Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mr R G Hodgson 31/07/2008 11 October 2024 The principal activity of the Company during the financial year was that of a construction contractor and the sale and construction of conservatories and similar products. 04166401 2024-02-29 04166401 bus:Director1 2024-02-29 04166401 2023-02-28 04166401 core:CurrentFinancialInstruments 2024-02-29 04166401 core:CurrentFinancialInstruments 2023-02-28 04166401 core:Non-currentFinancialInstruments 2024-02-29 04166401 core:Non-currentFinancialInstruments 2023-02-28 04166401 core:ShareCapital 2024-02-29 04166401 core:ShareCapital 2023-02-28 04166401 core:RetainedEarningsAccumulatedLosses 2024-02-29 04166401 core:RetainedEarningsAccumulatedLosses 2023-02-28 04166401 core:PlantMachinery 2023-02-28 04166401 core:Vehicles 2023-02-28 04166401 core:OfficeEquipment 2023-02-28 04166401 core:PlantMachinery 2024-02-29 04166401 core:Vehicles 2024-02-29 04166401 core:OfficeEquipment 2024-02-29 04166401 bus:OrdinaryShareClass1 2024-02-29 04166401 2023-03-01 2024-02-29 04166401 bus:FilletedAccounts 2023-03-01 2024-02-29 04166401 bus:SmallEntities 2023-03-01 2024-02-29 04166401 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04166401 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04166401 bus:Director1 2023-03-01 2024-02-29 04166401 core:PlantMachinery 2023-03-01 2024-02-29 04166401 core:Vehicles 2023-03-01 2024-02-29 04166401 core:OfficeEquipment 2023-03-01 2024-02-29 04166401 2022-03-01 2023-02-28 04166401 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 04166401 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 04166401 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04166401 (England and Wales)

STORMSEAL (SOUTH WEST) LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

STORMSEAL (SOUTH WEST) LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

STORMSEAL (SOUTH WEST) LIMITED

BALANCE SHEET

As at 29 February 2024
STORMSEAL (SOUTH WEST) LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 71,506 58,894
71,506 58,894
Current assets
Stocks 4,482 11,492
Debtors 4 356,730 461,968
Cash at bank and in hand 466,825 419,030
828,037 892,490
Creditors: amounts falling due within one year 5 ( 398,733) ( 384,748)
Net current assets 429,304 507,742
Total assets less current liabilities 500,810 566,636
Creditors: amounts falling due after more than one year 6 ( 10,819) ( 125,357)
Provision for liabilities ( 8,422) ( 13,781)
Net assets 481,569 427,498
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 481,469 427,398
Total shareholder's funds 481,569 427,498

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Stormseal (South West) Limited (registered number: 04166401) were approved and authorised for issue by the Director on 11 October 2024. They were signed on its behalf by:

Mr R G Hodgson
Director
STORMSEAL (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
STORMSEAL (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stormseal (South West) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 9b Forresters Business Park, Estover Close, Plymouth, PL6 7PL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at X.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 5

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 March 2023 31,401 105,952 13,168 150,521
Additions 32,449 0 249 32,698
Disposals 0 ( 1,105) 0 ( 1,105)
At 29 February 2024 63,850 104,847 13,417 182,114
Accumulated depreciation
At 01 March 2023 31,401 51,486 8,740 91,627
Charge for the financial year 4,477 13,340 1,164 18,981
At 29 February 2024 35,878 64,826 9,904 110,608
Net book value
At 29 February 2024 27,972 40,021 3,513 71,506
At 28 February 2023 0 54,466 4,428 58,894

4. Debtors

2024 2023
£ £
Trade debtors 67,002 149,361
Amounts owed by Group undertakings 208,560 308,595
Other debtors 81,168 4,012
356,730 461,968

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 34,770 48,786
Trade creditors 130,663 132,353
Taxation and social security 95,784 90,795
Obligations under finance leases and hire purchase contracts 9,178 5,090
Other creditors 128,338 107,724
398,733 384,748

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 109,770
Obligations under finance leases and hire purchase contracts (secured) 10,819 15,587
10,819 125,357

The hire purchase contracts are secured against the vehicles of the Company with a carrying value of £10,819 (2022 £15,587).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 19,997 20,677

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Director (8,317) 174

Outstanding loan balances are repayable on demand and interest is charged at the official rate.

10. Ultimate controlling party

Parent Company:

The company's immediate parent is Team Conqueror Limited, incorporated in England and Wales.The ultimate parent is Team Conqueror (Holdings) Limited, incorporated in England and Wales.
These financial statements are available upon request from Companies House. Team Conqueror Limited has registered offices at C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, Devon, United Kingdom, PL1 3RP. The principal place of business for the company is Unit 9b Forresters Business Park, Estover Close, Plymouth, PL6 7PL, United Kingdom.