Registered number
02242314
Seal (UPVC Products) Limited
Unaudited Filleted Accounts
31 March 2023
Seal (UPVC Products) Limited
Registered number: 02242314
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,531 18,425
Current assets
Stocks 50,613 52,322
Debtors 4 193,386 210,415
Cash at bank and in hand 714,914 730,816
958,913 993,553
Creditors: amounts falling due within one year 5 (65,649) (67,840)
Net current assets 893,264 925,713
Total assets less current liabilities 910,795 944,138
Provisions for liabilities (2,926) (2,995)
Accruals and deferred income 6 (562) (750)
Net assets 907,307 940,393
Capital and reserves
Called up share capital 1,500 1,500
Share premium 1,500 1,500
Profit and loss account 904,307 937,393
Shareholders' funds 907,307 940,393
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Peregrine
Director
Approved by the board on 12 October 2023
Seal (UPVC Products) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 13
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 116,237 129,625 245,862
Additions 5,598 - 5,598
At 31 March 2023 121,835 129,625 251,460
Depreciation
At 1 April 2022 114,078 113,359 227,437
Charge for the year 2,421 4,071 6,492
At 31 March 2023 116,499 117,430 233,929
Net book value
At 31 March 2023 5,336 12,195 17,531
At 31 March 2022 2,159 16,266 18,425
4 Debtors 2023 2022
£ £
Trade debtors 160,252 185,992
Other debtors 33,134 24,423
193,386 210,415
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 51,770 47,442
Taxation and social security costs 1,462 16,122
Other creditors 12,417 4,276
65,649 67,840
6 Accruals and deferred income 2023 2022
£ £
At 1 April 2022 750 1,000
Released to profit and loss account (188) (250)
562 750
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 5,841 5,841
8 Controlling party
The company is under the ultimate control of Mr M Peregerine by virtue of his shareholding in the company.
9 Other information
Seal (UPVC Products) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 4
Crosshands Business Park
Crosshands
Llanelli
SA14 6RB
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