Seaway Solutions Ltd. Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC351384

SEAWAY SOLUTIONS LTD.

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

SEAWAY SOLUTIONS LTD.

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

SEAWAY SOLUTIONS LTD.

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SEAWAY SOLUTIONS LTD.

YEAR ENDED 31 MARCH 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seaway Solutions Ltd. for the year ended 31 March 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Seaway Solutions Ltd., as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Seaway Solutions Ltd. and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seaway Solutions Ltd. and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Seaway Solutions Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Seaway Solutions Ltd.. You consider that Seaway Solutions Ltd. is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Seaway Solutions Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

RITSONS Chartered Accountants

26-30 Marine Place Buckie Moray AB56 1UT

11 December 2025

SEAWAY SOLUTIONS LTD.

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

FIXED ASSETS

Tangible assets	5	–	553
Investments	6	170,100	190,100
		---------	---------
		170,100	190,653

CURRENT ASSETS

Debtors	7	194	14,399
Cash at bank and in hand		52,395	110,045
		--------	---------
		52,589	124,444

CREDITORS: amounts falling due within one year	8	69,317	98,213
		--------	---------
NET CURRENT (LIABILITIES)/ASSETS		( 16,728)	26,231
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		153,372	216,884
		---------	---------
NET ASSETS		153,372	216,884
		---------	---------

CAPITAL AND RESERVES

Called up share capital	2	2
Revaluation reserve	1,265	1,265
Profit and loss account	152,105	215,617
	---------	---------
SHAREHOLDERS FUNDS	153,372	216,884
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

SEAWAY SOLUTIONS LTD.

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 11 December 2025 , and are signed on behalf of the board by:

Mr N Spanovic

Director

Company registration number: SC351384

SEAWAY SOLUTIONS LTD.

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the income statement.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 2 ).

5. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 April 2024 and 31 March 2025	3,843
	-------
Depreciation
At 1 April 2024	3,290
Charge for the year	553
	-------
At 31 March 2025	3,843
	-------
Carrying amount
At 31 March 2025	–
	-------
At 31 March 2024	553
	-------

6. Investments

	Loans to group undertakings	Shares in participating interests	Investment property	Total
	£	£	£	£
Cost/Fair value
At 1 April 2024	20,000	100	170,000	190,100
Disposals	( 20,000)	–	–	(20,000)
	--------	----	---------	---------
At 31 March 2025	–	100	170,000	170,100
	--------	----	---------	---------
Impairment
At 1 April 2024 and 31 March 2025	–	–	–	–
	--------	----	---------	---------

Carrying amount
At 31 March 2025	–	100	170,000	170,100
	--------	----	---------	---------
At 31 March 2024	20,000	100	170,000	190,100
	--------	----	---------	---------

7. Debtors

	2025	2024
	£	£
Trade debtors	–	14,250
Other debtors	194	149
	----	--------
	194	14,399
	----	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	8	9
Corporation tax	479	29,405
Social security and other taxes	479	7,538
Other creditors	68,351	61,261
	--------	--------
	69,317	98,213
	--------	--------

9. Related party transactions

As at 31 March 2025 the company owed the directors £67,101 (2024 : £60,011) by way of directors loan accounts. During the year, dividends of £65,000 (2024: £70,000) were paid to the directors.