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REGISTERED NUMBER: 04018747 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

SEATECH COMMERCIAL DIVING SERVICES
LIMITED

SEATECH COMMERCIAL DIVING SERVICES
LIMITED (REGISTERED NUMBER: 04018747)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

SEATECH COMMERCIAL DIVING SERVICES
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr G A Skelton
Mrs C E Ward





SECRETARY: Mr G A Skelton





REGISTERED OFFICE: Unit 14 Bottings Ind. Estate
Hillsons Road
Curdridge
Southampton
Hampshire
SO30 2DY





REGISTERED NUMBER: 04018747 (England and Wales)





ACCOUNTANTS: Rothmans LLP
Chartered Accountants
Chilworth Point
1 Chilworth Road
Southampton
SO16 7JQ

SEATECH COMMERCIAL DIVING SERVICES
LIMITED (REGISTERED NUMBER: 04018747)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 492,677 245,756

CURRENT ASSETS
Debtors 5 767,396 660,647
Cash at bank and in hand 667,290 373,215
1,434,686 1,033,862
CREDITORS
Amounts falling due within one year 6 1,074,796 568,579
NET CURRENT ASSETS 359,890 465,283
TOTAL ASSETS LESS CURRENT
LIABILITIES

852,567

711,039

CREDITORS
Amounts falling due after more than one
year

7

(54,366

)

(30,762

)

PROVISIONS FOR LIABILITIES (68,462 ) -
NET ASSETS 729,739 680,277

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 729,737 680,275
SHAREHOLDERS' FUNDS 729,739 680,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





Mr G A Skelton - Director


SEATECH COMMERCIAL DIVING SERVICES
LIMITED (REGISTERED NUMBER: 04018747)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Seatech Commercial Diving Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

REVENUE RECOGNITION
Turnover is the amount derived from various diving services, and is stated after trade discounts, net of VAT.

Revenue is recognised when the amount of revenue can be measured reliably and it is probable that economic benefits will flow to the entity.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included 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.

The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted if there is an indication of a significant change since the last reporting date.

TAXATION
Taxation for the year comprises of current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

FOREIGN CURRENCIES
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The Company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund.

SEATECH COMMERCIAL DIVING SERVICES
LIMITED (REGISTERED NUMBER: 04018747)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

SHORT-TERM DEBTORS AND CREDITORS
Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price whether or not a rate of interest is charged on the balance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023 183,249 17,121 127,304 327,674
Additions 275,807 17,084 315,727 608,618
Disposals (183,249 ) (17,121 ) (62,924 ) (263,294 )
At 30 June 2024 275,807 17,084 380,107 672,998
DEPRECIATION
At 1 July 2023 45,812 4,280 31,826 81,918
Charge for year 68,952 4,271 91,003 164,226
Eliminated on disposal (45,812 ) (4,280 ) (15,731 ) (65,823 )
At 30 June 2024 68,952 4,271 107,098 180,321
NET BOOK VALUE
At 30 June 2024 206,855 12,813 273,009 492,677
At 30 June 2023 137,437 12,841 95,478 245,756

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 62,924
DEPRECIATION
At 1 July 2023
and 30 June 2024 15,731
NET BOOK VALUE
At 30 June 2024 47,193
At 30 June 2023 47,193

SEATECH COMMERCIAL DIVING SERVICES
LIMITED (REGISTERED NUMBER: 04018747)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 101,520 535,641
Other debtors 1,600 -
CIS - 3,630
KGM Marine Holdings 150,000 -
Seatech Holdings Limited 346,653 104,673
VAT 74,019 -
Prepayments 18,786 16,703
692,578 660,647

Amounts falling due after more than one year:
KGM Marine Services Limited 74,818 -

Aggregate amounts 767,396 660,647

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,722 9,585
Hire purchase contracts 31,597 6,607
Trade creditors 235,950 290,039
Tax 130,435 142,348
VAT - 8,817
Other creditors 4,664 31,009
KGM Marine Services Ltd - 69,490
Directors' current accounts 4,914 4,913
Accruals and deferred income 650,000 -
Accrued expenses 7,514 5,771
1,074,796 568,579

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 9,860 9,722
Bank loans - 2-5 years - 9,860
Hire purchase contracts 44,506 11,180
54,366 30,762

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 76,103 17,787

9. PENSION COMMITMENTS

At the balance sheet date, unpaid contributions of £1,024 (2023: £753) were due to the fund. They are included in other creditors.

SEATECH COMMERCIAL DIVING SERVICES
LIMITED (REGISTERED NUMBER: 04018747)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year an amount of £742,091 (2023: £205,000) was loaned to KGM Marine Services Ltd, a company under common control. During the year £667,273 of this balance was repaid. This left an amount outstanding due to the company of £74,817.50 at the balance sheet date. No interest is being charged on the balance and it is repayable on demand.

During the year an amount of £150,000 was loaned to KGM Marine Holdings Ltd, a company under common control. No repayments were made so this left an amount outstanding due to the company o £150,000 at the balance sheet date. No interest is being charged on the balance and it is repayable on demand.

11. CAPITAL COMMITMENTS

At 30 June 2024, the company had no capital commitments contracted for but not provided for in these financial statements. (2023: Nil)

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SEATECH COMMERCIAL DIVING SERVICES
LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seatech Commercial Diving Services Limited for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Seatech Commercial Diving Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Seatech Commercial Diving Services Limited and state those matters that we have agreed to state to the Board of Directors of Seatech Commercial Diving Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seatech Commercial Diving Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Seatech Commercial Diving Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Seatech Commercial Diving Services Limited. You consider that Seatech Commercial Diving Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Seatech Commercial Diving Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Rothmans LLP
Chartered Accountants
Chilworth Point
1 Chilworth Road
Southampton
SO16 7JQ


Date: .............................................