Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetruetruetruetruefalse172023-01-01falseNo description of principal activity17true 01610309 2023-12-31 01610309 2023-01-01 2023-12-31 01610309 2022-01-01 2022-12-31 01610309 2022-12-31 01610309 2022-01-01 01610309 10 2023-01-01 2023-12-31 01610309 10 2022-01-01 2022-12-31 01610309 d:Director1 2023-01-01 2023-12-31 01610309 e:Buildings 2023-12-31 01610309 e:Buildings 2022-12-31 01610309 e:PlantMachinery 2023-01-01 2023-12-31 01610309 e:PlantMachinery 2023-12-31 01610309 e:PlantMachinery 2022-12-31 01610309 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01610309 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01610309 e:FurnitureFittings 2023-01-01 2023-12-31 01610309 e:FurnitureFittings 2023-12-31 01610309 e:FurnitureFittings 2022-12-31 01610309 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01610309 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01610309 e:ComputerEquipment 2023-01-01 2023-12-31 01610309 e:ComputerEquipment 2023-12-31 01610309 e:ComputerEquipment 2022-12-31 01610309 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01610309 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01610309 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01610309 e:OtherPropertyPlantEquipment 2023-12-31 01610309 e:OtherPropertyPlantEquipment 2022-12-31 01610309 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01610309 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01610309 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01610309 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01610309 e:CurrentFinancialInstruments 2023-12-31 01610309 e:CurrentFinancialInstruments 2022-12-31 01610309 e:Non-currentFinancialInstruments 2023-12-31 01610309 e:Non-currentFinancialInstruments 2022-12-31 01610309 e:Non-currentFinancialInstruments 3 2023-12-31 01610309 e:Non-currentFinancialInstruments 3 2022-12-31 01610309 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01610309 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 01610309 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 01610309 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 01610309 e:ShareCapital 2023-12-31 01610309 e:ShareCapital 2022-12-31 01610309 e:SharePremium 2023-01-01 2023-12-31 01610309 e:SharePremium 2023-12-31 01610309 e:SharePremium 2022-12-31 01610309 e:OtherMiscellaneousReserve 2023-12-31 01610309 e:OtherMiscellaneousReserve 2022-12-31 01610309 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01610309 e:RetainedEarningsAccumulatedLosses 2023-12-31 01610309 e:RetainedEarningsAccumulatedLosses 2022-12-31 01610309 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 01610309 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 01610309 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 01610309 d:OrdinaryShareClass1 2023-01-01 2023-12-31 01610309 d:OrdinaryShareClass1 2023-12-31 01610309 d:OrdinaryShareClass1 2022-12-31 01610309 d:FRS101 2023-01-01 2023-12-31 01610309 d:Audited 2023-01-01 2023-12-31 01610309 d:FullAccounts 2023-01-01 2023-12-31 01610309 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01610309 e:Subsidiary1 2023-01-01 2023-12-31 01610309 e:Subsidiary1 1 2023-01-01 2023-12-31 01610309 e:Subsidiary2 2023-01-01 2023-12-31 01610309 e:Subsidiary2 1 2023-01-01 2023-12-31 01610309 e:Subsidiary3 2023-01-01 2023-12-31 01610309 e:Subsidiary3 1 2023-01-01 2023-12-31 01610309 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01610309 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01610309 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01610309 2 2023-01-01 2023-12-31 01610309 6 2023-01-01 2023-12-31 01610309 e:CurrentFinancialInstruments 7 2023-12-31 01610309 e:CurrentFinancialInstruments 7 2022-12-31 01610309 e:Buildings e:Right-of-useAssets 2023-01-01 2023-12-31 01610309 e:Buildings e:Right-of-useAssets 2022-01-01 2022-12-31 01610309 e:PlantMachinery e:Right-of-useAssets 2023-01-01 2023-12-31 01610309 e:PlantMachinery e:Right-of-useAssets 2022-01-01 2022-12-31 01610309 e:Right-of-useAssets 2023-01-01 2023-12-31 01610309 e:Right-of-useAssets 2022-01-01 2022-12-31 01610309 f:PoundSterling 2023-01-01 2023-12-31 01610309 g:SouthAfrica 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01610309










ACTION-SEALTITE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023



 
ACTION-SEALTITE LIMITED
REGISTERED NUMBER: 01610309

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
529,730
88,083

Investments
 6 
668,097
668,097

  
1,197,827
756,180

Current assets
  

Stocks
 7 
643,502
790,443

Debtors: amounts falling due within one year
 8 
706,585
609,116

Cash at bank and in hand
 9 
347,382
139,009

  
1,697,469
1,538,568

Creditors: amounts falling due within one year
 10 
(1,068,207)
(701,568)

Net current assets
  
 
 
629,262
 
 
837,000

Total assets less current liabilities
  
1,827,089
1,593,180

  

Creditors: amounts falling due after more than one year
 11 
(431,907)
(332,367)

  
1,395,182
1,260,813

Provisions for liabilities
  

Deferred taxation
 12 
(2,273)
(1,123)

Other provisions
 14 
-
(54,565)

  
 
 
(2,273)
 
 
(55,688)

  

Net assets
  
1,392,909
1,205,125


Capital and reserves
  

Called up share capital 
 15 
1,000
1,000

Share premium account
 16 
14,850
14,850

Capital contribution reserve
 16 
150
150

Profit and loss account
 16 
1,376,909
1,189,125

  
1,392,909
1,205,125


Page 1

 
ACTION-SEALTITE LIMITED
REGISTERED NUMBER: 01610309

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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 comprehensive income 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 Robinson
Director

Date: 14 June 2024

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Action-Sealtite Limited is a private limited company incorporated and domiciled in the United Kingdom. The address of the registered office is 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG. The principal activity of the Company in the year under review was that of the distribution and manufacture of industrial hose couplings and ancillary goods.
The Company's trading address is Unit 14 Moorbrook, Southmead Industrial Park, Didcot, OX11 7HP.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The financial statements are rounded to the nearest whole pound Sterling. 

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2023 and these financial statements may be obtained from the Registrar of Companies.

Page 3

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

The financial statements contain information about Action-Sealtite Limited as an individual company and do not contain consolidated financial information as the parent of the Group. The Company and its subsidiary undertakings are included by full consolidation in the consolidated in the consolidated financial statements of its parent, Flowmax Limited, a company registered in England and Wales. 
Flowmax Limited prepares consolidated financial statements in accordance with UK adopted International Accounting Standards. Copies are available to the public and may be obtained from the Registrar of Companies. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods or services have transferred to the customer and the customer has control of these. The Company's activities are described in detail below. 

Sale of goods

The Company manufactures and distributes industrial hose couplings and ancillary goods. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and etiher the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied. 
The Company offcers discounts on some of its sales of goods. These do not constitute variable consideration and are offered at the time of invoicing. The value of up-front payments recieved in respect of sales of goods are immaterial to the financial statements. 

A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. 

Page 4

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. 

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Tangible Fixed Assets' line in the Balance Sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.11.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

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.

 
2.11

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 6

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% on cost
Computer equipment
-
33.3% on cost
Plant & machinery
-
20% on cost

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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 weighted average 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.

 
2.14

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.

 
2.15

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.

 
2.16

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Page 7

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future and judgements in applying the Company's accounting policies. The resulting accounting estimates will, by definition, seldom equal the actual results. The following estimates and assumptions have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year.
Provision for doubtful debts
Management provides for doubtful debts on the perceived risk profile and payment history of the debtor. 
Provision for slow moving, damaged and obsolete stock
There is a provision to write stock down to the lower of cost and net realisable value. Management have made estimates of the selling price and direct costs to sell on certain stock items. The write down is included in the operating profit note.
 
Impairment of investments
The Company assesses at each reporting period, whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset.
The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. The reduction is an impairment loss. An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised immediately in profit or loss.
Leases
IFRS 16 requires the Company to account for its leases as right-of-use assets over the life of the lease agreement. The present value of the lease liability on inception requires management to assess various factors including the discount rate and the life of the lease and the extent to which any options to extend or break the lease are exercised. These factors have a resulting impact in determining the present value of the lease liability on inception.


4.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales and administration
13
13



Directors
4
4

17
17

Page 8

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Right-of-use assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
16,375
18,269
76,690
491,169
602,503


Additions
-
-
9,282
540,330
549,612



At 31 December 2023

16,375
18,269
85,972
1,031,499
1,152,115



Depreciation


At 1 January 2023
15,928
12,975
61,886
423,631
514,420


Charge for the year on owned assets
323
2,200
7,695
-
10,218


Charge for the year on right-of-use assets
-
-
-
97,747
97,747



At 31 December 2023

16,251
15,175
69,581
521,378
622,385



Net book value



At 31 December 2023
124
3,094
16,391
510,121
529,730



At 31 December 2022
447
5,294
14,804
67,538
88,083


The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:

2023
2022
£
£


Tangible fixed assets owned
19,609
20,545

Right-of-use tangible fixed assets
510,121
67,538

529,730
88,083

Information about right-of-use assets is summarised below:

Net book value

2023
2022
£
£

Property
451,637
51,044

Motor Vehicles
58,484
16,494

510,121
67,538

Page 9

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           5.Tangible fixed assets (continued)

Depreciation charge for the year ended

2023
2022
£
£

Property
82,190
102,088

Motor Vehicles
15,557
9,118

97,747
111,201

Total cash outflows in respect of IFRS 16 leases was £56,359 (2022: £120,373).


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
668,097



At 31 December 2023
668,097






Net book value



At 31 December 2023
668,097



At 31 December 2022
668,097


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Biopharma Dynamics Limited
Ordinary
80%
ASL Europe B.V.
Ordinary
100%
Buckley Industrial Limited
Ordinary
100%

Page 10

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
643,502
790,443


Inventories above include a provision of £58,576 (2022: £46,789) for slow moving and obsolete stock.



8.


Debtors

2023
2022
£
£


Trade debtors
543,558
496,129

Amounts owed by group undertakings
80,000
36,399

Other debtors
32,313
31,484

Prepayments and accrued income
50,714
45,104

706,585
609,116


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
347,382
139,009


Page 11

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Contract liabilities
90,778
62,787

Trade creditors
455,322
540,373

Amounts owed to group undertakings
161,402
-

Corporation tax
35,706
3,126

Other taxation and social security
15,873
20,471

Lease liabilities
105,747
34,978

Other creditors
105,286
4,552

Accruals and deferred income
98,093
35,281

1,068,207
701,568


Included in amounts payable to group undertakings is a loan of £142,279 (2022: £Nil) that is unsecured, interest bearing at a rate of Lloyds base rate plus 1.75% and payable by 31 December 2024.
Other amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
431,907
6,479

Amounts owed to group undertakings
-
325,888

431,907
332,367


Amounts payable to group undertakings are unsecured, interest bearing at a rate of 3.75% and were payable over the term ending February 2024.


12.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,123)
(4,586)


Charged to the profit or loss
(1,150)
3,463



At end of year
(2,273)
(1,123)

Page 12

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,273)
(1,123)


13.

Leases

Company as a lessee

The Company leases its principal place of trading. The periodic rent is fixed over the lease term.
The Company also leases a number of vehicles which comprise only fixed payments over the lease term.

Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
105,747
34,978

Between one year and five years
431,907
6,479

537,654
41,457


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

Expenses relating to short-term leases
25,862
12,319

Finance lease charges payable
11,808
2,829


14.


Provisions




Dilapidations provision

£





At 1 January 2023
54,565


Charged to profit or loss
6,531


Utilised in year
(61,096)



At 31 December 2023
-

The dilapidations provision related to amounts payable on termination of the lease of the Company's trading premises on 24 June 2023.

Page 13

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000

Ordinary shares carry voting and distribution rights.



16.


Reserves

Share premium account

The share premium reserve includes all amounts paid in excess of the nominal value of Ordinary shares issued. 
Capital contribution 
The capital contribution reserve represents amounts contributed to the Company by shareholders. 
 

Profit and loss account

The profit and loss account is the Company's accumulated retained profits and losses as at the year end. 


17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,552 (2022: £15,703). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date.

Page 14

 
ACTION-SEALTITE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Related party transactions

During the year ended 31 December 2023, the Company undertook the following transactions with group companies.

2023
2022
£
£
Purchases from group companies

125,989

135,907
 
Sales to group companies

659,212

767,122
 
Recharges to group companies

68,065

73,297
 

At the year end the Company owed £161,402 (2022: £325,888) to group companies.
At the year end the Company was owed £80,000 (2022: £36,399) from group companies.
During the year ended 31 December 2023, the Company received dividends of £940,000 (2022: £720,000) from Biopharma Dynamics Limited and dividends of £320,000 (2022: £nil) from Buckley Industrial Limited. At 31 December 2023, £80,000 was due receivable from Biopharma Dynamics Limited (2022: £Nil).
During the year ended 31 December 2023, the Company declared dividends to the following shareholders: 
Flowmax Limited - £1,193,400 (2022: £675,000)
P Robinson - £132,600 (2022: £75,000).
At 31 December 2023, £100,000 remained payable in respect of dividends (2022: £Nil).


19.


Controlling party

The Company is a subsidiary undertaking of Flowmax Limited, incorporated in England and Wales.
The Directors regard Flowmax Limited as the smallest group and SA Bias Industries (Pty) Limited, a company registered in South Africa,as the largest group within which the subsidiary belongs and for which group accounts are prepared.  Flowmax Limited's registered office is 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG. Copies of the Flowmax Limited group accounts are available from the Registrar of Companies.


20.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 14 June 2024 by James Pitt BA BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 15