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Registered number: 09639625
Seacorp Technologies Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Approved Accounting Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09639625
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 5 220,245 60,176
Tangible Assets 6 7,831 6,356
228,076 66,532
CURRENT ASSETS
Debtors 7 26,825 33,983
Cash at bank and in hand 19,609 4,561
46,434 38,544
Creditors: Amounts Falling Due Within One Year 8 (23,876 ) (22,693 )
NET CURRENT ASSETS (LIABILITIES) 22,558 15,851
TOTAL ASSETS LESS CURRENT LIABILITIES 250,634 82,383
Creditors: Amounts Falling Due After More Than One Year 9 (228,812 ) (15,750 )
NET ASSETS 21,822 66,633
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 21,821 66,632
SHAREHOLDERS' FUNDS 21,822 66,633
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Richard Seabrook
Director
29/04/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Seacorp Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09639625 . The registered office is Preston Park House, South Road, Brighton, BN1 6SB.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Development costs are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is provided at rates calculated to write off the cost of the Development costs, less their estimated residual value, over their expected useful lives on the following bases:
Development costs - 6 years
2.4. 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 15% reducing balance
Computer Equipment 33% reducing balance
2.5. 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.
2.6. 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.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
Page 3
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4. Prior Period Adjustment
Changes to the balance sheet
As at 30 June 2023
As previously reported
Development costs - £nil
Adjustment
Development costs - £60,176
As restated at 30 June 2023
Development costs - £60,176
Changes to the the profit and loss account
As previously reported
Profit for the financial period - £10,950
Adjustment
Profit for the financial period - £60,176
As restated at 30 June 2023
Profit for the financial period - £71,126
A review of prior years' revenue expenditure was undertaken to identify costs that had been expenses that should have been capitalised. A prior year adjustment has been processed to capitalise these costs net of the amortisation charge.
5. Intangible Assets
Development Costs
£
Cost
As at 1 July 2023 61,413
Additions 168,704
As at 30 June 2024 230,117
Amortisation
As at 1 July 2023 1,237
Provided during the period 8,635
As at 30 June 2024 9,872
Net Book Value
As at 30 June 2024 220,245
As at 1 July 2023 60,176
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6. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 3,338 10,893 14,231
Additions - 4,167 4,167
As at 30 June 2024 3,338 15,060 18,398
Depreciation
As at 1 July 2023 1,665 6,210 7,875
Provided during the period 251 2,441 2,692
As at 30 June 2024 1,916 8,651 10,567
Net Book Value
As at 30 June 2024 1,422 6,409 7,831
As at 1 July 2023 1,673 4,683 6,356
7. Debtors
2024 2023
as restated
£ £
Due within one year
Other debtors 26,825 25,605
Due after more than one year
Other debtors - 8,378
26,825 33,983
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 1 2,025
Bank loans and overdrafts 4,083 7,000
Other creditors 11,714 7,322
Taxation and social security 8,078 6,346
23,876 22,693
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 14,583 15,750
Other loans 214,229 -
228,812 15,750
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10. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 1 1
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Richard Seabrook 13,813 - 8 - 13,805
The above loan is unsecured, interest free and repayable on demand.
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