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Registered number: 04221248









SEACON GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SEACON GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
J Roth 
M Dale 




Company secretary
K Jeeves



Registered number
04221248



Registered office
Tower Wharf
Northfleet

Kent

DA11 9BD




Bankers
Lloyds
Orchard Brae

PO Box 72

Bailey Drive

Gillingham Business Park

Kent

ME8 0LS





 
SEACON GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated profit and loss account
 
8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10 - 11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13 - 14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Notes to the financial statements
 
18 - 44


 
SEACON GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their report and the financial statements of the group for the year ended 30 September 2024.

Business review
 
The group carries on business as stevedores, wharfingers and warehousemen, freight contractors, ship operators and general shipping and forwarding agents.
The directors are satisfied with the performance of the group, set against a challenging economic environment. 
The accounts have been prepared on the going concern basis.

Principal risks and uncertainties
 
The key business risks and uncertainties affecting the company relate to:
• the strength of the UK economy 
• Health & Safety of cargo handling operations.

Financial key performance indicators
 
Given the straight forward nature of the business the group's directors are of the opinion that analysis using the KPI's is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 14 April 2025 and signed on its behalf.



J Roth
Director

Page 1

 
SEACON GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,504,796 (2023 - £2,197,465).

Dividends of £500,000 (2023: £500,000) were paid during the year.

Directors

The directors who served during the year were:

J Roth 
M Dale 

Future developments

The Group continues to trade profitably and to pursue opportunities to improve its performance and financial position. The Group has almost completed the buy-out (and winding up) of the Seacon Group Defined Benefit Pension scheme. This removes a significant risk for the Group and will give the business more certainty in the long term.
The Group has invested heavily in its operations at Northfleet, which remains at the core of our business. The directors believe that the investment will support the Group’s successful operations into the future.

Page 2

 
SEACON GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Post balance sheet events

The group has continued with re-investment in the cranes at the Northfleet site with an additional two gantry cranes being purchased post year end for £2m. This has not impacted on the group's ability to continue to trade and manage working capital.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 April 2025 and signed on its behalf.
 





J Roth
Director

Page 3

 
SEACON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON GROUP LIMITED
 

Opinion


We have audited the financial statements of Seacon Group Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 30 September 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
SEACON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SEACON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The engagement partner ensured that the engagement team collectively had the appropriate                                                                                                                                                                        competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• We identified the laws and regulations applicable to the group through discussion with directors and
      other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the group, are as follows:
 o Companies Act 2006
 o FRS102
 o GDPR 
 o Employment legislation
 o Tax legislation
 o Health and safety legislation
 o Port of London and other Port Authority regulations
 o UK and EU customs regulations for imports and exports
• We assessed the extent of compliance with the laws and regulations identified above through making                        enquiries of management, reviewing board minutes and inspecting legal correspondence; 
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit.
We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,    in particular those disclosed in note 3, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    Group’s usual course of business.
 
Page 6

 
SEACON GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON GROUP LIMITED (CONTINUED)



The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
8 May 2025
Page 7

 
SEACON GROUP LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
25,380,220
26,277,418

Cost of sales
  
(14,127,854)
(15,176,909)

Gross profit
  
11,252,366
11,100,509

Distribution costs
  
(999,353)
(1,047,469)

Administrative expenses
  
(8,354,155)
(7,593,025)

Other operating income
 5 
93,209
214,936

Operating profit
 6 
1,992,067
2,674,951

Income from other participating interests
  
21,499
159,378

Income from other fixed asset investments
  
61,472
-

Interest receivable and similar income
 11 
102,839
49,560

Interest payable and similar expenses
 12 
(232,290)
(213,507)

Other finance income
  
4,000
87,000

Profit before tax
  
1,949,587
2,757,382

Tax on profit
 14 
(444,791)
(559,917)

Profit for the financial year
  
1,504,796
2,197,465

Profit for the year attributable to:
  

Owners of the parent
  
1,504,796
2,197,465

  
1,504,796
2,197,465

The notes on pages 18 to 44 form part of these financial statements.

Page 8

 
SEACON GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£


Profit for the financial year

  

1,504,796
2,197,465

Other comprehensive income
  


Unrealised surplus on revaluation of tangible fixed assets
  
-
27,778

Actuarial gain on defined benefit schemes
  
44,000
7,000

Movement on deferred tax relating to pension gains and revaluation of freehold property
  
-
81,467

Exchange differences on retranslation of net assets of subsidiary and associates
  
(174,099)
7,325

Other comprehensive income for the year
  
(130,099)
123,570

Total comprehensive income for the year
  
1,374,697
2,321,035

Profit for the year attributable to:
  


Owners of the parent company
  
1,504,796
2,197,465

  
1,504,796
2,197,465

The notes on pages 18 to 44 form part of these financial statements.

Page 9

 
SEACON GROUP LIMITED
REGISTERED NUMBER: 04221248

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 17 
603,590
504,413

Tangible assets
 18 
21,891,114
16,590,541

Investments
 19 
1,825,077
1,803,578

  
24,319,781
18,898,532

Current assets
  

Stocks
 20 
21,242
17,012

Debtors: amounts falling due within one year
 21 
4,342,946
4,148,095

Cash at bank and in hand
 22 
2,989,231
5,598,871

  
7,353,419
9,763,978

Creditors: amounts falling due within one year
 23 
(4,628,067)
(2,740,759)

Net current assets
  
 
 
2,725,352
 
 
7,023,219

Total assets less current liabilities
  
27,045,133
25,921,751

Creditors: amounts falling due after more than one year
 24 
(2,515,551)
(2,643,687)

Provisions for liabilities
  

Deferred taxation
 26 
(930,157)
(477,559)

Other provisions
 27 
(120,207)
(195,984)

  
 
 
(1,050,364)
 
 
(673,543)

Net assets
  
23,479,218
22,604,521


Capital and reserves
  

Called up share capital 
 28 
250,000
250,000

Share premium account
  
4,698,020
4,698,020

Revaluation reserve
  
4,387,228
4,492,798

Capital redemption reserve
  
17
17

Profit and loss account
  
14,143,953
13,163,686

  
23,479,218
22,604,521


Page 10

 
SEACON GROUP LIMITED
REGISTERED NUMBER: 04221248
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Roth
Director

Date: 14 April 2025

The notes on pages 18 to 44 form part of these financial statements.

Page 11

 
SEACON GROUP LIMITED
REGISTERED NUMBER: 04221248

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 19 
5,790,808
5,790,808

Current assets
  

Debtors: amounts falling due after more than one year
 21 
1,138,934
1,284,010

Debtors: amounts falling due within one year
 21 
7,523,132
3,346,447

  
8,662,066
4,630,457

Net current assets
  
 
 
8,662,066
 
 
4,630,457

Total assets less current liabilities
  
14,452,874
10,421,265

  

  

Net assets
  
14,452,874
10,421,265


Capital and reserves
  

Called up share capital 
 28 
250,000
250,000

Share premium account
  
4,698,020
4,698,020

Capital redemption reserve
  
17
17

Profit for the year
  
4,531,609
1,712,616

Other changes in the profit and loss account

  

(500,000)
(500,000)

Profit and loss account
  
9,504,837
5,473,228

  
14,452,874
10,421,265


The financial statements were approved and authorised for issue by the board and were signed on its behalf by  


J Roth
Director

Date: 14 April 2025

The notes on pages 18 to 44 form part of these financial statements.

Page 12
 

 
SEACON GROUP LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024



Called up share capital
Share premium account
Capital redemption reserve
Other reserve
Profit and loss account
Equity attributable to owners of parent company
Total equity


£
£
£
£
£
£
£


At 1 October 2023
250,000
4,698,020
17
4,492,798
13,163,686
22,604,521
22,604,521





Profit for the year
-
-
-
-
1,504,796
1,504,796
1,504,796


Actuarial gains on pension scheme
-
-
-
-
44,000
44,000
44,000


Exchange differences on retranslation of net assets of subsidiary and associates
-
-
-
-
(174,099)
(174,099)
(174,099)


Dividends: Equity capital
-
-
-
-
(500,000)
(500,000)
(500,000)


Additional depreciation on revalued assets transferred to revaluation reserve
-
-
-
-
105,570
105,570
105,570


Additional depreciation on revalued assets transferred from profit and loss account
-
-
-
(105,570)
-
(105,570)
(105,570)



At 30 September 2024
250,000
4,698,020
17
4,387,228
14,143,953
23,479,218
23,479,218



The notes on pages 18 to 44 form part of these financial statements.

Page 13

 

 
SEACON GROUP LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Other reserve
Profit and loss account
Equity attributable to owners of parent company
Total equity


£
£
£
£
£
£
£


At 1 October 2022
250,000
4,698,020
17
5,004,163
10,831,286
20,783,486
20,783,486





Profit for the year
-
-
-
-
2,197,465
2,197,465
2,197,465


Actuarial gains on pension scheme
-
-
-
-
7,000
7,000
7,000


Surplus on revaluation of freehold property
-
-
-
(405,795)
515,040
109,245
109,245


Exchange differences on retranslation of net assets of subsidiary and associates
-
-
-
-
7,325
7,325
7,325


Dividends: Equity capital
-
-
-
-
(500,000)
(500,000)
(500,000)


Additional depreciation on revalued assets transferred to revaluation reserve
-
-
-
-
105,570
105,570
105,570


Additional depreciation on revalued assets transferred from profit and loss account
-
-
-
(105,570)
-
(105,570)
(105,570)



At 30 September 2023
250,000
4,698,020
17
4,492,798
13,163,686
22,604,521
22,604,521



The notes on pages 18 to 44 form part of these financial statements.

Page 14
 
SEACON GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2023
250,000
4,698,020
17
5,473,228
10,421,265



Profit for the year
-
-
-
4,531,609
4,531,609

Dividends: Equity capital
-
-
-
(500,000)
(500,000)


At 30 September 2024
250,000
4,698,020
17
9,504,837
14,452,874



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2022
250,000
4,698,020
17
4,260,612
9,208,649



Profit for the year
-
-
-
1,712,616
1,712,616

Dividends: Equity capital
-
-
-
(500,000)
(500,000)


At 30 September 2023
250,000
4,698,020
17
5,473,228
10,421,265


The notes on pages 18 to 44 form part of these financial statements.

Page 15

 
SEACON GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,504,796
2,197,465

Adjustments for:

Amortisation of intangible assets
55,783
113,591

Depreciation of tangible assets
699,012
762,610

(Profit)/ Loss on disposal of tangible assets
(29,471)
(219,212)

Interest paid
232,290
213,507

Interest received
(102,839)
(49,560)

Taxation charge
444,791
559,917

(Increase)/decrease in stocks
(4,230)
2,488

(Increase)/decrease in debtors
(194,851)
500,662

Increase/(decrease) in creditors
2,151,245
(837,777)

(Decrease)/increase in provisions
(75,777)
5,729

Increase in net pension assets/liabs
44,000
94,000

Foreign exchange differences
(104,209)
(401,641)

Share of operating profit/(loss) in associates
(21,499)
5,238

Corporation tax (paid)
(216,046)
(511,164)

Net cash generated from operating activities

4,382,995
2,435,853


Cash flows from investing activities

Purchase of intangible fixed assets
(154,960)
-

Purchase of tangible fixed assets
(6,075,451)
(1,707,040)

Sale of tangible fixed assets
35,447
2,007,777

Interest received
102,839
49,560

HP interest paid
(4,080)
(15,860)

Net cash from investing activities

(6,096,205)
334,437
Page 16

 
SEACON GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(128,136)
(133,463)

Repayment of/new finance leases
(40,084)
(156,417)

Dividends paid
(500,000)
(500,000)

Interest paid
(228,210)
(197,647)

Net cash used in financing activities
(896,430)
(987,527)

Net (decrease)/increase in cash and cash equivalents
(2,609,640)
1,782,763

Cash and cash equivalents at beginning of year
5,598,871
3,816,108

Cash and cash equivalents at the end of year
2,989,231
5,598,871


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,989,231
5,598,871

2,989,231
5,598,871


The notes on pages 18 to 44 form part of these financial statements.

Page 17

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company, incorporated in England and Wales, has its registered office at Tower Wharf, Northfleet, Kent, DA11 9BD. The company's principal activity is that of a holding company.
The group's principal activity continued to be that of stevedores, wharfingers and warehousemen, freight contractors, ship operators and general shipping and forwarding agents.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the group and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Associates

An entity is treated as an associated undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors' share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 18

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 19

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.11

Pensions

Defined contribution pension plans
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. 
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.
The group also contributes to group personal pension policies, such contributions being charged against profits when paid.
Defined benefit pension plan
The group operates a defined benefit plan, which was closed for accrual of future benefits in 2000, and is now a legacy scheme. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments (‘discount rate’).
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the group’s policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed in other comprehensive income. 
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises: 
(a) the increase in pension benefit liability arising from employee service during the period; and 
(b) the cost of plan introductions, benefit changes, curtailments and settlements. 
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as ‘finance expense / income’. 

Page 21

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes 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.

Page 22

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using straight line on the following basis.


Freehold property
-
Depreciation is not provided on freehold property.
Leasehold property
-
Over the life of the lease
Plant and machinery
-
10% - 50% on cost
Motor vehicles
-
15% - 33% on cost
Fixtures and fittings
-
10% - 50% on cost

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation is not provided on freehold land. Depreciation has not been provided on the freehold
property as it is maintained regularly to a high standard and the depreciation of the property would not have a material effect on the financial statements.
Assets under construction are not depreciated until they are brought into use.

  
2.15

Revaluation of tangible fixed assets

In accordance with the provisions under FRS 102 paragraph 35.10, the freehold and leasehold property previously revalued before the date of transition, on 3 June 2015, had been included in the accounts at this valuation which has been taken as deemed cost. During the year, freehold property has been revalued further, but leasehold property has remained at deemed cost.
Revaluation gains previously recognised are shown within the revaluation reserve on the balance sheet.
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on these assets is transferred annually from the revaluation reserve to the profit and loss account.

 
2.16

Valuation of investments

Investments in subsidiaries and other investments are measured at cost less accumulated impairment.

Page 23

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.17

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated profit and loss account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

  
2.18

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 24

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.23

Financial instruments

The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgments in applying the company's accounting policies:
There were no significant judgments exercised by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions:
The group makes key assumptions regarding the useful economic life of tangible fixed assets and the value of the Freehold Property that is held, further details are provided in note 2.14 of the accounting policies. During the prior year a part disposal of the Freehold Property was undertaken estimates have been made on the directors' best knowledge about the value of the remaining element and the associated cost. This has been informed by previous valuations undertaken by qulaified surveyors adjusted for current market data.
The group also makes key assumptions and estimates, with the assistance of independent actuaries, in respect of the defined benefit pension scheme liability as further described in note 2.12 of accounting policies.


4.


Turnover

All turnover arose within the United Kingdom.

Page 25

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Other operating income

2024
2023
£
£

Net rents receivable
67,189
189,619

Ground rent receivable
26,020
25,317

93,209
214,936



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
699,012
762,610

Exchange differences
(61,169)
11,937

Amortisation of intangible assets, including goodwill
(61,169)
113,591

Other operating lease rentals
710,268
677,586

Time charter costs
2,022,263
1,634,109


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
29,500
28,500

Fees payable to the company's auditors in respect of:

All non-audit services not included above
10,006
7,000

Page 26

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
4,870,402
4,795,798

Social security costs
558,234
536,030

Cost of defined benefit scheme
48,000
94,000

Cost of defined contribution scheme
298,490
263,080

5,775,126
5,688,908


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Distribution staff
18
20
-
-



Administrative staff
38
37
-
-



Other staff
64
67
2
2

120
124
2
2


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
172,945
175,260

Group contributions to defined contribution pension schemes
15,014
14,110

187,959
189,370


During the year retirement benefits were accruing to no directors (2023 - 1) in respect of defined contribution pension schemes.

Page 27

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Income from participating interests

2024
2023
£
£



Share of profit/(loss)
21,499
(5,238)

Dividends received
61,472
164,616

82,971
159,378


11.


Interest receivable

2024
2023
£
£


Other interest receivable
102,839
49,560

102,839
49,560


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
215,596
195,301

Other loan interest payable
5,334
798

Finance leases and hire purchase contracts
4,080
15,860

Other interest payable
7,280
1,548

232,290
213,507


13.


Other finance costs

2024
2023
£
£

Interest income on pension scheme assets
434,000
515,000

Net interest on net defined benefit liability
(430,000)
(428,000)

4,000
87,000


Page 28

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
900
490,946

Adjustments in respect of previous periods
(8,707)
(30,577)


Total current tax
(7,807)
460,369

Deferred tax


Origination and reversal of timing differences
452,598
99,548


Tax on profit
444,791
559,917

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,949,587
2,698,841


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
487,397
493,077

Effects of:


Expenses not deductible for tax purposes
4,433
70,060

Capital allowances for year in excess of depreciation
(721,308)
(33,209)

Tonnage tax in overseas subsidiary
(111,432)
(101,955)

Adjustments to tax charge in respect of prior periods
(8,707)
(30,577)

Change in tax rate
-
62,973

Losses carried forward
341,810
-

Deferred tax charge/(credit)
452,598
99,548

Total tax charge for the year
444,791
559,917


Factors that may affect future tax charges

Tax losses amounting to £341,810 (2023: £nil) have been carried forward to offset against future taxable profits.

Page 29

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Dividends

2024
2023
£
£


Dividends paid on equity capital
500,000
500,000

500,000
500,000


16.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent company for the year was £4,531,609 (2023 - £1,712,616).


17.


Intangible assets

Group and Company





Development expenditure
Goodwill
Negative goodwill
Total

£
£
£
£



Cost


At 1 October 2023
-
4,349,562
(3,750,433)
599,129


Additions
154,960
-
-
154,960



At 30 September 2024

154,960
4,349,562
(3,750,433)
754,089



Amortisation


At 1 October 2023
-
3,742,457
(3,647,741)
94,716


Charge for the year on owned assets
-
158,475
(102,692)
55,783



At 30 September 2024

-
3,900,932
(3,750,433)
150,499



Net book value



At 30 September 2024
154,960
448,630
-
603,590



At 30 September 2023
-
607,105
(102,692)
504,413



Page 30

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Tangible fixed assets

Group






Freehold property
Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 October 2023
250,000
13,565,297
11,712,271
107,911
194,492


Additions
-
39,362
2,112,186
8,845
13,431


Disposals
-
-
(1,557,580)
-
(20,682)


Transfers between classes
-
4,741,289
980,583
-
304,471


Exchange adjustments
-
-
(203,541)
-
-



At 30 September 2024

250,000
18,345,948
13,043,919
116,756
491,712



Depreciation


At 1 October 2023
-
3,319,394
7,887,246
25,703
131,803


Charge for the year on owned assets
-
257,250
303,271
16,607
25,923


Charge for the year on financed assets
-
-
95,961
-
-


Disposals
-
-
(1,553,591)
-
(18,695)


Exchange adjustments
-
-
(133,651)
-
-



At 30 September 2024

-
3,576,644
6,599,236
42,310
139,031



Net book value



At 30 September 2024
250,000
14,769,304
6,444,683
74,446
352,681



At 30 September 2023
250,000
10,245,903
3,825,025
82,208
62,689
Page 31

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           18.Tangible fixed assets (continued)


Other fixed assets
Total

£
£



Cost or valuation


At 1 October 2023
2,124,716
27,954,687


Additions
3,901,627
6,075,451


Disposals
-
(1,578,262)


Transfers between classes
(6,026,343)
-


Exchange adjustments
-
(203,541)



At 30 September 2024

-
32,248,335



Depreciation


At 1 October 2023
-
11,364,146


Charge for the year on owned assets
-
603,051


Charge for the year on financed assets
-
95,961


Disposals
-
(1,572,286)


Exchange adjustments
-
(133,651)



At 30 September 2024

-
10,357,221



Net book value



At 30 September 2024
-
21,891,114



At 30 September 2023
2,124,716
16,590,541

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2024
2023
£
£



Plant and machinery
-
301,876

-
301,876

Page 32

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Revaluation (Deemed Cost)
The group has opted to take the exemption from FRS102 paragraph 35.10(d), which provides an optional exemption for first-time adopters of FRS102, to elect to use the previous revaluations performed at or before transition as deemed cost.
Both the freehold and leasehold property were revalued on 3 June 2015 at open market value on the basis of existing use by Lambert Smith Hampton. For leasehold property the group has continued to use these valuations as deemed cost. However, during the prior year, the freehold property has been revalued further based on the sales value realised  for part of the site.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
10,612,037
10,612,037

Accumulated depreciation
(7,889,803)
(7,624,626)

Net book value
2,722,234
2,987,411

Page 33

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Fixed asset investments

Group





Investments in associates
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 October 2023
1,803,578
25,000
1,828,578


Share of profit/(loss)
21,499
-
21,499



At 30 September 2024

1,825,077
25,000
1,850,077



Impairment


At 1 October 2023
-
25,000
25,000



At 30 September 2024

-
25,000
25,000



Net book value



At 30 September 2024
1,825,077
-
1,825,077



At 30 September 2023
1,803,578
-
1,803,578

Page 34

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Company





Investments in subsidiary companies
Investments in associates
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 October 2023
9,475,389
2,256,861
25,000
11,757,250



At 30 September 2024

9,475,389
2,256,861
25,000
11,757,250



Impairment


At 1 October 2023
5,941,442
-
25,000
5,966,442



At 30 September 2024

5,941,442
-
25,000
5,966,442



Net book value



At 30 September 2024
3,533,947
2,256,861
-
5,790,808



At 30 September 2023
3,533,947
2,256,861
-
5,790,808


Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Holding

Seacon Terminals Limited
Tower Wharf, Northfleet, Kent, DA11 9BD
100%
Freight Express-Seacon (Rye) Limited
Tower Wharf, Northfleet, Kent, DA11 9BD
100%
Stevedoring and Haulage Services Limited
Tower Wharf, Northfleet, Kent, DA11 9BD
100%
Seacon (SG) Limited
Tower Wharf, Northfleet, Kent, DA11 9BD
100%
Seacon Transport Limited
Tower Wharf, Northfleet, Kent, DA11 9BD
100%
Seacon Shipping BV
Abel Tasmanplein 4, Delfzijl, Netherlands
100%
Shannon Shipping BV
Abel Tasmanplein 4, Delfzijl, Netherlands
100%
Charente Shipping BV
Abel Tasmanplein 4, Delfzijl, Netherlands
100%

Page 35

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Associate


The following was an associate of the company:


Name

Registered office

Holding

Birsterminals AG
Hafenstrasse 54, CH-4127 Birsfelden, Switzerland
25%


20.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
21,242
17,012

21,242
17,012


The difference between purchase price or production cost of stocks and their replacement cost is not material.


21.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Amounts owed by group undertakings
-
-
1,138,934
1,284,010

-
-
1,138,934
1,284,010


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,008,677
2,584,537
-
-

Amounts owed by group undertakings
-
-
7,523,132
3,287,907

Other debtors
425,576
378,813
-
58,540

Prepayments and accrued income
908,693
1,184,745
-
-

4,342,946
4,148,095
7,523,132
3,346,447


Page 36

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
2,989,231
5,598,871

2,989,231
5,598,871



23.


Creditors: Amounts falling due within one year

Group
Group
2024
2023
£
£

Bank loans
209,303
209,303

Trade creditors
3,115,984
1,175,782

Corporation tax
146
223,999

Other taxation and social security
129,041
120,655

Obligations under finance lease and hire purchase contracts
-
40,084

Other creditors
67,580
125,094

Accruals and deferred income
1,106,013
845,842

4,628,067
2,740,759


Page 37

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
2,515,551
2,643,687

2,515,551
2,643,687



The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
Group
Group
2024
2023
£
£


Repayable by instalments
1,678,342
1,806,478

1,678,342
1,806,478

Bank loans due within and after one year are secured by a floating charge over the group's leasehold and freehold property


25.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
209,303
209,303

Amounts falling due 1-2 years

Bank loans
209,302
209,302

Amounts falling due 2-5 years

Bank loans
627,907
627,907

Amounts falling due after more than 5 years

Bank loans
1,678,342
1,806,478

2,724,854
2,852,990


Page 38

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(477,559)
(459,478)


Charged to profit or loss
(452,598)
(99,548)


Credited/(Charged) to other comprehensive income
-
81,467



At end of year
(930,157)
(477,559)

Company


2024
2023






At end of year
-
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(1,192,476)
(398,068)

Capital gains on revalued property
(79,491)
(79,491)

Losses carried forward
341,810
-

(930,157)
(477,559)

Page 39

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

27.


Provisions


Group



Repair costs

£





At 1 October 2023
195,984


Utilised in year
(75,777)



At 30 September 2024
120,207

The provision is in respect of maintenance and repair costs based on a special survey of the group's charter ships. 


28.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,500,000 (2023 - 2,500,000) Ordinary shares shares of £0.10 each
250,000
250,000


Page 40

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

29.


Pension commitments

The Group operates a Defined benefit pension scheme.

The scheme was closed for accrual of future benefits in 2000, and is now a legacy scheme. Pension benefits are linked to members' final pensionable salaries and services at their retirement (or date of leaving, if earlier). The Trustees are responsible for running the Scheme in accordance with the Scheme's Trust Deed and Rules, which sets out their powers. The Trustees of the Scheme are required to act in the best interests of the beneficiaries of the Scheme.
There are currently two categories of pension scheme members:
- Deferred members: members who have left the Scheme with deferred benefits, and
- Pensioner members: in receipt of pension.
Future funding obligations
The Trustees are required to carry out an actuarial valuation every 3 years. The last actuarial valuation of the Scheme was performed by the Scheme Actuary for the Trustees as at 30 September 2020. This valuation revealed a funding surplus of £91,000. Therefore the company does not expect to pay any contributions during the accounting year beginning 1 October 2023.The scheme is currently in the process of being wound down and a further valuation has not been undertaken. As such it is not certain if the surplus of £19,000 (2023: £99,000) would be recovered therefore this has not been recognised. 



Reconciliation of present value of plan liabilities:


2024
2023
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
8,247,000
8,676,000

Interest income
430,000
428,000

Actuarial gains/losses
40,000
(147,000)

Benefits paid
(709,000)
(710,000)

At the end of the year
8,008,000
8,247,000



Reconciliation of present value of plan assets:


2024
2023
£
£


At the beginning of the year
8,247,000
8,676,000

Current service cost
(48,000)
(94,000)

Interest income
434,000
515,000

Actuarial gains/losses
84,000
(140,000)

Benefits paid
(709,000)
(710,000)

At the end of the year
8,008,000
8,247,000
Page 41

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
29.Pension commitments (continued)



Composition of plan assets:


2024
2023
£
£


Cash (net of expenses to be recharged)
40,000
117,000

Annuities
7,987,000
8,229,000

Cumulative unrecognised surplus
(19,000)
(99,000)

Total plan assets
8,008,000
8,247,000

2024
2023
£
£


Fair value of plan assets
8,008,000
8,247,000

Present value of plan liabilities
(8,008,000)
(8,247,000)

Net pension scheme liability
-
-


The amounts recognised in profit or loss are as follows:

2024
2023
£
£


Current service cost
(48,000)
(94,000)

Interest on obligation
(430,000)
(428,000)

Interest income on plan assets
434,000
515,000

Total
(44,000)
(7,000)



The cumulative amount of actuarial gains and losses recognised in the Consolidated statement of comprehensive income was £NIL (2023 - £NIL).



The Group expects to contribute £NIL to its Defined benefit pension scheme in 2025.




Page 42

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
29.Pension commitments (continued)


Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024
2023
%
%
Discount rate


5.06

5.44
 
Future salary increases


3.4

3.6
 
Future pension increases


5

5
 
Proportion of employees opting for early retirement


3.2

3.4
 
Inflation assumption


3.4

3.4
 
Mortality rates



 
- for a male aged 65 now


None

None
 
- at 65 for a male aged 45 now


None

None
 
- for a female aged 65 now


None

None
 
- at 65 for a female member aged 45 now


None

None
 





Other pension schemes
The group also currently contributes to a 'defined contributions' Group Personal Pension Scheme. The group's contribution rate varies according to each employee's age. Accordingly, the group's future liability in respect of these arrangements is limited only to contributions based on salary levels at the scheme's renewal date of 1st April each year. The assets of the scheme are held seperately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to these funds, and amounted to £298,490 (2023: £263,080). Contributions totalling £32,143 (2023: £NIL) were payable to these funds at the balance sheet date, and are included within other creditors.

Page 43

 
SEACON GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.


Commitments under operating leases

At 30 September 2024 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
4,658,462
4,841,309

Later than 1 year and not later than 5 years
4,227,604
4,112,194

Later than 5 years
11,233,067
11,527,320

20,119,133
20,480,823

31.


Related party transactions

The company has taken advantage of the exemptions in FRS 102 s33.1a from the disclosure of transactions with others members of the Seacon Limited Group on the grounds that all the subsidiaries are wholly owned and the consolidated financial statements of the group are publicly available.


32.


Controlling party

Control of the company resides with the Roth family.

 
Page 44