Acorah Software Products - Accounts Production 16.0.110 false true true 30 June 2023 14 June 2022 false 1 July 2023 30 June 2024 30 June 2024 14170323 Ms Alisha Fredriksson Ms Roujia Wen Ms Alisha Fredriksson Seabound Carbon Inc true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14170323 2023-06-30 14170323 2024-06-30 14170323 2023-07-01 2024-06-30 14170323 frs-core:CurrentFinancialInstruments 2024-06-30 14170323 frs-core:Non-currentFinancialInstruments 2024-06-30 14170323 frs-core:ComputerEquipment 2024-06-30 14170323 frs-core:ComputerEquipment 2023-07-01 2024-06-30 14170323 frs-core:ComputerEquipment 2023-06-30 14170323 frs-core:FurnitureFittings 2024-06-30 14170323 frs-core:FurnitureFittings 2023-07-01 2024-06-30 14170323 frs-core:FurnitureFittings 2023-06-30 14170323 frs-core:PlantMachinery 2023-07-01 2024-06-30 14170323 frs-core:ShareCapital 2024-06-30 14170323 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 14170323 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 14170323 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 14170323 frs-bus:SmallEntities 2023-07-01 2024-06-30 14170323 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 14170323 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 14170323 frs-bus:OrdinaryShareClass1 2023-07-01 2024-06-30 14170323 frs-bus:OrdinaryShareClass1 2024-06-30 14170323 1 2023-07-01 2024-06-30 14170323 frs-bus:Director1 2023-07-01 2024-06-30 14170323 frs-bus:Director2 2023-07-01 2024-06-30 14170323 frs-bus:CompanySecretary1 2023-07-01 2024-06-30 14170323 frs-countries:EnglandWales 2023-07-01 2024-06-30 14170323 2022-06-13 14170323 2023-06-30 14170323 2022-06-14 2023-06-30 14170323 frs-core:CurrentFinancialInstruments 2023-06-30 14170323 frs-core:Non-currentFinancialInstruments 2023-06-30 14170323 frs-core:ShareCapital 2023-06-30 14170323 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 14170323 frs-bus:OrdinaryShareClass1 2022-06-14 2023-06-30
Registered number: 14170323
SEABOUND CARBON LTD
Unaudited Financial Statements
For The Year Ended 30 June 2024
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14170323
30 June 2024 30 June 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,383 8,792
21,383 8,792
CURRENT ASSETS
Debtors 5 600,356 423,483
Cash at bank and in hand 190,472 289,312
790,828 712,795
Creditors: Amounts Falling Due Within One Year 6 (73,216 ) (280,708 )
NET CURRENT ASSETS (LIABILITIES) 717,612 432,087
TOTAL ASSETS LESS CURRENT LIABILITIES 738,995 440,879
Creditors: Amounts Falling Due After More Than One Year 7 (1,268,217 ) -
NET (LIABILITIES)/ASSETS (529,222 ) 440,879
CAPITAL AND RESERVES
Called up share capital 8 1,553,714 1,553,714
Profit and Loss Account (2,082,936 ) (1,112,835 )
SHAREHOLDERS' FUNDS (529,222) 440,879
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Alisha Fredriksson
Director
18th October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Seabound Carbon Ltd is a private company, limited by shares, incorporated in London, England, registered number 14170323. The registered office is Seabound, 124 City Road, London, England, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis.

The Company incurred a loss during the year of £970,101 following extensive investment in the company's research and development activities. The company's losses have to date been funded by the company's parent company, Seabound Carbon Inc.
Seabound Carbon Inc has indicated a willingness to continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.
The Directors having assessed the current financial position of Seabound Carbon Ltd and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery over 5 years
Fixtures & Fittings over 3 years
Computer Equipment over 3 years
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable and when the realisation of tax repayment claim is probable.
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 3)
8 3
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 - 10,786 10,786
Additions 1,215 16,946 18,161
As at 30 June 2024 1,215 27,732 28,947
Depreciation
As at 1 July 2023 - 1,994 1,994
Provided during the period 63 5,507 5,570
As at 30 June 2024 63 7,501 7,564
Net Book Value
As at 30 June 2024 1,152 20,231 21,383
As at 1 July 2023 - 8,792 8,792
5. Debtors
30 June 2024 30 June 2023
£ £
Due within one year
Prepayments and accrued income 23,184 15,096
Other debtors 266,467 112,550
Corporation tax recoverable assets 277,955 237,452
VAT 32,750 55,839
Amounts owed by group undertakings - 2,546
600,356 423,483
6. Creditors: Amounts Falling Due Within One Year
30 June 2024 30 June 2023
£ £
Trade creditors 45,498 213,149
Bank loans and overdrafts 961 5,946
Other taxes and social security 19,160 9,177
Net wages - 20,857
Other creditors 2,940 1,722
Accruals and deferred income 3,388 28,588
Directors' loan accounts 1,269 1,269
73,216 280,708
7. Creditors: Amounts Falling Due After More Than One Year
30 June 2024 30 June 2023
£ £
Amounts owed to group undertakings 1,268,217 -
Subsequent to the year end this loan was converted to equity by the issue of new shares in the capital of the company.
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8. Share Capital
30 June 2024 30 June 2023
Allotted, called up and fully paid £ £
1,553,714 Ordinary Shares of £ 1.00 each 1,553,714 1,553,714
9. Ultimate Controlling Party
The company's immediate and ultimate parent undertaking is Seabound Carbon Inc., a company incorporated in the United States of America. The ultimate controlling party is Ms Alisha Fredriksson.
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