additions

-

8,566

45,995

54,561

At 29 February 2024

929,977

2,770,195

113,370

3,813,542

Depreciation

At 1 March 2023

65,371

1,812,841

38,368

1,916,580

Charge for the year

19,114

65,431

11,202

95,747

At 29 February 2024

84,485

1,878,272

49,570

2,012,327

Carrying amount

At 29 February 2024

845,492

891,923

63,800

1,801,215

At 28 February 2023

864,606

948,788

29,007

1,842,401

Included within the net book value of land and buildings above is £845,492 (2023 - £864,606) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

55,707

23,502

Other inventories

124,839

114,539

180,546

138,041

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

581,511

563,158

Amounts owed by group companies

10

25,990

25,990

Prepayments

 

60,282

31,957

Other debtors

 

1,203

189,885

 

668,986

810,990

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

486,392

541,372

Trade creditors

 

591,611

632,319

Taxation and social security

 

127,243

24,099

Accruals and deferred income

 

55,662

128,052

Other creditors

 

29,325

20,146

 

1,290,233

1,345,988

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

387,273

470,889

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

Ordinary B shares of £1 each

63

63

63

63

Ordinary C shares of £1 each

39

39

39

39

Ordinary D shares of £1 each

20

20

20

20

10,122

10,122

10,122

10,122

 

Seacourt Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

387,273

470,889

Current loans and borrowings

2024
£

2023
£

Bank borrowings

486,392

541,372

Bank borrowings

The carrying amount at year end is £873,665 (2023 - £1,016,160).

The loans and overdrafts are secured on the fixed assets of the company.

10

Related party transactions

Summary of transactions with other related parties

Parties related to the directors
 At the balance sheet date, amounts due from parties related to the directors totalled £nil (2023: £109,498) and amounts due to parties related to the directors totalled £22,717 (2023: £26,000).
All amount due from directors were repaid within 9 months of the year end.