Company No: 03395937 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Kelly Marie Greaves

REGISTERED OFFICE	11 Williamsport Way
	Lion Barn Industrial Estate
	Ipswich
	IP6 8RW
	England
	United Kingdom

COMPANY NUMBER

03395937 (England and Wales)

CHARTERED ACCOUNTANTS	Gascoynes
	Gascoyne House
	Moseleys Farm Business Centre
	Fornham All Saints
	Bury St Edmunds
	Suffolk
	IP28 6JY

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	133,309		111,034
		133,309		111,034
Current assets
Stocks	4	510,178		343,486
Debtors	5	1,171,495		1,159,488
Cash at bank and in hand		303,601		194,403
		1,985,274		1,697,377
Creditors: amounts falling due within one year	6	( 691,940)		( 575,325)
Net current assets		1,293,334		1,122,052
Total assets less current liabilities		1,426,643		1,233,086
Creditors: amounts falling due after more than one year	7	( 85,792)		( 68,792)
Provision for liabilities	8	( 25,328)		( 21,096)
Net assets		1,315,523		1,143,198
Capital and reserves
Called-up share capital	9	31,000		31,000
Profit and loss account		1,284,523		1,112,198
Total shareholder's funds		1,315,523		1,143,198

For the financial year ending 31 May 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Seager Heating Limited (registered number: 03395937) were approved and authorised for issue by the Director on 03 October 2023. They were signed on its behalf by:

Kelly Marie Greaves 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

Seager Heating 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 11 Williamsport Way, Lion Barn Industrial Estate, Ipswich, IP6 8RW, England, 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 has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

Leasehold improvements	5 years straight line
Plant and machinery	10 years straight line
Vehicles	5 years straight line
Fixtures and fittings	10 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	33		33

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 June 2022	15,338		9,916		447,560		40,062		512,876
Additions	0		0		64,832		1,377		66,209
At 31 May 2023	15,338		9,916		512,392		41,439		579,085
Accumulated depreciation
At 01 June 2022	14,258		9,916		341,053		36,615		401,842
Charge for the financial year	1,080		0		41,357		1,497		43,934
At 31 May 2023	15,338		9,916		382,410		38,112		445,776
Net book value
At 31 May 2023	0		0		129,982		3,327		133,309
At 31 May 2022	1,080		0		106,507		3,447		111,034

4. Stocks

	2023		2022
	£		£
Stocks	119,563		102,328
Work in progress	390,615		241,158
	510,178		343,486

5. Debtors

	2023		2022
	£		£
Trade debtors	295,920		256,593
Amounts owed by Group undertakings	760,960		760,960
Deferred tax asset	51,638		80,148
Other debtors	62,977		61,787
	1,171,495		1,159,488

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	43,750		58,750
Trade creditors	404,778		337,377
Other taxation and social security	188,973		134,528
Obligations under finance leases and hire purchase contracts	38,251		27,464
Other creditors	16,188		17,206
	691,940		575,325

7. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Obligations under finance leases and hire purchase contracts	85,792		68,792

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

	2023		2022
	£		£
Deferred tax	25,328		21,096

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
31,000 Ordinary shares of £ 1.00 each	31,000		31,000

10. Related party transactions

Other related party transactions

	2023		2022
	£		£
Directors loan account	650		6,400