REGISTERED NUMBER: 11478175 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Theseathesea Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr A J S Hunter

Mr V C L Voon

Mr M Hunter

REGISTERED OFFICE:

174 Pavilion Rd

London

SW1X 0AW

REGISTERED NUMBER:

11478175 (England and Wales)

ACCOUNTANTS:

Chandler and Partners Limited

5 Moor Street

Worcester

Worcestershire

WR1 3DB

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Theseathesea Ltd for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Theseathesea Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Theseathesea Ltd and state those matters that we have agreed to state to the Board of Directors of Theseathesea Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Theseathesea Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Theseathesea Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Theseathesea Ltd. You consider that Theseathesea Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Theseathesea Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chandler and Partners Limited

5 Moor Street

Worcester

Worcestershire

WR1 3DB

Date: .............................................

FIXED ASSETS

Intangible assets

4

11,730

13,900

Tangible assets

5

655,078

714,512

Investments

6

-

50,000

666,808

778,412

CURRENT ASSETS

Stocks

15,745

17,124

Debtors

7

784,790

557,269

Cash at bank

12,707

-

813,242

574,393

CREDITORS

Amounts falling due within one year

8

603,502

480,257

NET CURRENT ASSETS

209,740

94,136

TOTAL ASSETS LESS CURRENT LIABILITIES

876,548

872,548

CREDITORS

Amounts falling due after more than one year

9

429,709

441,147

NET ASSETS

446,839

431,401

CAPITAL AND RESERVES

Called up share capital

2

2

Share premium

1,090,027

1,090,027

Retained earnings

(643,190

)

(658,628

)

446,839

431,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mr A J S Hunter - Director

1.	STATUTORY INFORMATION

Theseathesea Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

5% on reducing balance

Plant and machinery

-

12.5% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

10,384

14,415

24,799

AMORTISATION

At 1 January 2024

2,769

8,130

10,899

Amortisation for year

692

1,478

2,170

At 31 December 2024

3,461

9,608

13,069

NET BOOK VALUE

At 31 December 2024

6,923

4,807

11,730

At 31 December 2023

7,615

6,285

13,900

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

600,077

331,915

3,829

45,303

981,124

Additions

-

3,140

-

4,095

7,235

At 31 December 2024

600,077

335,055

3,829

49,398

988,359

DEPRECIATION

At 1 January 2024

113,799

128,418

761

23,634

266,612

Charge for year

30,004

25,558

767

10,340

66,669

At 31 December 2024

143,803

153,976

1,528

33,974

333,281

NET BOOK VALUE

At 31 December 2024

456,274

181,079

2,301

15,424

655,078

At 31 December 2023

486,278

203,497

3,068

21,669

714,512

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

50,000

Disposals

(50,000

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

50,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

122,616

166,869

Amounts owed by group undertakings

447,540

256,091

Other debtors

188,524

98,292

Prepayments

26,110

36,017

784,790

557,269

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

10,000

34,673

Hire purchase contracts

-

30,140

Trade creditors

230,714

155,436

Amounts owed to group undertakings

70,000

27,183

Social security and other taxes

134,207

120,368

Pensions

1,781

1,022

VAT

32,230

9,013

Directors' current accounts

75,108

75,868

Accrued expenses

49,462

26,554

603,502

480,257

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

4,341

10,000

Bank loans - 2-5 years

-

4,338

Other loans - 1-2 years

347,118

348,559

Other creditors

78,250

78,250

429,709

441,147

10.	ULTIMATE CONTROLLING PARTY

The controlling party is The Sea The Sea Group Ltd.