BrightAccountsProduction v1.0.0 v1.0.0 2023-07-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is to carry on the business or businesses of all manner of engineering services, purchase and sale of engineering components, acting as engineering consultants, management of site works and site works consultants, research and development of renewable energy sources and production of same and any other associated activity or service. 17 January 2025 3 3 NI065452 2024-06-30 NI065452 2023-06-30 NI065452 2022-06-30 NI065452 2023-07-01 2024-06-30 NI065452 2022-07-01 2023-06-30 NI065452 uk-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI065452 uk-curr:PoundSterling 2023-07-01 2024-06-30 NI065452 uk-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI065452 uk-bus:FullAccounts 2023-07-01 2024-06-30 NI065452 uk-bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 NI065452 uk-bus:Director2 2023-07-01 2024-06-30 NI065452 uk-bus:Director3 2023-07-01 2024-06-30 NI065452 uk-bus:CompanySecretary1 2023-07-01 2024-06-30 NI065452 uk-bus:RegisteredOffice 2023-07-01 2024-06-30 NI065452 uk-bus:Agent1 2023-07-01 2024-06-30 NI065452 uk-core:ShareCapital 2024-06-30 NI065452 uk-core:ShareCapital 2023-06-30 NI065452 uk-core:RetainedEarningsAccumulatedLosses 2024-06-30 NI065452 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 NI065452 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-06-30 NI065452 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-06-30 NI065452 uk-bus:FRS102 2023-07-01 2024-06-30 NI065452 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-07-01 2024-06-30 NI065452 uk-core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 NI065452 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-30 NI065452 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-06-30 NI065452 uk-core:CostValuation 2024-06-30 NI065452 uk-core:CurrentFinancialInstruments 2024-06-30 NI065452 uk-core:CurrentFinancialInstruments 2023-06-30 NI065452 uk-core:CurrentFinancialInstruments 2024-06-30 NI065452 uk-core:CurrentFinancialInstruments 2023-06-30 NI065452 uk-core:WithinOneYear 2024-06-30 NI065452 uk-core:WithinOneYear 2023-06-30 NI065452 2023-07-01 2024-06-30 NI065452 uk-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI065452
 
 
Sea Potential (N.I) Ltd
 
Directors' Report and Unaudited Financial Statements
 
for the financial year ended 30 June 2024
Sea Potential (N.I) Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors Paul Brewster
Philip Irwin
Patrick McGuinness (Appointed 2 December 2024)
 
 
Company Secretary Paul Brewster
 
 
Company Registration Number NI065452
 
 
Registered Office 16 Mount Charles
Belfast
BT7 1NZ
 
 
Business Address Innovation Centre
NI Science Park
Belfast
BT3 9DT
 
 
Accountants Muldoon & Co Ltd
Chartered Accountants & Registered Accountants
16 Mount Charles
Belfast
BT7 1NZ
 
 
Bankers First Trust Bank
  31-35 High Street
  Belfast
  BT1 2AL
 
   
Solicitors L'Estrange & Brett Solicitors
  Arnott House
  12/16 Bridge Street
  Belfast
  BT1 1LS



Sea Potential (N.I) Ltd
DIRECTORS' REPORT
for the financial year ended 30 June 2024

 
The directors present their report and the unaudited financial statements for the financial year ended 30 June 2024.
 
Principal Activity
The principal activity of the company is to carry on the business or businesses of all manner of engineering services, purchase and sale of engineering components, acting as engineering consultants, management of site works and site works consultants, research and development of renewable energy sources and production of same and any other associated activity or service.
     
Directors
The directors who served during the financial year are as follows:
     
Paul Brewster
Philip Irwin
Patrick McGuinness (Appointed 2 December 2024)
   
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
     
___________________________ ___________________________
Paul Brewster Philip Irwin
Director Director
     
     
     
___________________________
Patrick McGuinness
Director
     
17 January 2025 17 January 2025



Sea Potential (N.I) Ltd
Company Registration Number: NI065452
STATEMENT OF FINANCIAL POSITION
as at 30 June 2024

2024 2023
Notes £ £
 
Non-Current Assets
Intangible assets 5 20,146 13,721
Property, plant and equipment 6 9,740 11,237
Financial assets 7 102 102
───────── ─────────
Non-Current Assets 29,988 25,060
───────── ─────────
 
Current Assets
Debtors 8 103,324 128,375
Cash and cash equivalents 22,196 12,956
───────── ─────────
125,520 141,331
───────── ─────────
Creditors: amounts falling due within one year 9 (112,064) (94,809)
───────── ─────────
Net Current Assets 13,456 46,522
───────── ─────────
Total Assets less Current Liabilities 43,444 71,582
 
Government grants 11 (1,103) (1,380)
───────── ─────────
Net Assets 42,341 70,202
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 42,339 70,200
───────── ─────────
Equity attributable to owners of the company 42,341 70,202
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Income Statement.
           
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 17 January 2025 and signed on its behalf by
           
           
           
________________________________     ________________________________
Paul Brewster     Philip Irwin
Director     Director
           
           
           
________________________________          
Patrick McGuinness          
Director          
           



Sea Potential (N.I) Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2024

   
1. General Information
 
Sea Potential (N.I) Ltd is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 16 Mount Charles, Belfast, BT7 1NZ. The principal place of business is The Innovation Centre, NI Science Park, Belfast, BT3 9DT. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company. The company registeration number is NI065452.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 June 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Consolidated accounts
The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.
 
Turnover
Income represents the total invoice value, excluding value added tax, of sales made during the year.
 
Patents
Patents are valued at cost less accumulated amortisation.

Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 14 years.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 10% straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Financial assets
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 3, (2023 - 3).
 
  2024 2023
  Number Number
 
Director 3 3
  ═════════ ═════════
       
4. Dividends 2024 2023
  £ £
Dividends on equity shares:
 
Ordinary A - Final paid 35,000 19,553
Ordinary B - Final paid 1,500 2,000
  ───────── ─────────
  36,500 21,553
  ═════════ ═════════
       
5. Intangible assets
     
  Patents Total
  £ £
Cost
At 1 July 2023 23,306 23,306
Additions 8,370 8,370
  ───────── ─────────
At 30 June 2024 31,676 31,676
  ───────── ─────────
Amortisation
At 1 July 2023 9,585 9,585
Charge for financial year 1,945 1,945
  ───────── ─────────
At 30 June 2024 11,530 11,530
  ───────── ─────────
Net book value
At 30 June 2024 20,146 20,146
  ═════════ ═════════
At 30 June 2023 13,721 13,721
  ═════════ ═════════
       
6. Property, plant and equipment
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost
At 1 July 2023 52,850 52,850
  ───────── ─────────
 
At 30 June 2024 52,850 52,850
  ───────── ─────────
Depreciation
At 1 July 2023 41,613 41,613
Charge for the financial year 1,497 1,497
  ───────── ─────────
At 30 June 2024 43,110 43,110
  ───────── ─────────
Net book value
At 30 June 2024 9,740 9,740
  ═════════ ═════════
At 30 June 2023 11,237 11,237
  ═════════ ═════════
       
7. Financial fixed assets
  Group and Total
  participating  
  interests/  
  joint ventures  
Investments £ £
Cost
 
At 30 June 2024 102 102
  ───────── ─────────
Net book value
At 30 June 2024 102 102
  ═════════ ═════════
At 30 June 2023 102 102
  ═════════ ═════════
       
8. Debtors 2024 2023
  £ £
 
Trade debtors 6,012 3,773
Amounts owed by group undertakings 30,767 55,573
Other debtors - 1,500
Directors' current accounts (Note 13) 27,791 42,214
Taxation  (Note 10) 13,648 11,042
Prepayments and accrued income 25,106 14,273
  ───────── ─────────
  103,324 128,375
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 8,338 4,372
Taxation  (Note 10) - 91
Directors' current accounts 82,747 87,247
Accruals 20,979 3,099
  ───────── ─────────
  112,064 94,809
  ═════════ ═════════
       
10. Taxation 2024 2023
  £ £
 
Debtors:
VAT 2,911 202
Corporation tax 10,737 10,840
  ───────── ─────────
  13,648 11,042
  ═════════ ═════════
Creditors:
PAYE / NI - 91
  ═════════ ═════════
       
11. Government Grants Deferred 2024 2023
  £ £
 
Capital grants received and receivable
At 1 July 2023 7,319 7,319
  ───────── ─────────
Amortisation
At 1 July 2023 (6,216) (5,662)
Amortised in financial year - (277)
  ───────── ─────────
 
At 30 June 2024 (6,216) (5,939)
  ───────── ─────────
Net book value
At 30 June 2024 1,103 1,380
  ═════════ ═════════
At 1 July 2023 1,103 1,657
  ═════════ ═════════
           
12. Related party transactions
 
Sea Potential (Ireland) Limited
During the year the company received repayments of £24,806 from Sea Potential (Ireland) Limited. At the balance sheet date the amounts included in group company debtors in regards to the above transaction was £30,767 (2023 : £55,573).

Sea Potential LLC
During the year the company held a 100% shareholding in Sea Potential LLC. At the balance sheet date the amounts included in group company debtors in regards to the above transaction was £Nil..
   
13. Directors' advances, credits and guarantees
 
During the year 2024, repayments of the loan to the directors were made amounting to £14,423. At the year end the balance outstanding was £27,791 (2023: £42,214). Interest at the rate of 2.25% per annum and the loan is repayable on 31 December 2024.
   
14. Controlling interest
 
Mr Paul Brewster & Mr Philip Irwin are the companies ultimate controlling party as between them they hold 100% of the shareholding.