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REGISTERED NUMBER: 04595639 (England and Wales)













Unaudited Financial Statements for the Year Ended 31 December 2022

for

MASTERSEAL LTD

MASTERSEAL LTD (REGISTERED NUMBER: 04595639)






Contents of the Financial Statements
for the year ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MASTERSEAL LTD

Company Information
for the year ended 31 December 2022







DIRECTORS: Mr G E Basey-Fisher
Mrs C Basey-Fisher





SECRETARY: Mrs C Basey-Fisher





REGISTERED OFFICE: Queens Head House
The Street
Acle
Norwich
NR13 3DY





REGISTERED NUMBER: 04595639 (England and Wales)





ACCOUNTANTS: Stephenson Smart (East Anglia) Limited
Queens Head House
The Street
Acle
Norwich
NR13 3DY

MASTERSEAL LTD (REGISTERED NUMBER: 04595639)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 126,205 163,906

CURRENT ASSETS
Inventories 30,063 59,663
Debtors 5 465,671 293,659
Cash at bank and in hand 454,900 427,662
950,634 780,984
CREDITORS
Amounts falling due within one year 6 71,167 153,683
NET CURRENT ASSETS 879,467 627,301
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,005,672

791,207

CREDITORS
Amounts falling due after more than one year 7 (11,991 ) (73,324 )

PROVISIONS FOR LIABILITIES (16,978 ) (23,572 )
NET ASSETS 976,703 694,311

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 976,603 694,211
SHAREHOLDERS' FUNDS 976,703 694,311

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MASTERSEAL LTD (REGISTERED NUMBER: 04595639)

Balance Sheet - continued
31 December 2022


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





Mr G E Basey-Fisher - Director


MASTERSEAL LTD (REGISTERED NUMBER: 04595639)

Notes to the Financial Statements
for the year ended 31 December 2022

1. STATUTORY INFORMATION

Masterseal Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed 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 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:

Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost
Fixtures and fittings - 15% on reducing balance
Improvements to property - 5% on cost

Inventories
Inventories have been valued at the lower of cost and net estimated selling price, less costs to sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MASTERSEAL LTD (REGISTERED NUMBER: 04595639)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2021 - 27 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2022 54,355 4,801 8,286
Additions - - 700
Disposals - - -
At 31 December 2022 54,355 4,801 8,986
DEPRECIATION
At 1 January 2022 14,512 1,503 5,385
Charge for year 2,718 494 540
Eliminated on disposal - - -
At 31 December 2022 17,230 1,997 5,925
NET BOOK VALUE
At 31 December 2022 37,125 2,804 3,061
At 31 December 2021 39,843 3,298 2,901

MASTERSEAL LTD (REGISTERED NUMBER: 04595639)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

4. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2022 240,200 10,361 318,003
Additions - 513 1,213
Disposals (12,350 ) - (12,350 )
At 31 December 2022 227,850 10,874 306,866
DEPRECIATION
At 1 January 2022 124,895 7,802 154,097
Charge for year 27,199 1,451 32,402
Eliminated on disposal (5,838 ) - (5,838 )
At 31 December 2022 146,256 9,253 180,661
NET BOOK VALUE
At 31 December 2022 81,594 1,621 126,205
At 31 December 2021 115,305 2,559 163,906

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2022 173,840
Disposals (12,350 )
Transfer to ownership (120,745 )
At 31 December 2022 40,745
DEPRECIATION
At 1 January 2022 80,268
Charge for year 21,765
Eliminated on disposal (5,838 )
Transfer to ownership (74,232 )
At 31 December 2022 21,963
NET BOOK VALUE
At 31 December 2022 18,782
At 31 December 2021 93,572

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 460,307 271,541
Other debtors 5,364 22,118
465,671 293,659

MASTERSEAL LTD (REGISTERED NUMBER: 04595639)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Hire purchase contracts 9,517 46,354
Trade creditors 12,343 97,127
Taxation and social security 44,009 3,618
Other creditors 5,298 6,584
71,167 153,683

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Hire purchase contracts 11,991 73,324