1 week Ago
Seascape Group, which comprises two companies Seascape South and Seascape Homes and Property, posted a £231.7k pre-tax profit in 2023/24. The previous year saw the companies that are wholly owned by BCP Council record a pre-tax profit of £76k.
Of the most recent figures, £159.6k of profit was from Seascape South – a contractor company for disabled facility grant (DFG) work set up with the aim of achieving 50 per cent market share. According to the accounts, the profit will be retained within the business to cover “risks” such as the “decline” in commercial activity, potential future infrastructure investment needed and provision in the event of claims under the public liability and employer's liability policies.
A dividend of £80k was paid to Seascape Group for 2023/24, compared to nothing the year before. Small construction work costs for external clients were also up year-on-year, at £496k of the company’s turnover compared with £277k the year before. Its DFG work was valued at £804k (62 per cent of the company's turnover) by independent auditor Nick Hixson of Hixstons Chartered Certified Accountants.
This represents a 35 per cent increase from the year before. Meanwhile, Seascape Homes and Property posted a pre-tax profit of £72.1k in 2023/24, but no dividends were paid.
The company was set up to allow BCP Council to operate as a private sector landlord and issue assured shorthold tenancies - which local authorities cannot do with social housing. Around 92 per cent of the company’s rent collected is paid to BCP Council through quarterly lease payments. As of the year ending March 2024, Seascape Homes and Property holds property leases on 217 homes – 115 of which are for the homeless.
The accounts read: “To date there has been no significant change in the level of rent arrears, which have actually decreased slightly to 3.13 per cent (3.45 per cent before).
” To date, Seascape Groups’ directors are listed on Companies House as council leader Millie Earl, former leader turned MP Vikki Slade and Bournemouth councillor David D’Orton-Gibson..
