Acorah Software Products - Accounts Production 16.1.300 false true 30 June 2023 1 July 2022 false 1 July 2023 30 November 2024 30 November 2024 07388953 Mrs T Mansell Mr R J Mansell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07388953 2023-06-30 07388953 2024-11-30 07388953 2023-07-01 2024-11-30 07388953 frs-core:CurrentFinancialInstruments 2024-11-30 07388953 frs-core:BetweenOneFiveYears 2024-11-30 07388953 frs-core:ComputerEquipment 2024-11-30 07388953 frs-core:ComputerEquipment 2023-07-01 2024-11-30 07388953 frs-core:ComputerEquipment 2023-06-30 07388953 frs-core:FurnitureFittings 2024-11-30 07388953 frs-core:FurnitureFittings 2023-07-01 2024-11-30 07388953 frs-core:FurnitureFittings 2023-06-30 07388953 frs-core:NetGoodwill 2024-11-30 07388953 frs-core:NetGoodwill 2023-07-01 2024-11-30 07388953 frs-core:NetGoodwill 2023-06-30 07388953 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-11-30 07388953 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-07-01 2024-11-30 07388953 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-30 07388953 frs-core:MotorVehicles 2024-11-30 07388953 frs-core:MotorVehicles 2023-07-01 2024-11-30 07388953 frs-core:MotorVehicles 2023-06-30 07388953 frs-core:PlantMachinery 2024-11-30 07388953 frs-core:PlantMachinery 2023-07-01 2024-11-30 07388953 frs-core:PlantMachinery 2023-06-30 07388953 frs-core:WithinOneYear 2024-11-30 07388953 frs-core:ShareCapital 2024-11-30 07388953 frs-core:RetainedEarningsAccumulatedLosses 2024-11-30 07388953 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-11-30 07388953 frs-bus:FilletedAccounts 2023-07-01 2024-11-30 07388953 frs-bus:SmallEntities 2023-07-01 2024-11-30 07388953 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-11-30 07388953 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-11-30 07388953 frs-bus:Director1 2023-07-01 2024-11-30 07388953 frs-bus:Director2 2023-07-01 2024-11-30 07388953 frs-countries:EnglandWales 2023-07-01 2024-11-30 07388953 2022-06-30 07388953 2023-06-30 07388953 2022-07-01 2023-06-30 07388953 frs-core:CurrentFinancialInstruments 2023-06-30 07388953 frs-core:BetweenOneFiveYears 2023-06-30 07388953 frs-core:WithinOneYear 2023-06-30 07388953 frs-core:ShareCapital 2023-06-30 07388953 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 07388953
Seal Fuels Limited
Unaudited Financial Statements
For the Period 1 July 2023 to 30 November 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07388953
30 November 2024 30 June 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 - 15,496
- 15,496
CURRENT ASSETS
Stocks 6 - 132,397
Debtors 7 2,741 21,614
Cash at bank and in hand 662,728 689,844
665,469 843,855
Creditors: Amounts Falling Due Within One Year 8 (19,397 ) (188,365 )
NET CURRENT ASSETS (LIABILITIES) 646,072 655,490
TOTAL ASSETS LESS CURRENT LIABILITIES 646,072 670,986
PROVISIONS FOR LIABILITIES
Deferred Taxation - (3,385 )
NET ASSETS 646,072 667,601
CAPITAL AND RESERVES
Called up share capital 9 1,001 1,001
Profit and Loss Account 645,071 666,600
SHAREHOLDERS' FUNDS 646,072 667,601
Page 1
Page 2
For the period ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R J Mansell
Director
22 January 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Seal Fuels Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07388953 . The registered office is Station Approach, Station Drive, Bridgnorth, Shropshire, WV16 5DP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention and on a going concern basis.
The financial statements are presented in Sterling (£) rounded to the nearest £1.
This is the first year in which financial statements have been prepared under FRS102 1A. Details of the transition can be found in note 2.9.
The financial statements cover a 17 month period, where the comparative amounts cover a 12 month period.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% straight line
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.
Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. First Year Adoption
These are the company's first financial statements prepared in accordance with the provisions of Section 1 A "Small Entities" Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland". Previously they were prepared in accordance with Financial Reporting Standard 105. The company has prepared its opening balance sheet at the date of transition to FRS 102 1A, which is 1st July 2022. The transition to FRS102 1A has had no material effect on the balance sheet or on total equity and profit.
Exemptions from full retrospective application:
The company's accounting policies have been applied in preparing the financial statements for the period ended 30th November 2024, the comparative information and the opening balance sheet as at the date of transition. Upon transition, the company has applied all the mandatory exceptions from full retrospective application.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2023: 2)
2 2
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Page 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 60,000
As at 30 November 2024 60,000
Amortisation
As at 1 July 2023 60,000
As at 30 November 2024 60,000
Net Book Value
As at 30 November 2024 -
As at 1 July 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2023 14,188 22,507 29,500 2,732
Disposals (14,188 ) (22,507 ) (29,500 ) (2,732 )
As at 30 November 2024 - - - -
Depreciation
As at 1 July 2023 12,230 12,859 26,601 2,390
Disposals (12,230 ) (12,859 ) (26,601 ) (2,390 )
As at 30 November 2024 - - - -
Net Book Value
As at 30 November 2024 - - - -
As at 1 July 2023 1,958 9,648 2,899 342
Computer Equipment Total
£ £
Cost
As at 1 July 2023 1,820 70,747
Disposals (1,820 ) (70,747 )
As at 30 November 2024 - -
Depreciation
As at 1 July 2023 1,171 55,251
Disposals (1,171 ) (55,251 )
As at 30 November 2024 - -
...CONTINUED
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Net Book Value
As at 30 November 2024 - -
As at 1 July 2023 649 15,496
6. Stocks
30 November 2024 30 June 2023
£ £
Stock - 132,397
7. Debtors
30 November 2024 30 June 2023
£ £
Due within one year
Trade debtors 1,211 3,278
Other debtors 1,530 18,336
2,741 21,614
8. Creditors: Amounts Falling Due Within One Year
30 November 2024 30 June 2023
£ £
Trade creditors - 1,470
Other creditors 8,257 166,942
Taxation and social security 11,140 19,953
19,397 188,365
9. Share Capital
30 November 2024 30 June 2023
£ £
Allotted, Called up and fully paid 1,001 1,001
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
30 November 2024 30 June 2023
£ £
Not later than one year 1,425 -
Later than one year and not later than five years 8,325 -
9,750 -
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