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REGISTERED NUMBER: 05032114 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

Newseal Limited

Newseal Limited (Registered number: 05032114)






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


Newseal Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: P H Bennetto





SECRETARY: Mrs A J Bennetto





REGISTERED OFFICE: Wheal Rose
Scorrier
Redruth
Cornwall
TR16 5BX





REGISTERED NUMBER: 05032114 (England and Wales)





ACCOUNTANTS: Sovereign Accounting Solutions
Chartered Accountants and Business Advisers
Unit 9
Moorland Road Industrial Park
Moorland Road, Indian Queens
St Columb
Cornwall
TR9 6FB

Newseal Limited (Registered number: 05032114)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,463 2,898
Tangible assets 5 69,612 61,612
72,075 64,510

CURRENT ASSETS
Stocks 925 975
Debtors 6 48,104 51,374
Cash at bank 29,664 11,018
78,693 63,367
CREDITORS
Amounts falling due within one year 7 67,569 62,681
NET CURRENT ASSETS 11,124 686
TOTAL ASSETS LESS CURRENT
LIABILITIES

83,199

65,196

CREDITORS
Amounts falling due after more than one
year

8

(51,454

)

(38,709

)

PROVISIONS FOR LIABILITIES (17,013 ) (11,690 )
NET ASSETS 14,732 14,797

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 14,440 14,440
Retained earnings 192 257
SHAREHOLDERS' FUNDS 14,732 14,797

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 director acknowledges his 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.

Newseal Limited (Registered number: 05032114)

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 director and authorised for issue on 29 December 2024 and were signed by:





P H Bennetto - Director


Newseal Limited (Registered number: 05032114)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Newseal Limited 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. 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Website is being amortised evenly over its estimated useful life of nil years.

Website
The company's website is being depreciated using a 15% reducing balance method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - Straight line over the life of the lease
Plant and machinery etc - 33% on cost and 25% 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.

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.

Newseal Limited (Registered number: 05032114)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 May 2023
and 30 April 2024 15,000
AMORTISATION
At 1 May 2023 12,102
Charge for year 435
At 30 April 2024 12,537
NET BOOK VALUE
At 30 April 2024 2,463
At 30 April 2023 2,898

The company's website was revalued in 2014 and capitalised at its deemed fair value.

Such website has been designed and developed by the company and the Director is of the opinion that it should be recognised as an asset central to the business operations. The significant fair value of such asset has been arrived at based on the likely replacement cost being the estimated market value.

The Director will annually review and revalue the deemed fair value of the company's website, as necessary, based on the estimated market value.

Cost or valuation at 30 April 2024 is represented by:

Other
intangible
assets
£   
Valuation in 2015 15,000

Newseal Limited (Registered number: 05032114)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 350 143,370 143,720
Additions - 59,685 59,685
Disposals - (50,634 ) (50,634 )
At 30 April 2024 350 152,421 152,771
DEPRECIATION
At 1 May 2023 350 81,758 82,108
Charge for year - 23,203 23,203
Eliminated on disposal - (22,152 ) (22,152 )
At 30 April 2024 350 82,809 83,159
NET BOOK VALUE
At 30 April 2024 - 69,612 69,612
At 30 April 2023 - 61,612 61,612

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023 93,183
Additions 59,685
Disposals (50,634 )
At 30 April 2024 102,234
DEPRECIATION
At 1 May 2023 39,961
Charge for year 21,106
Eliminated on disposal (22,152 )
At 30 April 2024 38,915
NET BOOK VALUE
At 30 April 2024 63,319
At 30 April 2023 53,222

Newseal Limited (Registered number: 05032114)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 19,829 26,275
Other debtors 28,275 25,099
48,104 51,374

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts - 2,518
Hire purchase contracts 12,814 10,605
Trade creditors 3,300 14,895
Taxation and social security 34,664 31,985
Other creditors 16,791 2,678
67,569 62,681

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 51,454 38,709

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Hire purchase contracts 64,268 49,314

10. RESERVES
Revaluation
reserve
£   
At 1 May 2023
and 30 April 2024 14,440

11. RELATED PARTY DISCLOSURES

The company started to rent premises from December 2022 for £12,000 per annum, this increased to £14,400 from January 2024. The premises are owned by the Director.