REGISTERED NUMBER: SC314793 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SEABROKERS PROPERTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

F R Albretsen

R Albretsen

SECRETARY:

F R Albretsen

REGISTERED OFFICE:

Seabrokers House

Prospect Road

Arnhall Business Park

Westhill

Aberdeenshire

AB32 6FE

REGISTERED NUMBER:

SC314793 (Scotland)

AUDITORS:

Nuvo Audit Limited

First Floor Sterling House

Outrams Wharf

Little Eaton

Derbyshire

DE21 5EL

FIXED ASSETS

Tangible assets

4

21,348

9,708

Investment property

5

3,556,931

3,556,931

3,578,279

3,566,639

CURRENT ASSETS

Debtors

6

38,038

86,001

Cash at bank

115,497

56,261

153,535

142,262

CREDITORS

Amounts falling due within one year

7

2,000,321

2,111,961

NET CURRENT LIABILITIES

(1,846,786

)

(1,969,699

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,731,493

1,596,940

PROVISIONS FOR LIABILITIES

80,448

76,460

NET ASSETS

1,651,045

1,520,480

CAPITAL AND RESERVES

Called up share capital

1,100,000

1,100,000

Retained earnings

551,045

420,480

1,651,045

1,520,480

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

F R Albretsen - Director

1.	STATUTORY INFORMATION

Seabrokers Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

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

Turnover

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

Tangible fixed assets

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

Improvements to property

-

20% on cost

Plant and machinery

-

25% on cost

Investment property

Investment properties, which is property held to earn rentals and for long term investment, is measured using the fair value model and stated at its fair value at the reporting date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2024

4,164

6,938

11,102

Additions

-

16,633

16,633

At 31 December 2024

4,164

23,571

27,735

DEPRECIATION

At 1 January 2024

1,249

145

1,394

Charge for year

833

4,160

4,993

At 31 December 2024

2,082

4,305

6,387

NET BOOK VALUE

At 31 December 2024

2,082

19,266

21,348

At 31 December 2023

2,915

6,793

9,708

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

3,556,931

NET BOOK VALUE

At 31 December 2024

3,556,931

At 31 December 2023

3,556,931

On a historical cost basis, the properties would have been included £4,499,878 (2023: £4,499,878).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

30,823

67,360

Other debtors

6,248

18,094

Prepayments and accrued income

967

547

38,038

86,001

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

10,208

34,641

Amounts owed to group undertakings

1,800,203

1,798,273

Tax

61,526

85,148

VAT

8,643

9,759

Other creditors

39,132

51,786

Accruals and deferred income

80,609

132,354

2,000,321

2,111,961

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

The directors have not undertaken a fair value appraisal in order to determine the value of investment properties as at 31 December 2024. In our opinion, the approach adopted by the directors does not meet the requirements of FRS 102 section 16, which states that investment properties shall be measured at fair value at each reporting date.

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 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 qualified opinion.

Daniel Johnson FCCA (Senior Statutory Auditor)

for and on behalf of Nuvo Audit Limited

9.	POST BALANCE SHEET EVENTS

In the post year end period, Seabrokers Property Limited is in discussions to convert part of the outstanding intercompany loan balance to equity. The conversion will be subject to the necessary documentation and approval.

10.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company is SB International Property Holdings AS, a company registered in Norway. The ultimate parent company is Seabrokers Group AS, a company registered in Norway. Copies of the financial statements of Seabrokers Group AS can be obtained from Seabrokers Group AS, Forbussen 78, N-4033, Stavanger, Norway.