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Registration number: 03922395

Seals and Mounts Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Seals and Mounts Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Seals and Mounts Limited

(Registration number: 03922395)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,084

3,423

Current assets

 

Stocks

5

37,685

39,884

Debtors

6

129,205

128,558

Cash at bank and in hand

 

174,948

173,856

 

341,838

342,298

Creditors: Amounts falling due within one year

7

(133,682)

(118,392)

Net current assets

 

208,156

223,906

Net assets

 

210,240

227,329

Capital and reserves

 

Called up share capital

100

100

Retained earnings

210,140

227,229

Shareholders' funds

 

210,240

227,329

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

Mr A P Giblett
Company secretary and director

Mr C P Levy
Director

 
     
 

Seals and Mounts Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 H Chelston Enterprise Centre
Castle Road
Wellington
Somerset
TA21 9JQ

These financial statements were authorised for issue by the Board on 16 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Seals and Mounts Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold

20% straight line

Plant and machinery

25% reducing balance

Fixtures and fittings

15% & 33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 2).

 

Seals and Mounts Limited

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

4

Tangible assets

Short leasehold land and buildings
£

Furniture, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

6,295

10,258

7,865

24,418

Disposals

-

(1,252)

-

(1,252)

At 31 December 2023

6,295

9,006

7,865

23,166

Depreciation

At 1 January 2023

6,295

6,928

7,772

20,995

Charge for the year

-

906

23

929

Eliminated on disposal

-

(842)

-

(842)

At 31 December 2023

6,295

6,992

7,795

21,082

Carrying amount

At 31 December 2023

-

2,014

70

2,084

At 31 December 2022

-

3,330

93

3,423

5

Stocks

2023
£

2022
£

Raw materials and consumables

37,685

39,884

6

Debtors

2023
£

2022
£

Trade debtors

128,917

128,307

Prepayments

288

251

129,205

128,558

 

Seals and Mounts Limited

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

7

Creditors

Due within one year

2023
£

2022
£

Trade creditors

74,593

57,531

Social security and other taxes

56,599

58,436

Other creditors

-

25

Accruals

2,490

2,400

133,682

118,392