Seacat Services Ltd Cover |
Company No. 07399878 | |||||||||
Seacat Services Ltd Contents |
Pages | |||||||||
Company Information | 2 | ||||||||
Strategic Report | 3 | ||||||||
Directors' Report | 4 | ||||||||
Auditor's Report | 5 to 7 | ||||||||
Statement of Comprehensive Income | 8 | ||||||||
Statement of Financial Position | 9 | ||||||||
Statement of Changes in Equity | 10 | ||||||||
Statement of Cash Flows | 11 | ||||||||
Notes to the Financial Statements | 12 to 24 | ||||||||
Seacat Services Ltd Company Information |
Directors | |||||||||
Registered Office | |||||||||
Auditor | |||||||||
30 Crosby Road North | |||||||||
Liverpool | |||||||||
L22 4QF | |||||||||
Seacat Services Ltd Strategic Report |
The Directors present their strategic report for the year ended 31 December 2024. | |||||||
Business review | |||||||
With a known and repeatable revenue stream of fixed vessel management fees 2024 met all expectations, adhering to the budget set for the year and reaching financial KPI’s. As vessel managers in a strengthening market the fleet under management achieved strong occupancy, which in turn provides further security for the company as fleet managers. 99% of the days sold for owners were delivered, a clear sign of a strong effective service delivery by the team. | |||||||
The charter outlook for the fleet under management is strong, signs of a stable market but also that the company is delivering a quality service for vessel owners and their end customer base. With this positive outlook the prospects for the business for 2025 and beyond are strong. | |||||||
The company's key performance indicator during the year was as follows: | |||||||
Other key performance indicators: | |||||||
1 | The expenditure of management fees versus income derived from these fees was under budget. | ||||||
2 | Net profit target was exceeded. | ||||||
3 | Cash reserves were met. | ||||||
Principal risks and uncertainties | |||||||
1 | The principal risk to the business lies in being monogamous to one ship owner and therefore a single income stream. However, this is protected by a Ship Management Agreement which is valid for a few years to come. Operating in a strong market and with a solid reputation further mitigates further uncertainty associated with this risk. | ||||||
2 | A skills shortage remains present as the offshore wind industry continues to grow. This is mitigated by apprenticeship schemes and stable long term charters providing stability for the companies’ personnel. Despite some crewing fluidity during 2022, mainly due to emerging competition with aggressive recruitment strategies, 2023 and 2024 saw a stabilisation in crew retention. | ||||||
3 | Significant levels of cash flow are deployed at any one time for covering owners expenses, this is mitigated by timely invoicing to vessel owners who in turn pay swiftly. | ||||||
Signed on behalf of the board | |||||||
I. Baylis | |||||||
Director | |||||||
26 September 2025 | |||||||
Seacat Services Ltd Directors Report |
The Directors present their report and the financial statements for the year ended 31 December 2024. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
(Resigned 29 January 2024) | |||||||||
Statement of directors' responsibilities | |||||||||
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations. | |||||||||
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts 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 accounts, the directors are required to: | |||||||||
* | select suitable accounting policies and then apply them consistently; | ||||||||
* | make judgements and 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 statments; and | ||||||||
* | 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||||
Statement of disclosure of information to auditor | |||||||||
Signed on behalf of the board | |||||||||
I. Baylis | |||||||||
Director | |||||||||
26 September 2025 | |||||||||
Seacat Services Ltd Audit Report Unqualified |
Independent Auditor's Report to the members of Seacat Services Ltd | |||||||||
Opinion | |||||||||
We have audited the financial statements of Seacat Services Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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: | |||||||||
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 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 accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. | |||||||||
Our responsibilities and the responsibillities 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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. | |||||||||
Opinion on other matters prescribed by the Companies Act 2006 | |||||||||
In our opinion, based upon the work undertaken in the course of the audit: | |||||||||
• the information given in the 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 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 the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. | |||||||||
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |||||||||
• the 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. | |||||||||
Responsibilities of directors | |||||||||
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the 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 accounts 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: | |||||||||
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations relate to those laws and regulations that have a direct impact on the financial statements such as the companies act and we considered the extent to which non compliance might have a material effect of the financial statements. Our audit response is based on: - Enquiry of management, those charged with governance around actual and potential litigation and claims. - Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. - Reviewing minutes of meetings of those charged with governance together with legal and professional correspondence for any indication of none compliance. - We evaluated managements incentives and opportunities for fraudulent manipulation of the Financial statements including manipulations of the results of the company through inappropriate journal entries or bias in assumptions relating to accounting estimates. -Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. 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 the auditors report. | |||||||||
Use of this 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 auditors' 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. | |||||||||
Senior Statutory Auditor | |||||||||
For and on behalf of Robinson Rice Associates Limited | |||||||||
Accountants and Statutory Auditors | |||||||||
30 Crosby Road North | |||||||||
Liverpool | |||||||||
L22 4QF | |||||||||
Seacat Services Ltd Statement of Comprehensive Income |
for the year ended 31 December 2024 | |||||||||||
Notes | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
Revenue | |||||||||||
Cost of sales | ( | ( | |||||||||
Gross profit | |||||||||||
Distribution costs and selling expenses | ( | ( | |||||||||
Administrative expenses | ( | ( | |||||||||
Other operating income | |||||||||||
Operating profit | 3 | ||||||||||
Other interest receivable | 6 | ||||||||||
Interest payable and similar charges | 7 | ( | ( | ||||||||
Profit on ordinary activities before taxation | |||||||||||
Taxation | 8 | ( | ( | ||||||||
Profit for the financial year after taxation | |||||||||||
Other comprehensive income | - | - | |||||||||
Total comprehensive income/(loss) | |||||||||||
Seacat Services Ltd Statement of Financial Position |
at | ||||||||||
Company No. | Notes | 2024 | 2023 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 9 | |||||||||
Current assets | ||||||||||
Stocks | 10 | |||||||||
Debtors | 11 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 12 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Provisions for liabilities | ||||||||||
Deferred taxation | 13 | ( | ( | |||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | 14 | |||||||||
Profit and loss account | 15 | |||||||||
Total equity | ||||||||||
Approved by the board on 26 September 2025 and signed on its behalf by: | ||||||||||
I. Baylis | ||||||||||
Director | ||||||||||
26 September 2025 | ||||||||||
Seacat Services Ltd Statement of Changes in Equity |
for the year ended 31 December 2024 | ||||||||||||
Share Capital | Retained earnings | Total equity | ||||||||||
£ | £ | £ | ||||||||||
At 1 January 2023 | 2 | 1,340,171 | 1,340,173 | |||||||||
Profit for the period | 317,409 | |||||||||||
Dividends | ( | ( | ||||||||||
At 31 December 2023 and 1 January 2024 | ||||||||||||
Profit for the period | ||||||||||||
Dividends | ( | ( | ||||||||||
At 31 December 2024 | ||||||||||||
Seacat Services Ltd Statement of Cash Flows |
for the year ended 31 December 2024 | ||||||
2024 | 2023 | |||||
£ | £ | |||||
Cash flows from operating activities | ||||||
Operating profit | 354,388 | 445,960 | ||||
Adjustments for: | ||||||
Depreciation of property, plant and equipment | 39,399 | 37,813 | ||||
Loss/(Profit) on disposal of tangible fixed assets | 13,294 | (4,781) | ||||
Decrease in stocks | 90 | 4,403 | ||||
Decrease in trade and other receivables | 67,707 | 773,523 | ||||
Increase/(Decrease) in trade and other payables | 47,009 | (553,372) | ||||
Net cash generated from operations | 521,887 | 703,546 | ||||
Interest paid | ( | ( | ||||
Income taxes paid | ( | ( | ||||
Net cash generated from operating activities | ||||||
Cash flows from investing activities | ||||||
Proceeds from sales of property, plant and equipment | ||||||
Payments for property, plant and equipment | ( | ( | ||||
Interest received | ||||||
Net cash used in investing activities | ( | ( | ||||
Cash flows from financing activities | ||||||
Equity dividends paid | ( | ( | ||||
Net cash used in financing activities | ( | ( | ||||
Net (decrease)/increase in cash and cash equivalents | ( | |||||
Cash and cash equivalents at the beginning of the year | 426,026 | 363,761 | ||||
Cash and cash equivalents at the end of the year | 286,577 | 426,026 | ||||
Components of cash and cash equivalents | ||||||
Cash and bank balances | ||||||
286,577 | 426,026 | |||||
Seacat Services Ltd Notes to the Financial Statements |
for the year ended 31 December 2024 | ||||||||||||||||
1 | General information | |||||||||||||||
Seacat Services Ltd is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||||
Its registered number is: 07399878 | ||||||||||||||||
Its registered office is: | ||||||||||||||||
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound. | ||||||||||||||||
1 | ||||||||||||||||
2 | Accounting policies | |||||||||||||||
Revenue recognition | ||||||||||||||||
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method. | ||||||||||||||||
Taxation | ||||||||||||||||
Current Tax During the year the company became a member of the UK tonnage tax regime which is an alternative method of calculating profits chargeable to corporation tax based on tonnage of the ships they manage. This covers the majority of vessels managed. For the vessels outside of the UK tonnage tax regime, tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred Tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Due to being members of the UK tonnage tax regime, deferred tax is calculated based on pre tonnage tax asset. | ||||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||||
losses. Depreciation on plant and equipment is charged to profit or loss so as to write off their value, over their estimated useful lives, using the straight-line method. At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. | ||||||||||||||||
Motor vehicles | ||||||||||||||||
Furniture, fittings and equipment | ||||||||||||||||
Stocks | ||||||||||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. | ||||||||||||||||
Trade and other debtors | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
In the 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 company's cash management. | ||||||||||||||||
Financial instruments | ||||||||||||||||
Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument. Investments in non-convertible preference shares and non-puttable ordinary and preference shares are measured: • At fair value with changes recognised in the Income Statement if the shares are publicly traded or their fair value can otherwise be measured reliably; • At cost less impairment for all other investments. Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. For all other financial assets, objective evidence of impairment could include: • significant financial difficulty of the issuer or counterparty; or • breach of contract, such as a default or delinquency in interest or principal payments; or • it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or • the disappearance of an active market for that financial asset because of financial difficulties. | ||||||||||||||||
Financial Instruments (Continued) | ||||||||||||||||
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 50 days, as well as observable changes in national or local economic conditions that correlate with default on receivables. For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised. | ||||||||||||||||
Trade and other creditors | ||||||||||||||||
Finance costs | ||||||||||||||||
Interest bearing borrowings | ||||||||||||||||
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. | ||||||||||||||||
Related parties | ||||||||||||||||
For the purposes of these financial statements, a party is considered to be related to the Company if: • the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the Company; • the Company and the party are subject to common control; • the party is an associate of the Company or a joint venture in which the Company is a venturer; • the party is a member of key management personnel of the Company or the Company’s parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; • the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or • the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company. Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. | ||||||||||||||||
Foreign currencies | ||||||||||||||||
Leased assets | ||||||||||||||||
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred. Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. | ||||||||||||||||
Defined contribution pensions | ||||||||||||||||
The contributions are recognised as an expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||||
Provisions | ||||||||||||||||
Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial position. | ||||||||||||||||
3 | Operating Profit | |||||||||||||||
2024 | 2023 | |||||||||||||||
This is stated after charging: | £ | £ | ||||||||||||||
Depreciation of owned fixed assets | ||||||||||||||||
Foreign exchange loss/(profit) | (2,504) | 2,414 | ||||||||||||||
Auditors' remuneration for: | ||||||||||||||||
Audit of the company's annual accounts | ||||||||||||||||
4 | Staff costs | |||||||||||||||
2024 | 2023 | |||||||||||||||
Staff costs during the year (including directors) were as follows: | £ | £ | ||||||||||||||
Wages and salaries | ||||||||||||||||
Social security costs | ||||||||||||||||
Other pension costs | ||||||||||||||||
Total in company | 5,571,836 | 1 | 5,492,142 | |||||||||||||
The Royal London Mutual Insurance Society Auto Enrolment | ||||||||||||||||
Included in other pension costs are the following costs recognised as expenses during the year: | £ | £ | ||||||||||||||
Costs in respect of defined contribution schemes | ||||||||||||||||
- | - | |||||||||||||||
The average monthly number of employees (including directors) during the year was: | Number | Number | ||||||||||||||
Administration | ||||||||||||||||
Production | ||||||||||||||||
Total in company | ||||||||||||||||
5 | Directors' remuneration | |||||||||||||||
2024 | 2023 | |||||||||||||||
Remuneration included within staff costs - Note 4 - in respect of directors was as follows: | £ | £ | ||||||||||||||
Aggregate remuneration in respect of qualifying services | ||||||||||||||||
Aggregate of company contributions to defined contribution pension schemes | ||||||||||||||||
Total remuneration | 1218 | |||||||||||||||
Number of directors accruing benefits under pension schemes: | Number | Number | ||||||||||||||
Defined contribution pension schemes | ||||||||||||||||
The amounts of aggregate remuneration in respect of directors set out above include remuneration in respect of the highest paid director as follows: | £ | £ | ||||||||||||||
Company contributions to defined benefit pension schemes | ||||||||||||||||
6 | Interest receivable | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Bank interest receivable | ||||||||||||||||
Other interest receivable | ||||||||||||||||
7 | Interest payable and similar charges | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Bank loan and overdraft interest payable | ||||||||||||||||
Other interest payable | ||||||||||||||||
8 | Taxation | |||||||||||||||
(a) Tax on profit on ordinary activities | 2024 | 2023 | ||||||||||||||
The tax charge is made up as follows: | £ | £ | ||||||||||||||
UK corporation tax | ||||||||||||||||
Charge for the period | ||||||||||||||||
Total corporation tax | ||||||||||||||||
Origination and reversal of timing differences | ||||||||||||||||
Total deferred tax | ||||||||||||||||
Tax on profit on ordinary activities | ||||||||||||||||
(b) Factors affecting the total tax charge for the period | ||||||||||||||||
The tax assessed for the year is lower than the standard rate of corporation tax in the UK of 20% (2015: 19%). The differences are reconciled below: | ||||||||||||||||
Lower | 2024 | 2023 | ||||||||||||||
-61943 | £ | £ | ||||||||||||||
Profit on ordinary activities before tax | ||||||||||||||||
Standard rate of corporation tax in the United Kingdom | ||||||||||||||||
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 23.52%) | ||||||||||||||||
Tax effect of expenses that are not deductible in determining taxable profit | (67,930) | (1,123) | ||||||||||||||
Permanent capital allowances in excess of depreciation | 1,577 | (2,233) | ||||||||||||||
Originating timing differences | ||||||||||||||||
Tax on profit on ordinary activities | ||||||||||||||||
9 | Tangible fixed assets | |||||||||||||||
Fixtures, fittings and equipment | Total | |||||||||||||||
£ | £ | |||||||||||||||
Cost or revaluation | ||||||||||||||||
At 1 January 2024 | ||||||||||||||||
Additions | ||||||||||||||||
Disposals | ( | ( | ||||||||||||||
At 31 December 2024 | ||||||||||||||||
Depreciation and impairment | ||||||||||||||||
At 1 January 2024 | ||||||||||||||||
Charge for the year | ||||||||||||||||
Disposals | ( | ( | ||||||||||||||
At 31 December 2024 | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 December 2024 | ||||||||||||||||
At 31 December 2023 | ||||||||||||||||
10 | Stocks | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Finished goods | ||||||||||||||||
11 | Debtors | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Trade debtors | ||||||||||||||||
Amounts owed by group undertakings | ||||||||||||||||
Corporation tax recoverable | ||||||||||||||||
VAT recoverable | ||||||||||||||||
Other debtors | ||||||||||||||||
Prepayments and accrued income | ||||||||||||||||
12 | Creditors: | |||||||||||||||
amounts falling due within one year | ||||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Trade creditors | ||||||||||||||||
Corporation tax | ||||||||||||||||
Other taxes and social security | ||||||||||||||||
Loans from directors | ||||||||||||||||
Other creditors | ||||||||||||||||
Accruals and deferred income | ||||||||||||||||
13 | Provisions for liabilities | |||||||||||||||
Deferred taxation | ||||||||||||||||
Accelerated capital allowances, losses and other timing differences | Total | |||||||||||||||
£ | £ | |||||||||||||||
At 1 January 2024 | 31,231 | |||||||||||||||
Charge to the profit and loss account for the period | 5,591 | |||||||||||||||
At 31 December 2024 | 36,822 | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Accelerated capital allowances | ||||||||||||||||
14 | Share Capital | |||||||||||||||
Called-up share capital represents the nominal value of shares that have been issued. | Nominal value | 2024 | 2024 | 2023 | ||||||||||||
£ | Number | £ | £ | |||||||||||||
Allotted, called up and fully paid: | ||||||||||||||||
15 | Reserves | |||||||||||||||
16 | Reconciliation of net debt | |||||||||||||||
At 1 January 2024 | Cash flows | New HP/Finance leases | At 31 December 2024 | |||||||||||||
£ | £ | £ | £ | |||||||||||||
Cash and cash equivalents | ( | |||||||||||||||
426,026 | (139,449) | - | 286,577 | |||||||||||||
Net debt | (139,449) | - | ||||||||||||||
17 | Commitments | |||||||||||||||
Capital commitments | 2024 | |||||||||||||||
£ | ||||||||||||||||
Operating lease commitments | ||||||||||||||||
Annual commitments under non-cancellable operating leases are as follows: | ||||||||||||||||
2024 | 2024 | 2023 | ||||||||||||||
Land and buildings | Other | Land and buildings | ||||||||||||||
£ | £ | £ | ||||||||||||||
Operating leases with expiry date: | ||||||||||||||||
Within one year | 56,652 | - | 33,991 | |||||||||||||
In the second to fifth years inclusive | 113,304 | - | - | |||||||||||||
169,956 | - | 33,991 | ||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
The pension cost charge to the company amounted to: | ||||||||||||||||
Unpaid contributions due to the fund are included in other creditors and amounted to: | ||||||||||||||||
18 | Dividends | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Dividends for the period: | ||||||||||||||||
Dividends by type: | ||||||||||||||||
Equity dividends | ||||||||||||||||
500,000 | 503,500 | |||||||||||||||
19 | Related party disclosures | |||||||||||||||
As at 31 December 2024 Anagram Services Ltd owe Seacat Services Ltd £617,565 As at 31 December 2023 Anagram Services Ltd owe Seacat Services Ltd £404,065 | ||||||||||||||||
Key management personnel | 2024 | 2023 | ||||||||||||||
£ | £ | |||||||||||||||
Controlling party | ||||||||||||||||
Immediate controlling party: | ||||||||||||||||
Ultimate controlling party: | ||||||||||||||||
Nia Baylis | ||||||||||||||||
Name of parent company which draws up consolidated financial statements: | ||||||||||||||||
Registered office of parent company: | ||||||||||||||||
Glygyrog Ddu Cottage | ||||||||||||||||
Aberdyfi | ||||||||||||||||
Gwynedd | ||||||||||||||||
Wales | ||||||||||||||||
LL35 0RL | ||||||||||||||||