Registration number:
Sealock Limited
for the Year Ended 31 December 2024
Sealock Limited
(Registration number: 01725851)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Sealock Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England.
These financial statements were authorised for issue by the
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The accounts are presented in sterling and are rounded to the nearest pound
Audit report
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.
Sealock Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold properties |
10-50 years straight line |
Plant and machinery |
5-10 years straight line |
Motor vehicles |
4 years straight line |
Computer equipment |
2-5 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Sealock Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. In respect of finished goods, cost includes a relevant proportion of overheads.
Work in progress is recognised to the extent that no right to consideration exists for work at the balance sheet date. It is valued at the lower of cost and net realisable value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Sealock Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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- |
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Disposals |
- |
( |
( |
( |
At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £919,524 (2023 - £953,148) in respect of long leasehold land and buildings.
Stocks |
2024 |
2023 |
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Raw materials and consumables |
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Work in progress |
- |
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Finished goods and goods for resale |
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Sealock Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertaking |
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Other debtors |
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Prepayments |
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Income tax asset |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Sealock Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax and other provisions |
Warranties |
Deferred tax |
Total |
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At 1 January 2024 |
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Increase (decrease) in provisions |
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At 31 December 2024 |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Included in the figures above is a non-cancellable 125 year ground rent lease which commenced in 2002 and is not included in the balance sheet.
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Transactions with group companies are included in the consolidated accounts for Follmann Chemie GmbH and are therefore not disclosed in this note.
Sealock Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is
The address of Follmann Chemie GmbH is:
32423 Minden
Germany
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank overdrafts |
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- |