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REGISTERED NUMBER: 07819126 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Seat Weaving Supplies Limited

Seat Weaving Supplies Limited (Registered number: 07819126)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Seat Weaving Supplies Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs K M Ravenscroft
Mr T J Ravenscroft
Mr N W Gilbert





REGISTERED OFFICE: 258 Station Road
West Moors
Ferndown
Dorset
BH22 0JF





REGISTERED NUMBER: 07819126 (England and Wales)





ACCOUNTANTS: Ward Goodman
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

Seat Weaving Supplies Limited (Registered number: 07819126)

Abridged Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 48,099 -
Tangible assets 5 238 298
48,337 298

CURRENT ASSETS
Stocks 47,453 52,715
Debtors 1,310 52,976
Prepayments and accrued income - 104
Cash at bank and in hand 45,422 27,170
94,185 132,965
CREDITORS
Amounts falling due within one year 24,715 27,851
NET CURRENT ASSETS 69,470 105,114
TOTAL ASSETS LESS CURRENT
LIABILITIES

117,807

105,412

PROVISIONS FOR LIABILITIES (60 ) (74 )

ACCRUALS AND DEFERRED INCOME (2,940 ) (2,743 )
NET ASSETS 114,807 102,595

CAPITAL AND RESERVES
Called up share capital 4 4
Share premium 52,711 -
Retained earnings 62,092 102,591
SHAREHOLDERS' FUNDS 114,807 102,595

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Seat Weaving Supplies Limited (Registered number: 07819126)

Abridged Statement of Financial Position - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mr N W Gilbert - Director


Seat Weaving Supplies Limited (Registered number: 07819126)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Seat Weaving Supplies Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of consideration received or receivable, net of discounts and value added taxes. Turnover included revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risk 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 to costs incurred for work performed to date to total estimated contract costs.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on reducing balance

Stocks
Stock are measured at the lower of cost and estimated selling price less cost 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.

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 statement of financial position date.


Seat Weaving Supplies Limited (Registered number: 07819126)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit and loss account.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

Seat Weaving Supplies Limited (Registered number: 07819126)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 30,000
Additions 52,711
At 31 March 2024 82,711
AMORTISATION
At 1 April 2023 30,000
Amortisation for year 4,612
At 31 March 2024 34,612
NET BOOK VALUE

At 31 March 2024 48,099
At 31 March 2023 -

Goodwill has been written off in equal annual installments over its estimated economic life.

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 1,480
DEPRECIATION
At 1 April 2023 1,182
Charge for year 60
At 31 March 2024 1,242
NET BOOK VALUE
At 31 March 2024 238
At 31 March 2023 298

6. OTHER FINANCIAL COMMITMENTS

At the financial year end, the company had credit card commitments totalling £312 (2023 - £283).

There were no other financial commitments, contingencies or guarantees made on behalf of directors.

Seat Weaving Supplies Limited (Registered number: 07819126)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr T J Ravenscroft
Balance outstanding at start of year 51,879 -
Amounts advanced - 115,971
Amounts repaid (51,879 ) (64,092 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 51,879

Mr N W Gilbert
Balance outstanding at start of year - -
Amounts advanced 25,571 -
Amounts repaid (25,571 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Loans N W Gilbert during the year were unsecured, interest free and repayable on demand.

Loans to T J Ravenscroft were unsecured and repayable on demand. Interest was charged on beneficial loans at a rate of 2.25% (2023 - 2%) and this totalled £72 (2023 - £331) during the financial year. Interest charged is included within 'Other interest received' in the profit and loss account.

8. RELATED PARTY DISCLOSURES

During the financial year the company continued to pay premises rent to the directors T J and K M Ravenscroft totalling £6,800 (2023 - £6,800) for a property jointly owned by the two directors.