Registered number
01195021
Flowseal Limited
Filleted Accounts
31 December 2023
Flowseal Limited
Registered number: 01195021
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,785 3,011
Current assets
Stocks 10,600 11,200
Debtors 4 19,558 23,568
Cash at bank and in hand 4,567 13,528
34,725 48,296
Creditors: amounts falling due within one year 5 (13,263) (26,734)
Net current assets 21,462 21,562
Total assets less current liabilities 24,247 24,573
Provisions for liabilities (387) (430)
Net assets 23,860 24,143
Capital and reserves
Called up share capital 100 100
Profit and loss account 23,760 24,043
Shareholders' funds 23,860 24,143
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 statement of income and retained earnings has not been delivered to the Registrar of Companies.
……………………………………
J M Hollingshead
Director
Approved by the board on 25 July 2024
Flowseal Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
The principal accounting policies adopted in the preparation of the accounts are set out below; they have remained unchanged from the previous period and have been consistently applied:
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, Section 1A (small entities). There have been no material departures from that standard.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and VAT. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and 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:
Plant and machinery 10% on reducing balance
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.
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 2.00 2.00
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2023 15,291
At 31 December 2023 15,291
Depreciation
At 1 January 2023 12,280
Charge for the year 226
At 31 December 2023 12,506
Net book value
At 31 December 2023 2,785
At 31 December 2022 3,011
4 Debtors 2023 2022
£ £
Trade debtors 15,588 19,971
Other debtors 3,970 3,597
19,558 23,568
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,068 11,080
Taxation and social security costs 2,541 4,902
Other creditors 4,654 10,752
13,263 26,734
6 Other information
Flowseal Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Unit 25 The Parkwood Centre, Aston Road, Waterlooville, Hants, PO7 7HT.
Flowseal Limited 01195021 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 J M Hollingshead No description of principal activity 01195021 2022-01-01 2022-12-31 01195021 core:WithinOneYear 2022-12-31 01195021 core:ShareCapital 2022-12-31 01195021 core:RetainedEarningsAccumulatedLosses 2022-12-31 01195021 2023-01-01 2023-12-31 01195021 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01195021 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01195021 bus:Director40 2023-01-01 2023-12-31 01195021 1 2023-01-01 2023-12-31 01195021 2 2023-01-01 2023-12-31 01195021 core:PlantMachinery 2023-01-01 2023-12-31 01195021 countries:England 2023-01-01 2023-12-31 01195021 bus:FRS102 2023-01-01 2023-12-31 01195021 bus:FilletedAccounts 2023-01-01 2023-12-31 01195021 2023-12-31 01195021 core:WithinOneYear 2023-12-31 01195021 core:ShareCapital 2023-12-31 01195021 core:RetainedEarningsAccumulatedLosses 2023-12-31 01195021 core:PlantMachinery 2023-12-31 01195021 2022-12-31 01195021 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure