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Seahawk Bidco Limited
Registered number: 11486076
Annual report and
consolidated financial statements
For the year ended 31 December 2024
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SEAHAWK BIDCO LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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SEAHAWK BIDCO LIMITED
CONTENTS
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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SEAHAWK BIDCO LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report and the financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the Company is that of a holding company. The principal activity of the Group is that of an energy comparison and procurement service. The trading Company Love Energy Savings.com (‘Love’) is a highly tech-enabled SME sales platform specialising in Energy, Water, and Connectivity. Our mission is to delight customers by simplifying the switching process.
Revenue for the year increased to £37,891,480 (FY23: £27,750,298) reflecting growth of 36.5%.
Operating profit pre-exceptional costs and pre-amortisation of intangible assets improved to a profit of £9,295,943 (FY23: £4,293,894) as a result of the increased revenue and improved operational performance.
The Group had net liabilities of £45,410,144 (FY23: £40,728,861) reflective of the leveraged nature of the investment by LDC Nominees Ltd. The underlying cash position continued to strengthen with a year-end balance of £3,024,100 (FY23: £5,466,457).
Strategic review
In 2024, the Group focused on growth and value creation for both customers and shareholders, building on the previous year's momentum. Key achievements included:
∙Enhanced Digital Experience: Our data-driven, digitised approach boosted customer retention and self service. Online energy deal processing increased from 9% to 13%, showcasing stronger customer engagement with our Buy Online / Renew Online capabilities.
∙Customer Growth: We expanded our customer base by 4% year on year and improved retention by 21%. Our Trustpilot rating remains "Excellent" at 4.7/5 from over 23,000 reviews.
∙Product Diversification: The successful relaunch of Connectivity and increased cross-selling efforts raised the share of non-energy deals from 25% to 30%, aligning with our strategy to broaden customer value and choice.
∙Operational Excellence & Data Intelligence: Leveraging data, technology and early AI adoption led to a 6ppt and 5ppt improvement vs 2023 in both our GM% and EBITDA% metrics respectively.
These initiatives, supported by ongoing investment in technology and data, resulted in record financial performance — a 37% increase in turnover and a 200% rise in operating profit (pre-exceptionals).
In 2025, the Group will continue to build on the strong foundations established in 2024, focusing on enhancing customer and product propositions, new customer acquisition, adding value, and maintaining strong retention metrics.
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SEAHAWK BIDCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
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The key inherent risks to the Group and the Company are outlined below:
1.Market Changes and Volatility: Occasional uncertainty around product availability and pricing in the Gas and Electricity markets poses a risk to trading. Directors continually review markets and product availability to address changes quickly and offset risks by increasing trading in alternative utility markets. Regulatory changes are closely monitored by internal compliance teams and through relationships with our supplier panel to minimize potential adverse impacts.
2.Revenue Recognition/Recoverability: Revenue for each contract is based on assumptions, including estimations of future utility consumption. Enhancements to processes and procedures aim to minimise uncertainty, including:
∙Regular management review of accrued income recoverability, provisions and appropriateness of the Company’s revenue recognition policy based on the latest supplier information, cash receipts/reconciliations and other factors.
∙Multi-pronged approach to consumption level verification with customers, suppliers and other external third party validation.
∙Advanced analytics and automated exception reporting for any variances pre contract going live, during the contract term and at the end of the contract.
3.Cybersecurity: The ongoing risk of cyber-attacks could impact business operations and customer data. Continuous investment in IT infrastructure, teammate training, and processes aims to reduce risks and prevent cyber-attacks.
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SEAHAWK BIDCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of the directors duties in performance of S172 Companies Act 2006
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The board of directors of Seahawk Bidco Limited consider that both individually and together for the year ended 31 December 2023 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole and having regard to the matters set out in s172(a-f) as below:
a) The likely consequences of any decision in the long term;
b) The interests of the Company’s employees;
c) The need to foster the Company’s business relationships with suppliers, customers and others;
d) The impact of the Company’s operations on the community and the environment;
e) The desirability of the Company maintaining a reputation for high standards of business conduct; and
f) The need to act fairly between members of the Company.
The directors make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders.
a) The likely consequences of any decision in the long term
The directors have considered the likely consequences of their decisions on the long-term objectives and sustainability of the Group, its stakeholders and the community whilst also preserving its values and culture. With this in mind, when a dividend is proposed it is important to confirm the availability of distributable reserves whilst also considering cash requirements for future capital investment and without prejudicing the position of other creditors.
We assess the profitability of each of our locations on an individual basis and would only make the decision to dispose of one if the costs outweigh the takings. This decision would be made on a long-term view and factor in the needs of care provision for our residents.
Investment in training and development is an area in which initial costs will be outweighed by long term benefits of the quality-of-service the Group can provide. We strive to train our employees to the highest standard possible as they are our greatest investment. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact in either the short or long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.
b) The interests of the Group’s employees
Our employees represent our business so it is very important that they have the right attitude and the drive to create ideas and set high standards. All employees are encouraged to be honest and regular reviews and employee surveys are held to facilitate this. The board receives reports on the results of these surveys together with action plans that management then carry forward.
The directors make regular visits to each department in order to talk to employees, which gives them the opportunity to hear their ideas and see first-hand where any improvements can be made.
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SEAHAWK BIDCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
c) The need to foster the Group’s business relationships with suppliers, customers and others
Customers are the Group’s greatest asset who provide our best and cheapest form of advertising. Our employees focus on delivering the best possible experience to our customers and can tailor the service given to meet the exact needs of each customer. Reviews, continuous feedback, monitoring and measurement is highly important to creating a positive spiral to keep improving service levels at the highest standards, driving customer satisfaction. We carry out our business with similar-minded people who we like and build on this to forge strong and lasting partnerships which is important for our long-term success.
d) The impact of the Group’s operations on the community and the environment
We are proud to be part of the local and wider communities. It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community and what we can do to support it.
e) The desirability of the Group maintaining a reputation for high standards of business conduct
All new employees and existing employees are given continuous training, they have access to our Operating procedures and Codes of Conduct and understand the requirement for them to comply with the Group’s high standards of business conduct at all times. Any issues of non-compliance with any of our policies can be dealt with in confidence.
f) The need to act fairly between members of the Group
The Company aims to act with integrity and courtesy in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Group.
This report was approved by the board on 30 May 2025 and signed on its behalf.
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SEAHAWK BIDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make 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; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £4,681,283 (2023 - loss £12,009,119).
The directors who served during the year were:
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SEAHAWK BIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Parent Company and Group for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Parent Company and Group to continue as a going concern.
Accordingly, the directors have a reasonable expectation that the Parent Company and Group will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.
Whilst the Group recorded a loss for the year of £4.7m this was after interest charges of £6.7m, exceptional costs of £0.6m and amortisation of £5.6m. The majority of the interest is payable to LDC Nominees, a shareholder of the Group and they remain supportive of the business. The majority of loan balances are also due to them.
Greenhouse gas emissions, energy consumption and energy efficiency action
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The following figures relate to the energy consumed by the Group's two main buildings in the United Kingdom and cover CHG emissions data from the year 1 January 2023 to the 31 December 2024.
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Associated Greenhouse gas emissions Tonnes Co2 equivalent
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Tonnes of Co2e per sales ratio
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The Company’s Co2 emissions are calculated using the National Energy Foundation Carbon Calculator, the data is obtained per calendar year and consumption is used evenly throughout each year.
In 2024, a dedicated Facilities Manager was appointed, alongside the establishment of a comprehensive ESG committee. This team has been actively working to understand the company’s energy consumption, with support from its ESG partner, Flotilla.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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SEAHAWK BIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 30 May 2025 and signed on its behalf.
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SEAHAWK BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEAHAWK BIDCO LIMITED
Opinion
We have audited the financial statements of Seahawk Bidco Limited (the ‘Parent Company’) and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise of the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statement of Financial Positions, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Group's and Parent Company’s affairs as at 31 December 2024 and of the Group's loss 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 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 nor 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.
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SEAHAWK BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEAHAWK BIDCO LIMITED
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the Parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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SEAHAWK BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEAHAWK BIDCO LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 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 intend either to liquidate the Group or Parent Company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the Group and Parent Company and their industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Group and Parent company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Group and Parent Company which were contrary to applicable laws and regulations, including fraud.
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SEAHAWK BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEAHAWK BIDCO LIMITED
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit 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 so that we might state to the Company's members those matters we are required to state to them in an auditor's 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.
Neil Barton (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
One St. Peter's Square
Manchester
M2 3DE
30 May 2025
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SEAHAWK BIDCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Exceptional administrative expenses
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Interest payable and similar expenses
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Loss for the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
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There was no other comprehensive income for 2024 (2023: £Nil).
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The notes on pages 18 to 38 form part of these financial statements.
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SEAHAWK BIDCO LIMITED
REGISTERED NUMBER: 11486076
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Debtors: amounts falling due after more than one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 38 form part of these financial statements.
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SEAHAWK BIDCO LIMITED
REGISTERED NUMBER: 11486076
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The loss after tax of the Parent Company for the year was £7,369,473 (2023: £7,113,034).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 38 form part of these financial statements.
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SEAHAWK BIDCO LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive expense for the year
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Total comprehensive expense for the year
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Comprehensive expense for the year
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Total comprehensive expense for the year
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The notes on pages 18 to 38 form part of these financial statements.
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SEAHAWK BIDCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive expense for the year
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Total comprehensive expense for the year
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Comprehensive expense for the year
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Total comprehensive expense for the year
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The notes on pages 18 to 38 form part of these financial statements.
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SEAHAWK BIDCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Loss for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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(Increase)/decrease in debtors
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Increase/(decrease) in creditors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Net cash used in investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
|
|
|
Cash and cash equivalents at the end of year
|
|
|
|
|
|
|
Cash and cash equivalents at the end of year comprise:
|
|
|
|
|
|
|
|
|
|
|
- 17 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Seahawk Bidco Limited (the 'Company') is a private company, limited by shares, incorporated in the United Kingdom and registered in England. The Company's registered number is 11486076. The address of its registered office and principal place of business is:
Unit 2 Springfield Court
Summerfield Road
Bolton
BL3 2NT
The principal activity of the Company is that of a holding company. The principal activity of the Group is that of a commercial utilities intermediary.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
- 18 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Parent Company and Group for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Parent Company and Group to continue as a going concern.
Accordingly, the directors have a reasonable expectation that the Parent Company and Group will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.
Whilst the Group recorded a loss for the year of £4.7m this was after interest charges of £6.7m, exceptional costs of £0.6m and amortisation of £5.6m. The majority of the interest is payable to LDC Nominees, a shareholder of the Group and they remain supportive of the business. The majority of loan balances are also due to them.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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 is 3 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.
- 19 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
|
|
|
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 reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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 reporting date.
- 20 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
- 21 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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.
|
|
|
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.
- 22 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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.
- 23 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
- 24 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
Financial instruments (continued)
|
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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
|
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Estimating the value of services delivered
The Group recognises a provision against revenue for signed customer contracts that are ultimately not delivered due to the energy provider being unable to complete the switching process. This estimate is reviewed and updated monthly.
The Group also estimates the proportion of sales which may be clawed back at the end of the contract. The revenue recognition model is based upon expected contract usage but if this ultimately ends up being below expectations than an adjustment will be required.
(ii) Recognition and carrying value of intangible assets
Following business combinations there is an element of judgement in determining the classification, carrying value and lives of intangibles assets.
(iii) Potential claims
The Group monitors all potential claims on an ongoing basis including those in the wider sector. If it was deemed appropriate, a provision would be made or contingent liability disclosure added should sufficient certainty exist.
All turnover arose within the United Kingdom and is attributable to the Group's principal activity.
- 25 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
The Company's revenue model makes an assumption on what the energy usage by customers will be over the contract life, using industry-standard methodologies and third party data sources. If the actual usage is lower than initially estimated, then there is a claw back of the commission received by the Company and in the ordinary course of business this would not be an exceptional cost. Due to the impact of COVID and the energy crisis being more significant than originally anticipated it is expected that the actual usage will be materially lower than originally recorded resulting in a revenue adjustment.
Other expenses and professional fees relate to one off, non-recurring items during the year that are not reflective of underlying operations.
The majority of the exceptional expenditure in the current year relates to one-off expenses incurred on a new project.
|
|
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|
|
The operating loss is stated after charging:
|
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|
Research & development charged as an expense
|
|
|
|
|
Depreciation of tangible fixed assets
|
|
|
|
|
|
|
|
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|
Defined contribution pension cost
|
|
|
|
|
Amortisation of intangible assets
|
|
|
- 26 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
During the year, the Group obtained the following services from the Company's auditor:
|
|
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|
|
|
|
|
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|
|
Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
|
|
|
|
|
Fees payable to the Company's auditor in respect of:
|
|
|
|
|
All non-audit services not included above
|
|
|
|
|
|
|
|
Staff costs, including directors' remuneration, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
- 27 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
Group contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year retirement benefits were accruing to 6 directors (2023 - 5) in respect of defined contribution pension schemes.
|
|
|
The highest paid director received remuneration of £231,300 (2023 - £308,750).
|
|
|
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).
|
|
|
Interest payable and similar expenses
|
|
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|
|
|
|
|
|
|
|
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|
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|
|
Other loan interest payable
|
|
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|
|
Origination and reversal of timing differences
|
|
|
|
|
Adjustment in respect of previous periods
|
|
|
|
|
Effect of tax rate change on opening balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on profit/(loss) on ordinary activities
|
|
|
- 28 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
|
|
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 - 23.52%). The differences are explained below:
|
|
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|
|
|
|
|
|
|
|
|
|
|
Loss on ordinary activities before tax
|
|
|
|
|
Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
|
|
|
|
|
|
|
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|
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Non-tax deductible amortisation of goodwill and impairment
|
|
|
|
|
Expenses not deductible for tax purposes
|
|
|
|
|
|
|
|
|
|
Adjustments to tax charge in respect of previous periods - deferred tax
|
|
|
|
|
Remeasurement of deferred tax for changes in tax rates
|
|
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|
Movement in deferred tax not recognised
|
|
|
|
|
|
|
|
|
|
Other permanent differences
|
|
|
|
|
Total tax charge for the year
|
|
|
|
|
Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
- 29 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Investments in subsidiary companies
|
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The following were subsidiary undertakings of the Company:
|
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|
Unit 2 Springfield Court, Summerfield Road, Bolton, England, BL3 2NT
|
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|
|
Love Energy Savings.com Limited *
|
Unit 2 Springfield Court, Summerfield Road, Bolton, England, BL3 2NT
|
|
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|
|
Sandown Holdings Limited *
|
Unit 2 Springfield Court, Summerfield Road, Bolton, England, BL3 2NT
|
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|
C/O Forvis Mazars LLP, One St Peter's Square, Manchester, United Kingdom, M2 3DE
|
|
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|
|
The above companies with * are indirect subsidiaries.
Dealtopia Limited was exempt from the requirements relating to audit of the individual financial statements by virtue of section 479A of the Companies Act 2006.
|
- 32 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Due after more than one year
|
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Prepayments and accrued income
|
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Amounts owed by group undertakings
|
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|
Prepayments and accrued income
|
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Cash and cash equivalents
|
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|
- 33 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Creditors: Amounts falling due within one year
|
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Amounts owed to group undertakings
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
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|
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The bank loan is secured by a debenture creating a fixed and floating charge over the assets of the Group.
|
|
|
Creditors: Amounts falling due after more than one year
|
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|
Accruals and deferred income
|
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|
|
|
|
|
|
The bank loans are secured by a debenture creating a fixed and floating charge over the assets of the Group.
|
- 34 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Amounts falling due within one year
|
|
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|
|
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|
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Amounts falling due 1-2 years
|
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The bank loan is secured by a debenture creating a fixed and floating charge over the assets of the Group.
|
- 35 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
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|
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|
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|
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|
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|
Charged to profit or loss
|
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|
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|
Charged to profit or loss
|
|
|
|
|
|
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|
|
The deferred tax asset is made up as follows:
|
|
|
|
|
|
|
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|
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|
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|
|
Fixed asset timing differences
|
|
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|
|
|
|
Short term timing differences
|
|
|
|
|
|
|
Losses and other deductions
|
|
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|
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|
|
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|
- 36 -
|
|
SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
Allotted, called up and fully paid
|
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600,705 (2023 - 600,705) A1 Ordinary shares of £0.01 each
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66,701 (2023 - 66,701) A2 Ordinary shares of £0.01 each
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11,083 (2023 - 11,083) A3 Ordinary shares of £0.01 each
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95,416 (2023 - 95,416) B Ordinary shares of £0.01 each
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25,580 (2023 - 25,580) C Ordinary shares of £0.01 each
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6,560 (2023 - 6,560) D Ordinary shares of £0.01 each
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52,897 (2023 - 52,897) E Ordinary shares of £0.10 each
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95,717 (2023 - 95,717) F1 Ordinary shares of £0.10 each
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25,189 (2023 - 25,189) F2 Ordinary shares of £0.10 each
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20,152 (2023 - 20,152) F3 Ordinary shares of £0.10 each
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All shares rank pari passu in all respects with the exception of equity dividends paid which are made at the discretion of the directors.
All shares were issued on 20 August 2018.
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Share premium account
This reserve records the amount above the nominal value received for shares issued.
Profit & loss account
This reserve represents cumulative profits and losses.
- 37 -
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SEAHAWK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £209,645 (2023: £172,374). Contributions totalling £44,170 (2023: £38,126) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken the exemption available from section 33 to not disclose transactions with other wholly owned members of the Group.
The Company paid LDC Nominees Limited £131,523 (2023: £121,523) during the year as a monitoring fee. There were no amounts outstanding at the year end date.
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The Company has no ultimate controlling party with majority voting control.
- 38 -
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