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REGISTERED NUMBER: SC471039 (Scotland)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ULTIMATE SEALS LIMITED

ULTIMATE SEALS LIMITED (REGISTERED NUMBER: SC471039)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6

Chartered Accountants' Report 7

ULTIMATE SEALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr W M Ackroyd
Mr S Gallacher





REGISTERED OFFICE: 4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL





REGISTERED NUMBER: SC471039 (Scotland)





ACCOUNTANTS: Bain Henry Reid
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL

ULTIMATE SEALS LIMITED (REGISTERED NUMBER: SC471039)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 380,087 332,495

CURRENT ASSETS
Stocks 48,549 54,774
Debtors 5 109,893 168,151
Cash at bank 520,596 264,428
679,038 487,353
CREDITORS
Amounts falling due within one year 6 203,887 160,913
NET CURRENT ASSETS 475,151 326,440
TOTAL ASSETS LESS CURRENT
LIABILITIES

855,238

658,935

CREDITORS
Amounts falling due after more than one year 7 (41,834 ) (68,779 )

PROVISIONS FOR LIABILITIES (33,732 ) (15,675 )
NET ASSETS 779,672 574,481

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 769,672 564,481
SHAREHOLDERS' FUNDS 779,672 574,481

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

ULTIMATE SEALS LIMITED (REGISTERED NUMBER: SC471039)

BALANCE SHEET - continued
29 FEBRUARY 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 4 November 2024 and were signed on its behalf by:




Mr W M Ackroyd - Director



Mr S Gallacher - Director


ULTIMATE SEALS LIMITED (REGISTERED NUMBER: SC471039)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Ultimate Seals 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.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer. This typically happens when legal title for the goods has passed to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss.

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.

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 6 (2023 - 5 ) .

ULTIMATE SEALS LIMITED (REGISTERED NUMBER: SC471039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 246,180 224,517 470,697
Additions 15,186 51,954 67,140
At 29 February 2024 261,366 276,471 537,837
DEPRECIATION
At 1 March 2023 - 138,202 138,202
Charge for year - 19,548 19,548
At 29 February 2024 - 157,750 157,750
NET BOOK VALUE
At 29 February 2024 261,366 118,721 380,087
At 28 February 2023 246,180 86,315 332,495

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 104,457 154,862
Other debtors 5,436 13,289
109,893 168,151

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 26,945 26,230
Trade creditors 18,013 33,308
Taxation and social security 93,046 36,834
Other creditors 65,883 64,541
203,887 160,913

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 41,834 68,779

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 68,779 95,009

The bank loan is secured by a first standard security over the property at Unit 3, City South Business Park, Portlethen, Aberdeen. AB12 4XX as well as a bond and floating charge over the property.

ULTIMATE SEALS LIMITED (REGISTERED NUMBER: SC471039)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. RELATED PARTY DISCLOSURES

Included within other creditors is a loan amounting to £60,148 (2023: £60,148) from a company with a common director. The loan has no set repayment terms and no interest is chargeable.




CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ULTIMATE SEALS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ultimate Seals Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Ultimate Seals Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ultimate Seals Limited and state those matters that we have agreed to state to the Board of Directors of Ultimate Seals Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ultimate Seals Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ultimate Seals Limited. You consider that Ultimate Seals Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ultimate Seals Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bain Henry Reid
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL


4 November 2024