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REGISTERED NUMBER: SC438609 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Structureseal Services Limited

Structureseal Services Limited (Registered number: SC438609)






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


Structureseal Services Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P J Henderson
J M Shields
M J Taylor





REGISTERED OFFICE: 1st Floor - Bothwell House
Pochard Way
Strathclyde Business Park
Bellshill
Lanarkshire
ML4 3HB





REGISTERED NUMBER: SC438609 (Scotland)





ACCOUNTANTS: Graham & Co. (Accountants) Limited
76 Dumbarton Road
Clydebank
Glasgow
G81 1UG

Structureseal Services Limited (Registered number: SC438609)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 75,018 92,637

CURRENT ASSETS
Stocks 65,330 63,842
Debtors 5 1,570,299 868,735
Cash at bank and in hand 2,261,381 2,332,815
3,897,010 3,265,392
CREDITORS
Amounts falling due within one year 6 684,559 575,727
NET CURRENT ASSETS 3,212,451 2,689,665
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,287,469

2,782,302

CREDITORS
Amounts falling due after more than one
year

7

(15,997

)

(32,133

)

PROVISIONS FOR LIABILITIES (18,880 ) (23,159 )
NET ASSETS 3,252,592 2,727,010

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,252,492 2,726,910
3,252,592 2,727,010

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 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.

Structureseal Services Limited (Registered number: SC438609)

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 Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





M J Taylor - Director


Structureseal Services Limited (Registered number: SC438609)

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

1. STATUTORY INFORMATION

Structureseal Services Limited is a private company, limited by shares , registered in Scotland. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost, 20% on reducing balance and 10% on cost

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable or payable, third party loan finance and loans with related parties.

Debt instruments (other than those wholly repayable within one year) including loans and other accounts receivable or payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective rate method.

Debt instruments that are repayable within one year are measured initially and subsequently at the undiscounted amount of cash or other consideration expected to be paid or received. However if the arrangement of a short term instrument constitutes a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is measured initially, at the present value of future cash flows discounted at a market rate of interest of a similar debt instrument and subsequently amortised at cost.

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.


Structureseal Services Limited (Registered number: SC438609)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Long term contracts
The contract work undertaken by the company is deemed to be long term in nature.
Turnover on long term contracts is determined on the basis of certified valuations representing measured work on contracts. Operating profit includes attributable profits on long term contracts completed and amounts recoverable on incomplete contracts - the latter also being included in debtors due within one year.
Long term contract work in progress is recorded at net cost after deducting foreseeable losses and payments on account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 38 ) .

Structureseal Services Limited (Registered number: SC438609)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 135,283
Disposals (338 )
At 31 December 2023 134,945
DEPRECIATION
At 1 January 2023 42,646
Charge for year 17,292
Eliminated on disposal (11 )
At 31 December 2023 59,927
NET BOOK VALUE
At 31 December 2023 75,018
At 31 December 2022 92,637

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 53,490
DEPRECIATION
At 1 January 2023 892
Charge for year 10,519
At 31 December 2023 11,411
NET BOOK VALUE
At 31 December 2023 42,079
At 31 December 2022 52,598

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 1,570,299 868,735

Structureseal Services Limited (Registered number: SC438609)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 16,097 16,157
Trade creditors 181,016 128,077
Amounts owed to group undertakings - 86,832
Taxation and social security 271,415 276,731
Other creditors 216,031 67,930
684,559 575,727

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 15,997 32,133

8. RELATED PARTY DISCLOSURES

Advance Construction Group Ltd, and Advance Construction (Scotland) Limited are related parties by means of a common director. In the normal course of business the company trades with related parties on normal commercial terms in relation to the sale and purchase of goods and services.

As at 31 December 2023 - Other debtors included £789,797 (2022 - £552,405) due from related parties.
Creditors included £154,850 (2022 - £134,880) due to related parties. Other creditors includes a loan of £140,000 due by a director. The loan is interest free and has no set repayment date.

9. ULTIMATE CONTROLLING PARTY

The controlling party is J M Shields.