Company registration number 8365766 (England and Wales)
SEABED RESOURCES DEVELOPMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SEABED RESOURCES DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SEABED RESOURCES DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
5,405
69,293
Creditors: amounts falling due within one year
5
(206,540)
(200,506)
Net current liabilities
(201,135)
(131,213)
Capital and reserves
Called up share capital
6
19,950,000
19,950,000
Profit and loss reserves
(20,151,135)
(20,081,213)
Total equity
(201,135)
(131,213)

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr W Sognnes
Director
Company registration number 8365766 (England and Wales)
SEABED RESOURCES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Seabed Resources Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stag Gates House, 63/64 The Avenue, Southampton, Hampshire, SO17 1XS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis. However, management has identified certain conditions that may cast significant doubt on the Company’s ability to continue as a going concern. These uncertainties primarily arise from liquidity challenges. Whilst the company is not yet generating revenue, it is funded by capital investments from the parent undertaking. Due to liquidity challenges, there is uncertainty about whether the parent company Loke Marine Minerals AS (“Loke”) can continue to capitalize the subsidiary, trueSRD.

 

Despite these challenges, management is actively taking measures to mitigate the risks, including actions to actively reduce costs and renegotiate contracts with suppliers. Further, the company has resigned all employees except the CFO, CTO and CEO (CEO and CTO have agreed to work with zero salary). The search for a new investor continues and there are concrete discussions ongoing. Based on the plans and actions described above, management is working hard to secure a financial solution for both Loke and UKSR to be able to continue its business. However, the outcome is subject to significant uncertainties at this stage.

 

As of the date of this report, the Company’s ability to continue as a going concern depends on receipt of capital from new investors. The investor would need to have the ability to provide sufficient funds to support the group for at least the next twelve months. These circumstances indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. However, the financial statements do not include adjustments that would result from the outcome of this uncertainty.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SEABED RESOURCES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SEABED RESOURCES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements, except:

 

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods

in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the

balance sheet date.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SEABED RESOURCES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

As discussed in note 1.2 the director has considered the company to be a going concern. Arriving at this decision the director has had to consider the ability of the parent company to continue to support the company. There are issues with the liquidity of the parent company currently and the director has had to make a judgement if further funding will be obtained by the parent company to allow it to continue funding the rest of the group.

 

The director considers it likely new investors will be found who will be able to provide the funding for the group to continue trading for a period of at least 12 months from the date of approval of these financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
3
4
Director's remuneration
2024
2023
£
£
Remuneration paid to directors
-
0
38,037

Director’s remuneration above is paid by a fellow subsidiary undertaking of Lockheed Martin Corporation and included within recharges to the company until the Company was sold to Loke Marine Minerals AS. After this date they were employed by Loke Marine Minerals AS and included within recharges to the company.

SEABED RESOURCES DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
5,695
Amounts owed to group undertakings
198,102
175,573
Accruals and deferred income
8,438
19,238
206,540
200,506
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
19,950,000
19,950,000
19,950,000
19,950,000

The company has one class of ordinary shares which carry no right to fixed income.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which describes the ongoing liquidity issues facing the group. As stated within this note there are conditions which indicate a material uncertainty exists, which may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Adam Buse FCA
Statutory Auditor:
Fiander Tovell Limited
Date of audit report:
27 March 2025
8
Related party transactions

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with its ultimate parent company or any wholly owned subsidiary undertakings of the group.

9
Parent company

The company's immediate and ultimate parent undertaking is Loke Marine Minerals AS, a company registered in Norway. Copies of the financial statements of this company may be obtained from its registered office, Loke Marine Minerals AS, Soregata 4, 4006 Stavanger, Norway.

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