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Registered number: 02121139














UNIQUE SEAFLEX LIMITED





INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024

 
UNIQUE SEAFLEX LIMITED
 

COMPANY INFORMATION


Directors
Graham Brading 
Himanshu Suresh Gandhi 




Registered number
02121139



Registered office
Unique Seaflex
Seaview Road

Cowes

Isle Of Wight

PO31 7US




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
UNIQUE SEAFLEX LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 16


 
UNIQUE SEAFLEX LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing 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 judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Page 1

 
UNIQUE SEAFLEX LIMITED
REGISTERED NUMBER:02121139

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
394,837
453,685

Investments
 7 
3,090,101
3,090,101

  
3,484,938
3,543,786

Current assets
  

Stocks
 8 
1,050,869
540,779

Debtors: amounts falling due within one year
 9 
8,585,067
8,615,614

Cash at bank and in hand
 10 
62,051
91,380

  
9,697,987
9,247,773

Creditors: amounts falling due within one year
 11 
(10,017,915)
(9,651,817)

Net current liabilities
  
 
 
(319,928)
 
 
(404,044)

Total assets less current liabilities
  
3,165,010
3,139,742

Provisions for liabilities
  

Deferred tax
 12 
(61,417)
(71,958)

  
 
 
(61,417)
 
 
(71,958)

Net assets
  
3,103,593
3,067,784


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
29,700
29,700

Profit and loss account
  
3,072,893
3,037,084

  
3,103,593
3,067,784


Page 2

 
UNIQUE SEAFLEX LIMITED
REGISTERED NUMBER:02121139

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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



................................................
Graham Brading
Director

Date: 30 June 2025

The notes on pages 5 to 16 form part of these financial statements.

Page 3

 
UNIQUE SEAFLEX LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


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

£
£
£
£


At 1 January 2023
1,000
29,700
2,516,558
2,547,258



Profit for the year
-
-
520,526
520,526



At 1 January 2024
1,000
29,700
3,037,084
3,067,784



Profit for the year
-
-
35,809
35,809


At 31 December 2024
1,000
29,700
3,072,893
3,103,593


The notes on pages 5 to 16 form part of these financial statements.

Page 4

 
UNIQUE SEAFLEX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Unique Seaflex Ltd is a limited company incorporated in England. The company's registered address is Seaview Road, Cowes, Isle of Wight, PO31 7US. The principal activity of the company is the provision of specialist proof load testing and buoyancy equipment.

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 Company is exempt by virtue of the small companies regime of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not its group.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. Whilst the company has net current liabilities of £319,928, there are amounts included within creditors due within one year related to group undertakings amounting to £9,725,754. The company has received assurances and confirmation of support from these group companies that amounts will not be demanded for repayment at the expense of the company being able to continue to meet its obligations as they fall due and operate as a going concern. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements. 

Page 5

 
UNIQUE SEAFLEX LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

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

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to the Profit and loss account 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.

Page 6

 
UNIQUE SEAFLEX LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.7

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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.


 
2.9

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.

 
2.10

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 7

 
UNIQUE SEAFLEX LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
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 the below methods.

Depreciation is provided on the following basis:

Leasehold property
-
20% straight line
Rental stock
-
20% straight line
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.

Page 8

 
UNIQUE SEAFLEX LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

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.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 9

 
UNIQUE SEAFLEX LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 10

 
UNIQUE SEAFLEX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

2024
2023
£
£

Wages and salaries
860,203
926,485

Social security costs
131,769
119,691

Cost of defined contribution scheme
95,945
85,535

1,087,917
1,131,711


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


        2024
        2023
            No.
            No.







Admin
29
28


4.


Exceptional items

2024
2023
£
£



Redunancy payments
-
25,653


5.


Intangible assets




Patents

£



Cost


At 1 January 2024
2,312



At 31 December 2024

2,312



Amortisation


At 1 January 2024
2,312



At 31 December 2024

2,312



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 11

 
UNIQUE SEAFLEX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





Leasehold property
Rental stock
Motor vehicles
Fixtures and fittings
Plant & Machinery
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
119,994
741,721
7,000
88,624
517,334
1,474,673


Additions
-
115,784
-
9,700
-
125,484


Disposals
-
(161,703)
-
-
-
(161,703)



At 31 December 2024

119,994
695,802
7,000
98,324
517,334
1,438,454



Depreciation


At 1 January 2024
113,861
557,464
6,747
74,836
268,080
1,020,988


Charge for the year on owned assets
1,600
76,330
63
4,830
24,939
107,762


Disposals
-
(85,133)
-
-
-
(85,133)



At 31 December 2024

115,461
548,661
6,810
79,666
293,019
1,043,617



Net book value



At 31 December 2024
4,533
147,141
190
18,658
224,315
394,837



At 31 December 2023
6,133
184,257
253
13,788
249,254
453,685




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
4,533
6,133


Page 12

 
UNIQUE SEAFLEX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
3,090,101



At 31 December 2024
3,090,101





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Water Weights Limited
Unit 1a Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21 0GL
Ordinary
100%


8.


Stocks

2024
2023
£
£

Raw materials and consumables
464,857
353,021

Finished goods and goods for resale
586,012
187,758

1,050,869
540,779


Page 13

 
UNIQUE SEAFLEX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Debtors

2024
2023
£
£


Trade debtors
383,516
333,285

Amounts owed by group undertakings
7,977,816
8,180,406

Other debtors
31,229
44,127

Prepayments and accrued income
192,506
57,796

8,585,067
8,615,614



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
62,051
91,380



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
160,433
178,606

Amounts owed to group undertakings
9,725,754
9,162,856

Corporation tax
-
152,271

Other taxation and social security
38,571
25,504

Other creditors
7,909
44,565

Accruals and deferred income
85,248
88,015

10,017,915
9,651,817


Page 14

 
UNIQUE SEAFLEX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Deferred taxation




2024


£






At beginning of year
(71,958)


Charged to profit or loss
10,541



At end of year
(61,417)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(62,730)
(73,254)

Tax losses carried forward
1,313
1,296

(61,417)
(71,958)


13.


Pension commitments

During the year the company contributed £50,342 (2023 - £85,535) to define contribution pension schemes on behalf of employees. There were contributions of £7,909  (2023 - £7,699) outstanding at year end.


14.


Commitments under operating leases

At 31 December 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
190,208
96,915

Later than 1 year and not later than 5 years
236,449
80,589

426,657
177,504

Page 15

 
UNIQUE SEAFLEX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33.1A from the requirement to disclose transactions with 100% owned subsidiaries. 


16.


Controlling party

The parent company is Unique Group FZC which is incorporated in United Arab Emirates.
The ultimate controlling party is UMG Holdco 1 Ltd, a limited liability company which is incorporated in Jersey. 


17.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 June 2025 by James Pirrie (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.

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