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COMPANY REGISTRATION NUMBER: 06275661
Seal Select Products Limited
Filleted Unaudited Financial Statements
for the year ended
30 June 2018
Seal Select Products Limited
Financial Statements
for the year year ended 30th June 2018
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Seal Select Products Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Seal Select Products Limited
for the year year ended 30th June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seal Select Products Limited for the year ended 30th June 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Seal Select Products Limited in accordance with the terms of our engagement letter dated 31st October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Seal Select Products Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seal Select Products Limited and its director for our work or for this report.
It is your duty to ensure that Seal Select Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Seal Select Products Limited. You consider that Seal Select Products Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Seal Select Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MOORE THOMPSON Chartered Accountants
Bank House Broad Street Spalding PE11 1TB
Dated: 9 November 2018
Seal Select Products Limited
Statement of Financial Position
as at 30 June 2018
2018
2017
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,795
2,006
Current assets
Stocks
54,570
60,659
Debtors
6
2,541
4,882
Cash at bank and in hand
8,426
12,199
-----------
-----------
65,537
77,740
Creditors: amounts falling due within one year
7
6,334
6,634
-----------
-----------
Net current assets
59,203
71,106
-----------
-----------
Total assets less current liabilities
60,998
73,112
Creditors: amounts falling due after more than one year
8
55,266
60,750
-----------
-----------
Net assets
5,732
12,362
-----------
-----------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
4,732
11,362
-----------
-----------
Shareholders funds
5,732
12,362
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Seal Select Products Limited
Statement of Financial Position (continued)
as at 30 June 2018
These financial statements were approved by the board of directors and authorised for issue on 9 November 2018 , and are signed on behalf of the board by:
N Whitby
Director
Company registration number: 06275661
Seal Select Products Limited
Notes to the Financial Statements
for the year year ended 30th June 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit D, Plot 4, Edison Court, Pinchbeck, Spalding, Lincs, PE11 3FX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the invoice value of goods provided during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvement
-
10% straight line
Plant and machinery
-
25% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
Computer equipment
-
3 years straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Tangible assets
Leasehold improvement
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1st July 2017
1,985
9,053
4,933
6,502
22,473
Additions
320
320
-----------
-----------
-----------
-----------
-----------
At 30th June 2018
1,985
9,053
5,253
6,502
22,793
-----------
-----------
-----------
-----------
-----------
Depreciation
At 1st July 2017
993
8,531
4,441
6,502
20,467
Charge for the year
198
130
203
531
-----------
-----------
-----------
-----------
-----------
At 30th June 2018
1,191
8,661
4,644
6,502
20,998
-----------
-----------
-----------
-----------
-----------
Carrying amount
At 30th June 2018
794
392
609
1,795
-----------
-----------
-----------
-----------
-----------
At 30th June 2017
992
522
492
2,006
-----------
-----------
-----------
-----------
-----------
6. Debtors
2018
2017
£
£
Trade debtors
1,458
3,777
Prepayments and accrued income
257
246
Other debtors
826
859
-----------
-----------
2,541
4,882
-----------
-----------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
4,723
5,190
Accruals and deferred income
1,551
1,328
Social security and other taxes
60
116
-----------
-----------
6,334
6,634
-----------
-----------
8. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
55,266
60,750
-----------
-----------
9. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000.00
1,000
1,000.00
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