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REGISTERED NUMBER: 02321386 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

SEALABILITY LIMITED

SEALABILITY LIMITED (REGISTERED NUMBER: 02321386)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


SEALABILITY LIMITED (REGISTERED NUMBER: 02321386)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 351,865 120,595
351,865 120,595

CURRENT ASSETS
Stocks 98,950 97,372
Debtors 6 826,354 626,672
Cash at bank 119,721 271,953
1,045,025 995,997
CREDITORS
Amounts falling due within one year 7 870,508 673,401
NET CURRENT ASSETS 174,517 322,596
TOTAL ASSETS LESS CURRENT
LIABILITIES

526,382

443,191

CREDITORS
Amounts falling due after more than one
year

8

(257,991

)

(210,350

)

PROVISIONS FOR LIABILITIES (87,965 ) (22,912 )
NET ASSETS 180,426 209,929

CAPITAL AND RESERVES
Called up share capital 55 55
Share premium 1,786 1,786
Capital redemption reserve 59 59
Retained earnings 178,526 208,029
180,426 209,929

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

SEALABILITY LIMITED (REGISTERED NUMBER: 02321386)

BALANCE SHEET - continued
31ST MARCH 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th November 2024 and were signed on its behalf by:





Mr C S Pattison - Director


SEALABILITY LIMITED (REGISTERED NUMBER: 02321386)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Sealability Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02321386

Registered office: Holman Way
Trident Business Park
Nuneaton
Warwickshire
CV11 4PN

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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 - 33% on cost, 25% on cost, 20% on cost and not provided

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


SEALABILITY LIMITED (REGISTERED NUMBER: 02321386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

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
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 45 (2023 - 48 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st April 2023
and 31st March 2024 21,250 15,000 36,250
AMORTISATION
At 1st April 2023
and 31st March 2024 21,250 15,000 36,250
NET BOOK VALUE
At 31st March 2024 - - -
At 31st March 2023 - - -

SEALABILITY LIMITED (REGISTERED NUMBER: 02321386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 920,832
Additions 323,331
Disposals (121,873 )
At 31st March 2024 1,122,290
DEPRECIATION
At 1st April 2023 800,237
Charge for year 90,066
Eliminated on disposal (119,878 )
At 31st March 2024 770,425
NET BOOK VALUE
At 31st March 2024 351,865
At 31st March 2023 120,595

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts recoverable on contract 782,757 521,470
Other debtors 43,597 105,202
826,354 626,672

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 80,000 80,000
Hire purchase contracts 133,676 47,982
Trade creditors 547,281 426,445
Taxation and social security 37,367 53,523
Other creditors 72,184 65,451
870,508 673,401

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 93,334 173,334
Hire purchase contracts 164,657 37,016
257,991 210,350

SEALABILITY LIMITED (REGISTERED NUMBER: 02321386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 173,334 253,334
Hire purchase contracts 298,333 84,998
Directors' loan accounts 1,424 -
473,091 338,332

All monies due to C. S. Pattison and N. Pattison are secured by way of a debenture and a chattels mortgage charge.