Company registration number 01403804 (England and Wales)
SPACE SEAL (MIDLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
SPACE SEAL (MIDLANDS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SPACE SEAL (MIDLANDS) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,343,685
1,349,473
Investment property
5
564,112
564,112
1,907,797
1,913,585
Current assets
Stocks
3,000
3,000
Debtors falling due after more than one year
6
490,273
490,273
Debtors falling due within one year
6
482,841
298,412
Cash at bank and in hand
1,142,346
1,290,681
2,118,460
2,082,366
Creditors: amounts falling due within one year
7
(207,670)
(168,496)
Net current assets
1,910,790
1,913,870
Total assets less current liabilities
3,818,587
3,827,455
Provisions for liabilities
(102,612)
(83,681)
Net assets
3,715,975
3,743,774
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
3,715,675
3,743,474
Total equity
3,715,975
3,743,774
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SPACE SEAL (MIDLANDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Mrs K Perry
Director
Company registration number 01403804 (England and Wales)
SPACE SEAL (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Space Seal (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Latherford Close, Four Ashes, Wolverhampton, Staffordshire, WV10 7DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% Straight Line
Leasehold land and buildings
1% Straight Line
Plant and equipment
10% Reducing Balance
Fixtures and fittings
10% Reducing Balance
Motor vehicles
25% Reducing Balance
SPACE SEAL (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
SPACE SEAL (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
400,000
Amortisation and impairment
At 1 February 2023 and 31 January 2024
400,000
Carrying amount
At 31 January 2024
At 31 January 2023
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
945,432
313,778
974,353
66,661
302,125
2,602,349
Additions
29,856
862
171,000
201,718
Disposals
(125,480)
(125,480)
At 31 January 2024
945,432
313,778
1,004,209
67,523
347,645
2,678,587
Depreciation and impairment
At 1 February 2023
73,305
313,778
717,571
59,137
89,084
1,252,875
Depreciation charged in the year
17,443
28,466
1,195
58,630
105,734
Eliminated in respect of disposals
(23,707)
(23,707)
At 31 January 2024
90,748
313,778
746,037
60,332
124,007
1,334,902
Carrying amount
At 31 January 2024
854,684
258,172
7,191
223,638
1,343,685
At 31 January 2023
872,127
256,782
7,524
213,041
1,349,474
SPACE SEAL (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
564,112
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 January 2017 by the Company Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
219,833
231,978
Other debtors
263,008
66,434
Deferred tax asset
482,841
298,412
SPACE SEAL (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
490,273
490,273
Total debtors
973,114
788,685
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,845
27,343
Taxation and social security
174,633
108,499
Other creditors
18,192
32,654
207,670
168,496
The following advances and credits to directors subsisted during the year ended 31 January 2024 :
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Michael & Ann Hawkins -
-
4,046
23,881
(6,000)
21,927
Nick Perry -
-
2,954
18,285
(3,000)
18,239
Mrs K Perry -
-
30,333
126,004
(35,800)
120,537
Mr W Hawkins -
-
21,633
51,732
(22,000)
51,365
58,966
219,902
(66,800)
212,068
The above advances were interest free, had no fixed repayment date and were unsecured.