ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 07885469

SEVEN SEAS WORLDWIDE GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

SEVEN SEAS WORLDWIDE GROUP LIMITED

COMPANY INFORMATION

Directors	J W B Henderson
	W M D Henderson


Registered number	07885469


Registered office	Paddock Cottage
	Hythe Road, Smeeth
	Ashford
	Kent
	TN25 6SP


Independent auditors	MHA
	Victoria Court
	17 - 21 Ashford Road
	Maidstone
	United Kingdom
	ME14 5DA

SEVEN SEAS WORLDWIDE GROUP LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10 - 11
Company Balance Sheet	12 - 13
Consolidated Statement of Changes in Equity	14
Company Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16 - 17
Notes to the Financial Statements	18 - 36

SEVEN SEAS WORLDWIDE GROUP LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Group specialises in shipping personal effects and household items through its network of international depots.

Business review

The results for the Group, as set out on page 9, show a profit before taxation of £675,741 (2023: £2,024,237 restated).
The consolidated performance in 2024 continued to fall due to reduced sales in the UK, Australia and South Africa, which could be attributed to the global economy as a whole. We did see some growth in Malaysia and Europe, but the high demand we saw in 2022 does not look like returning under current market conditions. Gross margin fell to 34.8%, down from 39.3%, due to some fixed cost of sales.
Overheads were up this year due to improvements in IT systems, and 3 depot moves in South Africa.
The strength of the Group's Balance Sheet was considered strong at 31 December 2024, with net assets of £6,119,741 (2023: £6,117,649 restated).
Post balance sheet events
The business continues to undergo restructuring, with further investment in information technology helping to find efficiencies within the business, which we hope to see the benefits of in 2026.

Financial risk management objectives and policies

The directors review and agree policies for managing each of the main financial risks (currency, liquidity and credit risk), and these risks and policies are summarised below.
Currency risk
The Group is exposed to translation and foreign exchange risk. These risks are mitigated, where possible, by undertaking transactions with overseas customers in appropriate currencies and by financing certain assets in relevant foreign currencies.
Liquidity risk
The Group seeks to manage liquidity risk by maintaining strong relationships with its bankers around the globe and by optimising the treasury opportunities of the subsidiary undertakings.
Credit risk
The Group's principal financial assets are trade debtors from which a credit risk arises. In order to manage credit risk the directors ensure that sufficiently robust systems and procedures are in place to mitigate costs prior to an expeditious settlement of the debt.

Page 1

SEVEN SEAS WORLDWIDE GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Other risks
The Group operates in a specialist market and is subject to competitive pressures and rigorous customs clearance procedures in all its geographical areas of operation.
The Group manages these risks by developing competitively priced products and services, maintaining strong relationships with all relevant border control agencies and endeavouring to provide the highest standards of customer care.

Financial key performance indicators

The Group consider the following as key performance indicators:

	2024	2023	2022	2021
Gross Profit (%)	34.8	39.3	34.4	31.4
Debtor days	4.0	6.9	4.2	6.1

Gross profit has remained strong, despite a drop in revenue compared to 2023, driven by reduced international shipping costs that spiked in 2021 due to the shipping crisis.

Debtors days have improved to their best level in recent years, with a big effort on credit control procedures. We hope to maintain this level moving forward.

The Group also consider:

∙the volume of daily orders, by service class origin and destination;

∙quote conversion ratio by service class and route; and

∙inbound telephone calls by country.

Other key performance indicators

Customer satisfaction
An important key performance indicator used throughout the Group is customer satisfaction. One of the tools used to monitor customer satisfaction is an independent review website. The Group achieved an average review score of 4.4 out of 5 on this site.

This report was approved by the board and signed on its behalf.

J W B Henderson

Director

Date: 25 September 2025

Page 2

SEVEN SEAS WORLDWIDE GROUP 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

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;

∙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.

Results and dividends

The profit for the year, after taxation, amounted to £479,148 (2023 - £1,504,699).

No distribution of dividends has been recommended for the year ended 31 December 2024.

Directors

The directors who served during the year were:

J W B Henderson

W M D Henderson

Future developments

The directors are conducting a review of all activities to improve the Group’s processes, which will be reflected in the development of a new enterprise level software package that is being developed internally.

Matters covered in the Group Strategic Report

Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Group's principle risks and uncertainties.

Page 3

SEVEN SEAS WORLDWIDE GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

The group has made use of investing surplus funds into interest bearing savings accounts, with further investment in vehicles and information technology part of the plans for the future.

Auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

J W B Henderson

Director

Date: 25 September 2025

Page 4

SEVEN SEAS WORLDWIDE GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEVEN SEAS WORLDWIDE GROUP LIMITED

Opinion

We have audited the financial statements of Seven Seas Worldwide Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Financial Reporting Standard 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 of the parent Company's affairs as at 31 December 2024 and of the Group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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's or the 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.

Page 5

SEVEN SEAS WORLDWIDE GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEVEN SEAS WORLDWIDE GROUP LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 this gives rise to a material misstatement in the financial statements themselves. 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 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 the light of the knowledge and understanding of the Group and the 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.

Page 6

SEVEN SEAS WORLDWIDE GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEVEN SEAS WORLDWIDE GROUP LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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's and the 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 either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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 Group financial statements.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙enquiry of management, those charged with governance around actual and potential litigation and claims;

∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

∙reviewing minutes of meetings of those charged with governance;

∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

∙maintaining professional scepticism throughout the course of our audit work.

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.

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 Auditors' Report.

Page 7

SEVEN SEAS WORLDWIDE GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEVEN SEAS WORLDWIDE GROUP LIMITED (CONTINUED)

Use of our 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.

Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor

Maidstone
United Kingdom

26 September 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)

Page 8

SEVEN SEAS WORLDWIDE GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	16,258,103	17,130,162
Cost of sales		(10,603,666)	(10,396,557)
Gross profit		5,654,437	6,733,605
Administrative expenses		(5,724,866)	(5,379,980)
Other operating income	5	697,395	763,851
Operating profit	6	626,966	2,117,476
Interest receivable and similar income	10	79,804	33,339
Interest payable and similar expenses	11	(31,029)	(126,578)
Profit before taxation		675,741	2,024,237
Tax on profit	12	(196,593)	(519,538)
Profit for the financial year		479,148	1,504,699


Foreign exchange movements	(177,056)	(119,094)
Other comprehensive income for the year	(177,056)	(119,094)
Total comprehensive income for the year	302,092	1,385,605

Profit for the year attributable to:
Owners of the parent Company	479,148	1,504,699
	479,148	1,504,699

The notes on pages 18 to 36 form part of these financial statements.

Page 9

SEVEN SEAS WORLDWIDE GROUP LIMITED

REGISTERED NUMBER: 07885469

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	13		3,092,506		2,008,098
			3,092,506		2,008,098
Current assets
Stocks		294,326		232,036
Debtors: amounts falling due within one year	15	914,542		1,183,479
Cash at bank and in hand		3,819,112		5,161,724
		5,027,980		6,577,239
Creditors: amounts falling due within one year	16	(1,787,640)		(2,140,594)
Net current assets			3,240,340		4,436,645
Total assets less current liabilities			6,332,846		6,444,743
Creditors: amounts falling due after more than one year	17		(14,967)		(72,217)
Provisions for liabilities
Deferred taxation	19	(77,105)		(156,021)
Other provisions	20	(121,033)		(98,856)
			(198,138)		(254,877)
Net assets			6,119,741		6,117,649

Capital and reserves
Called up share capital	21	12	12
Foreign exchange reserve		(211,625)	(34,569)
Merger reserve		111,678	111,678
Profit and loss account		6,219,676	6,040,528
		6,119,741	6,117,649

Page 10

SEVEN SEAS WORLDWIDE GROUP LIMITED

REGISTERED NUMBER: 07885469

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

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

J W B Henderson	W M D Henderson
Director	Director

Date: 25 September 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 11

SEVEN SEAS WORLDWIDE GROUP LIMITED

REGISTERED NUMBER: 07885469

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		As restated
	2024	2023
Note	£	£

Fixed assets
Tangible assets	13		296,817		534,328
Investments	14		18,640		18,640
			315,457		552,968
Current assets
Debtors: amounts falling due within one year	15	394,707		748,461
Cash at bank and in hand		938,328		1,128,262
		1,333,035		1,876,723
Creditors: amounts falling due within one year	16	(937,405)		(1,326,467)
Net current assets			395,630		550,256
Total assets less current liabilities			711,087		1,103,224

Provisions for liabilities
Deferred taxation	19	(56,936)		(112,382)
			(56,936)		(112,382)
Net assets			654,151		990,842

Capital and reserves
Called up share capital	21		12		12
Profit and loss account brought forward		990,830		913,101
(Loss)/profit for the year		(36,691)		77,729
Dividends: Equity capital		(300,000)		-
Profit and loss account carried forward			654,139		990,830
			654,151		990,842

Page 12

SEVEN SEAS WORLDWIDE GROUP LIMITED

REGISTERED NUMBER: 07885469

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

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

J W B Henderson	W M D Henderson
Director	Director

Date: 25 September 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 13

SEVEN SEAS WORLDWIDE GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Foreign exchange reserve	Merger reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	12	84,525	111,678	4,535,829	4,732,044
Comprehensive income for the year
Profit for the year	-	-	-	1,504,699	1,504,699
Foreign exchange movements	-	(119,094)	-	-	(119,094)

At 1 January 2024	12	(34,569)	111,678	6,040,528	6,117,649
Comprehensive income for the year
Profit for the year	-	-	-	479,148	479,148
Foreign exchange movements	-	(177,056)	-	-	(177,056)
Dividends: Equity capital	-	-	-	(300,000)	(300,000)
At 31 December 2024	12	(211,625)	111,678	6,219,676	6,119,741

The notes on pages 18 to 36 form part of these financial statements.

Page 14

SEVEN SEAS WORLDWIDE GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	12	913,101	913,113
Comprehensive income for the year
Profit for the year	-	77,729	77,729

At 1 January 2024	12	990,830	990,842
Comprehensive income for the year
Loss for the year	-	(36,691)	(36,691)
Dividends: Equity capital	-	(300,000)	(300,000)
At 31 December 2024	12	654,139	654,151

The notes on pages 18 to 36 form part of these financial statements.

Page 15

SEVEN SEAS WORLDWIDE GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	479,148	1,504,699
Adjustments for:
Depreciation of tangible assets	794,752	1,060,543
Loss on disposal of tangible assets	(17,316)	-
Interest paid	31,029	126,578
Interest received	(79,804)	(33,339)
Taxation charge	196,593	257,916
(Increase) in stocks	(62,290)	(34,735)
Decrease/(increase) in debtors	128,175	(308,212)
(Decrease) in creditors	(419,285)	(679,318)
Increase in amounts owed to groups	395,108	133,600
Increase in provisions	22,177	35,029
Corporation tax (paid)	(595,906)	(273,716)
Net cash generated from operating activities	872,381	1,789,045

Cash flows from investing activities
Purchase of tangible fixed assets	(1,913,160)	(767,865)
Sale of tangible fixed assets	51,316	6,040
Interest received	79,804	33,339
Net cash from investing activities	(1,782,040)	(728,486)

Page 16

SEVEN SEAS WORLDWIDE GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Repayment of loans	-	(186,431)
New finance leases/(repayment of)	(101,924)	18,287
Dividends paid	(300,000)	-
Interest paid	(31,029)	(126,578)
Net cash used in financing activities	(432,953)	(294,722)
Net (decrease)/increase in cash and cash equivalents	(1,342,612)	765,837
Cash and cash equivalents at beginning of year	5,161,724	4,395,887
Cash and cash equivalents at the end of year	3,819,112	5,161,724

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,819,112	5,161,724
	3,819,112	5,161,724

The notes on pages 18 to 36 form part of these financial statements.

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SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Seven Seas Worldwide Group Limited is a private company, limited by shares, incorporated in England and Wales in the United Kingdom. The address of its registered office is Paddock Cottage, Smeeth, Ashford, Kent, TN25 6SP.
The Seven Seas Worldwide Group specialises in shipping personal effects and household items through its network of international depots.
The principal activity of the company in the year under review was the rental of containers and the provision of management services to the group and associated companies.
The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The 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:

2.2

Basis of consolidation

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 Balance Sheet, 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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 18

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Going concern

The directors have assessed that there are no significant doubts in the company's ability to continue as a going concern. As a result, the financial statements have been prepared on a going concern basis.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

Revenue

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.

2.6

Interest income

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

Page 19

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Finance costs

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.

2.8

Pensions

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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company 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 balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙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 balance sheet date.

Page 20

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property	-	4% on cost of buildings, nil on land
Long-term leasehold property	-	2.5% reducing balance or 5% on cost
Plant and office equipment	-	variables rates on reducing balance and 10-33% on cost
Vehicles and computer equipment	-	variables rates on reducing balance and 10-33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Stocks

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

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

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 21

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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.

Page 22

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In addition to the accounting policies used to prepare these financial statements, as outlined in note 2 above, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities.
Judgements have been made by management over the uncertainty of recoverability of trade debtors. As a result, provisions have been estimated and included against any debtors that have been deemed uncertain of recovery.
Judgements are used when estimating the make-good costs arising from leasehold properties i.e. dilapidations, as provided in Note 20.

Turnover

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	6,675,163	7,519,436
Rest of the world	9,582,940	9,610,726
	16,258,103	17,130,162

Page 23

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Other operating income
		2024	2023
		£	£

Other operating income	697,395	763,851
	697,395	763,851

Other operating income comprises management fees charged to subsidiary undertakings.

	Exchange differences	76,377	(55,779)
	Other operating lease rentals	-	25,492

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	39,350	34,900
Tax compliance services	2,760	2,575
Non-audit services	3,780	4,400

Page 24

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	4,805,866	4,400,699	1,208,869	1,116,595
Social security costs	167,877	257,980	134,544	125,650
Cost of defined contribution scheme	145,432	139,057	67,598	63,388
	5,119,175	4,797,736	1,411,011	1,305,633

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

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Directors	2	2	2	2
Drivers and warehouse	78	77	-	-
Business centre, sales and administration	95	100	20	21

	175	179	22	23

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	31,587	31,587
Group contributions to defined contribution pension schemes	1,369	1,369
	32,956	32,956

During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Key management personnel comprise the directors.

Page 25

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Interest receivable
		2024	2023
		£	£

Bank and other interest receivable

79,804

33,339

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	15,135	119,852
Finance leases and hire purchase contracts	3,654	6,726
Other interest payable	12,240	-
	31,029	126,578

Corporation tax
Current tax on profits for the year	95,612	281,473
Adjustments in respect of previous periods	-	(980)
	95,612	280,493
Foreign tax
Foreign tax on income for the year	191,810	271,913
	191,810	271,913
Total current tax	287,422	552,406

Deferred tax
Origination and reversal of timing differences	(90,829)	(32,868)
Total deferred tax	(90,829)	(32,868)


		196,593	519,538

Page 26

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Taxation (continued)

Profit on ordinary activities before tax

675,741

2,024,237

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	168,935	471,544
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,103	(10,746)
Capital allowances for year in excess of depreciation	3,747	(1,463)
Higher rate taxes on overseas earnings	-	61,053
Adjustments to tax charge in respect of prior periods	-	(980)
Other timing differences leading to an increase (decrease) in taxation	-	2,799
Movement in deferred tax not recognised	3,747	-
Differences related to foreign tax	10,172	-
Remeasurement of deferred tax for changes in tax rates	-	(2,669)
Other differences leading to an increase in the tax charge	8,889	-
Total tax charge for the year	196,593	519,538

Page 27

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Tangible fixed assets
	Group

	Freehold property	Long-term leasehold property	Plant and office equipment	Vehicles and computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	452,719	307,570	2,444,628	3,348,272	6,553,189
Additions	1,112,183	2,318	217,332	581,327	1,913,160
Disposals	-	-	(326,005)	(323,271)	(649,276)
Transfers between classes	(3,337)	(694)	(26,464)	30,495	-
At 31 December 2024	1,561,565	309,194	2,309,491	3,636,823	7,817,073
Depreciation
At 1 January 2024	135,052	271,489	1,700,608	2,437,942	4,545,091
Charge for the year on owned assets	8,409	17,411	401,978	366,954	794,752
Disposals	-	-	(404,654)	(210,622)	(615,276)
Transfers between classes	4,652	184	(28,608)	23,772	-
At 31 December 2024	148,113	289,084	1,669,324	2,618,046	4,724,567
Net book value
At 31 December 2024	1,413,452	20,110	640,167	1,018,777	3,092,506
At 31 December 2023	317,667	36,081	744,020	910,330	2,008,098

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Vehicles and computer equipment	100,150	272,874
	100,150	272,874

Page 28

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.Tangible fixed assets (continued)

	Company

	Plant and office equipment	Vehicles and computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	1,600,682	89,730	1,690,412
Additions	63,141	42,000	105,141
Disposals	(295,433)	-	(295,433)
At 31 December 2024	1,368,390	131,730	1,500,120
Depreciation
At 1 January 2024	1,098,654	57,430	1,156,084
Charge for the year on owned assets	318,440	24,212	342,652
Disposals	(295,433)	-	(295,433)
At 31 December 2024	1,121,661	81,642	1,203,303
Net book value
At 31 December 2024	246,729	50,088	296,817
At 31 December 2023	502,028	32,300	534,328

Page 29

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	18,640
	At 31 December 2024	18,640

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Seven Seas Worldwide Limited	United Kingdom	Global personal relocation specialist	Ordinary A £1	100%
Seven Seas Worldwide Services Limited	United Kingdom	Dormant	Ordinary £1	100%
Seven Seas Worldwide (Aust) Pty Limited	Australia	Global personal relocation specialist	Ordinary A$1	100%
Seven Seas Worldwide Pty Limited	New Zealand	Global personal relocation specialist	Ordinary NZ$1	100%
Seven Seas Worldwide (M) SDN BHD	Malaysia	Global personal relocation specialist	Ordinary RM1	100%
*Seven Seas Worldwide Distributors (Pty) Limited	South Africa	Dormant	Ordinary ZAR1	100%
Seven Seas Worldwide BVBA	Belgium	Global personal relocation specialist	Ordinary €1	100%
Seven Seas Worldwide Relocations (Pty) Limited	South Africa	Dormant	Ordinary ZAR1	100%
Seapost Limited	United Kingdom	Dormant	Ordinary £1	100%
Seamail Limited	United Kingdom	Dormant	Ordinary £1	100%
MoveCube Limited	United Kingdom	Dormant	Ordinary £1	100%

*The interest is held indirectly through wholly owned subsidiary undertakings.

Page 30

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.

Debtors

Group	Group	Company	Company As restated
2024	2023	2024	2023
£	£	£	£


Trade debtors	177,592	339,655	-	19,372
Amounts owed by group undertakings	-	-	282,013	553,467
Amounts owed by related undertakings	36,532	177,294	20,788	77,595
Other debtors	408,770	396,786	-	830
Prepayments and accrued income	291,648	269,744	91,906	97,197
	914,542	1,183,479	394,707	748,461

Amounts owed by group and related undertakings are unsecured, interest free, and due on demand.

16.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Payments received on account	46,730	57,136	-	-
Trade creditors	614,644	647,028	-	-
Amounts owed to group undertakings	-	-	725,968	1,140,776
Amounts owed to related undertakings	384,269	129,923	73,198	23,255
Corporation tax	57,509	377,906	55,793	95,917
Other taxation and social security	145,934	235,863	35,240	37,262
Obligations under finance lease and hire purchase contracts	47,323	91,997	-	-
Other creditors	145,420	434,011	4,931	6,056
Accruals and deferred income	345,811	166,730	42,275	23,201
	1,787,640	2,140,594	937,405	1,326,467

Amounts owed to group and related undertakings are unsecured, interest free, and due on demand.

Page 31

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Creditors: Amounts falling due after more than one year
		Group	Group
		2024	2023
		£	£

Net obligations under finance leases and hire purchase contracts	14,967	72,217
	14,967	72,217

18.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2024	2023
		£	£

Within one year	47,323	91,997
Between 1-5 years	14,967	72,217
	62,290	164,214

19.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of year	(156,021)	(217,237)
Charged to profit or loss	78,916	61,216
At end of year	(77,105)	(156,021)

Page 32

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.Deferred taxation (continued)

Company

	2024	2023
	£	£

At beginning of year	(112,382)	(196,891)
Charged to profit or loss	55,446	84,509
At end of year	(56,936)	(112,382)

The provision for deferred taxation is made up as follows:
	Group	Group	Company	Company
	2024	2023	2024	2023
	£	£	£	£

Accelerated capital allowances	(227,488)	(254,435)	(58,168)	(113,896)
Tax losses carried forward	73,523	-	-	-
Short-term timing differences	16,729	12,152	1,232	1,514
Other	60,131	86,262	-	-
	(77,105)	(156,021)	(56,936)	(112,382)

20.	Provisions
	Group

		Other provisions
		£

	At 1 January 2024	98,856
	Charged to profit or loss	22,177
	At 31 December 2024	121,033

Other provisions consist primarily of making good on leasing commitment dilapidations.

Page 33

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

12 (2023 - 12) Ordinary shares of £1.00 each	12	12

22.	Pension commitments

The Group operates several defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost represents contributions payable by the Group to the funds and amounted to £145,432 (2023: £139,057). Contributions totalling £4,931 (2023: £27,416) were payable to the funds at the balance sheet date and are included within creditors.

23.	Commitments under operating leases
	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:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	819,160	796,283
Later than 1 year and not later than 5 years	1,262,786	1,723,729
Later than 5 years	-	67,752
	2,081,946	2,587,764

24.	Transactions with directors

During the year, rental of land and buildings under an operating lease totalling £28,500 (2023: £28,500) was paid to W.M.D. Henderson and family.

Page 34

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.	Related party transactions
	J.W.B. Henderson and W.M.D. Henderson are related to the following companies: Name & Country of Incorporation Seven Seas Worldwide Inc - United States of America Seven Seas Worldwide S.A. (Pty) Limited - South Africa Seven Seas Worldwide (Hong Kong) Limited - Hong Kong Seven Seas Worldwide Delivery Services Inc - Canada The amounts charged by these companies for services in the normal course of business during the year to the Group were:

		2024	2023
		£	£

	Seven Seas Worldwide (Hong Kong) Limited	346,325	354,822
		346,325	354,822

By way of reciprocal arrangement, the Group charged these companies the following amounts in the normal course of business during the year:
	2024	2023
	£	£


Seven Seas Worldwide Inc	19,879	14,775
Seven Seas Worldwide (Hong Kong) Limited	35,164	117,575
Seven Seas Worldwide Delivery Services Inc	13,952	10,734
	68,995	143,084

In addition, the Group recharged certain overheads to the following companies:
	2024	2023
	£	£


Seven Seas Worldwide Inc	156,719	264,922
Seven Seas Worldwide (Hong Kong) Limited	342,230	756,430
Seven Seas Worldwide Delivery Services Inc	101,636	56,500
	600,585	1,077,852

Page 35

SEVEN SEAS WORLDWIDE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Payments have been made/(received) by the Group on behalf of these companies for various expenses and in respect of temporary loans. The amounts of these payments during the year were:
	2024	2023
	£	£


Seven Seas Worldwide Inc	(17,240)	-
Seven Seas Worldwide (Hong Kong) Limited	(111,587)	(119,366)
Seven Seas Worldwide Delivery Services Inc	15,395	(60,033)
	(113,432)	(179,399)

At the Balance Sheet date, various amounts were due from and to these companies, which are shown separately within amounts due from and to participating interests and associated companies in these financial statements. The net amounts due to the Group in respect of all transactions from each company are as follows:
	2024	2023
	£	£


Seven Seas Worldwide Inc	36,532	161,853
Seven Seas Worldwide S.A. (Pty) Limited	(22,500)	(22,500)
Seven Seas Worldwide (Hong Kong) Limited	(311,070)	(82,435)
Seven Seas Worldwide Delivery Services Inc	(50,698)	72,786
	(347,736)	129,704

26.	Controlling party

The Group is under the control of J.W.B. Henderson and W.M.D. Henderson, through their combined 100% shareholding.

Page 36