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REGISTERED NUMBER: 04595639 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Masterseal Ltd

Masterseal Ltd (Registered number: 04595639)

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


Masterseal Ltd

Company Information
for the Year Ended 31 December 2023







Directors: Mr G E Basey-Fisher
Mrs C Basey-Fisher





Secretary: Mrs C Basey-Fisher





Registered office: Queens Head House
The Street
Acle
Norwich
NR13 3DY





Business address: Grove Farm Barn
Pye Lane
Southburgh
Thetford
IP25 7TL





Registered number: 04595639 (England and Wales)





Accountants: Stephenson Smart (East Anglia) Limited
Queens Head House
The Street
Acle
Norwich
Norfolk
NR13 3DY

Masterseal Ltd (Registered number: 04595639)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 5 394,921 126,205

Current assets
Inventories 40,607 30,063
Debtors 6 584,334 400,497
Investments 7 400,023 -
Cash at bank and in hand 193,730 457,138
1,218,694 887,698
Creditors
Amounts falling due within one year 8 (178,001 ) (78,292 )
Net current assets 1,040,693 809,406
Total assets less current liabilities 1,435,614 935,611

Creditors
Amounts falling due after more than one
year

9

(242,837

)

(11,991

)

Provisions for liabilities (74,043 ) (16,978 )
Net assets 1,118,734 906,642

Capital and reserves
Called up share capital 100 100
Retained earnings 1,118,634 906,542
1,118,734 906,642

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.

Masterseal Ltd (Registered number: 04595639)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





Mr G E Basey-Fisher - Director


Masterseal Ltd (Registered number: 04595639)

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


1. Statutory information

Masterseal 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost
Fixtures and fittings - 15% on reducing balance
Improvements to property - 5% on cost

Inventories
Inventories have been valued at the lower of cost and net estimated selling price, less costs to sell.


Masterseal Ltd (Registered number: 04595639)

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


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

4. Employees and directors

The average number of employees during the year was 27 (2022 - 27 ) .

Masterseal Ltd (Registered number: 04595639)

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


5. Tangible fixed assets
Fixtures
Improvements Plant and and
to property machinery fittings
£ £ £
Cost
At 1 January 2023 54,355 4,801 8,986
Additions - 1,834 4,246
At 31 December 2023 54,355 6,635 13,232
Depreciation
At 1 January 2023 17,230 1,997 5,925
Charge for year 2,718 695 1,096
At 31 December 2023 19,948 2,692 7,021
Net book value
At 31 December 2023 34,407 3,943 6,211
At 31 December 2022 37,125 2,804 3,061

Motor Office
vehicles equipment Totals
£ £ £
Cost
At 1 January 2023 227,850 10,874 306,866
Additions 295,238 729 302,047
At 31 December 2023 523,088 11,603 608,913
Depreciation
At 1 January 2023 146,256 9,253 180,661
Charge for year 27,129 1,693 33,331
At 31 December 2023 173,385 10,946 213,992
Net book value
At 31 December 2023 349,703 657 394,921
At 31 December 2022 81,594 1,621 126,205

Masterseal Ltd (Registered number: 04595639)

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


5. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
At 1 January 2023 40,745
Additions 295,238
Transfer to ownership (26,950 )
At 31 December 2023 309,033
Depreciation
At 1 January 2023 21,963
Charge for year 11,425
Transfer to ownership (16,410 )
At 31 December 2023 16,978
Net book value
At 31 December 2023 292,055
At 31 December 2022 18,782

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 482,813 395,133
Other debtors 101,521 5,364
584,334 400,497

7. Current asset investments
2023 2022
£ £
Secured loan 400,023 -

8. Creditors: amounts falling due within one year
2023 2022
£ £
Hire purchase contracts 55,499 9,517
Trade creditors 95,014 37,959
Taxation and social security (2,271 ) 25,515
Other creditors 29,759 5,301
178,001 78,292

Masterseal Ltd (Registered number: 04595639)

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


9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Hire purchase contracts 242,837 11,991

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts 298,336 -

11. Directors' advances, credits and guarantees

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

2023 2022
£ £
Mrs C Basey-Fisher
Balance outstanding at start of year - -
Amounts advanced 5,000 -
Amounts repaid (938 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,062 -

Mr G E Basey-Fisher
Balance outstanding at start of year - -
Amounts advanced 30,805 -
Amounts repaid (19,171 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,634 -

Daily interest is accruing on the above loans at a rate of 2% and then 2.25%, which will crystalize annually on the anniversary of the initial advance.