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Registered number: 01547396









SEACON TERMINALS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SEACON TERMINALS LIMITED
 
 
COMPANY INFORMATION


Directors
J A Roth 
K Jeeves 
P T Cockerton 




Company secretary
K Jeeves



Registered number
01547396



Registered office
Tower Wharf

Northfleet

Kent

DA11 9BD




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Bankers
Lloyds TSB Bank PLC
PO Box 72

Bailey Drive

Gillingham Business Park

Kent

ME8 0LS





 
SEACON TERMINALS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 33


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

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

Business review
 
The company carries on business as stevedores, wharfingers and warehousemen, freight contractors, ship operators and general shipping and forwarding agents.
The directors are satisfied with the Company’s performance. Although profitability has declined, this was in a challenging economic climate where many of our customers were facing difficult market conditions. We continue to look for and develop new cargo flows that are well suited to the ‘through-transport’ solutions that we offer. These efforts have already borne fruit in the current year. 
The Company has recently completed an extensive programme of capital investment on our site at Northfleet, including replacement gantry cranes, roof-based solar power, a new jetty link and a new office block. 
At the time of writing, the Company is completing the final phase of this burst of investment, namely the refurbishment of redundant open storage areas. The intention is to make the best use of every sqft of useable space on site. These areas will predominantly be used for the handling of construction steels, where we have enjoyed strong customer support.
The directors believe that these investments will support the Company’s successful operations into the future.
The accounts have been prepared on the going concern basis.

Principal risks and uncertainties
 
The key business risks 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 company'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.



K Jeeves
Director

Page 1

 
SEACON TERMINALS 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 Strategic report, the Directors' report and the 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 of the profit or loss of the company for that period.

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


select suitable accounting policies for the company'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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £371,814 (2023 - profit £257,653).

Dividends of £Nil (2023: £240,000) were paid during the year.

Directors

The directors who served during the year were:

J A Roth 
K Jeeves 
P T Cockerton 

Future developments

The Company continues to trade profitably and to pursue opportunities to improve its performance and financial position. 
The winding up of the Seacon Group Defined Benefit Pension scheme has almost been completed. This old scheme, frozen to any future accrual in 2000, had long been in deficit and placed a significant burden on the business in the past. When the fund valuation finally moved into surplus, directors and trustees agreed to move quickly to wind the scheme up.

Page 2

 
SEACON TERMINALS 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'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's auditors are aware of that information.

Post balance sheet events

The company has continued with it's 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 ability to continue to trade and manage working capital.

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





K Jeeves
Director

Page 3

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

Opinion


We have audited the financial statements of Seacon Terminals Limited (the 'company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the 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 company's affairs as at 30 September 2024 and of its 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 company 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 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 TERMINALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON TERMINALS 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SEACON TERMINALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON TERMINALS 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 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 company 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 company, 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 Authority regulation
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 company’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 company’s usual course of business.
 
Page 6

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

8 May 2025
Page 7

 
SEACON TERMINALS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,289,404
15,543,569

Cost of sales
  
(11,293,078)
(12,592,982)

Gross profit
  
2,996,326
2,950,587

Administrative expenses
  
(2,903,203)
(2,666,842)

Other operating income
  
93,209
214,936

Operating profit
 5 
186,332
498,681

Interest receivable and similar income
 9 
102,839
49,560

Interest payable and similar expenses
 10 
(219,543)
(208,336)

Other finance income
  
4,000
87,000

Profit before tax
  
73,628
426,905

Tax on profit
 12 
(445,442)
(169,252)

(Loss)/profit for the financial year
  
(371,814)
257,653

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
-
(405,795)

Actuarial gains on defined benefit pension scheme
  
44,000
7,000

Other comprehensive income for the year
  
44,000
(398,795)

Total comprehensive income for the year
  
(327,814)
(141,142)

The notes on pages 11 to 33 form part of these financial statements.
Page 8

 
SEACON TERMINALS LIMITED
REGISTERED NUMBER: 01547396

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
154,960
-

Tangible assets
 15 
19,518,084
13,970,663

Current assets
  

Debtors: amounts falling due within one year
 16 
2,335,068
2,140,158

Cash at bank and in hand
 17 
2,121,940
4,825,159

  
4,457,008
6,965,317

Creditors: amounts falling due within one year
 18 
(9,418,265)
(5,842,636)

Net current (liabilities)/assets
  
 
 
(4,961,257)
 
 
1,122,681

Total assets less current liabilities
  
14,711,787
15,093,344

Creditors: amounts falling due after more than one year
 19 
(3,654,485)
(4,162,377)

Provisions for liabilities
  

Deferred tax
 21 
(867,343)
(413,194)

Net assets
  
10,189,959
10,517,773


Capital and reserves
  

Called up share capital 
 22 
5,000
5,000

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

Profit and loss account
  
5,797,731
6,019,975

  
10,189,959
10,517,773


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




J A Roth
Director

Date: 14 April 2025

The notes on pages 11 to 33 form part of these financial statements.
Page 9

 
SEACON TERMINALS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2023
5,000
4,492,798
6,019,975
10,517,773



Loss for the year
-
-
(371,814)
(371,814)

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

Transfer to/from profit and loss account
-
-
105,570
105,570

Transfer between other reserves
-
(105,570)
-
(105,570)


At 30 September 2024
5,000
4,387,228
5,797,731
10,189,959



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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
5,000
5,004,163
5,374,712
10,383,875



Profit for the year
-
-
257,653
257,653

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

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

Dividends: Equity capital
-
-
(240,000)
(240,000)

Transfer to/from profit and loss account
-
-
105,570
105,570

Transfer between other reserves
-
(105,570)
-
(105,570)


At 30 September 2023
5,000
4,492,798
6,019,975
10,517,773


The notes on pages 11 to 33 form part of these financial statements.

Page 10

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

1.


General information

The company, incorporated in England and Wales, is limited by share capital and has its registered office at Tower Wharf, Northfleet, Kent, DA11 9BD.
The company'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 management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Seacon Group Limited as at 30 September 2024 and these financial statements may be obtained from Companies House, Crown
Way, Cardiff, CF14 3UZ.

 
2.3

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.

Page 11

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 company 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.

 
2.5

Operating leases: the company as lessee

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

 
2.6

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.

Page 12

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

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

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

  
2.10

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
The company also 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. If the defined benefit plan is in surplus an asset is only recognised if this is deemed recoverable.
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 company’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.
 
Page 13

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

2.Accounting policies (continued)

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’.
The company also contributes to group personal pension policies, such contributions being charged
against profits when paid

 
2.11

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 operates and generates 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.


 
2.12

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.

 
2.13

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 14

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

2.Accounting policies (continued)


2.13
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 both straight line and reducing balance methods on the following bases:.


Freehold property
-
Depreciation is not provided on freehold property
Long-term leasehold property
-
Over the life of the lease
Plant and machinery
-
10% - 50% straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
10% - 50% straight line

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.

 
2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

In accordance with the provisions under FRS 102 paragraph 35.10, the leasehold property previously revalued before the date of transition, on 3 June 2015, has been included in the accounts at this valuation which has been taken as 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 reserve. 
Assets under construction are not depreciated until they are bought into use.

Page 15

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

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Page 16

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)


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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.20

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 judgements 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 company makes key assumptions regarding the useful economic life of tangible fixed assets and the value of the Freehold Property; further details are provided in note 2.13 of the accounting policies. During the prior year a part disposal of the Freehold Property was undertaken and 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 qualified surveyors adjusted for current market data.
The company 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 2.10 of accounting policies.

Page 17

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

4.


Turnover

The whole of the turnover is attributable to the principal activities of the company.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
489,496
419,802

Exchange differences
(78,124)
5,463

Other operating lease rentals
353,139
338,216

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


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
16,275
15,000
The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 18

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

7.


Employees

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


2024
2023
£
£

Wages and salaries
1,996,725
1,969,380

Social security costs
238,433
233,726

Cost of defined benefit scheme
48,000
94,000

Cost of contribution to defined benefit scheme
171,620
164,203

2,454,778
2,461,309


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


        2024
        2023
            No.
            No.







Administrative staff
18
18



Dock workforce
37
35

55
53


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
432,347
458,763

Company contributions to defined contribution pension schemes
82,798
76,921

515,145
535,684


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £172,945 (2023 - £175,260).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15,014 (2023 - £14,110).

Page 19

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

9.


Interest receivable

2024
2023
£
£


Other interest receivable
102,839
49,560

102,839
49,560


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
215,463
190,928

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

Other interest payable
-
1,548

219,543
208,336


11.


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 20

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

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
106,231

Adjustments in respect of previous periods
(8,707)
(31,067)


Total current tax
(8,707)
75,164

Deferred tax


Origination and reversal of timing differences
454,149
94,088

Total deferred tax
454,149
94,088


Tax on profit
445,442
169,252

Factors affecting tax charge for the year

The tax assessed for the year is higher 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
73,628
426,905


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
18,407
93,954

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(7,625)
67,488

Capital allowances for year in excess of depreciation
(724,944)
(52,211)

Deferred tax charge/(credit)
454,149
94,088

Overpayment leading to an increase (decrease) in taxation
-
(3,000)

Prior year tax adjustment
-
(31,067)

Unrelieved tax losses carried forward
346,563
-

Tax losses used during the year
(6,207)
-

Group relief
365,099
-

Total tax charge for the year
445,442
169,252

Page 21

 
SEACON TERMINALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

Tax losses amounting to £1,386,251 (2023: NIL) have been carried forward to offset against the future taxable profits of the company.


13.


Dividends

2024
2023
£
£


Dividends
-
240,000

-
240,000

14.


Intangible assets




Development expenditure

£



Cost


Additions
154,960



At 30 September 2024

154,960






Net book value



At 30 September 2024
154,960



At 30 September 2023
-



Page 22

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

15.


Tangible fixed assets





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

£
£
£
£
£



Cost or valuation


At 1 October 2023
250,000
13,524,598
4,649,090
69,102
104,266


Additions
-
39,362
2,082,501
8,845
7,172


Disposals
-
-
(1,516,830)
-
(15,416)


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



At 30 September 2024

250,000
18,305,249
6,195,344
77,947
400,493



Depreciation


At 1 October 2023
-
3,312,557
3,349,715
21,660
67,177


Charge for the year on owned assets
-
252,413
156,452
11,756
12,005


Charge for the year on financed assets
-
-
56,869
-
-


Disposals
-
-
(1,516,226)
-
(13,429)



At 30 September 2024

-
3,564,970
2,046,810
33,416
65,753



Net book value



At 30 September 2024
250,000
14,740,279
4,148,534
44,531
334,740



At 30 September 2023
250,000
10,212,041
1,299,375
47,442
37,089
Page 23

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

           15.Tangible fixed assets (continued)


Assets under course of construction
Total

£
£



Cost or valuation


At 1 October 2023
2,124,716
20,721,772


Additions
3,901,627
6,039,507


Disposals
-
(1,532,246)


Transfers between classes
(6,026,343)
-



At 30 September 2024

-
25,229,033



Depreciation


At 1 October 2023
-
6,751,109


Charge for the year on owned assets
-
432,626


Charge for the year on financed assets
-
56,869


Disposals
-
(1,529,655)



At 30 September 2024

-
5,710,949



Net book value



At 30 September 2024
-
19,518,084



At 30 September 2023
2,124,716
13,970,663

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 24

 
SEACON TERMINALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Revaluation (Deemed Cost)
The company has opted to take the exemption from FRS102 paragraph 35.10(d), that allows 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. The company is using these valuations as deemed cost.

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
£
£



Cost
10,612,037
10,612,037

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

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


16.


Debtors

2024
2023
£
£


Trade debtors
1,410,597
1,041,146

Amounts owed by group undertakings
14,860
14,860

Other debtors
346,268
204,078

Prepayments and accrued income
563,343
880,074

2,335,068
2,140,158



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,121,940
4,825,159

2,121,940
4,825,159


Page 25

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

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
209,303
209,303

Trade creditors
1,928,412
698,051

Amounts owed to group undertakings
6,699,806
4,232,620

Other taxation and social security
87,960
81,078

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

Other creditors
34,252
93,820

Accruals and deferred income
458,532
487,680

9,418,265
5,842,636



19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

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

Amounts owed to group undertakings
1,138,934
1,518,690

3,654,485
4,162,377


Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate, of which some are held by a fellow group company, Seacon Transport Limited.
Bank loans due within and after one year are secured by a floating charge over the company's leasehold and freehold property.

Page 26

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

20.


Loans


Analysis of the maturity of loans is given below:


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 27

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

21.


Deferred taxation




2024
2023


£

£






At beginning of year
(413,194)
(400,573)


Charged to profit or loss
(454,149)
(94,088)


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



At end of year
(867,343)
(413,194)

Of the above, £454,149 has been charged (2023: £94,088) to the profit and loss account in respect of accelerated capital allowances, capital gains rolled over, and trading losses carried forward, £nil has been credited (2023: £81,467) to other comprehensive income in respect of actuarial gains on the defined benefit pension scheme and the revaluation reserve on freehold property.

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,134,415)
(333,703)

Capital gains
(79,491)
(79,491)

Losses carried forward
346,563
-

(867,343)
(413,194)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 - 5,000) Ordinary shares shares of £1.00 each
5,000
5,000


Page 28

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

23.


Pension commitments



The company 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 cost
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
Page 29

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



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


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)


Page 30

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


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



The company expects to contribute £NIL to its defined benefit pension scheme in 2025.
Page 31

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





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

2024
2023
%
%
Discount rate at 30 September


5.06

5.44
 
RPI inflation


3.40

3.6
 
Pension increases - fixed 5%


5

5
 
Inflation linked increases - 5% or RPI if less


3.2

3.4
 
Revaluation of deferred pensions in excess of GMP


3.4

3.6
 
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 company also contributes to a 'defined contribution' Group Personal Pension Scheme. The company's contribution rate varies according to each employee's age. Accordingly, the company'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 company in independently administered funds. The pension cost charge represents contributions payable by the company to these funds, and amounted to £171,620 (2023: £164,203). Contributions totalling £32,143 (2023: £nil) were payable to these funds at the balance sheet date, and are included within other creditors.





Page 32

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

24.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
2,365,001
2,442,588

Later than 1 year and not later than 5 years
3,306,276
1,173,796

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

16,904,344
15,143,704


25.


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 Group Limited group on the grounds that it is a wholly owned subsidiary and the consolidated financial statements of the group are publicly available.


26.


Ultimate parent company

The ultimate parent company is Seacon Group Limited, a company registered in England and Wales which owns 100% of the issued share capital of the company.
A copy of the financial statements of Seacon Group Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
 
Page 33