Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.23false2021-01-01No description of principal activity20truetrue 04886578 2021-01-01 2021-12-31 04886578 2020-01-01 2020-12-31 04886578 2021-12-31 04886578 2020-12-31 04886578 c:Director4 2021-01-01 2021-12-31 04886578 d:PlantMachinery 2021-01-01 2021-12-31 04886578 d:PlantMachinery 2021-12-31 04886578 d:PlantMachinery 2020-12-31 04886578 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 04886578 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 04886578 d:MotorVehicles 2021-01-01 2021-12-31 04886578 d:MotorVehicles 2021-12-31 04886578 d:MotorVehicles 2020-12-31 04886578 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 04886578 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 04886578 d:FurnitureFittings 2021-01-01 2021-12-31 04886578 d:FurnitureFittings 2021-12-31 04886578 d:FurnitureFittings 2020-12-31 04886578 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 04886578 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 04886578 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 04886578 d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 04886578 d:CurrentFinancialInstruments 2021-12-31 04886578 d:CurrentFinancialInstruments 2020-12-31 04886578 d:Non-currentFinancialInstruments 2021-12-31 04886578 d:Non-currentFinancialInstruments 2020-12-31 04886578 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04886578 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 04886578 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 04886578 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 04886578 d:ShareCapital 2021-12-31 04886578 d:ShareCapital 2020-12-31 04886578 d:RetainedEarningsAccumulatedLosses 2021-12-31 04886578 d:RetainedEarningsAccumulatedLosses 2020-12-31 04886578 c:FRS102 2021-01-01 2021-12-31 04886578 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 04886578 c:FullAccounts 2021-01-01 2021-12-31 04886578 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 04886578 d:WithinOneYear 2021-12-31 04886578 d:WithinOneYear 2020-12-31 04886578 d:BetweenOneFiveYears 2021-12-31 04886578 d:BetweenOneFiveYears 2020-12-31 04886578 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-12-31 04886578 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2020-12-31 04886578 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2021-12-31 04886578 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2020-12-31 04886578 d:LeasedAssetsHeldAsLessee 2021-12-31 04886578 d:LeasedAssetsHeldAsLessee 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 04886578










THE SEAT DESIGN COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
THE SEAT DESIGN COMPANY LIMITED
REGISTERED NUMBER: 04886578

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
639,965
649,407

Current assets
  

Stocks
  
11,768
10,083

Debtors: amounts falling due within one year
 5 
599,266
399,952

Cash at bank and in hand
  
29,433
67,117

  
640,467
477,152

Creditors: amounts falling due within one year
 6 
(831,197)
(678,782)

Net current liabilities
  
 
 
(190,730)
 
 
(201,630)

Total assets less current liabilities
  
449,235
447,777

Creditors: amounts falling due after more than one year
 7 
(465,234)
(369,449)

  

Net (liabilities)/assets
  
(15,999)
78,328


Capital and reserves
  

Called up share capital 
  
34,000
34,000

Profit and loss account
  
(49,999)
44,328

  
(15,999)
78,328


Page 1

 
THE SEAT DESIGN COMPANY LIMITED
REGISTERED NUMBER: 04886578
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 April 2022.




T Walker
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
THE SEAT DESIGN COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The Seat Design Company Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 04886578). Its registered office is 19 Charity Road, Amber Business Centre, Riddings, Alfreton, Derbyshire, DE55 4BR. The principal activity of the Company throughout the year continued to be that of vehicle seating design, development, prototypes and low volume niche production.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The outbreak of the Coronavirus epidemic in the UK has impacted the whole country and the related disruption is affecting the general economy. The Directors have carefully considered the likely effect of Covid-19 on the Company’s future financial performance. The Directors have concluded that despite the ongoing difficulties affecting the UK economy, the Company will continue to have sufficient working capital to settle its’ liabilities as they fall due for a period of 12 months from the date of approval of these financial statements and on this basis it is therefore appropriate that they are prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
THE SEAT DESIGN COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets 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, as follows.

The depreciation rates used are:

Plant and machinery
-
7% - 33.3% straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
6% - 33.3% straight line

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 the Statement of Income and Retained Earnings. 

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

Page 4

 
THE SEAT DESIGN COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings 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 Company in independently administered funds.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

 
2.10

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current 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 operates and generates income. 


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2020 - 23).

Page 5

 
THE SEAT DESIGN COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2021
1,266,371
6,995
325,998
1,599,364


Additions
117,277
5,750
15,081
138,108


Disposals
(90,000)
(6,995)
-
(96,995)



At 31 December 2021

1,293,648
5,750
341,079
1,640,477



Depreciation


At 1 January 2021
681,467
6,412
262,078
949,957


Charge for the year on owned assets
36,137
870
18,156
55,163


Charge for the year on financed assets
89,789
-
2,598
92,387


Disposals
(90,000)
(6,995)
-
(96,995)



At 31 December 2021

717,393
287
282,832
1,000,512



Net book value



At 31 December 2021
576,255
5,463
58,247
639,965



At 31 December 2020
584,904
583
63,920
649,407

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


2021
2020
£
£


Plant and machinery
382,612
506,526

Fixtures and fittings
3,002
9,561

385,614
516,087

Page 6

 
THE SEAT DESIGN COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Debtors

2021
2020
£
£


Trade debtors
187,278
71,457

Other debtors
341,819
260,649

Prepayments and accrued income
70,169
67,846

599,266
399,952



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
42,719
34,001

Other loan
60,000
300,000

Trade creditors
227,466
100,767

Other taxation and social security
88,356
15,057

Obligations under finance lease and hire purchase contracts
109,705
129,697

Other creditors
229,769
60,674

Accruals and deferred income
73,182
38,586

831,197
678,782


The obligations under finance leases and hire purchase contracts are secured on the related asset.
Security in the form of a charge over book debts has been given by the Company in respect of £216,357 (2020: £47,031) included in other creditors.
Birmingham City Council holds a fixed and floating charge over the whole of the Company’s assets in respect of the other loan totalling £60,000 (2020: £300,000).
Close Brothers Limited holds a fixed and floating charge over the assets of the Company in respect of the bank loans due within one year totalling £42,719 (2020: £34,001). 

Page 7

 
THE SEAT DESIGN COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
96,644
139,363

Other loan
210,000
-

Net obligations under finance leases and hire purchase contracts
133,554
196,697

Other creditors
25,036
33,389

465,234
369,449


The obligations under finance leases and hire purchase contracts are secured on the related asset.
Birmingham City Council holds a fixed and floating charge over the whole of the Company’s assets in respect of the other loan totalling £210,000.
Close Brothers Limited holds a fixed and floating charge over the assets of the company in respect of the bank loans due within ofter more than one year totalling £96,644 (2020: £139,363). 


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independantly administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted £41,665 (2020: £29,911). Contibutions totalling £2,427 (2020: £2,893) were payable to the fund at the Balance Sheet date and are included in creditors.


9.


Commitments under operating leases

At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£


Not later than 1 year
75,600
75,600

Later than 1 year and not later than 5 years
18,900
94,500

94,500
170,100


10.


Controlling party

The ultimate parent Company is Midlands Industries Limited. The ultimate controlling party is S Crowe who owns the share capital of Midlands Industries Limited.

 
Page 8