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REGISTERED NUMBER: 07421424 (England and Wales)















STEELSEAL LTD

Unaudited Financial Statements

for the Period 1 November 2021 to 30 October 2022






STEELSEAL LTD (REGISTERED NUMBER: 07421424)






Contents of the Financial Statements
for the period 1 November 2021 to 30 October 2022




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 8


STEELSEAL LTD

Company Information
for the period 1 November 2021 to 30 October 2022







Directors: A L Weaver
P A Whittall
S P Harrison





Registered office: Automotive Brands Building
Old Concrete Works
Bretforton Road
Weston Subedge
Worcestershire
WR11 7QA





Registered number: 07421424 (England and Wales)





Accountants: Haines Watts Birmingham LLP
5 - 6 Greenfield Crescent
Edgbaston
Birmingham
B15 3BE

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
SteelSeal Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SteelSeal Ltd for the period ended 30 October 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of SteelSeal Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SteelSeal Ltd and state those matters that we have agreed to state to the Board of Directors of SteelSeal Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SteelSeal Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that SteelSeal Ltd 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 SteelSeal Ltd. You consider that SteelSeal Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of SteelSeal Ltd. 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.






Haines Watts Birmingham LLP
5 - 6 Greenfield Crescent
Edgbaston
Birmingham
B15 3BE


25 October 2023

STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Balance Sheet
30 October 2022

2022 2021
Notes £    £    £    £   
Fixed assets
Intangible assets 4 163,656 9,270
Tangible assets 5 1,249,344 1,184,337
Investments 6 450,000 563,256
1,863,000 1,756,863

Current assets
Stocks 722,347 759,970
Debtors 7 2,345,076 2,211,854
Cash at bank and in hand 14,010 506,879
3,081,433 3,478,703
Creditors
Amounts falling due within one year 8 1,968,212 1,450,177
Net current assets 1,113,221 2,028,526
Total assets less current liabilities 2,976,221 3,785,389

Creditors
Amounts falling due after more than one
year

9

(1,500,025

)

(2,079,978

)

Provisions for liabilities 10 (108,337 ) (181,197 )
Net assets 1,367,859 1,524,214

Capital and reserves
Called up share capital 136 136
Share premium 607,102 607,102
Retained earnings 760,621 916,976
Shareholders' funds 1,367,859 1,524,214

STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Balance Sheet - continued
30 October 2022


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 October 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 October 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.

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





A L Weaver - Director


STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Notes to the Financial Statements
for the period 1 November 2021 to 30 October 2022

1. Statutory information

SteelSeal 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 represents net invoiced of services, excluding value added tax. Turnover is recognised when the service is provided to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance and 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance and at variable rates on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

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.

Going concern
Despite suffering losses in the current the year, the financial statements have been prepared on a going concern basis and no material uncertainties exist that impact on the company's ability to trade.

STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Notes to the Financial Statements - continued
for the period 1 November 2021 to 30 October 2022

3. Employees and directors

The average number of employees during the period was 29 (2021 - 38 ) .

4. Intangible fixed assets
Other
intangible
assets
£   
Cost
At 1 November 2021 18,540
Additions 173,600
At 30 October 2022 192,140
Amortisation
At 1 November 2021 9,270
Charge for period 19,214
At 30 October 2022 28,484
Net book value
At 30 October 2022 163,656
At 31 October 2021 9,270

5. Tangible fixed assets
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 November 2021 226,594 744,492 79,071 1,212,037 2,262,194
Additions 99,709 19,670 4,193 160,848 284,420
At 30 October 2022 326,303 764,162 83,264 1,372,885 2,546,614
Depreciation
At 1 November 2021 106,899 367,310 47,516 556,132 1,077,857
Charge for period 37,649 89,665 7,792 84,307 219,413
At 30 October 2022 144,548 456,975 55,308 640,439 1,297,270
Net book value
At 30 October 2022 181,755 307,187 27,956 732,446 1,249,344
At 31 October 2021 119,695 377,182 31,555 655,905 1,184,337

STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Notes to the Financial Statements - continued
for the period 1 November 2021 to 30 October 2022

6. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 November 2021 563,256
Impairments (113,256 )
At 30 October 2022 450,000
Net book value
At 30 October 2022 450,000
At 31 October 2021 563,256

7. Debtors: amounts falling due within one year
2022 2021
£    £   
Trade debtors 601,647 737,675
Amounts owed by group undertakings 1,270,654 1,073,258
Other debtors 472,775 400,921
2,345,076 2,211,854

8. Creditors: amounts falling due within one year
2022 2021
£    £   
Bank loans and overdrafts 736,930 444,343
Hire purchase contracts 136,450 143,179
Trade creditors 486,302 403,880
Taxation and social security 360,967 247,418
Other creditors 247,563 211,357
1,968,212 1,450,177

9. Creditors: amounts falling due after more than one year
2022 2021
£    £   
Bank loans 206,030 346,173
Hire purchase contracts 254,469 141,835
Other creditors 1,039,526 1,591,970
1,500,025 2,079,978

10. Provisions for liabilities
2022 2021
£    £   
Deferred tax 108,337 181,197

Deferred
tax
£   
Balance at 1 November 2021 181,197
Provided during period (72,860 )
Balance at 30 October 2022 108,337

STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Notes to the Financial Statements - continued
for the period 1 November 2021 to 30 October 2022

11. Related party disclosures

Included within debtors there are amounts totalling £1,270,654 (2021: £1,043,724) owed to the company from company's under common control.