Company No: 10180827 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	947,276		659,027
Investments	4	0		200
		947,276		659,227
Current assets
Stocks	5	10,939		6,305
Debtors	6	6,275		83,492
Cash at bank and in hand		19,765		1,067
		36,979		90,864
Creditors: amounts falling due within one year	7	( 1,656,833)		( 1,272,613)
Net current liabilities		(1,619,854)		(1,181,749)
Total assets less current liabilities		(672,578)		(522,522)
Net liabilities		( 672,578)		( 522,522)
Capital and reserves
Called-up share capital		120		120
Profit and loss account		( 672,698 )		( 522,642 )
Total shareholder's deficit		( 672,578)		( 522,522)

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

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Seals Cove Limited (registered number: 10180827) were approved and authorised for issue by the Director on 28 July 2026. They were signed on its behalf by:

C J Seal Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Seals Cove Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Farm Office Brighthay Farm, North Chideock, Bridport, DT6 6JZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £672,578. The Company is supported through loans from various related companies. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the related companies will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Assets under construction	not depreciated
Plant and machinery	20 % reducing balance
Fixtures and fittings	20 % reducing balance
	10 years straight line
Office equipment	20 % reducing balance
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	22		20

3. Tangible assets

	Assets under construc- tion		Plant and machinery		Fixtures and fittings		Office equipment		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2024	85,900		11,212		668,282		0		12,830		778,224
Additions	341,956		0		28,332		2,079		2,903		375,270
At 31 March 2025	427,856		11,212		696,614		2,079		15,733		1,153,494
Accumulated depreciation
At 01 April 2024	0		3,149		110,082		0		5,966		119,197
Charge for the financial year	0		1,613		81,594		218		3,596		87,021
At 31 March 2025	0		4,762		191,676		218		9,562		206,218
Net book value
At 31 March 2025	427,856		6,450		504,938		1,861		6,171		947,276
At 31 March 2024	85,900		8,063		558,200		0		6,864		659,027

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	200
Companies dissolved	(200)
At 31 March 2025	0
Carrying value at 31 March 2025	0
Carrying value at 31 March 2024	200

5. Stocks

	2025		2024
	£		£
Stocks	10,939		6,305

6. Debtors

	2025		2024
	£		£
Trade debtors	2,765		17,398
Other debtors	3,510		66,094
	6,275		83,492

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	48,777		731,312
Other taxation and social security	36,225		21,994
Other creditors	1,571,831		519,307
	1,656,833		1,272,613