| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| SEAHORSE AMPHIBIOUS VEHICLES LTD |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| SEAHORSE AMPHIBIOUS VEHICLES LTD |
| SEAHORSE AMPHIBIOUS VEHICLES LTD (REGISTERED NUMBER: 08336781) |
| Contents of the Financial Statements |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| SEAHORSE AMPHIBIOUS VEHICLES LTD |
| Company Information |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit 14 |
| Hoddesdon Enterprise Centre |
| Pindar Road |
| Hoddesdon |
| Hertfordshire |
| EN11 0FJ |
| SEAHORSE AMPHIBIOUS VEHICLES LTD (REGISTERED NUMBER: 08336781) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 9 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| SEAHORSE AMPHIBIOUS VEHICLES LTD (REGISTERED NUMBER: 08336781) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SEAHORSE AMPHIBIOUS VEHICLES LTD (REGISTERED NUMBER: 08336781) |
| Notes to the Financial Statements |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Seahorse Amphibious Vehicles Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| The intangible asset's value is recognised on a company's balance sheet as it meet IAS 38 criteria, being identifiable, the cost can be reliably measured, and there is probable future economic benefits that will flow to the entity. |
| The design and development costs have been revalued by the directors in 2025 by £1.2m, as this recognises the true value of the the assets that generate the company's revenue.This value has been based on the fair value that can be reliably measured through an active market. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and Machinery etc - 50% on cost, 25% on cost and 20% on cost |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| SEAHORSE AMPHIBIOUS VEHICLES LTD (REGISTERED NUMBER: 08336781) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST OR VALUATION |
| Additions |
| Revaluations |
| At 31 December 2024 |
| AMORTISATION |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| Cost or valuation at 31 December 2024 is represented by: |
| Other |
| intangible |
| assets |
| £ |
| Valuation in 2024 | 1,200,000 |
| Cost | 238,437 |
| 1,438,437 |
| SEAHORSE AMPHIBIOUS VEHICLES LTD (REGISTERED NUMBER: 08336781) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Cost or valuation at 31 December 2024 is represented by: |
| Plant and |
| machinery |
| etc |
| £ |
| Valuation in 2015 | 209,975 |
| Valuation in 2022 | 140,000 |
| Cost | 9,247 |
| 359,222 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts owed by associates |
| Amounts recoverable on contract | ( |
) |
| Other debtors |
| SEAHORSE AMPHIBIOUS VEHICLES LTD (REGISTERED NUMBER: 08336781) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to associates | 3,261 | - |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 9. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2024 |
| Revaluation in year | 1,200,000 |
| Disposal | (220,000 | ) |
| At 31 December 2024 |
| 10. | RELATED PARTY DISCLOSURES |
| 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. |
| 11. | POST BALANCE SHEET EVENTS |
| Since the year end but before the Directors approval of these Financial Statements, the company has entered a contracted relationship with Big Bus Tours Limited, a UK company, to form a partnership to supply a fleet of electric amphibious vehicles to support Big Bus Tours Limited in its launch of Big Duck Tours and its roll out of amphibious sightseeing tours. The Directors believe that this is a material contract for the Company. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Seahorse Amphibious Vehicles Ltd |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seahorse Amphibious Vehicles Ltd for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Seahorse Amphibious Vehicles Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Seahorse Amphibious Vehicles Ltd and state those matters that we have agreed to state to the Board of Directors of Seahorse Amphibious Vehicles Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seahorse Amphibious Vehicles Ltd and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Seahorse Amphibious Vehicles 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 loss of Seahorse Amphibious Vehicles Ltd. You consider that Seahorse Amphibious Vehicles 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 Seahorse Amphibious Vehicles 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. |
| Unit 14 |
| Hoddesdon Enterprise Centre |
| Pindar Road |
| Hoddesdon |
| Hertfordshire |
| EN11 0FJ |