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REGISTERED NUMBER: 07127079 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

System Seals Europe Ltd

System Seals Europe Ltd (Registered number: 07127079)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


System Seals Europe Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: S Hensey





REGISTERED OFFICE: Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW





REGISTERED NUMBER: 07127079 (England and Wales)





ACCOUNTANTS: Willsons
Chartered Accountants
Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW

System Seals Europe Ltd (Registered number: 07127079)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 6,413 2,889
6,413 2,889

CURRENT ASSETS
Stocks 19,573 46,670
Debtors 6 180,334 210,244
Cash at bank 90,559 93,707
290,466 350,621
CREDITORS
Amounts falling due within one year 7 82,150 131,376
NET CURRENT ASSETS 208,316 219,245
TOTAL ASSETS LESS CURRENT
LIABILITIES

214,729

222,134

CREDITORS
Amounts falling due after more than one year 8 22,500 32,500
NET ASSETS 192,229 189,634

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 192,225 189,630
SHAREHOLDERS' FUNDS 192,229 189,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

System Seals Europe Ltd (Registered number: 07127079)

Balance Sheet - continued
31 December 2023


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

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

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





S Hensey - Director


System Seals Europe Ltd (Registered number: 07127079)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

System Seals Europe Ltd 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.

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 represents the total invoice value, excluding value added tax, of sales made during the period.
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five 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.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

System Seals Europe Ltd (Registered number: 07127079)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 30,000
AMORTISATION
At 1 January 2023
and 31 December 2023 30,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 3,394 2,281 7,086 12,761
Additions - 452 4,908 5,360
At 31 December 2023 3,394 2,733 11,994 18,121
DEPRECIATION
At 1 January 2023 2,857 1,612 5,403 9,872
Charge for year 196 295 1,345 1,836
At 31 December 2023 3,053 1,907 6,748 11,708
NET BOOK VALUE
At 31 December 2023 341 826 5,246 6,413
At 31 December 2022 537 669 1,683 2,889

System Seals Europe Ltd (Registered number: 07127079)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 178,969 119,569
Other debtors - 88,685
Directors' current accounts 38 -
Tax 554 -
Prepayments 773 1,990
180,334 210,244

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 19,957 49,250
Corporation Tax - 4,583
Social security and other taxes 6,292 4,086
VAT 657 3,124
Other creditors 1,718 2,128
Amounts due to related party - 9,178
Directors' current accounts - 154
Accrued expenses 43,526 42,769
Pension accrual - 6,104
82,150 131,376

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 2-5 years 22,500 32,500

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
S Hensey
Balance outstanding at start of year - -
Amounts advanced 38 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38 -