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REGISTERED NUMBER: 07421424 (England and Wales)















STEELSEAL LTD

Unaudited Financial Statements for the Year Ended 30 October 2023






STEELSEAL LTD (REGISTERED NUMBER: 07421424)






Contents of the Financial Statements
for the year ended 30 October 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


STEELSEAL LTD

Company Information
for the year ended 30 October 2023







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: Cooper Parry Advisory Limited
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Balance Sheet
30 October 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 163,923 163,656
Tangible assets 5 1,130,892 1,249,344
Investments 6 450,000 450,000
1,744,815 1,863,000

Current assets
Stocks 683,576 722,347
Debtors 7 2,440,329 2,345,076
Cash at bank and in hand 15,559 14,010
3,139,464 3,081,433
Creditors
Amounts falling due within one year 8 1,722,777 1,968,212
Net current assets 1,416,687 1,113,221
Total assets less current liabilities 3,161,502 2,976,221

Creditors
Amounts falling due after more than one year 9 (1,377,176 ) (1,500,025 )

Provisions for liabilities 10 (242,148 ) (108,337 )
Net assets 1,542,178 1,367,859

Capital and reserves
Called up share capital 136 136
Share premium 607,102 607,102
Retained earnings 934,940 760,621
Shareholders' funds 1,542,178 1,367,859

STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Balance Sheet - continued
30 October 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 October 2023 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 30 July 2024 and were signed on its behalf by:





A L Weaver - Director


STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Notes to the Financial Statements
for the year ended 30 October 2023

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 year 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 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.

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 (2022 - 29 ) .

STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Notes to the Financial Statements - continued
for the year ended 30 October 2023

4. Intangible fixed assets
Other
intangible
assets
£
Cost
At 31 October 2022 192,140
Additions 287
At 30 October 2023 192,427
Amortisation
At 31 October 2022 28,484
Charge for year 20
At 30 October 2023 28,504
Net book value
At 30 October 2023 163,923
At 30 October 2022 163,656

5. Tangible fixed assets
Fixtures
Improvements Plant and and Motor
to property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 31 October 2022 326,303 764,162 83,264 1,372,885 2,546,614
Additions 122,812 34,036 1,207 31,564 189,619
Disposals - (11,282 ) (5,560 ) (27,805 ) (44,647 )
At 30 October 2023 449,115 786,916 78,911 1,376,644 2,691,586
Depreciation
At 31 October 2022 144,548 456,975 55,308 640,439 1,297,270
Charge for year 67,554 113,842 7,792 74,236 263,424
At 30 October 2023 212,102 570,817 63,100 714,675 1,560,694
Net book value
At 30 October 2023 237,013 216,099 15,811 661,969 1,130,892
At 30 October 2022 181,755 307,187 27,956 732,446 1,249,344

6. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 31 October 2022
and 30 October 2023 450,000
Net book value
At 30 October 2023 450,000
At 30 October 2022 450,000

STEELSEAL LTD (REGISTERED NUMBER: 07421424)

Notes to the Financial Statements - continued
for the year ended 30 October 2023

7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 725,467 601,647
Amounts owed by group undertakings 1,255,653 1,270,654
Other debtors 459,209 472,775
2,440,329 2,345,076

8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 739,944 736,930
Hire purchase contracts 116,275 136,450
Trade creditors 380,687 486,302
Taxation and social security 173,832 360,967
Other creditors 312,039 247,563
1,722,777 1,968,212

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 223,517 206,030
Hire purchase contracts 246,356 254,469
Other creditors 907,303 1,039,526
1,377,176 1,500,025

10. Provisions for liabilities
2023 2022
£ £
Deferred tax 242,148 108,337

Deferred tax
£
Balance at 31 October 2022 108,337
Provided during year 133,811
Balance at 30 October 2023 242,148

11. Related party disclosures

Included within debtors there are amounts totalling £1,250,717 (2022: £1,270,654) owed to the company from company's under common control.