ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 02440503

SEABROOK HOLDINGS LIMITED

CONSOLIDATED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

SEABROOK HOLDINGS LIMITED

COMPANY INFORMATION

Directors	M R Seabrook
	D L Tanner (resigned 1 March 2024)
	R K Austin
	A Clark
	R Wright
	J W Wyatt
	S E Jones


Registered number	02440503


Registered office	Admiral House
	853 London Road
	West Thurrock
	Essex
	RM20 3LG


Independent auditors	Haslers
	Chartered Accountants & Statutory Auditor
	Old Station Road
	Loughton
	Essex
	IG10 4PL

SEABROOK HOLDINGS LIMITED

CONTENTS

	Page
Group Strategic Report	1
Directors' Report	2
Directors' Responsibilities Statement	3
Independent Auditors' Report	4 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10 - 11
Company Balance Sheet	12 - 13
Consolidated Statement of Changes in Equity	14 - 15
Company Statement of Changes in Equity	16
Consolidated Statement of Cash Flows	17 - 18
Consolidated Analysis of Net Debt	19
Notes to the Financial Statements	20 - 48

SEABROOK HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2024

Introduction

The directors present their strategic report for the year end 31 July 2025.

Business review

Across our core business within the trading year has been challenging, with further changes within HMRC Legislation around the import and export of Duty Paid products, this hit our Warehousing revenue masking the underlying improvements in both revenue and margin achieved through operational efforts. The global bulk distribution market is still in decline from Brexit and covid, with pressures on margin. Seabrook’s new companies are showing improvements and growth supported by acquisitions through the year. Seabrook’s specialist areas of trading have continued to improve, with our temperature controlled warehouse and our specialist high end product distribution improving in revenue. Leisure and retail subsidiaries again show improvement with one of our golf clubs moving into profit and another showing further improvement.
The consolidated loss for the year of £720,286 includes exceptional charges totalling £1,770,000, relating to the write-off of an investment and associated loan as per note 14 of the accounts. Excluding these exceptional items, the group generated a profit of £1,049,714, reflecting improved trading performance across core operations. The directors remain confident in the group’s strategic direction and are committed to building on the underlying performance to deliver long-term value for stakeholders.

Principal risks and uncertainties

The principal risk to the business is the uncertainties in energy and fuel prices along with inflation that are driving commodities up worldwide.

Financial key performance indicators

The directors consider that turnover and gross profit are the key financial performance indicators.

Other key performance indicators

The directors are looking at Warehouse Utilisation, Customer retention and on boarding new customers across the core group companies, and within our leisure sector using footfall ratio’s, along with operating cash flows across all companies.

This report was approved by the board on 31 October 2025 and signed on its behalf.

M R Seabrook

Director

Page 1

SEABROOK HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £936,015 (2023 - profit £1,825,901).

The directors paid a dividend in the year totalling £Nil (2023: £660,000).

Directors

The directors who served during the year were:

M R Seabrook

D L Tanner (resigned 1 March 2024)

R K Austin

A Clark

R Wright

J W Wyatt

S E Jones

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.

Auditors

The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 October 2025 and signed on its behalf.

M R Seabrook

Director

Page 2

SEABROOK HOLDINGS LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 JULY 2024

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.

Page 3

SEABROOK HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS LIMITED

Opinion

We have audited the financial statements of Seabrook Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, 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 July 2024 and of the Group's loss 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 4

SEABROOK HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS 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 5

SEABROOK HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS 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.

Page 6

SEABROOK HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS LIMITED (CONTINUED)

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:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation, Environmental regulation and tax legislation.
We obtained an understanding of how the Company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of the compliance with the relevant laws and regulations.

We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are describe below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows:

∙Walkthrough testing was carried out to identify and assess the design effectiveness of controls management have in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations and fraud,

∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,

∙Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud,

∙Assessing the appropriateness of accounting estimates and challenging any significant assumptions or judgements made by management,

Page 7

SEABROOK HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEABROOK HOLDINGS LIMITED (CONTINUED)

∙Incorporating testing of manual journal entries that were posted throughout the year. In particular, we focused on material journal entries, journal entries posted with unusual account combinations, and journal entries crediting revenue or cash. These were scrutinised for evidence of unusual entries,

∙Selecting specific revenue transactions based on risk criteria and obtaining supporting documentation including sales invoice and delivery documentations to esnure revenue was appropriately recorded.

∙Evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

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.

Laura Ambrose BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of

Haslers

Chartered Accountants

Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL

31 October 2025

Page 8

SEABROOK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2024

	2024	2023
Note	£	£


Turnover	4	37,157,481	29,460,983
Cost of sales		(27,860,546)	(20,070,494)
Gross profit		9,296,935	9,390,489
Administrative expenses		(8,084,583)	(7,968,812)
Exceptional administrative expenses	14	(1,770,000)	-
Other operating income	5	150,919	37,522
Operating (loss)/profit	6	(406,729)	1,459,199
Interest receivable and similar income	10	389,550	1,657,012
Interest payable and similar expenses	11	(596,889)	(363,962)
(Loss)/profit before taxation		(614,068)	2,752,249
Tax on (loss)/profit	12	(106,218)	(786,169)
(Loss)/profit for the financial year		(720,286)	1,966,080

(Loss)/profit for the year attributable to:
Non-controlling interests	215,729	140,179
Owners of the Parent Company	(936,015)	1,825,901
	(720,286)	1,966,080

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 20 to 48 form part of these financial statements.

Page 9

SEABROOK HOLDINGS LIMITED

REGISTERED NUMBER: 02440503

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	16		2,112,730		1,530,433
Tangible assets	17		16,345,996		17,861,154
Investments	18		46,112		1,046,111
Investment property	19		413,049		257,241
			18,917,887		20,694,939
Current assets
Stocks	20	312,531		360,898
Debtors: amounts falling due within one year	21	17,972,783		18,662,653
Cash at bank and in hand	22	1,040,843		4,157,131
		19,326,157		23,180,682
Creditors: amounts falling due within one year	23	(12,133,934)		(15,556,792)
Net current assets			7,192,223		7,623,890
Total assets less current liabilities			26,110,110		28,318,829
Creditors: amounts falling due after more than one year	24		(4,444,389)		(5,359,775)
Provisions for liabilities
Deferred taxation	28	(335,238)		(349,198)
			(335,238)		(349,198)
Net assets excluding pension asset			21,330,483		22,609,856
Net assets			21,330,483		22,609,856

Page 10

SEABROOK HOLDINGS LIMITED

REGISTERED NUMBER: 02440503

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2024

		2024		2023
Note		£		£

Capital and reserves
Called up share capital	29	60,000	60,000
Revaluation reserve	30	169,561	52,705
Profit and loss account	30	21,175,011	22,072,074
Equity attributable to owners of the Parent Company		21,404,572	22,184,779
Non-controlling interests		(74,089)	425,077
		21,330,483	22,609,856

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2025.

M R Seabrook

Director

The notes on pages 20 to 48 form part of these financial statements.

Page 11

SEABROOK HOLDINGS LIMITED

REGISTERED NUMBER: 02440503

COMPANY BALANCE SHEET

AS AT 31 JULY 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	17		11,804,589		13,017,235
Investments	18		544,098		1,544,085
			12,348,687		14,561,320
Current assets
Debtors: amounts falling due within one year	21	16,837,217		17,813,012
Cash at bank and in hand	22	380,941		3,303,845
		17,218,158		21,116,857
Creditors: amounts falling due within one year	23	(13,590,236)		(16,282,554)
Net current assets			3,627,922		4,834,303
Total assets less current liabilities			15,976,609		19,395,623

Creditors: amounts falling due after more than one year	24		(3,982,291)		(4,492,671)
Provisions for liabilities
Deferred taxation	28	(4,641)		(10,740)
			(4,641)		(10,740)
Net assets			11,989,677		14,892,212

Page 12

SEABROOK HOLDINGS LIMITED

REGISTERED NUMBER: 02440503

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2024

	2024	2023
Note	£	£

Capital and reserves
Called up share capital	29		60,000		60,000
Profit and loss account brought forward		14,832,212		14,311,771
Loss/(profit) for the year		(2,902,535)		1,180,441
Other changes in the profit and loss account		-		(660,000)
Profit and loss account carried forward			11,929,677		14,832,212
			11,989,677		14,892,212

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2025.

M R Seabrook

Director

The notes on pages 20 to 48 form part of these financial statements.

Page 13


		SEABROOK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Equity attributable to owners of Parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 August 2023	60,000	52,705	22,072,074	22,184,779	425,077	22,609,856
Comprehensive income for the year
Loss for the year	-	-	(936,015)	(936,015)	215,719	(720,296)
Surplus on revaluation of freehold property	-	155,808	-	155,808	-	155,808
Transfer between reserves	-	(38,952)	38,952	-	-	-
Additions in year	-	-	-	-	(714,885)	(714,885)
Total comprehensive income for the year	-	116,856	(897,063)	(780,207)	(499,166)	(1,279,373)
At 31 July 2024	60,000	169,561	21,175,011	21,404,572	(74,089)	21,330,483

Page 14


		SEABROOK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2023

	Called up share capital	Revaluation reserve	Profit and loss account	Equity attributable to owners of Parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 August 2022	60,000	62,890	20,903,357	21,026,247	297,907	21,324,154
Comprehensive income for the year
Profit for the year	-	-	1,825,901	1,825,901	140,179	1,966,080
Deficit on revaluation of freehold property	-	(7,369)	-	(7,369)	-	(7,369)
Transfer between reserves	-	(2,816)	2,816	-	-	-
Additions in the year	-	-	-	-	(13,009)	(13,009)
Total comprehensive income for the year	-	(10,185)	1,828,717	1,818,532	127,170	1,945,702
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(660,000)	(660,000)	-	(660,000)
At 31 July 2023	60,000	52,705	22,072,074	22,184,779	425,077	22,609,856

The notes on pages 20 to 48 form part of these financial statements.

Page 15

SEABROOK HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2023	60,000	14,832,212	14,892,212
Comprehensive income for the year
Loss for the year	-	(2,902,535)	(2,902,535)
Total comprehensive income for the year	-	(2,902,535)	(2,902,535)
At 31 July 2024	60,000	11,929,677	11,989,677

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2022	60,000	14,311,771	14,371,771
Comprehensive income for the year
Profit for the year	-	1,180,441	1,180,441
Total comprehensive income for the year	-	1,180,441	1,180,441
Contributions by and distributions to owners
Dividends: Equity capital	-	(660,000)	(660,000)
At 31 July 2023	60,000	14,832,212	14,892,212

The notes on pages 20 to 48 form part of these financial statements.

Page 16

SEABROOK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2024

			2024	2023
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(720,286)	1,966,080
Adjustments for:
Amortisation of intangible assets	218,688	294,176
Depreciation of tangible assets	829,226	758,358
Impairments of fixed assets	1,000,000	-
Loss on disposal of tangible assets	(591,241)	(34,399)
Interest paid	596,889	363,962
Interest received	(389,550)	(1,657,012)
Taxation charge	106,218	786,169
Decrease in stocks	48,367	1,721,751
Decrease/(increase) in debtors	177,253	(5,707,909)
(Decrease)/increase in creditors	(2,395,069)	4,209,310
Corporation tax (paid)	(1,848,084)	(281,216)
Net cash generated from operating activities	(2,967,589)	2,419,270

Cash flows from investing activities
Purchase of intangible fixed assets	(801,885)	(1,555,457)
Purchase of tangible fixed assets	(189,452)	(522,201)
Sale of tangible fixed assets	1,493,042	48,153
Interest received	389,550	1,657,012
HP interest paid	(1,227)	(1,132)
Purchase of fixed asset investments	(714,885)	(1,205,405)
Net cash from investing activities	175,143	(1,579,030)

Page 17

SEABROOK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

		2024	2023
		£	£


Cash flows from financing activities
Repayment of loans	(459,439)	(462,918)
Repayment of/new finance leases	(86,707)	33,680
Interest paid	(595,662)	(362,830)
Net cash used in financing activities	(1,141,808)	(792,068)
Net (decrease)/increase in cash and cash equivalents	(3,934,254)	48,172
Cash and cash equivalents at beginning of year	4,157,131	4,108,959
Cash and cash equivalents at the end of year	222,877	4,157,131

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,040,843	4,157,131
Bank overdrafts	(817,966)	-
	222,877	4,157,131

The notes on pages 20 to 48 form part of these financial statements.

Page 18

SEABROOK HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JULY 2024


At 1 August 2023	Cash flows	Acquisition and disposal of subsidiaries	At 31 July 2024
£	£	£	£

Cash at bank and in hand	4,157,131	(3,355,320)	239,032	1,040,843
Bank overdrafts	-	(817,966)	-	(817,966)
Debt due after 1 year	(4,492,671)	510,380	-	(3,982,291)
Debt due within 1 year	(378,755)	2,274,798	(2,325,740)	(429,697)
Finance leases	(502,956)	86,708	-	(416,248)
	(1,217,251)	(1,301,400)	(2,086,708)	(4,605,359)

The notes on pages 20 to 48 form part of these financial statements.

Page 19

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1.	General information

Seabrook Holdings Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 02440503. The address of the registered office is Admiral House, 853 London Road, West Thurrock, Essex, RM20 3LG. The company's principal activity is that of a holding company. The principal activities of the group is that of freight logistics, warehousing, leisure activities and buying and selling of property and motor vehicles.

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 financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.

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.

Page 20

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.3

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.

2.4

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:

Revenue from freight forwarding services
The provision for freight forwarding services include land freight and sea freight. Revenue is earned when the company acts as a freight consolidator in respect of land freight services, and as a non-vessel operating common carrier in respect of sea freight services. In both cases, the company acts as an indirect carrier and therefore revenue is recognised when the services are rendered, which coincide with the date of departure of shipments.
Revenue from warehousing and distribution services
Revenue is recognised from the provision of warehousing and distribution services over the period in which the services are provided.
Rental Income
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight line basis over the term of the lease.
Revenue from sale of vehicles
Revenue is recognised from the point of dispatch of the vehicle when delivering to the customer.
Revenue from sale of goods
Turnover represents income receivable from the direct sale of beverages as well as commission receivable in instances where the company acts as an agent for similar indirect sales. Revenue is stated net of Value Added Tax and trade discounts. Where the company engages in direct sales, revenue is recognised gross whereas, when the company acts solely as the agent and receives purely commission, revenue is recognised net of cost of sales.

Page 21

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.4

Revenue (continued)

Revenue earned on direct sales is recognised when goods are dispatched to customers. Revenue on commissions based sales is recognised once delivery is made to the customer by the supplier.

2.5

Operating leases: the Group as lessee

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

2.6

Interest income

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

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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

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.

Page 22

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.10

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.

2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.12

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

2.13

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.

Page 23

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.13

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%	straight line
Long-term leasehold property	-		straight line over the life of the lease
Short-term leasehold property	-		straight line over the life of the lease
Plant and machinery	-	20%	straight line
Motor vehicles	-	25%	straight line
Fixtures and fittings	-	20%	straight line
Office equipment	-	20%	straight line
Computer equipment	-	25%	straight line

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.

2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 24

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.16

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling prices less costs to complete and sell.
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.

2.19

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.

2.20

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.

2.21

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.

Page 25

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.22

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.

2.23

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.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 26

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.23

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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.24

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.

Page 27

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

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

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Impairment of debtors - The Group reviews and assesses debtors frequently. When assessing impairment of these amounts, the management considers the ageing profile and historical experience.
Carrying value of investments - The Group reviews and assesses investment valuations frequently. When assessing impairments of investments, the management considers the future cash flows expected to arise from the investments and select a suitable discount rate in order to calculate present value.
Freehold property useful life - The directors have exercised judgement in determining the appropriate useful economic lives and residual values of freehold property held at cost. These estimates are based on historical experience, expected usage, and industry benchmarks. The assets are depreciated over their estimated useful lives, which are reviewed annually for appropriateness. Changes in these estimates could materially affect the depreciation charge and the carrying amount of the assets. Management assesses whether there are indicators of impairment for freehold property at each reporting date. This involves judgement in evaluating factors such as changes in market conditions, usage, and physical condition of the assets. No indicators of impairment were identified at the balance sheet date.
The director does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.

Page 28

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Warehousing & Freight income	30,066,950	23,534,376
Vehicle sale	1,753,057	496,641
Property sale	-	2,193,628
Golf, Leisure & Hospitality income	3,029,664	3,196,383
Property income	-	39,955
Beverage sales	2,307,810	-
	37,157,481	29,460,983

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	31,737,112	22,679,013
Rest of Europe	4,176,065	5,201,979
Rest of the world	1,244,304	1,579,991
	37,157,481	29,460,983

5.	Other operating income
		2024	2023
		£	£

Other operating income	150,919	37,522
	150,919	37,522

Page 29

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Depreciation	829,226	758,358
Exchange differences	31,434	46,479
Other operating lease rentals	362,111	289,472
Auditor's remuneration	125,000	115,000
Defined contribution pension cost	130,532	125,227

Fees payable to the Company's auditors in respect of:
The auditing of accounts of associates of the Company	125,000	115,000
Taxation compliance services	15,000	14,250

Page 30

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

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

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


Wages and salaries	5,761,921	4,328,369	99,390	371,992
Social security costs	570,012	417,857	2,424	43,071
Cost of defined contribution scheme	130,532	125,227	-	-
	6,462,465	4,871,453	101,814	415,063

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.

Management	16	15	2	2
Warehouse	21	33	-	-
Other	143	139	-	-

	180	187	2	2

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	568,190	549,751
Group contributions to defined contribution pension schemes	17,401	9,767
	585,591	559,518

	The highest paid director received remuneration of £200,027 (2023 - £201,478).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,433 (2023 - £NIL).

Page 31

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

10.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	389,550	1,657,012
		389,550	1,657,012

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	39,239	200
Other loan interest payable	556,244	362,630
Finance leases and hire purchase contracts	1,228	1,132
Other interest payable	178	-
	596,889	363,962

Corporation tax
Current tax on profits for the year	120,168	739,948
Adjustments in respect of previous periods	10	-
	120,178	739,948

Total current tax	120,178	739,948

Deferred tax
Origination and reversal of timing differences	(13,960)	46,221
Total deferred tax	(13,960)	46,221


		106,218	786,169

Page 32

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

12.Taxation (continued)

(Loss)/profit on ordinary activities before tax

(614,069)

2,752,250

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)	(153,517)	577,973
Effects of:
Non-tax deductible amortisation of goodwill and impairment	304,297	61,777
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	221,700	28,638
Capital allowances for year in excess of depreciation	24,565	42,753
Utilisation of tax losses	(181,096)	-
Other differences leading to an increase (decrease) in the tax charge	(109,731)	75,028
Total tax charge for the year	106,218	786,169

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2024	2023
		£	£

	Dividends	-	660,000
		-	660,000

Page 33

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

14.	Exceptional items
		2024	2023
		£	£

Investment impairment	1,000,000	-
Investment impairment	770,000	-
	1,770,000	-

An exceptional charge of £1,770,000 was recognised during the year, comprising the write-off of an investment (£1,000,000) and an associated loan (£770,000). These items have been disclosed separately due to their size and nature.

15.	Parent company profit for the year

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 loss after tax of the parent Company for the year was £2,902,535 (2023 - profit £1,180,441).

Page 34

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

16.	Intangible assets
	Group and Company

	Trademarks	Goodwill	Total
	£	£	£
Cost
At 1 August 2023	-	1,926,457	1,926,457
Additions	20,000	781,885	801,885
Disposals	-	(1,000)	(1,000)
At 31 July 2024	20,000	2,707,342	2,727,342
Amortisation
At 1 August 2023	-	396,024	396,024
Charge for the year on owned assets	1,500	217,188	218,688
On disposals	-	(100)	(100)
At 31 July 2024	1,500	613,112	614,612
Net book value
At 31 July 2024	18,500	2,094,230	2,112,730
At 31 July 2023	-	1,530,433	1,530,433

Page 35

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

17.	Tangible fixed assets
	Group

	Freehold property	Long-term leasehold property	Short-term leasehold property	Plant and machinery	Motor vehicles
	£	£	£	£	£
Cost or valuation
At 1 August 2023	18,134,748	46,200	104,868	3,442,203	727,193
Additions	-	-	-	85,525	61,449
Acquisition of subsidiary	-	-	-	25,792	-
Disposals	(1,052,143)	-	-	(71,186)	(31,000)
At 31 July 2024	17,082,605	46,200	104,868	3,482,334	757,642
Depreciation
At 1 August 2023	2,029,714	8,636	75,948	2,427,845	231,202
Charge for the year on owned assets	332,592	3,468	3,396	256,256	15,512
Charge for the year on financed assets	-	-	-	18,995	118,189
Disposals	(158,959)	-	-	(69,941)	(31,000)
At 31 July 2024	2,203,347	12,104	79,344	2,633,155	333,903
Net book value
At 31 July 2024	14,879,258	34,096	25,524	849,179	423,739
At 31 July 2023	16,105,034	37,564	28,920	1,014,358	495,991

Page 36

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

17.Tangible fixed assets (continued)

	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 August 2023	539,231	-	257,331	23,251,774
Additions	34,092	-	8,386	189,452
Acquisition of subsidiary	-	625	-	26,417
Disposals	(10,810)	-	-	(1,165,139)
At 31 July 2024	562,513	625	265,717	22,302,504
Depreciation
At 1 August 2023	388,867	-	228,408	5,390,620
Charge for the year on owned assets	63,088	17	17,713	692,042
Charge for the year on financed assets	-	-	-	137,184
Disposals	(3,438)	-	-	(263,338)
At 31 July 2024	448,517	17	246,121	5,956,508
Net book value
At 31 July 2024	113,996	608	19,596	16,345,996
At 31 July 2023	150,364	-	28,923	17,861,154

Page 37

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

17.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 August 2023	14,753,444	55,322	24,500	60,261	14,893,527
Additions	-	-	-	316	316
Disposals	(1,052,143)	-	-	-	(1,052,143)
At 31 July 2024	13,701,301	55,322	24,500	60,577	13,841,700
Depreciation
At 1 August 2023	1,779,168	29,860	15,092	52,172	1,876,292
Charge for the year on owned assets	295,068	13,836	4,896	5,978	319,778
Disposals	(158,959)	-	-	-	(158,959)
At 31 July 2024	1,915,277	43,696	19,988	58,150	2,037,111
Net book value
At 31 July 2024	11,786,024	11,626	4,512	2,427	11,804,589
At 31 July 2023	12,974,276	25,462	9,408	8,089	13,017,235

Page 38

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

18.	Fixed asset investments
	Group

	Listed investments	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 August 2023	7,188	1,038,924	1,046,112
At 31 July 2024	7,188	1,038,924	1,046,112
Impairment
Charge for the period	-	1,000,000	1,000,000
At 31 July 2024	-	1,000,000	1,000,000
Net book value
At 31 July 2024	7,188	38,924	46,112
At 31 July 2023	7,188	1,038,924	1,046,112

Page 39

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

	Company

	Investments in subsidiary companies	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 August 2023	603,985	1,000,100	1,604,085
Additions	13	-	13
At 31 July 2024	603,998	1,000,100	1,604,098
Impairment
At 1 August 2023	60,000	-	60,000
Charge for the period	-	1,000,000	1,000,000
At 31 July 2024	60,000	1,000,000	1,060,000
Net book value
At 31 July 2024	543,998	100	544,098
At 31 July 2023	543,985	1,000,100	1,544,085

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Seabrook Warehousing Limited	Ordinary	100%
Seabrook Global Logistics Limited	Ordinary	100%
Seabrook Export Services Limited	Ordinary	75%
Seabrook Property Services Limited	Ordinary	100%
Brentwood Golf Club Limited	Ordinary	100%
Lakeside Lodge Golf and Country Club Limited	Ordinary	100%
Seabrook Tank Services Limited	Ordinary	100%
Brentwood Golf and Hotel Country Club Limited	Ordinary	100%
World Freight Holdings Ltd	Ordinary	60%
World Freight Consultants Ltd	Ordinary	60%
World Freight Transport Limited	Ordinary	60%
World Freight Loading Ltd	Ordinary	60%
BrandPhoenix Holdings Limited	Ordinary	50%
Brand Phoenix Limited	Ordinary	50%

Page 40

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

19.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 August 2023	257,241
	Surplus on revaluation	155,808
	At 31 July 2024	413,049

The 2024 valuations were made by the managing director, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2024	2023
	£	£

	Historic cost	186,213	186,213
		186,213	186,213

Page 41

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

20.	Stocks
		Group	Group
		2024	2023
		£	£

Finished goods and goods for resale	312,531	360,898
	312,531	360,898

21.

Debtors

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


Trade debtors	4,628,345	5,768,778	7,400	59,429
Amounts owed by group undertakings	-	-	5,082,147	6,313,544
Other debtors	12,422,561	12,262,823	11,624,008	11,438,600
Prepayments and accrued income	921,877	631,052	123,662	1,439
	17,972,783	18,662,653	16,837,217	17,813,012

22.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	1,040,843	4,157,131	380,941	3,303,845
Less: bank overdrafts	(817,966)	-	(817,966)	-
	222,877	4,157,131	(437,025)	3,303,845

Page 42

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

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

Bank overdrafts	817,966	-	817,966	-
Bank loans	429,697	378,755	429,697	378,755
Trade creditors	5,704,779	5,117,462	32,505	99,030
Amounts owed to group undertakings	-	-	11,228,465	12,904,541
Corporation tax	323,113	2,538,109	60,102	2,173,612
Other taxation and social security	1,357,866	4,655,622	-	27,649
Obligations under finance lease and hire purchase contracts	172,870	160,141	-	-
Other creditors	1,486,221	1,312,415	960,868	643,837
Accruals and deferred income	1,841,422	1,394,288	60,633	55,130
	12,133,934	15,556,792	13,590,236	16,282,554

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

Bank loans	3,982,291	4,492,671	3,982,291	4,492,671
Net obligations under finance leases and hire purchase contracts	243,378	342,815	-	-
Other creditors	218,720	524,289	-	-
	4,444,389	5,359,775	3,982,291	4,492,671

Page 43

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

25.	Loans
	A cross guarantee and debenture exists between Seabrook Warehousing Limited and Seabrook Holdings Limited. The borrowings of the group are secured by way of fixed and floating charges across the assets of the group. The mortgage is secured over the freehold property located in Thurrock.
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Amounts falling due within one year
Bank loans	429,697	378,755	429,697	378,755
	429,697	378,755	429,697	378,755
Amounts falling due 1-2 years
Bank loans	1,480,495	429,697	1,480,495	429,697
	1,480,495	429,697	1,480,495	429,697
Amounts falling due 2-5 years
Bank loans	449,885	2,470,959	449,885	2,470,959
	449,885	2,470,959	449,885	2,470,959
Amounts falling due after more than 5 years
Bank loans	2,051,911	1,592,014	2,051,911	1,592,014
	2,051,911	1,592,014	2,051,911	1,592,014
	4,411,988	4,871,425	4,411,988	4,871,425

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SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

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

Within one year	159,227	160,141
Between 1-5 years	234,038	342,815
	393,265	502,956

27.	Financial instruments
		Group	Group
		2024	2023
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	1,048,031	4,157,131

Financial assets measured at fair value through profit or loss comprise of cash in bank.

Page 45

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

28.	Deferred taxation
	Group

		2024
		£

	At beginning of year	(349,198)
	Charged to profit or loss	13,960
	At end of year	(335,238)

Company

		2024
		£

	At beginning of year	(10,740)
	Charged to profit or loss	6,099
	At end of year	(4,641)

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

Accelerated capital allowances	(278,718)	(331,630)	(4,641)	(10,740)
Investment property fair value movement	(56,520)	(17,568)	-	-
	(335,238)	(349,198)	(4,641)	(10,740)

Page 46

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

29.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

60,000 (2023 - 60,000) Ordinary shares of £1.00 each	60,000	60,000

30.

Reserves

Revaluation reserve

The revaluation reserve represents uplifts in the investment property value net of any deferred tax movements and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

31.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounts to £130,532 (2023: £125,227).
Contributions totalling £25,728 (2023: £28,187) were payable to the fund at the balance sheet date.

32.	Commitments under operating leases
	At 31 July 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	1,029,409	177,197
Later than 1 year and not later than 5 years	125,822	186,049
Later than 5 years	9,280	11,600
	1,164,511	374,846

Page 47

SEABROOK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

33.	Transactions with directors

At the end of the year £524,782 (2023: £525,972) was due to the Director M R Seabrook.

34.	Related party transactions
	During the year the company received management charges of £600,000 (2023: £600,000) from subsidiary Companies. The total remuneration paid to the key management personnel across the group is £920,524 (2023: £967,236). A provision was made in the year against other related parties for £770,000 (2024: £Nil) as disclosed in note 14. At the year end the following amount were due from/(to) the related parties:

		2024	2023
		£	£

	Key management personnel	(534,362)	(537,465)
	Other related parties	1,580,000	2,715,000

35.	Controlling party

The ultimate controlling party is M Seabrook by virtue of his majority shareholding in the ultimate parent company.

Page 48