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Registration number: 03517026

Iain Hall Sealants Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Iain Hall Sealants Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Iain Hall Sealants Limited

Company Information

Director

Iain Martin Hall

Registered office

19 Hales Road
Wortley
Leeds
LS12 4PL

 

Iain Hall Sealants Limited

(Registration number: 03517026)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

208,370

129,111

Current assets

 

Stocks

5

80,570

106,435

Debtors

6

1,188,656

1,059,255

Cash at bank and in hand

 

1,597,467

1,214,490

 

2,866,693

2,380,180

Creditors: Amounts falling due within one year

7

(306,992)

(299,606)

Net current assets

 

2,559,701

2,080,574

Total assets less current liabilities

 

2,768,071

2,209,685

Provisions for liabilities

(52,092)

(24,531)

Net assets

 

2,715,979

2,185,154

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

2,715,977

2,185,152

Shareholders' funds

 

2,715,979

2,185,154

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 November 2024
 

.........................................
Iain Martin Hall
Director

 

Iain Hall Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
19 Hales Road
Wortley
Leeds
LS12 4PL

These financial statements were authorised for issue by the director on 30 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Iain Hall Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% per annum

Fixtures and fittings

10% per annum

Plant, machinery and office equipment

20% per annum

Computers

25% per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Iain Hall Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 27 (2023 - 27).

 

Iain Hall Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

36,317

335,835

372,152

Additions

34,451

105,719

140,170

Disposals

(7,258)

(61,507)

(68,765)

At 29 February 2024

63,510

380,047

443,557

Depreciation

At 1 March 2023

31,957

211,084

243,041

Charge for the year

2,543

58,368

60,911

Eliminated on disposal

(7,258)

(61,507)

(68,765)

At 29 February 2024

27,242

207,945

235,187

Carrying amount

At 29 February 2024

36,268

172,102

208,370

At 28 February 2023

4,360

124,751

129,111

5

Stocks

2024
£

2023
£

Other inventories

80,570

106,435

6

Debtors

Current

2024
£

2023
£

Trade debtors

854,858

760,446

Prepayments

13,718

1,741

Other debtors

320,080

297,068

 

1,188,656

1,059,255

7

Creditors

Creditors: amounts falling due within one year

 

Iain Hall Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Due within one year

Trade creditors

38,961

104,052

Taxation and social security

207,543

125,193

Accruals and deferred income

21,687

20,715

Other creditors

38,801

49,646

306,992

299,606

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Dividends

2024

2023

£

£

Interim dividend of £75,000.00 (2023 - £160,000.00) per ordinary share

150,000

320,000

 

 

10

Related party transactions

 

Iain Hall Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Iain Martin Hall

Loan account

29,895

(97,092)

88,530

21,333

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Iain Martin Hall

Loan account

24,042

(70,024)

75,877

29,895

 

Iain Hall Sealants Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

41,500

40,500

11

Parent and ultimate parent undertaking

The company's immediate parent is Iain Hall Holdings Limited, incorporated in England.