Seafox Dycem 2 Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 09917624 (England and Wales)
Seafox Dycem 2 Limited
Company Information
Directors
S E Schmidt- Chiari
I H Abrahams
J R H Barry
(Appointed 18 January 2024)
C James
(Appointed 1 August 2024)
L J Wild
(Appointed 1 April 2025)
Secretary
C James
Company number
09917624
Registered office
2 - 4 Ashley Trading Estate
Ashley Parade
Bristol
United Kingdom
BS2 9BB
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Seafox Dycem 2 Limited
Strategic Report
For the year ended 31 December 2024
Page 1

The directors present the strategic report for the year ended 31 December 2024.

 

The principal activity of the Group is the manufacture and supply of contamination control flooring solutions and non‑slip products internationally. The Group trades in over 60 countries around the world.

Business Review

Dycem continues to grow and develop in new and existing markets, developing innovative products to support the needs of our customers. The business has seen revenue growth of 8% year on year with a mix of performance across different market segments and geographies. Gross profit increased by £868k, returning 70% margin on sales. Operating profits and EBITDAE have increased significantly on 2023, 39% and 28% respectively, based on the company’s ongoing commitment to effectively manage costs and continuously improve process efficiencies.

 

Non-Slip product sales dropped 6% in 2024 to £2,830k (2023 £3,015k). Contamination Control has grown 8% year on year to £16,502k (2023 £15,210k) with a mix in growth across the market sectors. The strongest year-on-year growth was achieved throughout Asia at 18%, with a continuation of strong performance throughout Europe with growth of 13%. All regions held a strong sales pipeline at year end going into 2025.

 

To ensure the business can continue providing our products and services to the highest standards and meet the demands of our global markets, Dycem remains focused on driving efficiencies throughout our global operations and investing in our product development, marketing, and lead generation strategies. Manufacturing and business infrastructure continues to be developed and enhanced to meet our global market needs, and particular focus and investment is being made to enter and grow within specific new markets. Dycem’s ongoing improvement and market penetration continues to drive future growth.

 

 

 

Financial Performance

 

 

2024

2023

Movement

£’000

£’000

£’000

%

Turnover    

19,814

18,374

1,440

8%

Gross Profit    

13,915

13,047

868

7%

Operating profit*

3,414

2,458

956

39%

EBITDA*    

3,988

3,114

874

28%

 

*EBITDA & Operating Profit are calculated before Group and Non-Executive Costs, £203k (2023 £301k), loss on Exchange £31k (2023 loss £221k), and non-recurring costs, £669k (2023 £293k).

 

 

 

Seafox Dycem 2 Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2
Principal risks and uncertainties

Financial Instrument Risks The group uses financial instruments comprising group and bank borrowings, some cash and liquid resources and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to assist in financing the group’s operations. The group also has bank facilities denominated in euros and US dollars. The purpose of these facilities is to manage the currency risk arising from the group’s operations. The main risks arising from the group’s financial instruments are foreign currency risk and interest risk.

 

Currency risk The group is exposed to transaction foreign exchange risk. The group seeks to hedge its exposure using a combination of bank facilities denominated in euros and US Dollars, along with a long term hedge agreement, with the objective of minimising the effects of fluctuations in exchange rates on future transactions and cash flows.

 

Interest rate risk The group finances its operations through a mixture of retained profits, group and bank borrowings. The group’s exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

Financial key performance indicators

The directors have monitored the progress of the overall group strategy and the individual strategic elements by reference to certain financial and non‑financial key performance indicators.

 

 

Year to 31 December 2024

Year to 31 December 2023

Sales Growth %

8%

8%

Gross Profit %

70%

71%

EBITDA Growth %

28%

(8)%

EBITDA % of Sales

20%

17%

Debtor Days

53

55

 

On behalf of the board

C James
Director
2 June 2025
Seafox Dycem 2 Limited
Directors' Report
For the year ended 31 December 2024
Page 3

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company during the year continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S E Schmidt- Chiari
G E Nicholson
(Resigned 31 March 2025)
S G Cantley
(Resigned 31 March 2025)
I H Abrahams
M J Briand
(Resigned 31 July 2024)
J R H Barry
(Appointed 18 January 2024)
C James
(Appointed 1 August 2024)
N Crofts
(Resigned 18 January 2024)
L J Wild
(Appointed 1 April 2025)
Post reporting date events

There have been no significant events affecting the group since the year end.

Future developments

The business continues to focus on the contamination control market across Europe and the USA. There are no changes in the strategic focus of the business.

Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
C James
L J Wild
Director
Director
2 June 2025
Seafox Dycem 2 Limited
Directors' Responsibilities Statement
For the year ended 31 December 2024
Page 4

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Seafox Dycem 2 Limited
Independent Auditor's Report
To the Members of Seafox Dycem 2 Limited
Page 5
Opinion

We have audited the financial statements of Seafox Dycem 2 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Seafox Dycem 2 Limited
Independent Auditor's Report (Continued)
To the Members of Seafox Dycem 2 Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

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 their 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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Seafox Dycem 2 Limited
Independent Auditor's Report (Continued)
To the Members of Seafox Dycem 2 Limited
Page 7
Auditor's 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 auditor's 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Seafox Dycem 2 Limited
Independent Auditor's Report (Continued)
To the Members of Seafox Dycem 2 Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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 objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Karen Wardell (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
4 June 2025
Chartered Accountants
Statutory Auditor
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Seafox Dycem 2 Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2024
Page 9
2024
2023
Notes
£
£
Turnover
3
19,814,323
18,374,409
Cost of sales
(5,899,431)
(5,327,609)
Gross profit
13,914,892
13,046,800
Distribution costs
(803,342)
(678,361)
Administrative expenses
(9,922,094)
(10,725,017)
Exceptional item
4
(669,010)
-
0
Operating profit
5
2,520,446
1,643,422
Interest receivable and similar income
10
3,983
-
0
Interest payable and similar expenses
9
(408,826)
(438,496)
Profit before taxation
2,115,603
1,204,926
Tax on profit
11
(602,987)
(505,456)
Profit for the financial year
26
1,512,616
699,470
Other comprehensive income
Currency translation loss taken to retained earnings
(15,269)
(59,758)
Total comprehensive income for the year
1,497,347
639,712
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Seafox Dycem 2 Limited
Group Balance Sheet
As at 31 December 2024
Page 10
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
(25,458)
(65,356)
Other intangible assets
12
759,183
1,179,048
Total intangible assets
733,725
1,113,692
Tangible assets
13
175,756
192,332
909,481
1,306,024
Current assets
Stocks
17
947,225
985,558
Debtors
18
3,852,395
4,027,113
Cash at bank and in hand
1,719,360
1,153,840
6,518,980
6,166,511
Creditors: amounts falling due within one year
19
(3,468,771)
(3,244,889)
Net current assets
3,050,209
2,921,622
Total assets less current liabilities
3,959,690
4,227,646
Creditors: amounts falling due after more than one year
20
(2,100,000)
(3,935,635)
Provisions for liabilities
Deferred tax liability
23
83,925
154,257
83,925
154,257
Net assets
1,943,615
446,268
Capital and reserves
Called up share capital
25
1
1
Other reserves
26
193,084
370,270
Profit and loss reserves
26
1,750,530
75,997
Total equity
1,943,615
446,268
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
02 June 2025
C James
Director
Seafox Dycem 2 Limited
Company Balance Sheet
As at 31 December 2024
31 December 2024
Page 11
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
5,426,042
5,426,042
Current assets
Cash at bank and in hand
1,895
3,139
Creditors: amounts falling due within one year
19
(4,269,855)
(1,933,900)
Net current liabilities
(4,267,960)
(1,930,761)
Total assets less current liabilities
1,158,082
3,495,281
Creditors: amounts falling due after more than one year
20
(2,100,000)
(3,875,000)
Provisions for liabilities
Deferred tax liability
23
-
0
16,194
-
16,194
Net liabilities
(941,918)
(363,525)
Capital and reserves
Called up share capital
25
1
1
Profit and loss reserves
26
(941,919)
(363,526)
Total equity
(941,918)
(363,525)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £578,393 (2023 - £592,115 loss).

The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
02 June 2025
C James
Director
Company Registration No. 09917624 (England and Wales)
Seafox Dycem 2 Limited
Group Statement of Changes in Equity
For the year ended 31 December 2024
Page 12
Share capital
Capital Contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1
370,270
(563,715)
(193,444)
Year ended 31 December 2023:
Profit for the year
-
-
699,470
699,470
Other comprehensive income:
Currency translation differences
-
-
(59,758)
(59,758)
Total comprehensive income for the year
-
-
639,712
639,712
Balance at 31 December 2023
1
370,270
75,997
446,268
Year ended 31 December 2024:
Profit for the year
-
-
1,512,616
1,512,616
Other comprehensive income:
Currency translation differences
-
-
(15,269)
(15,269)
Total comprehensive income for the year
-
-
1,497,347
1,497,347
Credit to equity for equity settled share-based payments
-
-
177,186
177,186
Other movements
-
(177,186)
-
(177,186)
Balance at 31 December 2024
1
193,084
1,750,530
1,943,615
Seafox Dycem 2 Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
Page 13
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1
228,589
228,590
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(592,115)
(592,115)
Balance at 31 December 2023
1
(363,526)
(363,525)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(578,393)
(578,393)
Balance at 31 December 2024
1
(941,919)
(941,918)
Seafox Dycem 2 Limited
Group Statement of Cash Flows
For the year ended 31 December 2024
Page 14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
3,429,242
2,105,409
Interest paid
(408,826)
(438,496)
Income taxes paid
(44,830)
(490,558)
Net cash inflow from operating activities
2,975,586
1,176,355
Investing activities
Purchase of intangible assets
(39,787)
(187,656)
Purchase of tangible fixed assets
(131,848)
(167,560)
Proceeds on disposal of tangible fixed assets
-
4,184
Interest received
3,983
-
0
Net cash used in investing activities
(167,652)
(351,032)
Financing activities
Repayment of bank loans
(2,075,000)
(500,000)
Payment of finance leases obligations
(152,145)
(95,679)
Net cash used in financing activities
(2,227,145)
(595,679)
Net increase in cash and cash equivalents
580,789
229,644
Cash and cash equivalents at beginning of year
1,153,840
983,954
Effect of foreign exchange rates
(15,269)
(59,758)
Cash and cash equivalents at end of year
1,719,360
1,153,840
Seafox Dycem 2 Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 15
1
Accounting policies
Company information

Seafox Dycem 2 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 - 4 Ashley Trading Estate, Ashley Parade, Bristol, United Kingdom, BS2 9BB.

 

The group consists of Seafox Dycem 2 Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 16

The consolidated group financial statements consist of the financial statements of the parent company Seafox Dycem 2 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors’ have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. The directors have prepared forecasts for a period of at least 12 months from the date of approval of these statements which indicate that the company and the group is able to operate within its funding facilities. Thus the directors’ continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

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:

Sale of goods

 

Revenue from the sale of goods is recognised when all of the following conditions are met:

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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its expected life.

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 17
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
4 years
Trademarks & brands
10 years
Customer list
10 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives using the straight line method:

Leasehold land and buildings
Over the length of the lease
Plant and equipment
10%-40% per annum
Motor vehicles
20% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 18

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash at bank and in hand

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

1.12
Financial instruments

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

 

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

 

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

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 19
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

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

 

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

 

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

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 20
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

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

 

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

 

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

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 21
1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

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

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 22
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Depreciation

The company exercises judgements to determine useful lives and residual useful lives and residual values for tangible fixed assets. The assets are depreciated down to their residual values over their estimated useful lives.

Provision for bad and doubtful debts

Provisions are made for significantly overdue items on the debtors ledger with specific provision for debtors in financial difficulty.

Provision for obsolete and slow moving stock

Stock provision is based upon the movement of stock in the previous 12 months.

Impairment of non financial assets

Where there are indicators of impairment of individual assets, management perform impairment tests based on the fair value less costs to sell or a value in use calculations. The value in use model is based on a discounted cash flow model, cash flow being based on budgets and estimated discount rates.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
2,296,326
1,917,822
Europe
7,547,829
6,577,715
Rest of the World
9,970,168
9,878,872
19,814,323
18,374,409
2024
2023
£
£
Other revenue
Interest income
3,983
-
Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 23
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional restructuring costs
669,010
-

Exceptional items in the year relate to redundancy and legal costs incurred regarding restructuring in the US.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
29,707
220,065
Research and development costs
37,032
34,299
Depreciation of owned tangible fixed assets
145,970
247,327
Profit on disposal of tangible fixed assets
-
(4,184)
Amortisation of intangible assets
419,754
410,123
Operating lease charges
216,218
282,952
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
43,100
39,000
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Direct
20
20
-
-
Sales
62
65
-
-
Administration
10
10
-
-
Total
92
95
-
0
-
0
Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
7
Employees
(Continued)
Page 24

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,538,466
6,424,620
-
0
-
0
Social security costs
743,331
629,478
-
-
Pension costs
164,012
155,222
-
0
-
0
7,445,809
7,209,320
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
560,556
463,619
Company pension contributions to defined contribution schemes
26,658
29,587
587,214
493,206
The number of directors for whom retirement pensions are accruing under defined contribution schemes amounted to 6 (2023: 5)
The number of directors who are entitled to receive shares under long term incentive schemes during the year was 0 (2023: 1)
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
179,570
149,094

During the year, one director was paid £90,746 upon their departure from the company.

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 25
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
360,249
382,201
Interest payable to group undertakings
43,495
46,753
403,744
428,954
Other finance costs:
Interest on finance leases and hire purchase contracts
5,082
9,542
Total finance costs
408,826
438,496
10
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,983
-
0
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
212,311
-
0
Adjustments in respect of prior periods
-
0
171,597
Benefit arising from a previously unrecognised tax loss or credit
125
5,505
Total UK current tax
212,436
177,102
Foreign current tax on profits for the current period
312,682
219,505
Adjustments in foreign tax in respect of prior periods
7,537
(19,269)
Total current tax
532,655
377,338
Deferred tax
Origination and reversal of timing differences
54,860
34,040
Adjustment in respect of prior periods
15,978
89,856
Foreign exchange differences
(506)
4,222
Total deferred tax
70,332
128,118
Total tax charge
602,987
505,456
Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
11
Taxation
(Continued)
Page 26

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,115,603
1,204,926
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
528,901
301,232
Tax effect of expenses that are not deductible in determining taxable profit
43,467
(14,787)
Tax effect of income not taxable in determining taxable profit
(24,161)
(18,279)
Change in unrecognised deferred tax assets
-
0
(668)
Adjustments in respect of prior years
12,749
152,328
Effect of change in corporation tax rate
20,769
40,742
Group relief
-
0
9,828
Deferred tax adjustments in respect of prior years
-
0
89,856
Foreign exchange differences
(381)
9,693
Fixed asset differences
5,665
8,362
Other adjustments relating to deferred tax
15,978
(8,682)
Patent box additional deduction
-
0
(64,169)
Taxation charge
602,987
505,456
12
Intangible fixed assets
Group
Goodwill
Software
Trademarks & brands
Customer list
Total
£
£
£
£
£
Cost
At 1 January 2024
(307,362)
270,971
441,739
3,798,008
4,203,356
Additions - internally developed
-
0
5,848
33,939
-
0
39,787
At 31 December 2024
(307,362)
276,819
475,678
3,798,008
4,243,143
Amortisation and impairment
At 1 January 2024
(242,006)
169,236
137,557
3,024,877
3,089,664
Amortisation charged for the year
(39,898)
57,078
22,774
379,800
419,754
At 31 December 2024
(281,904)
226,314
160,331
3,404,677
3,509,418
Carrying amount
At 31 December 2024
(25,458)
50,505
315,347
393,331
733,725
At 31 December 2023
(65,356)
101,735
304,182
773,131
1,113,692
Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
12
Intangible fixed assets
(Continued)
Page 27
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
1,031,834
1,067,994
56,349
2,156,177
Additions
-
0
131,848
-
0
131,848
Disposals
(30,401)
(18,848)
-
0
(49,249)
Exchange adjustments
13,888
(5,998)
-
0
7,890
At 31 December 2024
1,015,321
1,174,996
56,349
2,246,666
Depreciation and impairment
At 1 January 2024
926,273
983,338
54,234
1,963,845
Depreciation charged in the year
27,440
117,216
1,314
145,970
Eliminated in respect of disposals
(30,204)
(18,848)
-
0
(49,052)
Exchange adjustments
11,477
(1,330)
-
0
10,147
At 31 December 2024
934,986
1,080,376
55,548
2,070,910
Carrying amount
At 31 December 2024
80,335
94,620
801
175,756
At 31 December 2023
105,561
84,656
2,115
192,332
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
-
0
1,314
-
0
-
0
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
5,426,042
5,426,042
Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
14
Fixed asset investments
(Continued)
Page 28
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
5,426,042
Carrying amount
At 31 December 2024
5,426,042
At 31 December 2023
5,426,042
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Dycem Limited
1
Manufacture and supply of contamination control and non-slip flooring
Ordinary
100.00
-
Dycem Asia Inc
2
Supply of contamination control and non-slip flooring
Ordinary
0
100.00
Dycem Corporation
3
Supply of contamination control and non-slip flooring
Ordinary
0
100.00
Dycem GmbH
4
Supply of contamination control and non-slip flooring
Ordinary
0
100.00
Dycem France SAS
5
Supply of contamination control and non-slip flooring
Ordinary
0
100.00

Registered Office addresses:

1 Unit 2-4 Ashley Trading Estate, Ashley Parade, Bristol, BS2 9BB

2 Unit 1205 Coherco Financial Tower, Trade St Cor Investment Drive, Madrigal Business Park, Btgy, Ayala, Alabang, Muninlupa City, Phillippines

3 33 Appain Way, Smithfield RI, 02917-1777, USA

4 Vogesenstraße 6, 76437 Rastatt, Germany

5 29 Rue du Pont 92200 Neuilly Sur Seine.

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 29
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Debt instruments measured at amortised cost
3,469,459
4,027,115
-
-
Carrying amount of financial liabilities
Measured at amortised cost
5,254,107
3,244,889
6,369,855
1,933,900
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
252,787
248,365
-
-
Finished goods and goods for resale
694,438
737,193
-
0
-
0
947,225
985,558
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,469,459
3,425,424
-
0
-
0
Corporation tax recoverable
-
0
243,003
-
0
-
0
Prepayments and accrued income
382,936
358,686
-
0
-
0
3,852,395
4,027,113
-
-
Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 30
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
-
0
300,000
-
0
300,000
Obligations under finance leases
22
8,518
100,028
-
0
-
0
Trade creditors
706,646
643,368
-
0
-
0
Amounts owed to group undertakings
1,127,534
1,086,325
4,269,855
1,633,900
Corporation tax payable
244,822
-
0
-
0
-
0
Other taxation and social security
69,842
218,003
-
-
Other creditors
7,107
31,828
-
0
-
0
Accruals and deferred income
1,304,302
865,337
-
0
-
0
3,468,771
3,244,889
4,269,855
1,933,900
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
2,100,000
3,875,000
2,100,000
3,875,000
Obligations under finance leases
22
-
0
60,635
-
0
-
0
2,100,000
3,935,635
2,100,000
3,875,000
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,100,000
4,175,000
2,100,000
4,175,000
Payable within one year
-
0
300,000
-
0
300,000
Payable after one year
2,100,000
3,875,000
2,100,000
3,875,000

The long-term loans are secured by fixed and floating charges on all company, subsidiary and immediate parent assets.

During the year, interest was charged on these loans at an average of 8.7% per annum (2023: 8.18% per annum).

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 31
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
8,518
60,635
-
0
-
0
In two to five years
-
0
100,028
-
0
-
0
8,518
160,663
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
(19,879)
(33,336)
Tax losses
-
(16,194)
Arising on business combinations
33,696
(33,304)
Short term temporary differences
(97,742)
(71,423)
(83,925)
(154,257)
Liabilities
Liabilities
2024
2023
Company
£
£
Tax losses
-
(16,194)
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(154,257)
(16,194)
Charge to profit or loss
70,332
16,194
Asset at 31 December 2024
(83,925)
-
Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
23
Deferred taxation
(Continued)
Page 32

 

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
164,012
155,222

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
26
Reserves
Capital contribution reserve

Comprises amounts recognised as a result of share options provided to company employees within the parent company. They are recognised against the cost of investment in the parent company.

The amount recognised each year relates to the fair value of these options. The company has taken exemption from including the detail of these options as they can be found in the financial statements of Seafox Dycem 1 Limited.

Profit and loss reserves

Includes all current and prior period retained profits and losses.

27
Financial commitments, guarantees and contingent liabilities

The group has granted a fixed and floating charge over its assets to secure the bank loans.

Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 33
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
205,517
273,861
-
-
Between two and five years
609,998
698,583
-
-
In over five years
96,281
1,020,765
-
-
911,796
1,993,209
-
-
Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 34
29
Related party transactions

The company has taken advantage of the exemption available under FRS 102 to not disclose transactions with other wholly owned group companies.

 

The members of key management as defined by FRS102 are considered to be the directors of the company.

 

At the 31 December 2024 the group was owed an amount of £12,500 (2023: £nil) from Longacre Group International Limited, a company under common control of three of the company's directors. During the year the company recognised an expense of £137,500 (2023: £115,000) in respect of monitoring fees charged from the same company.

 

During the year, the company received goods and services worth £515,929 (2023: £nil) and included within trade creditors at the year end is an amount of £88,972 (2023: £82,973) owed to Polyblend Limited, a company under common control of three of the company's directors.

30
Controlling party

The company is a wholly owned subsidiary of Seafox Dycem 1 Limited, a company incorporated in England and Wales. The ultimate parent undertaking is Longacre Group Limited, a company incorporated in England and Wales.

 

Longacre Group Limited is the largest group to prepare consolidated financial statements which include these financial statements. Copies of the financial statements can be obtained from 1 Mercer Street, London, WC2H 9QJ.

 

 

31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,512,616
699,470
Adjustments for:
Taxation charged
602,987
505,456
Finance costs
408,826
438,496
Investment income
(3,983)
-
0
Loss/(gain) on disposal of tangible fixed assets
197
(4,184)
Amortisation and impairment of intangible assets
419,754
410,123
Depreciation and impairment of tangible fixed assets
145,970
247,327
FX on fixed assets
2,257
-
Movements in working capital:
Decrease in stocks
38,333
191,716
Increase in debtors
(68,285)
(228,608)
Increase/(decrease) in creditors
370,570
(154,387)
Cash generated from operations
3,429,242
2,105,409
Seafox Dycem 2 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 35
32
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,153,840
565,520
1,719,360
Borrowings excluding overdrafts
(4,175,000)
2,075,000
(2,100,000)
Obligations under finance leases
(160,663)
152,145
(8,518)
(3,181,823)
2,792,665
(389,158)
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