ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 04221248

SEACON GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

SEACON GROUP LIMITED

COMPANY INFORMATION

Directors	J Roth
	M Dale


Company secretary	K Jeeves


Registered number	04221248


Registered office	Tower Wharf
	Northfleet
	Kent
	DA11 9BD


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA


Bankers	Lloyds
	Orchard Brae
	PO Box 72
	Bailey Drive
	Gillingham Business Park
	Kent
	ME8 0LS

SEACON GROUP LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10 - 11
Company balance sheet	12
Consolidated statement of changes in equity	13 - 14
Company statement of changes in equity	15
Consolidated statement of cash flows	16 - 17
Notes to the financial statements	18 - 44

SEACON GROUP LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Introduction

The directors present their report and the financial statements of the group for the year ended 30 September 2025.

Business review

The group carries on business as stevedores, wharfingers and warehousemen, freight contractors, ship operators and general shipping and forwarding agents.
The year has been significantly affected by exceptional costs incurred by our subsidiary business, Seacon (SG) Limited. We had to move premises within the Port of Tilbury, which proved to be highly disruptive and costly. The move was completed in November 2025 and the business has now returned to normal trading.
During the course of the year, we also took the decision to embark on a 'life extension programme' for our 2 ships, owned by our Dutch subsidiary, Seacon Shipping BV. This involves the replacement of much steel and ensures that the ships will remain safely 'in class' for the foreseeable future. The works on Sea Shannon were successfully completed in November 2025 and Sea Charente is now booked in to the shipyard in May 2026. All costs have been provided for or, where appropriate, will be capitalised.
Seacon Terminals Limited has now completed the programme of heavy investment at Northfleet, described in last year's accounts. The directors believe that the improvements made leave the company well placed to exploit the unique potential of the site. This should support the company's successful operations into the future.
Birsterminal AG in Switzerland, in which Seacon Group has a significant investment, has experienced a year of strong growth on the back of investment in portside infrastructure and new traffic won. This business is well placed to prosper over the coming years.
The directors remain satisfied with the performance of the group, set against a continued challenging economic environment.
The accounts have been prepared on the going concern basis.

Principal risks and uncertainties

The key business risks and uncertainties affecting the company relate to:
• The strength of the UK economy
• Health & Safety of cargo handling operations.

Financial key performance indicators

Given the straight forward nature of the business the group's directors are of the opinion that analysis using the KPI's is not necessary for an understanding of the development, performance or position of the business.

This report was approved by the board on 26 March 2026 and signed on its behalf.

J Roth

Director

Page 1

SEACON GROUP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £1,614,415 (2024 - £1,504,796).

Dividends of £500,000 (2024: £500,000) were paid during the year.

Directors

The directors who served during the year were:

J Roth

M Dale

Future developments

The Group continues to trade profitably and to pursue opportunities to improve its performance and financial position. The Group has invested heavily in its operations at Northfleet, which remains at the core of our business. The directors believe that the investment will continue to support the Group's successful operations into the future.
There are no signficant future developments to disclose.

Page 2

SEACON GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Auditors

During the year Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 26 March 2026 and signed on its behalf.

J Roth

Director

Page 3

SEACON GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON GROUP LIMITED

Opinion

We have audited the financial statements of Seacon Group Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 30 September 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent company's affairs as at 30 September 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

SEACON GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON GROUP LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 5

SEACON GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON GROUP LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 6

SEACON GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON GROUP LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the group through discussion with directors and
other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, are as follows:
o Companies Act 2006
o FRS102
o GDPR
o Employment legislation
o Tax legislation
o Health and safety legislation
o Port of London and other Port Authority regulations
o UK and EU customs regulations for imports and exports
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates, in particular those disclosed in note 3, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Group’s usual course of business.

Page 7

SEACON GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEACON GROUP LIMITED (CONTINUED)

The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jamie Hall (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

Date: 13 April 2026

Page 8

SEACON GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	2025	2024
Note	£	£


Turnover	4	28,875,903	25,061,775
Cost of sales		(16,458,855)	(13,809,409)
Gross profit		12,417,048	11,252,366
Distribution costs		(981,336)	(999,353)
Administrative expenses		(9,406,040)	(8,354,155)
Exceptional expenses	16	(511,833)	-
Other operating income	5	53,366	93,209
Operating profit	6	1,571,205	1,992,067
Income from participating interests		418,891	21,499
Income from fixed assets investments		-	61,472
Interest receivable and similar income	11	47,360	102,839
Interest payable and similar expenses	12	(190,276)	(232,290)
Other finance income		-	4,000
Profit before taxation		1,847,180	1,949,587
Tax on profit	14	(232,765)	(444,791)
Profit for the financial year		1,614,415	1,504,796


Actuarial gains on defined benefit pension scheme	-	44,000
Exchange differences on retranslation of net assets of subsidiary and associates	208,739	(174,099)
Other comprehensive income for the year	208,739	(130,099)
Total comprehensive income for the year	1,823,154	1,374,697

Profit for the year attributable to:
Owners of the parent company	1,614,415	1,504,796
	1,614,415	1,504,796

The notes on pages 18 to 44 form part of these financial statements.

Page 9

SEACON GROUP LIMITED

REGISTERED NUMBER: 04221248

CONSOLIDATED BALANCE SHEET

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	18		557,655		603,590
Tangible assets	19		22,636,383		21,891,114
Investments	20		2,390,958		1,825,077
			25,584,996		24,319,781
Current assets
Stocks	21	48,002		21,242
Debtors: amounts falling due within one year	22	6,169,094		4,342,946
Cash at bank and in hand	23	1,080,749		2,989,231
		7,297,845		7,353,419
Creditors: amounts falling due within one year	24	(4,015,128)		(4,628,067)
Net current assets			3,282,717		2,725,352
Total assets less current liabilities			28,867,713		27,045,133
Creditors: amounts falling due after more than one year	25		(2,370,602)		(2,515,551)
Provisions for liabilities
Deferred taxation	27	(1,162,032)		(930,157)
Other provisions	28	(532,707)		(120,207)
			(1,694,739)		(1,050,364)
Net assets			24,802,372		23,479,218

Capital and reserves
Called up share capital	29	250,000	250,000
Share premium account		4,698,020	4,698,020
Revaluation reserve		4,281,658	4,387,228
Capital redemption reserve		17	17
Profit and loss account		15,572,677	14,143,953
		24,802,372	23,479,218

Page 10

SEACON GROUP LIMITED

REGISTERED NUMBER: 04221248

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J Roth

Director

Date: 26 March 2026

The notes on pages 18 to 44 form part of these financial statements.

Page 11

SEACON GROUP LIMITED

REGISTERED NUMBER: 04221248

COMPANY BALANCE SHEET

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	20		5,790,808		5,790,808
Current assets
Debtors: amounts falling due after more than one year	22	4,248,839		1,138,934
Debtors: amounts falling due within one year	22	5,013,226		7,523,132
		9,262,065		8,662,066
Net current assets			9,262,065		8,662,066
Total assets less current liabilities			15,052,873		14,452,874


Net assets			15,052,873		14,452,874

Capital and reserves
Called up share capital	29		250,000		250,000
Share premium account			4,698,020		4,698,020
Capital redemption reserve			17		17
Profit for the year		1,099,999		4,531,609
Other changes in the profit and loss account		(500,000)		(500,000)
Profit and loss account carried forward			10,104,836		9,504,837
			15,052,873		14,452,874

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

J Roth

Director

Date: 26 March 2026

The notes on pages 18 to 44 form part of these financial statements.

Page 12


		SEACON GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Share premium account	Capital redemption reserve	Other reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£	£	£
At 1 October 2024	250,000	4,698,020	17	4,387,228	14,143,953	23,479,218	23,479,218

Profit for the year	-	-	-	-	1,614,415	1,614,415	1,614,415
Exchange differences on retranslation of net assets of subsidiary and associates	-	-	-	-	208,739	208,739	208,739
Dividends: Equity capital	-	-	-	-	(500,000)	(500,000)	(500,000)
Additional depreciation on revalued assets transferred to revaluation reserve	-	-	-	-	105,570	105,570	105,570
Additional depreciation on revalued assets transferred from profit and loss account	-	-	-	(105,570)	-	(105,570)	(105,570)
At 30 September 2025	250,000	4,698,020	17	4,281,658	15,572,677	24,802,372	24,802,372

The notes on pages 18 to 44 form part of these financial statements.

Page 13


		SEACON GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Other reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£	£	£
At 1 October 2023	250,000	4,698,020	17	4,492,798	13,163,686	22,604,521	22,604,521

Profit for the year	-	-	-	-	1,504,796	1,504,796	1,504,796
Actuarial gains on pension scheme	-	-	-	-	44,000	44,000	44,000
Exchange differences on retranslation of net assets of subsidiary and associates	-	-	-	-	(174,099)	(174,099)	(174,099)
Dividends: Equity capital	-	-	-	-	(500,000)	(500,000)	(500,000)
Additional depreciation on revalued assets transferred to revaluation reserve	-	-	-	-	105,570	105,570	105,570
Additional depreciation on revalued assets transferred from profit and loss account	-	-	-	(105,570)	-	(105,570)	(105,570)
At 30 September 2024	250,000	4,698,020	17	4,387,228	14,143,953	23,479,218	23,479,218

The notes on pages 18 to 44 form part of these financial statements.

Page 14

SEACON GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 October 2024	250,000	4,698,020	17	9,504,837	14,452,874

Profit for the year	-	-	-	1,099,999	1,099,999
Dividends: Equity capital	-	-	-	(500,000)	(500,000)
At 30 September 2025	250,000	4,698,020	17	10,104,836	15,052,873

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 October 2023	250,000	4,698,020	17	5,473,228	10,421,265

Profit for the year	-	-	-	4,531,609	4,531,609
Dividends: Equity capital	-	-	-	(500,000)	(500,000)
At 30 September 2024	250,000	4,698,020	17	9,504,837	14,452,874

The notes on pages 18 to 44 form part of these financial statements.

Page 15

SEACON GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,614,415	1,504,796
Adjustments for:
Amortisation of intangible assets	47,720	55,783
Depreciation of tangible assets	924,605	699,012
Profit on disposal of tangible assets	(1,225)	(29,471)
Interest paid	190,276	232,290
Interest received	(47,360)	(164,311)
Taxation charge	890	444,791
Increase in stocks	(26,760)	(4,230)
Increase in debtors	(1,826,148)	(194,851)
(Decrease)/increase in creditors	(50,733)	2,151,245
Increase/(decrease) in provisions	412,500	(75,777)
Increase in net pension assets/liabilities	-	44,000
Foreign exchange differences	187	(104,209)
Share of operating profit in associates	(418,891)	(21,499)
Corporation tax paid	(331,220)	(216,046)
Net cash generated from operating activities	488,256	4,321,523

Cash flows from investing activities
Purchase of intangible fixed assets	(1,785)	(154,960)
Purchase of tangible fixed assets	(1,610,387)	(6,075,451)
Sale of tangible fixed assets	3,300	35,447
Interest received	47,360	102,839
HP interest paid	-	(4,080)
Dividends received	-	61,472
Net cash from investing activities	(1,561,512)	(6,034,733)
Cash flows from financing activities
Repayment of loans	(144,950)	(128,136)
Repayment of/new finance leases	-	(40,084)
Dividends paid	(500,000)	(500,000)
Interest paid	(190,276)	(228,210)
Net cash used in financing activities	(835,226)	(896,430)

Page 16

SEACON GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

		2025	2024
		£	£


Net (decrease) in cash and cash equivalents	(1,908,482)	(2,609,640)
Cash and cash equivalents at beginning of year	2,989,231	5,598,871
Cash and cash equivalents at the end of year	1,080,749	2,989,231

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,080,749	2,989,231
	1,080,749	2,989,231

The notes on pages 18 to 44 form part of these financial statements.

Page 17

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

The company, incorporated in England and Wales, has its registered office at Tower Wharf, Northfleet, Kent, DA11 9BD. The company's principal activity is that of a holding company.
The group's principal activity continued to be that of stevedores, wharfingers and warehousemen, freight contractors, ship operators and general shipping and forwarding agents.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the group and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Associates

An entity is treated as an associated undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors' share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 18

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 19

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.8

Interest income

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

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Borrowing costs

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

Page 20

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.11

Pensions

Defined contribution pension plans
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.
The group also contributes to group personal pension policies, such contributions being charged against profits when paid.
Defined benefit pension plan
The group operates a defined benefit plan, which was closed for accrual of future benefits in 2000, and is now a legacy scheme which during the year was moved to a Buy Out. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date. If the defined benefit plan is in surplus an asset is only recognised if this is deemed recoverable.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments (‘discount rate’).
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the group’s policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed in other comprehensive income.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
(a) the increase in pension benefit liability arising from employee service during the period; and
(b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as ‘finance expense / income’.

Page 21

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.13

Exceptional items

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

2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its deemed useful economic life of 20 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 22

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Freehold property	-	Depreciation is not provided on freehold property.
Leasehold property	-	Over the life of the lease
Plant and machinery	-	10% - 50% on cost
Motor vehicles	-	15% - 33% on cost
Fixtures and fittings	-	10% - 50% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The group has not provided depreciatoin on freehold property and has therefore not complied with the Companies Act 2006 requirements. It is the group's policy to maintain its properties in a sound state of repair and, accordingly, the directors consider that the economic lives of the properties are so long and the residual value is at such a level that depreciation would be inappropriate.

2.16

Revaluation of tangible fixed assets

In accordance with the provisions under FRS 102 paragraph 35.10, the freehold and leasehold property previously revalued before the date of transition, on 3 June 2015, had been included in the accounts at this valuation which has been taken as deemed cost. During the year, freehold property has been revalued further, but leasehold property has remained at deemed cost.
Revaluation gains previously recognised are shown within the revaluation reserve on the balance sheet.
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on these assets is transferred annually from the revaluation reserve to the profit and loss account.

2.17

Valuation of investments

Investments in subsidiaries and other investments are measured at cost less accumulated impairment.

Page 23

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.18

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

2.19

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.20

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.21

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.22

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 24

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.23

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.24

Financial instruments

The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.25

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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

a) Critical judgments in applying the company's accounting policies:
The group makes significant judgements regarding provisions in place for ship repairs and associated costs, which is further describes in note 2.23 of the accounting policies.
b) Key accounting estimates and assumptions:
The group makes key assumptions regarding the useful economic life of tangible fixed assets and the value of the Freehold Property that is held, further details are provided in note 2.15 of the accounting policies. During the prior year a part disposal of the Freehold Property was undertaken estimates have been made on the directors' best knowledge about the value of the remaining element and the associated cost. This has been informed by previous valuations undertaken by qulaified surveyors adjusted for current market data.
The group also makes key assumptions and estimates, with the assistance of independent actuaries, in respect of the defined benefit pension scheme liability as further described in note 2.12 of accounting policies.

Turnover

All turnover arose within the United Kingdom.

Page 25

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5.	Other operating income
		2025	2024
		£	£

Net rents receivable	27,506	67,189
Ground rent receivable	25,860	26,020
	53,366	93,209

Depreciation of tangible fixed assets	888,830	699,012
Exchange differences	(144)	(61,169)
Amortisation of intangible assets, including goodwill	47,720	55,783
Other operating lease rentals	753,371	710,268
Time charter costs	2,148,902	2,022,263

7.	Auditors' remuneration
		2025	2024
		£	£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements	31,480	29,500
Fees payable to the company's auditors in respect of:
All non-audit services not included above	4,250	10,006

Page 26

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

		Group	Group
		2025	2024
		£	£


Wages and salaries	5,338,382	4,870,402
Social security costs	651,220	558,234
Cost of defined benefit scheme	-	48,000
Cost of defined contribution scheme	324,779	298,490
	6,314,381	5,775,126

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Distribution staff	17	18	-	-
Administrative staff	40	38	-	-
Other staff	70	64	2	2

	127	120	2	2

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	177,221	172,945
	177,221	172,945

During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

Page 27

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10.	Income from participating interests
		2025	2024
		£	£


Share of profit	418,891	21,499
Dividends received	-	61,472
	418,891	82,971

11.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	47,360	102,839
		47,360	102,839

12.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	186,277	215,596
Other loan interest payable	83	5,334
Finance leases and hire purchase contracts	-	4,080
Other interest payable	3,916	7,280
	190,276	232,290

13.	Other finance costs
		2025	2024
		£	£

Interest income on pension scheme assets	260,000	434,000
Net interest on net defined benefit liability	(260,000)	(430,000)
	-	4,000

Page 28

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Corporation tax
Current tax on profits for the year	890	900
Adjustments in respect of previous periods	-	(8,707)

Total current tax	890	(7,807)

	Deferred tax
	Origination and reversal of timing differences	231,875	452,598


	Tax on profit	232,765	444,791

Profit on ordinary activities before tax

1,847,180

1,949,587

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	461,795	487,397
Effects of:
Expenses not deductible for tax purposes	3,975	16,667
Capital allowances for year in excess of depreciation	86,521	(722,715)
Share of associate profit	(104,723)	(20,743)
Tonnage tax in overseas subsidiary	(148,806)	(111,432)
Adjustments to tax charge in respect of prior periods	-	(8,707)
Utilisation of brought forward losses	(297,872)	-
Losses carried forward	-	351,726
Deferred tax movement	231,875	452,598
Total tax charge for the year	232,765	444,791

Factors that may affect future tax charges

Tax losses amounting to £210,851 (2024: £1,402,336) have been carried forward to offset against future taxable profits.

Page 29

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

15.	Dividends
		2025	2024
		£	£

	Dividends paid	500,000	500,000
		500,000	500,000

16.	Exceptional items
		2025	2024
		£	£

	Exceptional items	511,833	-
		511,833	-

The above exceptional relate to costs incurred in moving premises within the Port of Tilbury.

17.	Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £1,099,999 (2024 - £4,531,609).

Page 30

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

18.	Intangible assets
	Group and Company

	Development expenditure	Goodwill	Negative goodwill	Total
	£	£	£	£
Cost
At 1 October 2024	154,960	4,349,562	(3,750,433)	754,089
Additions	1,785	-	-	1,785
At 30 September 2025	156,745	4,349,562	(3,750,433)	755,874
Amortisation
At 1 October 2024	-	3,900,932	(3,750,433)	150,499
Charge for the year on owned assets	15,675	32,045	-	47,720
At 30 September 2025	15,675	3,932,977	(3,750,433)	198,219
Net book value
At 30 September 2025	141,070	416,585	-	557,655
At 30 September 2024	154,960	448,630	-	603,590

Page 31

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

19.	Tangible fixed assets
	Group

	Freehold property	Leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£	£
Cost or valuation
At 1 October 2024	250,000	18,345,948	13,043,919	116,756	491,712	32,248,335
Additions	-	1,437,960	144,668	-	27,759	1,610,387
Disposals	-	-	(91,381)	-	-	(91,381)
Exchange adjustments	-	-	190,321	-	-	190,321
At 30 September 2025	250,000	19,783,908	13,287,527	116,756	519,471	33,957,662
Depreciation
At 1 October 2024	-	3,576,644	6,599,236	42,310	139,031	10,357,221
Charge for the year on owned assets	-	377,835	443,152	16,769	47,757	885,513
Charge for the year on financed assets	-	-	39,092	-	-	39,092
Disposals	-	-	(89,306)	-	-	(89,306)
Exchange adjustments	-	-	128,759	-	-	128,759
At 30 September 2025	-	3,954,479	7,120,933	59,079	186,788	11,321,279
Net book value
At 30 September 2025	250,000	15,829,429	6,166,594	57,677	332,683	22,636,383
At 30 September 2024	250,000	14,769,304	6,444,683	74,446	352,681	21,891,114

Page 32

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

19.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	-	245,006
	-	245,006

Revaluation (Deemed Cost)
The group has opted to take the exemption from FRS102 paragraph 35.10(d), which provides an optional exemption for first-time adopters of FRS102, to elect to use the previous revaluations performed at or before transition as deemed cost.
Both the freehold and leasehold property were revalued on 3 June 2015 at open market value on the basis of existing use by Lambert Smith Hampton. For leasehold property the group has continued to use these valuations as deemed cost. However, during the prior year, the freehold property has been revalued further based on the sales value realised for part of the site.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£

Group
Cost	19,743,209	13,833,358
Accumulated depreciation	(8,008,928)	(7,753,715)
Net book value	11,734,281	6,079,643

Page 33

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

20.	Fixed asset investments
	Group

	Investments in associates	Other fixed asset investments	Total
	£	£	£
Cost or valuation
At 1 October 2024	1,825,077	25,000	1,850,077
Revaluations	146,990	-	146,990
Share of profit/(loss)	418,891	-	418,891
At 30 September 2025	2,390,958	25,000	2,415,958
Impairment
At 1 October 2024	-	25,000	25,000
At 30 September 2025	-	25,000	25,000
Net book value
At 30 September 2025	2,390,958	-	2,390,958
At 30 September 2024	1,825,077	-	1,825,077

Page 34

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Company

	Investments in subsidiary companies	Investments in associates	Other fixed asset investments	Total
	£	£	£	£
Cost or valuation
At 1 October 2024	9,475,389	2,256,861	25,000	11,757,250
At 30 September 2025	9,475,389	2,256,861	25,000	11,757,250
Impairment
At 1 October 2024	5,941,442	-	25,000	5,966,442
At 30 September 2025	5,941,442	-	25,000	5,966,442
Net book value
At 30 September 2025	3,533,947	2,256,861	-	5,790,808
At 30 September 2024	3,533,947	2,256,861	-	5,790,808

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Registered office	Holding

Seacon Terminals Limited	(1)	100%
Freight Express-Seacon (Rye) Limited	(1)	100%
Stevedoring and Haulage Services Limited	(1)	100%
Seacon (SG) Limited	(1)	100%
Seacon Transport Limited	(1)	100%
Seacon Shipping BV	(2)	100%
Shannon Shipping BV	(2)	100%
Charente Shipping BV	(2)	100%

(1) - Tower Wharf, Northfleet, Kent, DA11 9BD
(2) - Abel Tasmanplein 4, Delfzijl, Netherlands

Page 35

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Associate
The following was an associate of the company:
Name	Registered office	Holding

Birsterminals AG

Hafenstrasse 54, CH-4127 Birsfelden, Switzerland

25%

21.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	48,002	21,242
	48,002	21,242

The difference between purchase price or production cost of stocks and their replacement cost is not material.

22.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£


Amounts owed by group undertakings	-	-	4,248,839	1,138,934
	-	-	4,248,839	1,138,934

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	4,601,706	3,008,677	-	-
Amounts owed by group undertakings	-	-	5,013,226	7,523,132
Other debtors	566,569	425,576	-	-
Prepayments and accrued income	1,000,819	908,693	-	-
	6,169,094	4,342,946	5,013,226	7,523,132

Page 36

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

23.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	1,080,749	2,989,231
	1,080,749	2,989,231

24.	Creditors: Amounts falling due within one year
		Group	Group
		2025	2024
		£	£

Bank loans	209,302	209,303
Trade creditors	2,249,194	3,115,984
Corporation tax	9	146
Other taxation and social security	150,634	129,041
Other creditors	34,752	67,580
Accruals and deferred income	1,371,237	1,106,013
	4,015,128	4,628,067

25.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Bank loans	2,370,602	2,515,551
	2,370,602	2,515,551

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
	Group	Group
	2025	2024
	£	£


Repayable by instalments	1,533,392	1,678,342
	1,533,392	1,678,342

Bank loans due within and after one year are secured by a floating charge over the group's leasehold and freehold property

Page 37

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

26.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	209,302	209,303
Amounts falling due 1-2 years
Bank loans	209,302	209,302
Amounts falling due 2-5 years
Bank loans	627,908	627,907
Amounts falling due after more than 5 years
Bank loans	1,533,392	1,678,342
	2,579,904	2,724,854

Page 38

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

27.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(930,157)	(477,559)
Charged to profit or loss	(231,875)	(452,598)
At end of year	(1,162,032)	(930,157)

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

Accelerated capital allowances	(1,135,254)	(1,192,476)
Capital gains on revalued property	(79,491)	(79,491)
Losses carried forward	52,713	341,810
	(1,162,032)	(930,157)

28.	Provisions
	Group

		Repair costs
		£

	At 1 October 2024	120,207
	Charged to profit or loss	412,500
	At 30 September 2025	532,707

The provision is in respect of maintenance and repair costs based on a special survey of the group's charter ships.

Page 39

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

29.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

2,500,000 (2024 - 2,500,000) Ordinary shares shares of £0.10 each	250,000	250,000

Page 40

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

30.	Pension commitments

The Group operates a defined benefit pension scheme.

The scheme was closed for accrual of future benefits in 2000, and is now a legacy scheme. Pension benefits are linked to members' final pensionable salaries and services at their retirement (or date of leaving, if earlier). The Trustees are responsible for running the Scheme in accordance with the Scheme's Trust Deed and Rules, which sets out their powers. The Trustees of the Scheme are required to act in the best interests of the beneficiaries of the Scheme.
There are currently two categories of pension scheme members:
- Deferred members: members who have left the Scheme with deferred benefits, and
- Pensioner members: in receipt of pension.
Future funding obligations
The Trustees are required to carry out an actuarial valuation every 3 years. The last actuarial valuation of the Scheme was performed by the Scheme Actuary for the Trustees as at 30 September 2020. This valuation revealed a funding surplus of £91,000. Therefore the company does not expect to pay any contributions during the accounting year beginning 1 October 2023.
During the year, on 15 May 2025, the scheme met the pre conditions to move to a Buy Out. As such, individual policies have now been issued to the members. As such, the scheme does not meet the definition of a a Defined Benefit Scheme as of 30 September 2025 and the plan's assets and liabilities have now been settled.

Reconciliation of present value of plan liabilities:
	2025	2024
	£	£

Reconciliation of present value of plan liabilities
At the beginning of the year	8,008,000	8,247,000
Interest income	260,000	430,000
Actuarial gains/losses	-	40,000
Benefits paid	(205,000)	(709,000)
Gain/loss on settlement or curtailment	(8,063,000)	-
At the end of the year	-	8,008,000

Page 41

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

30.Pension commitments (continued)

Reconciliation of present value of plan assets:
	2025	2024
	£	£

At the beginning of the year	8,008,000	8,247,000
Current service cost	(19,000)	(48,000)
Interest income	260,000	434,000
Actuarial gains/losses	19,000	84,000
Benefits paid	(205,000)	(709,000)
Gain/loss on settlement or curtailment	(8,063,000)	-
At the end of the year	-	8,008,000

Composition of plan assets:
	2025	2024
	£	£

Cash (net of expenses to be recharged)	-	40,000
Annuities	-	7,987,000
Cumulative unrecognised surplus	-	(19,000)
Total plan assets	-	8,008,000

					2025	2024
					£	£

Fair value of plan assets	-	8,008,000
Present value of plan liabilities	-	(8,008,000)
Net pension scheme liability	-	-

The amounts recognised in profit or loss are as follows:
	2025	2024
	£	£

Current service cost	(19,000)	(48,000)
Interest on obligation	(260,000)	(430,000)
Interest income on plan assets	260,000	434,000
Total	(19,000)	(44,000)

Page 42

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

30.Pension commitments (continued)

The Group expects to contribute £NIL to its defined benefit pension scheme in 2026 as the scheme is now wound up.

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
	2025	2024
	%	%

Discount rate	N/A	5.06
Future salary increases	N/A	3.4
Future pension increases	N/A	5
Proportion of employees opting for early retirement	N/A	3.2
Inflation assumption	N/A	3.4
Mortality rates
- for a male aged 65 now	N/A	None
- at 65 for a male aged 45 now	N/A	None
- for a female aged 65 now	N/A	None
- at 65 for a female member aged 45 now	N/A	None

No formal valuation was performed as at 30 September 2025 as the scheme has now been wound up, therefore, there are no assumptions to disclose.
Other pension schemes
The group also contributes to a 'defined contribution' Group Personal Pension Scheme. The group's contribution rate varies according to each employee's age. Accordingly, the group's future liability in respect of these arrangements is limited only to contributions based on salary levels at the scheme's renewal date of 1st April each year. The assets of the scheme are held seperately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the group to these funds, and amounted to £324,779 (2024: £298,490). Contributions totalling £Nil (2024: £32,143) were payable to these funds at the balance sheet date, and are included within other creditors due within one year.

Page 43

SEACON GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

31.	Commitments under operating leases
	At 30 September 2025 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	5,271,400	4,995,913
Later than 1 year and not later than 5 years	10,945,877	5,262,974
Later than 5 years	11,464,574	11,233,067
	27,681,851	21,491,954

32.	Related party transactions
	The company has taken advantage of the exemptions in FRS 102 s33.1a from the disclosure of transactions with others members of the Seacon Limited Group on the grounds that all the subsidiaries are wholly owned and the consolidated financial statements of the group are publicly available.

33.	Controlling party

Control of the company resides with the Roth family.

Page 44