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Company registration number: 03464200







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


SEALANTS INTERNATIONAL LIMITED






































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SEALANTS INTERNATIONAL LIMITED
 


 
COMPANY INFORMATION


Directors
F. J. Parlour 
K. H. Parlour 




Registered number
03464200



Registered office
Magna House
18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP




Trading Address
Farndon Business Centre
Market Harborough

Leicestershire

LE16 9NP






Accountants
Menzies LLP
Chartered Accountants

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP




Bankers
Barclays Bank Plc

Leicester

LE87 2BB





 


SEALANTS INTERNATIONAL LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 


SEALANTS INTERNATIONAL LIMITED
REGISTERED NUMBER:03464200



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
472,457
281,648

  
472,457
281,648

Current assets
  

Stocks
  
361,565
446,565

Debtors: amounts falling due within one year
 5 
238,881
258,795

Cash at bank and in hand
  
341,747
368,607

  
942,193
1,073,967

Creditors: amounts falling due within one year
 6 
(305,746)
(382,747)

Net current assets
  
 
 
636,447
 
 
691,220

Total assets less current liabilities
  
1,108,904
972,868

Creditors: amounts falling due after more than one year
 7 
(26,504)
-

Provisions for liabilities
  

Deferred tax
 8 
(43,089)
(27,327)

  
 
 
(43,089)
 
 
(27,327)

Net assets
  
1,039,311
945,541


Capital and reserves
  

Called up share capital 
  
62
62

Capital redemption reserve
  
38
38

Profit and loss account
  
1,039,211
945,441

  
1,039,311
945,541


Page 1

 


SEALANTS INTERNATIONAL LIMITED
REGISTERED NUMBER:03464200


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




F. J. Parlour
Director

Date: 30 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


SEALANTS INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Sealants International Limited is a private company limited by shares and is incorporated in England and Wales. The trading address and the registered address are included on the company information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is generated via the supply and distribution of products and related services to the sealant industry, and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


SEALANTS INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both straight line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery
-
10% straight line on cost
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 


SEALANTS INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


Tangible fixed assets





Plant and machinery
Commercial vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
405,778
112,332
16,506
534,616


Additions
44,290
258,333
4,294
306,917


Disposals
-
(103,783)
(1,832)
(105,615)



At 31 March 2024

450,068
266,882
18,968
735,918



Depreciation


At 1 April 2023
168,943
72,593
11,432
252,968


Charge for the year on owned assets
35,828
-
938
36,766


Charge for the year on financed assets
-
41,131
-
41,131


Disposals
-
(67,251)
(153)
(67,404)



At 31 March 2024

204,771
46,473
12,217
263,461



Net book value



At 31 March 2024
245,297
220,409
6,751
472,457



At 31 March 2023
236,835
39,739
5,074
281,648

Page 5

 


SEALANTS INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
226,126
251,125

Other debtors
3,730
-

Prepayments and accrued income
9,025
7,670

238,881
258,795



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
129,990
257,446

Corporation tax
100,503
97,695

Other taxation and social security
49,486
23,331

Obligations under finance lease and hire purchase contracts
21,204
-

Other creditors
1,113
975

Accruals and deferred income
3,450
3,300

305,746
382,747



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
26,504
-

26,504
-


Page 6

 


SEALANTS INTERNATIONAL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024


£






At beginning of year
(27,327)


Charged to profit or loss
(15,762)



At end of year
(43,089)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(43,089)
(27,327)

(43,089)
(27,327)

 
Page 7