REGISTERED NUMBER: 10535827 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SEEN CONNECTS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

31,648

75,393

CURRENT ASSETS

Debtors

5

1,244,472

1,373,065

Cash at bank

1,758,762

606,441

3,003,234

1,979,506

CREDITORS

Amounts falling due within one year

6

(2,225,887

)

(1,789,633

)

NET CURRENT ASSETS

777,347

189,873

TOTAL ASSETS LESS CURRENT LIABILITIES

808,995

265,266

PROVISIONS FOR LIABILITIES

(24,194

)

(30,000

)

NET ASSETS

784,801

235,266

CAPITAL AND RESERVES

Called up share capital

75

75

Retained earnings

784,726

235,191

784,801

235,266

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

A J Southcott - Director

1.	STATUTORY INFORMATION

Seen Connects Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07438655 and registered office address is Units Efg, Ground Floor, Zetland House, 5-25 Scrutton Street, London, England, EC2A 4HJ

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.

The financial statements represent the results for the individual entity. The presentation and functional currency of the financial statements is the Pound Sterling (£).

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

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

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Unbilled revenue

The directors make judgements as to whether the final outcome on long term assignments can be assessed with reasonable certainty before profits are calculated.

The directors also make judgements as to the amount of profit that is calculated on long term assignments such that it prudently reflects the proportion of the work carried out by the year end by recording turnover and related costs as contract activity progresses.

Other accounting judgements and other sources of estimation uncertainty

Provisions

A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Trade debtors recoverability

Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

Turnover

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

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

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 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, which include trade debtors, other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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 deducting all of its liabilities.

Basic financial liabilities, including trade creditors, other creditors, and amounts owed to group undertakings, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Going concern

The financial statements have been prepared on a going concern basis. Based on internal forecasts and projections considering severe and plausible downside scenarios, prepared for the period to future periods that take in to account the principal risks and uncertainties facing the business and reasonably possible changes in the company's trading performance, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months. Accordingly, the going concern basis has continued to be adopted in the preparation of the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

26,036

104,052

130,088

Additions

5,460

1,245

6,705

Disposals

(25,607

)

(34,472

)

(60,079

)

At 31 December 2024

5,889

70,825

76,714

DEPRECIATION

At 1 January 2024

8,914

45,781

54,695

Charge for year

5,890

21,943

27,833

Eliminated on disposal

(13,757

)

(23,705

)

(37,462

)

At 31 December 2024

1,047

44,019

45,066

NET BOOK VALUE

At 31 December 2024

4,842

26,806

31,648

At 31 December 2023

17,122

58,271

75,393

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Trade debtors

1,141,069

1,254,480

Amounts owed by group undertakings

940

202

Amounts owed by associates

7,475

-

Other debtors

94,988

118,383

1,244,472

1,373,065

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Trade creditors

467,525

272,358

Amounts owed to group undertakings

2,187

-

Taxation and social security

212,048

53,395

Other creditors

1,544,127

1,463,880

2,225,887

1,789,633

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Frederick Norman (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

8.	RELATED PARTY DISCLOSURES

At 31 December 2024 the company owed £2,187 (2023: £202- was due) to its immediate parent company, Captivate Group

At 31 December 2024 the company was due £388 (2023: £nil ) from Seen Studios a fellow subsidiary

At 31 December 2024 the company was due £552 (2023: £nil) from Stir Studios a fellow subsidiary

9.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company and ultimate controlling party is Captivate Group Limited, whose registered office is Units Efg, Ground Floor, Zetland House, 5-25 Scrutton Street, London, England, EC2A 4HJ. Consolidated financial statements can be obtained at Companies House, Crown Way, Cardiff, CF14 3UZ.