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Registered Number:02481552













SEALEY (UK) LIMITED






ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024











 
SEALEY (UK) LIMITED
 


CONTENTS



Pages
Company Information
1
Group Strategic Report
2 - 6
Directors' Report
7 - 8
Independent Auditor's Report
9 - 13
Consolidated Statement of Comprehensive Income
14
Consolidated Balance Sheet
15
Company Balance Sheet
16
Consolidated Statement of Changes in Equity
17
Company Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18 - 19
Consolidated Analysis of Net Debt
20
Notes to the Financial Statements
21 - 44



 
SEALEY (UK) LIMITED
 

 
COMPANY INFORMATION


Directors
J L Sealey 
P D Sealey 
B J J Sealey (appointed 1 August 2023)




Company secretary
P D Sealey



Registered number
02481552



Registered office
820 The Crescent
Colchester Business Park

Colchester

Essex

CO4 9YQ




Independent auditor
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG





- 1 -



 
SEALEY (UK) LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Principal activity
 
The Group's principal activity during the year continued to be the distribution of tools and machinery. The Company operates as an investment holding company.
Business review
Turnover increased by 1.6% to £90,946,000 from £89,557,000 (as restated) when compared to the previous year. 
Net profit increased by 1.8% to £8,860,000 from £8,702,000. 
During the year, the Group continued to review its stock holding, which resulted in a reduction from £38,446,000 as at 30 April 2023 to £36,391,000 as at 30 April 2024. Care was taken to maintain excellent stock availability and a first pick rate of 99.1% (2023 – 99.6%). 
Research and development
The Group intends to make a Research and Development claim in respect of relevant work undertaken during the year. This will include development of various aspects of the Enterprise Resource Planning (ERP) system along with its integration with other software
Future developments and subsequent events
The principal strategic objective of the Group continues to be sustainable organic growth of the business to achieve and maintain a competitive advantage. This is driven by a policy of sourcing and developing quality and innovative new products, providing a consistently high standard of customer service, maintaining excellent stock availability, and investing in its workforce.
At the year end, construction of the new Product Development Centre was ongoing, with completion expected in the late Summer of 2024.
During the coming year, the Group will invest further in technology to continue to improve its operations and offer the best service possible to its customers.
On 1 May 2024, the Group acquired the entire share capital of Dellonda Limited from a Director and shareholder in exchange for 4,000,000 Redeemable Preference shares of £1 each.   
On 12 June 2024, the Group issued 3,000,000 Redeemable Preference shares of £1 each to a Director  and shareholder for cash.
Principal risks and uncertainties
Business risk
The Directors regularly monitor the financial performance and position of the Group by reviewing monthly management accounts and key performance indicators.


- 2 -



 
SEALEY (UK) LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties (continued)
 
Treasury and financial risk
The Group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the Group’s activities.
Other loans may also be used from time to time, the main purpose of which is to raise finance for the Group’s operations. In addition, the Group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.
Price risk
The Group carefully monitors all relevant raw material prices including packaging, as well as labour and shipping costs within its supply chain. This is essential as all these costs are always fluctuating and are key influencing factors on the Group’s cost base.
Liquidity risk
The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, which is increasingly relevant due to the higher interest rates seen during the year. At the same time, the directors of the Group continually monitor liquidity to ensure that the Group has adequate resources to meet the ongoing operating needs of the business.
Interest rate risk
From time to time, the Group may be exposed to interest rate risk on its variable rate loans. In such instances the Group uses fixed interest rate derivatives when considered necessary in order to mitigate its exposure to changes in interest rates.
Foreign currency risk
The Group’s principal foreign currency exposure arises from trading with overseas suppliers and customers. The Group’s policy permits but does not demand that these exposures may be hedged in order to fix the cost in GBP. The hedging activity involves the use of forward foreign exchange contracts.
Credit risk
All customers who wish to trade on credit terms are subject to strict credit verification procedures. All trade debtors are reviewed on a regular basis by senior management and directors, and provision is made for doubtful debts where necessary.
Stock availability
The key non-financial performance indicator for the business is the first pick rate. This is based on the stock of main line items which are available for immediate delivery to customers. During the year, an average of 99.1% (2023 – 99.6%) was achieved, which remains one of the highest achieved within this business sector.


- 3 -



 
SEALEY (UK) LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Section 172(1) statement
 
The Directors recognise their responsibility under section 172(1) of the Companies Act 2006 to promote the success of the Group for the benefit of its members and other stakeholders. This report identifies some of the Group’s key stakeholders and explains how the Directors fulfil their responsibility to them.
Employees
Recruiting and retaining good employees is essential to the delivery of the strategy and future growth of the business. The Group aims to empower and engage employees throughout the business, by encouraging each to solve problems at their own level. Training is provided where relevant and there is an annual ‘Personal Development Review’ process in place.
Employees are encouraged to express their views on the Group’s operations and future developments. Regular meetings are held between managers and employees to help facilitate a free flow of information and ideas. All significant developments within the business are communicated to employees by the Directors, including via email, a monthly newsletter, noticeboards and online.
During the year, employee turnover was 13.3% (2023 – 8.7%).
Customers
The Directors recognise that the Group’s customers are key to its continued success, therefore a high emphasis is placed on providing exceptional levels of customer service and on maintaining good relationships with customers. 
The Directors actively engage with new and existing customers to understand their real and perceived needs. This has helped to drive various aspects of the Group’s strategy and operations, including in customer service, providing quality and competitively priced products, maintaining good stock availability and in development of the product range.
Suppliers
The Group works closely with its suppliers, as it relies on them to provide products and services which meet stringent quality and performance requirements. Engagement is at an operational level on a day-to-day basis to ensure the Group’s expectations are met from a quality and delivery perspective and at director level in relation to more strategic discussions.
The Directors ensure the Group interacts ethically with its suppliers and adheres to commercially agreed payment terms.
Our community and the environment
The Group is a significant local employer and large business therefore the Directors recognise it has an important role to play as an employer, neighbour and active participant in the local community. The Directors regularly meet with community leaders to maintain relationships and to ensure their views are considered.


- 4 -



 
SEALEY (UK) LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Our community and the environment (continued)
 
The Group also recognises the need to operate responsibly in relation to the environment and natural resources. Therefore, it is committed to reducing its environmental impact as an integral part of its business strategy and operating methods.
During the year, the Group has continued to replace vehicles used by the sales team with hybrid vehicles to further reduce its carbon footprint. This is evidenced in the reduction in consumption in fuel for transport compared to last year, detailed in the following section. 
Energy and carbon footprint regulations
The annual quantity of emissions (tonnes) of carbon dioxide equivalent, resulting from activities for which the Group is responsible are as follows:
 
- the combustion of gas – 0.0 tCO2e/year (2023 - 0.0 tCO2e/year)
- the consumption of fuel for the purposes of transport – 98.3 tCO2e/year (2023 - 122.4 tCO2e/year)
- the purchase of electricity by the Group for its own use, including for the purposes of transport – 198.3 tCO2e/year (2022 - 186.7 tCO2e/year)
 
The annual quantity of energy consumed from activities for which the Group is responsible was 1,771,562 kWh/year (2023 – 1,834,295 kWh/year).
The above figures have been calculated by a third-party business of energy and environmental consulting engineers. Electricity and gas consumption were based on a data set collated from invoices internally by the Company as part of its utilities monitoring strategy, whilst mileage figures were used to calculate energy and emissions from fleet vehicles. Gross calorific values were used except for mileage energy calculations. The Company continues to take measures to reduce its carbon footprint and improve energy efficiency, some of which are discussed in the previous section.
The Group utilises the following key ratio to express total annual emissions in relation to total occupied floorspace of the business:
Total tonnes of carbon dioxide per ‘000 square meter floor area = 6.29 tCO2e/year per m2 (2023 – 8.84 tCO2e/year per m2.)
 
Equal opportunities
The Group is an equal opportunity employer and is fully committed to a policy of treating all its employees and job applicants equally. During the year, training was provided to all employees on equality and diversity awareness.
Full consideration is given to applications for employment based on experience, skills, knowledge and ability to adequately perform the role.
Where existing employees become disabled, it is the Group’s policy wherever practical to provide continuing employment under normal terms and conditions, as well as provide training, career development and promotion wherever appropriate.
 

- 5 -



 
SEALEY (UK) LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Regulatory bodies
The Group aims to maintain the highest standards of conduct with each of the regulatory bodies it engages with. The Directors support a principled and moral approach to doing business, which is embedded in the culture of the Group. The Group has several policies in place including our zero tolerance to unethical matters such as bribery and corruption, along with maintaining transparent and fair policies with each of our stakeholders.
The Group website details its compliance with the Modern Slavery legislation and provides information on our Gender Pay report.


This report was approved by the Board of Directors on 27 November 2024 and signed on its behalf.





B J J Sealey
Director


- 6 -



 
SEALEY (UK) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The Directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The Group'sprofit for the year, after taxation, amounted to £6,335,000 (2023 - £7,059,000).

The Directors do not recommend the payment of a dividend (2023 -  £Nil).

Directors

The Directors who served during the year and to the date of this report, were:

J L Sealey 
P D Sealey 
B J J Sealey (appointed 1 August 2023)

The Directors' indemnity insurance is part of a standalone policy paid for by the Group. The policy was in force during the year and to the date of this report.


- 7 -



 
SEALEY (UK) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Matters covered in the Strategic Report

Details of the Group's future developments and subsequent events, research and development activities, policies in respect of disabled employees, employee involvement, financial risk management objectives and policies, use of financial instruments, the key risks to which it is exposed, energy usage and carbon emissions, and fostering relationships with employees, customers, suppliers and other stakeholders are included in the Strategic Report.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Change of auditor
On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited. Accordingly SB Audit LLP
formally resigned as the Company's auditor with the directors duly appointing Sumer Auditco Limited to fill the
vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.

Post balance sheet events

Since the year end, the Board of Directors of Sealey (UK) Limited have committed to the acquisition of a related entity, Dellonda Limited, via a share for share exchange. 

This report was approved by the Board of Directors on 27 November 2024 and signed on its behalf.
 





B J J Sealey
Director


- 8 -



 
SEALEY (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEALEY (UK) LIMITED

Opinion


We have audited the financial statements of Sealey (UK) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise of the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Statements of Changes in Equity, the Consolidated Statement of Cash Flows,  and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 April 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.



- 9 -



 
SEALEY (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEALEY (UK) LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.



- 10 -



 
SEALEY (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEALEY (UK) LIMITED (CONTINUED)

Responsibilities of the Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.



- 11 -



 
SEALEY (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEALEY (UK) LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Group.
The following laws and regulations were identified as being of significance to the Group:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law and Taxation.
• Those laws and regulations considered to have an indirect effect on the financial statements. These include ensuring that the Company's products comply with the EU Machinery Directive and have the required CE (European Conformity) marking, health and safety, GDPR, and employment law. 
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of Board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.



- 12 -



 
SEALEY (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEALEY (UK) LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Perry (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

13 December 2024

- 13 -



 
SEALEY (UK) LIMITED
 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Notes
£000
£000

  

Turnover
 4 
90,946
89,557

Cost of sales
  
(40,843)
(41,871)

Gross profit
  
50,103
47,686

Distribution costs
  
(12,869)
(13,155)

Administrative expenses
  
(30,914)
(26,538)

Other operating income
 5 
644
703

Operating profit
 6 
6,964
8,696

Interest receivable and similar income
 10 
2,583
742

Interest payable and similar expenses
 11 
(687)
(736)

Profit before tax
  
8,860
8,702

Tax on profit
 12 
(2,525)
(1,643)

Profit for the financial year
  
6,335
7,059

Profit for the year attributable to:
  

Owners of the parent company
  
(6,335)
(7,059)

  
(6,335)
(7,059)

There was no other comprehensive income for 2024 (2023:£NIL).


- 14 -



 
SEALEY (UK) LIMITED
REGISTERED NUMBER:02481552


CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Notes
£000
£000

Fixed assets
  

Intangible assets
 14 
358
353

Tangible assets
 15 
32,614
28,423

  
32,972
28,776

Current assets
  

Stocks
 17 
36,391
38,446

Debtors: amounts falling due within one year
 18 
20,138
22,422

Current asset investments
 19 
8,000
8,000

Cash at bank and in hand
 20 
51,375
35,139

  
115,904
104,007

Creditors: amounts falling due within one year
 21 
(41,635)
(24,369)

Net current assets
  
 
 
74,269
 
 
79,638

Total assets less current liabilities
  
107,241
108,414

Creditors: amounts falling due after more than one year
 22 
(3,000)
(10,500)

Provisions for liabilities
  

Deferred tax
 25 
(614)
(622)

Net assets
  
103,627
97,292


Capital and reserves
  

Called up share capital 
 32 
12
12

Profit and loss account
 33 
103,615
97,280

  
103,627
97,292


The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 27 November 2024.




B J J Sealey
Director


- 15 -



 
SEALEY (UK) LIMITED
REGISTERED NUMBER:02481552


COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£000
£000

Fixed assets
  

Investments
 16 
154
154

  

  

  

Net assets
  
154
154


Capital and reserves
  

Called up share capital 
 32 
12
12

Profit and loss account carried forward
  
142
142

  
154
154


The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf on 27 November 2024.


B J J Sealey
Director

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year was £Nil (2023 - £Nil).


- 16 -



 
SEALEY (UK) LIMITED
REGISTERED NUMBER:02481552


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024






Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 May 2022
12
90,221
90,233



Profit for the year
-
7,059
7,059



At 1 May 2023
12
97,280
97,292



Profit for the year
-
6,335
6,335


At 30 April 2024
12
103,615
103,627



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 May 2022
12
142
154



Profit for the year
-
-
-



At 1 May 2023
12
142
154



Profit for the year
-
-
-


At 30 April 2024
12
142
154



- 17 -



 
SEALEY (UK) LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
6,335
7,059

Adjustments for:

Amortisation of intangible assets
193
226

Depreciation of tangible assets
1,801
1,535

Loss on disposal of tangible assets
(9)
(50)

Interest payable and similar charges
687
736

Interest receivable and similar income
(2,583)
(742)

Taxation charge
2,525
1,643

Decrease in stocks
2,055
5,638

Decrease in debtors
2,457
2,781

Increase in creditors
5,927
7,261

Fair value movement of foreign currency forward contracts
(136)
262

Corporation tax (paid)
(1,502)
(1,581)

Net cash generated from operating activities

17,750
24,768


Cash flows from investing activities

Purchase of intangible fixed assets
(198)
(156)

Purchase of tangible fixed assets
(5,451)
(10,930)

Proceeds from the sale of tangible fixed assets
29
89

Purchase of short term bank deposits
(8,000)
(8,000)

Redemption of short term bank deposits
8,000
-

Interest received
2,419
555

Net cash from investing activities

(3,201)
(18,442)

- 18 -



 
SEALEY (UK) LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£000
£000



Cash flows from financing activities

Issue of redeemable preference shares
3,000
-

Receipt of new loans
-
12,000

Repayment of other loans
(500)
(2,500)

Interest paid
(813)
(588)

Net cash used in financing activities
1,687
8,912

Net increase in cash and cash equivalents
16,236
15,238

Cash and cash equivalents at beginning of year
35,139
19,901

Cash and cash equivalents at the end of year
51,375
35,139


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
23,023
19,958

Short term bank deposits
28,352
15,181



- 19 -



 
SEALEY (UK) LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
Other non-cash changes
At 30 April 2024
£000

£000

£000

£000

Cash at bank and in hand

19,958

3,065

-

23,023

Short term bank deposits

15,181

13,171

-

28,352

Debt due after 1 year

(10,500)

(3,000)

10,500

(3,000)

Debt due within 1 year

(500)

500

(10,500)

(10,500)

Short term bank deposit

8,000

-

-

8,000


32,139
13,736
-
45,875


- 20 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Sealey (UK) Limited (the "Company") is a private company limited by shares and incorporated and domiciled in  England and Wales. The address of the registered office is 820 The Crescent, Colchester Business Park, Colchester, Essex CO4 9YQ. The principal place of business is Kempson Way, Suffolk Business Park, Bury St Edmunds, Suffolk, IP32 7AR.
The Company operates as an investment holding company. Details of the Company's subsidiaries can be found within note 16.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and FRC abstracts.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The Company has taken the exemption available for qualifying entities from preparing its own Statement of Cash Flows.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2014.


- 21 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Directors have prepared and considered forecasts that cover a period of at least 12 months from the date these financial statements were approved and authorised in assessing the going concern basis of preparation of the Group's financial statements. They have reviewed forecasts and considered the wider business environment. They believe that the Company and the Group will have sufficient cash available to continue to trade and to settle its liabilities and other obligations as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. On this basis, the Directors believe the going concern basis of preparation to be appropriate.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Capitalised software development expenditure relates to expenses incurred in the development of a software system for internal use. The amortisation period in respect of the capitalised development expenditure is on a straight line basis over 4 years.


- 22 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. No tangible fixed assets are held at fair value.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land and assets under construction are not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or reducing balance method.

The estimated useful lives range as follows:

Freehold property
-
4% per annum on cost
Motor vehicles
-
25% per annum on reducing balance
Fixtures, fittings and equipment
-
20-25% per annum on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in either selling and distribution expenses or administrative expenses. 

 
2.7

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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.


- 23 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension scheme

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


- 24 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is pounds Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income except when deferred in Other Comprehensive Income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within ''Cost of Sales'.


- 25 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans 

- 26 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


- 27 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than 95 days from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.15

Short term deposits

Short term deposits are investments that mature between 95 days and 12 months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.17

Share capital

Share capital is classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Shares which are redeemable at the request of the holders and provide them with a right to receive dividends are recognised as liabilities.

 
2.18

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.19

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

 
2.20

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.21

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


- 28 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.22

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements require management to make significant judgements and estimates. The items where these judgements and estimates have been made include:
The provision for stock is calculated as the value of each stock line at the year end stock less the purchases within the last 12 months, which is not expected to be sold within the next 24 months based on sales within the last 12 months. New stock lines which have been added within the last 12 months are not included in the calculation.
The amortisation period for capitalised software development expenditure is estimated to be over a straight line basis of 4 years. This is in accordance with FRS 102 section 18.2 which states that the life of an intangible asset should not exceed 10 years.
The fair value of the foreign currency forward contracts has been taken as the mark-to-market values calculated by the provider using data sourced from an independent financial market data provider using mid-market end-of-day data as of the close of business on 30 April 2024.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Group.

Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
84,511
83,801

Rest of Europe
4,875
4,073

Rest of the world
1,560
1,683

90,946
89,557



- 29 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Other operating income

2024
2023
£000
£000

Net rents receivable
316
155

Sundry income
117
93

Management charges receivable
211
455

644
703



6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£000
£000

Net foreign exchange (gains)
57
(61)

Fair value loss/(gain) on foreign currency forward contracts
(135)
262

Other operating lease rentals
450
648

(Profit) on disposal of tangible fixed assets
(9)
(50)

Amortisation of intangible fixed assets
193
226

Depreciation of tangible fixed assets
1,801
1,535


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Group's auditor and its associates:


2024
2023
£000
£000

Fees payable to the Group's auditor and its associates for the audit of the consolidated and parent Company's financial statements
2
2

Fees payable to the Group's auditor in respect of:

Other services relating to taxation
11
10

Other services relating to accountancy
3
2

Audit of the group's subsidiaries pursuant to legislation
27
27


- 30 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Wages and salaries
28,137
24,694
-
-

Social security costs
3,508
2,566
-
-

Cost of defined contribution scheme
1,143
860
-
-

32,788
28,120
-
-


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Office and management
210
206



Sales staff
207
210

417
416


9.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
14,818
11,243

Group contributions to defined contribution pension schemes
6
-


During the year retirement benefits were accruing to 1 Director (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £6,598,000 (2023 - £5,580,000).

There was no other key management personnel during either the current or prior years other than the Directors.


- 31 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest receivable and similar income

2024
2023
£000
£000


Bank interest receivable
2,583
742


11.


Interest payable and similar expenses

2024
2023
£000
£000


Interest payable on loans from a related party
109
736

Preference share dividends
578
-


12.


Taxation


2024
2023
£000
£000

Current tax


UK Corporation tax on profit for the year
2,620
1,464

Adjustments in respect of previous years
(87)
(32)

2,533
1,432


Deferred tax


Origination and reversal of timing differences
(8)
211

Total deferred tax
(8)
211


Tax on profit
2,525
1,643

- 32 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of Corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
8,860
8,702


Profit on ordinary activities multiplied by standard rate of Corporation tax in the UK of 19.49% (2022 - 19%)
2,215
1,696

Effects of:


Expenses not deductible for tax purposes
347
158

Adjustments to tax charge in respect of prior years
(87)
(33)

Adjustments to deferred tax in respect of prior periods
50
(97)

Effect of change in tax rate
-
(81)

Total tax charge for the year
2,525
1,643


Factors that may affect future tax charges

It was announced in the March 2021 budget that the main rate of corporation tax will increase from 19% to 25% for financial years from 2023. Accordingly, deferred tax assets and liabilities have been measured at 25% in these financial statements. 


13.


Parent Company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year was £Nil (2023 - £Nil).


- 33 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Intangible assets

Group





Patents
Software development
Total

£000
£000
£000



Cost


At 1 May 2023
59
7,634
7,693


Additions
-
198
198



At 30 April 2024

59
7,832
7,891



Amortisation


At 1 May 2023
52
7,288
7,340


Charge for the year
5
188
193



At 30 April 2024

57
7,476
7,533



Net book value



At 30 April 2024
2
356
358



At 30 April 2023
7
346
353

The cost of software development includes £195,000 (2023 - £84,000) of assets under construction which have not been amortised. 




- 34 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Tangible fixed assets

Group






Freehold property and land
Motor vehicles
Fixtures, fittings and equipment
Assets under construction
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 May 2023
38,163
521
6,110
473
45,267


Additions
54
110
355
5,493
6,012


Disposals
-
(77)
(38)
-
(115)



At 30 April 2024

38,217
554
6,427
5,966
51,164



Depreciation


At 1 May 2023
12,124
345
4,375
-
16,844


Charge for the year
1,093
62
646
-
1,801


Disposals
-
(59)
(36)
-
(95)



At 30 April 2024

13,217
348
4,985
-
18,550



Net book value



At 30 April 2024
25,000
206
1,442
5,966
32,614



At 30 April 2023
26,039
176
1,735
473
28,423

The net book value of land which is not depreciated is £9,934,000 (2023 - £9,934,000).


- 35 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost and net book value


At 1 May 2023
154



At 30 April 2024
154






Net book value



At 30 April 2024
154



At 30 April 2023
154


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Jack Sealey Limited
820 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ
Ordinary
100%
Jack Sealey (EU) Limited
Farney Street, Carrickmacross, Monaghan, Ireland
Ordinary
100%
Jack Sealey Pty Ltd
10 Short Street, Eraring, NSW 2264, Australia
Ordinary
100%


- 36 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit
£000
£000

Jack Sealey Limited
106,210
8,919

Jack Sealey (EU) Limited
-
-

Jack Sealey Pty Ltd
-
-

Jack Sealey (EU) Limited was incorporated on 12 February 2019 in the Republic of Ireland and has remained dormant.
Jack Sealey Pty Ltd was incorporated on 29 July 2022 in Australia and has remained dormant.


17.


Stocks

Group
Group
2024
2023
£000
£000

Finished goods
31,441
34,906

Goods in transit
4,950
3,540

36,391
38,446


The difference between purchase price or production cost of stocks and their replacement cost is not material.

The carrying value of stocks are stated net of provisions totalling £3,592,000 (2023 - £3,394,000). Provisions amounting to £198,000 (2023 - £411,000) were recognised in the Statement of Comprehensive Income in the year.


- 37 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Debtors

Group
Group
2024
2023
£000
£000


Trade debtors
18,477
20,527

Prepayments and accrued income
1,652
1,895

Fair value of derivative financial instruments
9
-

20,138
22,422



19.


Current asset investments

Group
Group
2024
2023
£000
£000

Short term bank deposits
8,000
8,000



20.


Cash and cash equivalents

Group
Group
2024
2023
£000
£000

Cash at bank and in hand
51,375
35,139



21.


Creditors: Amounts falling due within one year

Group
Group
2024
2023
£000
£000

Other loans
500
500

Trade creditors
7,295
5,289

Corporation tax payable
1,554
523

Other taxation and social security
2,126
2,779

Other creditors
-
1

Accruals and deferred income
20,160
15,150

Redeemable preference shares treated as debt
10,000
-

Fair value of derivative financial instruments
-
127

41,635
24,369



- 38 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£000
£000

Other loans
-
500

Redeemable preference shares treated as debt
3,000
10,000

3,000
10,500


Jack Sealey Limited issued 10,000,000 £1.00 Redeemble Preference shares on 28 April 2023. On 31 October 2023, the Company issued a further 3,000,000 Redeemable Preference shares of £1 each for cash.
The shares do not provide any voting rights. The shares are redeemable at the request of the holders or Jack Sealey Limited. However, they cannot be redeemed within 2 years of the issue date. The shares provide a right to a variable dividend. The shareholders and Jack Sealey Limited must agree the amount in writing within six months of each financial year end.


23.


Loans


Analysis of the maturity of other loans is given below:


Group
Group
2024
2023
£000
£000

Amounts falling due within one year

Other loans
500
500

Amounts falling due 1-2 years

Other loans
-
500

Amounts falling due 2-5 years


500
1,000


The other loans are unsecured and bear interest at the Bank of England base rate plus 6% per annum.


- 39 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Financial instruments

Group
Group
2024
2023
£000
£000

Financial assets

Derivative financial instruments measured at fair value through profit or loss
9
-


Financial liabilities

Derivative financial instruments measured at fair value through profit or loss
-
127


Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio comprise foreign currency forward contracts.


- 40 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Deferred taxation


Group



2024
2023


£000

£000






At beginning of year
(622)
(411)


Charged to profit or loss
8
(211)



At end of year
(614)
(622)

Company


2024
2023





At beginning of year
-
-


Charged to profit or loss
-
-



At end of year
-
-

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£000
£000

Accelerated capital allowances
(691)
(686)

Short term timing differences
77
64

(614)
(622)


26.


Contingent liabilities

Barclays Bank Plc has provided Jack Sealey Limited with a guarantee of £2,000 (2023 - £2,000) in respect of deferred customs duties. This is secured by fixed and floating charges over Jack Sealey Limited's assets. 
On 21 May 2021 Jack Sealey Limited entered into a guarantee and indemnity with Investec Bank Plc. Jack Sealey Limited has unconditionally guaranteed all existing and future liabilities owed by a company under common control to Investec Bank Plc. There were no liabilities at the Balance Sheet date (2023 - £Nil). 


- 41 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Capital commitments




At 30 April 2024 the Group and Company had capital commitments as follows:


Group
Group
2024
2023
£000
£000

Contracted for but not provided in these financial statements
1,262
6,690


28.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,143,000 (2023 - £860,000). Contributions amounting to £90,000 (2023 - £99,000) were payable to the fund at the balance sheet date and included within other creditors.


29.


Commitments under operating leases

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£000
£000

Not later than 1 year
305
320

Later than 1 year and not later than 5 years
412
310

717
630

30.Other financial commitments

At 30 April 2024 the Group had foreign currency forward contracts to buy up to USD $16.9m at exchange rates against GB pounds of between 1.26 and 1.30 US dollars. The foreign currency forward contracts mature at various dates until 30 July 2025. The actual commitment could be lower if certain conditions are met.


- 42 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

31.


Related party transactions

During the year, a Director of the Group and shareholder made unsecured loans to the Group amounting to £Nil (2023 - £12,000,000). The maximum amount outstanding during the year was £1,000,000 (2023 - £13,500,000). At the year end £500,000 (2023 - £1,000,000) was still outstanding. Interest amounting to £109,000 (2023 - £736,000) was payable in the year. At the year end interest amounting to £24,000 (2023 - £150,000) was outstanding and included within accruals.
On 28 April 2023, the Group issued £10,000,000 Redeemable Preference shares of £1 each to a Director and shareholder. Consideration was received via conversion of a £10,000,000 loan balance. On 31 October 2023, the Group issued a further £3,000,000 Redeemable Preference shares of £1 each to the Director for cash. During the year, the Group paid preference dividends of £578,000 (2023 - £Nil).
During the year, the Group paid wages to close family members of some of the Directors amounting to £73,000 (2023 - £56,000).
During the year, the Group made sales of £14,000 (2023 - £17,000) to Directors and £3,000 (2023 - £2,000) to close family members of some of the Directors.
During the year, the Group sold motor vehicles to no Directors (2023 - 2 Directors for £42,000).
During the year, the Group received a management charge from Dellonda Limited, a company under common control amounting to £210,000 (2023 - £455,000). During the year, the Group received rent from Dellonda Limited amounting to £316,000 (2023 - £155,000). During the year the Group made stock purchases amounting to £4,265,000 (2023 - £Nil) from Dellonda Limited. At the year end the Group owed an amount of £2,240,000 to Dellonda Limited (2023 - £736,000 owed from). At the year end the Group had accrued income of £35,000 (2023 - £47,000) from Dellonda Limited.


- 43 -



 
SEALEY (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

32.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



11,500 Ordinary shares of £1.00 each
11,500
11,500



33.


Reserves

Profit and loss account

The Profit and Loss Account reserve represents the Group's accumulated profits and losses less dividends paid.


34.


Post balance sheet events

On 1 May 2024, the Group acquired the entire share capital of Dellonda Limited from a Director and shareholder in exchange for 4,000,000 Redeemable Preference shares of £1 each.   
On 12 June 2024, the Group issued 3,000,000 Redeemable Preference shares of £1 each to a Director  and shareholder for cash consideration.


35.


Controlling party

J L Sealey, a Director, is the ultimate controlling party by virtue of his majority shareholding.


- 44 -