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REGISTERED NUMBER: SC296582 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

RUBBERSEAL LTD

RUBBERSEAL LTD (REGISTERED NUMBER: SC296582)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RUBBERSEAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: D J Stewart
C McLanachan





REGISTERED OFFICE: Units 7-9 New Street
Kilmarnock
KA1 4JZ





REGISTERED NUMBER: SC296582 (Scotland)





ACCOUNTANTS: Galbraith Pritchards
20 Barns Street
Ayr
Ayrshire
KA7 1XA

RUBBERSEAL LTD (REGISTERED NUMBER: SC296582)

BALANCE SHEET
30 APRIL 2024

30/4/24 30/4/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 479,845 399,267

CURRENT ASSETS
Stocks 998,349 478,574
Debtors 5 868,304 529,828
Cash at bank and in hand 201,754 124,387
2,068,407 1,132,789
CREDITORS
Amounts falling due within one year 6 1,422,737 585,855
NET CURRENT ASSETS 645,670 546,934
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,125,515

946,201

CREDITORS
Amounts falling due after more than one
year

7

(309,971

)

(277,043

)

PROVISIONS FOR LIABILITIES 9 (22,733 ) (6,311 )
NET ASSETS 792,811 662,847

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10 792,711 662,747
792,811 662,847

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

RUBBERSEAL LTD (REGISTERED NUMBER: SC296582)

BALANCE SHEET - continued
30 APRIL 2024


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 24 October 2024 and were signed on its behalf by:




D J Stewart - Director



C McLanachan - Director


RUBBERSEAL LTD (REGISTERED NUMBER: SC296582)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Rubberseal Ltd 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.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

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 has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

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

RUBBERSEAL LTD (REGISTERED NUMBER: SC296582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

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 13 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 364,973 55,613 420,586
Additions 1,160 115,858 117,018
At 30 April 2024 366,133 171,471 537,604
DEPRECIATION
At 1 May 2023 - 21,319 21,319
Charge for year - 36,440 36,440
At 30 April 2024 - 57,759 57,759
NET BOOK VALUE
At 30 April 2024 366,133 113,712 479,845
At 30 April 2023 364,973 34,294 399,267

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Trade debtors 861,596 527,828
Other debtors 6,708 2,000
868,304 529,828

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Bank loans and overdrafts (see note 8) 542,130 34,000
Hire purchase contracts 25,748 4,750
Trade creditors 795,998 447,987
Tax 33,671 29,906
Social security and other taxes 8,422 6,362
VAT 11,268 29,705
Directors' current accounts 3,000 30,645
Accrued expenses 2,500 2,500
1,422,737 585,855

RUBBERSEAL LTD (REGISTERED NUMBER: SC296582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/4/24 30/4/23
£    £   
Bank loans (see note 8) 234,654 268,730
Hire purchase contracts 75,317 8,313
309,971 277,043

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 98,654 -

8. LOANS

An analysis of the maturity of loans is given below:

30/4/24 30/4/23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 508,130 -
Bank loans 34,000 34,000
542,130 34,000

Amounts falling due between one and two years:
Bank loans 136,000 268,730

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 98,654 -

9. PROVISIONS FOR LIABILITIES
30/4/24 30/4/23
£    £   
Deferred tax 22,733 6,311

Deferred
tax
£   
Balance at 1 May 2023 6,311
Provided during year 16,422
Balance at 30 April 2024 22,733

RUBBERSEAL LTD (REGISTERED NUMBER: SC296582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. RESERVES
Retained
earnings
£   

At 1 May 2023 662,747
Profit for the year 142,964
Dividends (13,000 )
At 30 April 2024 792,711

11. POST BALANCE SHEET EVENTS

Since the year end the company has purchased further premises adjacent to their current premises to enable expansion in the future.

12. ULTIMATE CONTROLLING PARTY

The controlling party is D J Stewart.