Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30false2022-12-01falseNo description of principal activity77trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04173528 2022-12-01 2023-11-30 04173528 2021-12-01 2022-11-30 04173528 2023-11-30 04173528 2022-11-30 04173528 c:Director1 2022-12-01 2023-11-30 04173528 d:Buildings 2022-12-01 2023-11-30 04173528 d:Buildings 2023-11-30 04173528 d:Buildings 2022-11-30 04173528 d:Buildings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 04173528 d:PlantMachinery 2022-12-01 2023-11-30 04173528 d:PlantMachinery 2023-11-30 04173528 d:PlantMachinery 2022-11-30 04173528 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 04173528 d:MotorVehicles 2022-12-01 2023-11-30 04173528 d:MotorVehicles 2023-11-30 04173528 d:MotorVehicles 2022-11-30 04173528 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 04173528 d:FurnitureFittings 2022-12-01 2023-11-30 04173528 d:FurnitureFittings 2023-11-30 04173528 d:FurnitureFittings 2022-11-30 04173528 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 04173528 d:OfficeEquipment 2022-12-01 2023-11-30 04173528 d:OfficeEquipment 2023-11-30 04173528 d:OfficeEquipment 2022-11-30 04173528 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 04173528 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 04173528 d:CurrentFinancialInstruments 2023-11-30 04173528 d:CurrentFinancialInstruments 2022-11-30 04173528 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 04173528 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 04173528 d:ShareCapital 2023-11-30 04173528 d:ShareCapital 2022-11-30 04173528 d:RetainedEarningsAccumulatedLosses 2023-11-30 04173528 d:RetainedEarningsAccumulatedLosses 2022-11-30 04173528 c:FRS102 2022-12-01 2023-11-30 04173528 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 04173528 c:FullAccounts 2022-12-01 2023-11-30 04173528 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04173528 2 2022-12-01 2023-11-30 04173528 6 2022-12-01 2023-11-30 04173528 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 04173528









SEAL & VALVE SERVICES UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
SEAL & VALVE SERVICES UK LIMITED
REGISTERED NUMBER: 04173528

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,369,047
847,143

Investments
 6 
15,100
-

  
1,384,147
847,143

Current assets
  

Stocks
  
3,577
3,250

Debtors: amounts falling due within one year
 7 
685,846
1,030,999

Current asset investments
 8 
300,000
554,000

Cash at bank and in hand
 9 
927,016
673,545

  
1,916,439
2,261,794

Creditors: amounts falling due within one year
 10 
(418,972)
(305,199)

Net current assets
  
 
 
1,497,467
 
 
1,956,595

Total assets less current liabilities
  
2,881,614
2,803,738

Provisions for liabilities
  

Deferred tax
  
(90,580)
(87,985)

  
 
 
(90,580)
 
 
(87,985)

Net assets
  
2,791,034
2,715,753


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,790,934
2,715,653

  
2,791,034
2,715,753


Page 1

 
SEAL & VALVE SERVICES UK LIMITED
REGISTERED NUMBER: 04173528
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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: 




................................................
P A Lee
Director

Date: 9 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SEAL & VALVE SERVICES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Seal & Valve Services UK Limited is a private company limited by shares, registered in the United Kingdom, number 04173528. Its registered office is Manor House, 35 St. Thomas's Road, Chorley, Lancashire, PR7 1HP.
During the year, the principal activity of the company continued to be that of the service and maintenance of process valves.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SEAL & VALVE SERVICES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 4

 
SEAL & VALVE SERVICES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% RB
Motor vehicles
-
25% RB
Fixtures and fittings
-
15% RB
Office equipment
-
33% RB

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SEAL & VALVE SERVICES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).


4.


Dividends

2023
2022
£
£


Dividends analysis - user input
200,000
200,000

200,000
200,000


5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation
Page 6

 
SEAL & VALVE SERVICES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           5.Tangible fixed assets (continued)



At 1 December 2022
490,590
422,011
404,976
46,064
40,936


Additions
589,165
6,575
35,472
6,266
1,673


Disposals
-
-
(112,873)
-
-



At 30 November 2023

1,079,755
428,586
327,575
52,330
42,609



Depreciation


At 1 December 2022
15,438
297,598
194,149
25,722
24,527


Charge for the year on owned assets
-
19,697
49,907
3,489
5,716


Disposals
-
-
(74,435)
-
-



At 30 November 2023

15,438
317,295
169,621
29,211
30,243



Net book value



At 30 November 2023
1,064,317
111,291
157,954
23,119
12,366



At 30 November 2022
475,152
124,413
210,827
20,342
16,409

Total

£



Cost or valuation
Page 7

 
SEAL & VALVE SERVICES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           5.Tangible fixed assets (continued)



At 1 December 2022
1,404,577


Additions
639,151


Disposals
(112,873)



At 30 November 2023

1,930,855



Depreciation


At 1 December 2022
557,434


Charge for the year on owned assets
78,809


Disposals
(74,435)



At 30 November 2023

561,808



Net book value



At 30 November 2023
1,369,047



At 30 November 2022
847,143


6.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


Additions
15,100



At 30 November 2023
15,100





7.


Debtors

2023
2022
£
£


Trade debtors
334,084
553,931

Other debtors
351,762
477,068

685,846
1,030,999

Page 8

 
SEAL & VALVE SERVICES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.Debtors (continued)



8.


Current asset investments

2023
2022
£
£

Unlisted investments
300,000
554,000

300,000
554,000



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
927,016
673,545

927,016
673,545



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
67,192
36,532

Corporation tax
125,466
102,490

Other taxation and social security
134,348
125,013

Other creditors
85,054
35,014

Accruals and deferred income
6,912
6,150

418,972
305,199


 
Page 9