REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Seal Select Products Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Seal Select Products Limited |
Seal Select Products Limited (Registered number: 06275661) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 | to | 4 |
Notes to the financial statements | 5 | to | 8 |
Seal Select Products Limited |
Company Information |
for the Year Ended 30 June 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Seal Select Products Limited |
The following reproduces the text of the report prepared for the director 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 Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director 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 Seal Select Products Limited for the year ended 30 June 2023 which comprise the Statement of income and retained earnings, Statement of financial position 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 director of Seal Select Products Limited in accordance with the terms of our engagement letter dated 31 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Seal Select Products Limited and state those matters that we have agreed to state to the director of Seal Select Products Limited 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 Seal Select Products Limited and its director for our work or for this report. |
It is your duty to ensure that Seal Select Products Limited 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 Seal Select Products Limited. You consider that Seal Select Products Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Seal Select Products Limited. 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. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Seal Select Products Limited (Registered number: 06275661) |
Statement of Financial Position |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The director acknowledges his 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. |
Seal Select Products Limited (Registered number: 06275661) |
Statement of Financial Position - continued |
30 June 2023 |
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 director and authorised for issue on |
Seal Select Products Limited (Registered number: 06275661) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | Statutory information |
Seal Select Products Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis. |
Revenue recognition |
The turnover shown in the profit and loss account represents the invoice value of goods provided during the year, exclusive of Value Added Tax. |
Tangible fixed assets |
Tangible 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 |
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: |
Leasehold improvements | - | 10% straight line |
Plant and machinery | - | 25% reducing balance |
Fixtures, fittings and equipment | - | 25% reducing balance |
Computer equipment | - | 3 year straight line |
Seal Select Products Limited (Registered number: 06275661) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | Accounting policies - continued |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock. |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Income tax |
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. |
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. |
Going concern |
At the balance sheet date, current liabilities exceed current assets by £22,119. This is due to an amount of £68,259 owed to the mother of the director included in other creditors due after more than one year. The director has indicated that funds will not be withdrawn in this respect in preference to other creditors, that they have operated within their bank facilities and that the accounts have been prepared on a going concern basis. |
Seal Select Products Limited (Registered number: 06275661) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Fixtures, |
fittings |
Leasehold | Plant and | and | Computer |
improvements | machinery | equipment | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 July 2022 |
and 30 June 2023 |
Depreciation |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Other creditors |
Seal Select Products Limited (Registered number: 06275661) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 1,000 | 1,000 |