Company registration number 02833849 (England and Wales)
SEWARD REFRIGERATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
SEWARD REFRIGERATION LIMITED
COMPANY INFORMATION
Directors
L C Seward
R T Seward
R Seward
D Nicholson
M Culley
J Hatfield
R Jackson
Company number
02833849
Registered office
Unit 8
Platinum Road
Urmston
Manchester
M41 7LJ
Auditor
Champion Accountants LLP
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
SEWARD REFRIGERATION LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
SEWARD REFRIGERATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Principal activities

The principal activity of the group continues to be the design, service and maintenance of industrial refrigeration systems. The group continues to act for a range of clients but mainly focused within the large scale food manufacturing industry.

Review of the business

The results for the year and financial position of the group are as shown in the annexed financial statements.

The group’s turnover was £17,710,551 compared to £18,402,487 for the prior year.

Gross margin at 31.00% is slightly higher than last year’s results (27.63%) which in a testing marketplace is encouraging.

The Directors report an operating profit of £2.4M which is an improvement on the prior year (£1.5M).

The directors are very pleased with the 2025 financial results which are an improvement on 2024 despite 2025 being a very challenging year for the sector. The directors look forward to a continued improvement through the current year.

Principal risks and uncertainties

The board continues to closely manage its trading and cash performance which is evident from the results for this period.

The group's market remains predominantly in the UK and therefore the performance of the UK economy continues to be a dominant risk factor for the performance of the group. The market continues to remain uncertain with the continuing conflict in Eastern Europe, the very early stages of a cessation of hostilities in the Middle East, and a new government in the UK which whilst pushing for growth has added further costs onto UK businesses. This makes it somewhat difficult to plan with any great certainty. The directors are therefore continuing to take a relatively cautious approach in the short term whilst the macroeconomic and political landscape becomes clearer.

Customer liquidity continues to remain a key risk and is an area where close attention is paid by the group.

The directors constantly monitor these risk factors and will take swift and decisive strategic action should any need arise.

On behalf of the board

J Hatfield
Director
13 March 2026
SEWARD REFRIGERATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £300,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L C Seward
R T Seward
R Seward
D Nicholson
M Culley
J Hatfield
R Jackson
(Appointed 23 September 2025)
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the 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 prepared the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

SEWARD REFRIGERATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
J Hatfield
Director
13 March 2026
SEWARD REFRIGERATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEWARD REFRIGERATION LIMITED
- 4 -
Opinion

We have audited the financial statements of Seward Refrigeration Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 June 2025 and of the group's profit 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

SEWARD REFRIGERATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEWARD REFRIGERATION LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102 and Companies Act 2006.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment

accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

SEWARD REFRIGERATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEWARD REFRIGERATION LIMITED
- 6 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation methods, amounts recoverable on contracts & cut-off.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Turner FCA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP, Statutory Auditor
Chartered Accountants
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
13 March 2026
SEWARD REFRIGERATION LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
5
17,710,551
18,402,487
Cost of sales
(12,220,095)
(13,316,290)
Gross profit
5,490,456
5,086,197
Administrative expenses
(3,099,904)
(3,583,981)
Operating profit
6
2,390,552
1,502,216
Interest receivable and similar income
9
30,068
24,615
Interest payable and similar expenses
10
(18,158)
(17,579)
Profit before taxation
2,402,462
1,509,252
Tax on profit
11
(603,122)
(310,422)
Profit for the financial year
25
1,799,340
1,198,830
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
SEWARD REFRIGERATION LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
13
3,650
4,150
Total intangible assets
3,650
4,150
Tangible assets
14
283,077
359,274
286,727
363,424
Current assets
Stocks
17
200,490
100,732
Debtors
18
3,703,257
3,953,028
Cash at bank and in hand
4,283,508
3,220,213
8,187,255
7,273,973
Creditors: amounts falling due within one year
19
(3,862,560)
(4,419,247)
Net current assets
4,324,695
2,854,726
Total assets less current liabilities
4,611,422
3,218,150
Creditors: amounts falling due after more than one year
20
(30,072)
(116,575)
Provisions for liabilities
Deferred tax liability
22
67,199
86,764
(67,199)
(86,764)
Net assets
4,514,151
3,014,811
Capital and reserves
Called up share capital
24
100,000
100,000
Profit and loss reserves
25
4,414,151
2,914,811
Total equity
4,514,151
3,014,811

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 13 March 2026 and are signed on its behalf by:
13 March 2026
J Hatfield
Director
Company registration number 02833849 (England and Wales)
SEWARD REFRIGERATION LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
255,328
331,483
Investments
15
200
200
255,528
331,683
Current assets
Stocks
17
145,223
54,267
Debtors
18
3,014,634
3,361,855
Cash at bank and in hand
2,083,736
2,101,575
5,243,593
5,517,697
Creditors: amounts falling due within one year
19
(2,308,684)
(3,242,478)
Net current assets
2,934,909
2,275,219
Total assets less current liabilities
3,190,437
2,606,902
Creditors: amounts falling due after more than one year
20
(30,072)
(116,575)
Provisions for liabilities
Deferred tax liability
22
61,242
79,816
(61,242)
(79,816)
Net assets
3,099,123
2,410,511
Capital and reserves
Called up share capital
24
100,000
100,000
Profit and loss reserves
25
2,999,123
2,310,511
Total equity
3,099,123
2,410,511

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £988,612 (2024 - £736,630 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 13 March 2026 and are signed on its behalf by:
13 March 2026
J Hatfield
Director
Company registration number 02833849 (England and Wales)
SEWARD REFRIGERATION LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2023
100,000
1,911,071
2,011,071
Year ended 30 June 2024:
Profit and total comprehensive income
-
1,198,830
1,198,830
Dividends
12
-
(195,090)
(195,090)
Balance at 30 June 2024
100,000
2,914,811
3,014,811
Year ended 30 June 2025:
Profit and total comprehensive income
-
1,799,340
1,799,340
Dividends
12
-
(300,000)
(300,000)
Balance at 30 June 2025
100,000
4,414,151
4,514,151
SEWARD REFRIGERATION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2023
100,000
1,768,971
1,868,971
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
736,630
736,630
Dividends
12
-
(195,090)
(195,090)
Balance at 30 June 2024
100,000
2,310,511
2,410,511
Year ended 30 June 2025:
Profit and total comprehensive income
-
988,612
988,612
Dividends
12
-
(300,000)
(300,000)
Balance at 30 June 2025
100,000
2,999,123
3,099,123
SEWARD REFRIGERATION LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
825,292
2,090,134
Interest paid
(18,158)
(17,579)
Income taxes paid
(320,466)
(122,594)
Net cash inflow from operating activities
486,668
1,949,961
Investing activities
Proceeds from disposal of intangibles
(939)
-
Purchase of tangible fixed assets
(21,366)
(17,304)
Proceeds from disposal of tangible fixed assets
13,106
39,885
Repayment of loans
956,307
(283,871)
Interest received
30,068
24,615
Net cash generated from/(used in) investing activities
977,176
(236,675)
Financing activities
Payment of finance leases obligations
(100,549)
(100,547)
Dividends paid to equity shareholders
(300,000)
(195,090)
Net cash used in financing activities
(400,549)
(295,637)
Net increase in cash and cash equivalents
1,063,295
1,417,649
Cash and cash equivalents at beginning of year
3,220,213
1,802,564
Cash and cash equivalents at end of year
4,283,508
3,220,213
SEWARD REFRIGERATION LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
1
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,799,340
1,198,830
Adjustments for:
Taxation charged
603,122
310,422
Finance costs
18,158
17,579
Investment income
(30,068)
(24,615)
Gain on disposal of tangible fixed assets
(7,985)
(3,801)
Loss on disposal of intangible assets
939
-
Amortisation and impairment of intangible assets
500
500
Depreciation and impairment of tangible fixed assets
92,442
124,624
Movements in working capital:
(Increase)/decrease in stocks
(99,758)
50,535
Increase in debtors
(706,536)
(1,028,726)
(Decrease)/increase in creditors
(844,862)
1,444,786
Cash generated from operations
825,292
2,090,134
2
Analysis of changes in net funds - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
3,220,213
1,063,295
4,283,508
Obligations under finance leases
(217,122)
100,549
(116,573)
3,003,091
1,163,844
4,166,935
3
Accounting policies
Company information

Seward Refrigeration Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 8, Platinum Road, Urmston, Manchester, M41 7LJ.

The group consists of Seward Refrigeration Limited and all of its subsidiaries.

3.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 14 -

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

3.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

3.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Seward Refrigeration Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 15 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

3.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

3.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

3.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

3.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

3.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

3.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 18 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

3.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

3.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Accounting policies
(Continued)
- 20 -
3.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3.17
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

4
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

5
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of services
17,710,551
18,402,487
2025
2024
£
£
Other revenue
Interest income
30,068
24,615
SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
6
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
298
(384)
Fees payable to the group's auditor for the audit of the group's financial statements
12,500
12,500
Depreciation of tangible fixed assets
92,442
124,624
Profit on disposal of tangible fixed assets
(7,985)
(3,801)
Amortisation of intangible assets
500
500
Loss on disposal of intangible assets
939
-
Operating lease charges
457,313
241,358
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
8
9
6
6
Installation & servicing staff
42
47
21
22
Administrative stafff
17
16
9
8
Total
67
72
36
36

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,508,218
4,515,483
2,503,523
2,583,072
Social security costs
545,540
538,842
318,049
323,169
Pension costs
183,158
358,745
130,617
319,369
5,236,916
5,413,070
2,952,189
3,225,610
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
866,092
1,177,833
Company pension contributions to defined contribution schemes
34,484
240,165
900,576
1,417,998
SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
Directors' remuneration
(Continued)
- 22 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024 - 5).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
346,720
347,158
Company pension contributions to defined contribution schemes
-
109,000
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
30,068
24,615
10
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
3
-
Interest on finance leases and hire purchase contracts
18,155
17,579
Total finance costs
18,158
17,579
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
622,687
416,718
Adjustments in respect of prior periods
-
0
(71,157)
Total current tax
622,687
345,561
Deferred tax
Origination and reversal of timing differences
(19,565)
(35,139)
Total tax charge
603,122
310,422
SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
11
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,402,462
1,509,252
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
600,616
377,313
Tax effect of expenses that are not deductible in determining taxable profit
2,506
4,266
Research and development tax credit
-
0
(71,157)
Taxation charge
603,122
310,422
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
300,000
195,090
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2024 and 30 June 2025
5,000
Amortisation and impairment
At 1 July 2024
850
Amortisation charged for the year
500
At 30 June 2025
1,350
Carrying amount
At 30 June 2025
3,650
At 30 June 2024
4,150
The company had no intangible fixed assets at 30 June 2025 or 30 June 2024.
SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
14
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
21,000
33,818
55,754
581,839
692,411
Additions
-
0
-
0
-
0
21,366
21,366
Disposals
-
0
-
0
-
0
(33,127)
(33,127)
At 30 June 2025
21,000
33,818
55,754
570,078
680,650
Depreciation and impairment
At 1 July 2024
16,871
15,976
46,848
253,442
333,137
Depreciation charged in the year
619
2,678
5,633
83,512
92,442
Eliminated in respect of disposals
-
0
-
0
-
0
(28,006)
(28,006)
At 30 June 2025
17,490
18,654
52,481
308,948
397,573
Carrying amount
At 30 June 2025
3,510
15,164
3,273
261,130
283,077
At 30 June 2024
4,129
17,842
8,906
328,397
359,274
Company
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
15,900
23,460
48,371
563,757
651,488
Additions
-
0
-
0
-
0
10,033
10,033
Disposals
-
0
-
0
-
0
(26,712)
(26,712)
At 30 June 2025
15,900
23,460
48,371
547,078
634,809
Depreciation and impairment
At 1 July 2024
15,747
13,637
43,953
246,668
320,005
Depreciation charged in the year
22
1,475
3,078
80,173
84,748
Eliminated in respect of disposals
-
0
-
0
-
0
(25,272)
(25,272)
At 30 June 2025
15,769
15,112
47,031
301,569
379,481
Carrying amount
At 30 June 2025
131
8,348
1,340
245,509
255,328
At 30 June 2024
153
9,823
4,418
317,089
331,483
SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Tangible fixed assets
(Continued)
- 25 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
189,557
254,075
189,557
254,075
15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
200
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024 and 30 June 2025
200
Carrying amount
At 30 June 2025
200
At 30 June 2024
200
16
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Seward Refrigeration EA Limited
England & Wales
Refrigeration services
Ordinary
100.00
Seward Refrigeration Yorkshire Limited
England & Wales
Refrigeration services
Ordinary
100.00
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
83,724
81,195
28,457
34,730
Work in progress
116,766
19,537
116,766
19,537
200,490
100,732
145,223
54,267
SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,423,597
2,900,513
1,590,152
2,150,184
Amounts owed by group undertakings
1,163,095
-
1,372,217
209,122
Other debtors
2,718
957,508
2,517
957,007
Prepayments and accrued income
113,847
95,007
49,748
45,542
3,703,257
3,953,028
3,014,634
3,361,855
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
21
86,501
100,547
86,501
100,547
Trade creditors
1,337,647
1,344,472
662,181
1,028,018
Amounts owed to group undertakings
-
0
-
0
416,666
-
0
Corporation tax payable
622,687
320,466
353,646
154,704
Other taxation and social security
964,362
955,936
504,843
662,569
Other creditors
102,674
34,235
93,264
26,610
Accruals and deferred income
748,689
1,663,591
191,583
1,270,030
3,862,560
4,419,247
2,308,684
3,242,478

Obligations under hire purchase agreements and finance leases are secured against the assets concerned.

20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
21
30,072
116,575
30,072
116,575

Obligations under hire purchase agreements and finance leases are secured against the assets concerned.

21
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
86,501
100,547
86,501
100,547
Non-current liabilities
30,072
116,575
30,072
116,575
116,573
217,122
116,573
217,122
SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
21
Finance lease obligations
(Continued)
- 27 -
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
86,501
100,547
86,501
100,547
In two to five years
30,072
116,575
30,072
116,575
116,573
217,122
116,573
217,122
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
67,199
86,764
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
61,242
79,816
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
86,764
79,816
Credit to profit or loss
(19,565)
(18,574)
Liability at 30 June 2025
67,199
61,242
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
183,158
358,745
SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
23
Retirement benefit schemes
(Continued)
- 28 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
80,000
80,000
80,000
80,000
Odrinary A shares of £1 each
5,000
10,000
5,000
10,000
Ordinary B shares of £1 each
5,000
10,000
5,000
10,000
Ordinary C shares of £1 each
5,000
-
5,000
-
Ordinary D shares of £1 each
5,000
-
5,000
-
100,000
100,000
100,000
100,000

On 9 June 2025, 10,000 issued A ordinary £1 shares and 10,000 issued B ordinary £1 shares were redesignated as 20,000 ordinary £1 shares. On the same date, 20,000 issued ordinary £1 shares were redesignated as 5,000 A ordinary £1 shares, 5,000 B ordinary £1 shares, 5,000 C ordinary £1 shares and 5,000 D ordinary £1 shares.

25
Reserves

Profit and loss reserves - This reserve records retained earnings and accumulated losses.

26
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
293,055
265,310
178,936
177,410
Years 2-5
319,572
458,715
136,075
255,490
612,627
724,025
315,011
432,900
27
Related party transactions
SEWARD REFRIGERATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
27
Related party transactions
(Continued)
- 29 -

Seward Refrigeration Holdings Limited, a company registered in England and Wales, is the ultimate parent company from 9 June 2025. At the balance sheet date, the group was owed an amount of £1,163,095 from Seward Refrigeration Holdings Limited.

The company has taken advantage of FRS 102 paragraph 33.1A available to companies producing consolidated group financial statements and chosen not to disclose related party transactions within the group for 100% owned subsidiaries.

28
Directors' transactions

Dividends totalling £300,000 (2024 - £195,090) were paid in the year in respect of shares held by the company's directors.

At the balance sheet date, the company owed the directors an amount of £54,776 (202 4: £956,307 debtor). The loan s are interest free with no fixed date for repayment.

29
Controlling party

From 9 June 2025, by virtue of a majority shareholding in the company, Seward Refrigeration Holdings Limited, a company registered in England and Wales, is the ultimate parent company. By virtue of their combined majority shareholding in the ultimate parent company, L C Seward and R Seward control the company and group.

Up to 8 June 2025, by virtue of a majority shareholding in Seward Refrigeration Limited, the beneficiaries of the Brian Steven Seward Discretionary Trust, controlled the company and group.

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