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Company registration number: 07067364
| FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2024
| TURNSEA LIMITED
TURNSEA LIMITED |  |
COMPANY INFORMATION
Directors | G Souto Sampedro
| F J Touza (resigned 26 June 2025)
| J A Touza (resigned 26 June 2025)
| M A Touza (resigned 26 June 2025)
| A C Vassallo
| F Vassallo
| C J Iglesias Docampo (appointed 26 June 2025)
Registered number | 07067364
Registered office | Tobias House
| St Mark's Court
| Teesdale Business Park
| Teesside
| United Kingdom
| TS17 6QW
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
TURNSEA LIMITED |  |
CONTENTS
| Page
Statement of Financial Position | 1
Statement of Changes in Equity | 2
Notes to the Financial Statements | 3 - 5
TURNSEA LIMITED REGISTERED NUMBER:07067364 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 4 |  | 2,765,429 |  | 2,954,248
|  |  | 2,765,429 |  | 2,954,248
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 5 | 920,314 |  | 1,128,704 |
Debtors: amounts falling due within one year | 5 | 224,651 |  | 208,382 |
Cash at bank and in hand |  | 800,842 |  | 627,848 |
|  | 1,945,807 |  | 1,964,934 |
Creditors: amounts falling due within one year | 6 | (14,015) |  | (11,824) |
Net current assets |  |  | 1,931,792 |  | 1,953,110
Total assets less current liabilities |  |  | 4,697,221 |  | 4,907,358
Net assets |  |  | 4,697,221 |  | 4,907,358
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2,848,477 |  | 2,848,477
Profit and loss account |  |  | 1,848,744 |  | 2,058,881
|  |  | 4,697,221 |  | 4,907,358
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G Souto Sampedro
Director
Date: 11 September 2025
The notes on pages 3 to 5 form part of these financial statements. Page 1
TURNSEA LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 4,600,000 | 648,477 | 583,071 | 5,831,548
Profit for the year | - | - | 275,810 | 275,810
Purchase of own shares | - | - | 1,200,000 | 1,200,000
Shares redeemed during the year | - | (648,477) | - | (648,477)
Shares cancelled during the year | (1,751,523) | - | - | (1,751,523)
Total transactions with owners | (1,751,523) | (648,477) | 1,200,000 | (1,200,000)
At 1 January 2024 | 2,848,477 | - | 2,058,881 | 4,907,358
Loss for the year | - | - | (210,137) | (210,137)
At 31 December 2024 | 2,848,477 | - | 1,848,744 | 4,697,221
Page 2
TURNSEA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Turnsea Limited is a private company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given in the company information page and the nature of the company's operations is set out in the directors report. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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.
| 2.3 | Taxation
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 reporting date in the countries where the Company operates and generates income.
| 2.4 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.5 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.6 | 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 3
TURNSEA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | 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.
| 2.8 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2023 - 6).
4. | Fixed asset investments
|  | Investments in subsidiary companies | Investments in associates | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 2,273,758 | 680,490 | 2,954,248
| At 31 December 2024 | 2,273,758 | 680,490 | 2,954,248
| Impairment |  |  |
| Charge for the period | 188,819 | - | 188,819
| At 31 December 2024 | 188,819 | - | 188,819
| Net book value |  |  |
| At 31 December 2024 | 2,084,939 | 680,490 | 2,765,429
| At 31 December 2023 | 2,273,758 | 680,490 | 2,954,248
Page 4
TURNSEA LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 920,314 | 1,128,704
|  | 920,314 | 1,128,704
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Amounts owed by group companies | 213,851 | 206,583
| Other debtors | 10,800 | 1,799
|  | 224,651 | 208,382
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax | 7,525 | -
| Other creditors | - | 4,829
| Accruals and deferred income | 6,490 | 6,995
|  | 14,015 | 11,824
7. | Post balance sheet events
In June 2025 MAH Holdings (a company incorporated in Malta) acquired the remaining 50% shares of the company, previously held by Chymar S.A.
8. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 11 September 2025 by James Hadfield FCA (Senior Statutory Auditor) on behalf of Menzies LLP.
Page 5