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Registration number: 01725851

Sealock Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Sealock Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Sealock Limited

(Registration number: 01725851)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,100,405

1,673,544

Current assets

 

Stocks

5

1,012,397

922,200

Debtors

6

1,443,824

1,571,839

Cash at bank and in hand

 

353,095

955,933

 

2,809,316

3,449,972

Creditors: Amounts falling due within one year

7

(994,753)

(1,981,888)

Net current assets

 

1,814,563

1,468,084

Total assets less current liabilities

 

3,914,968

3,141,628

Provisions for liabilities

(262,312)

(139,335)

Net assets

 

3,652,656

3,002,293

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

3,651,656

3,001,293

Shareholders' funds

 

3,652,656

3,002,293

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 Board on 20 March 2025 and signed on its behalf by:
 

.........................................
R M Ladd
Company secretary and director

   
     
 

Sealock Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

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

These financial statements were authorised for issue by the Board on 20 March 2025.

The address of its registered office is:
Scott Close
Walworth Industrial Estate
Andover
Hampshire
SP10 5NU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

The accounts are presented in sterling and are rounded to the nearest pound

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 20 March 2025 was Samuel Ketcher, who signed for and on behalf of Xeinadin Audit Limited.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 19).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

1,498,745

139,427

1,833,083

3,471,255

Additions

2,842

-

621,790

624,632

Disposals

-

(25,995)

(139,598)

(165,593)

At 31 December 2024

1,501,587

113,432

2,315,275

3,930,294

Depreciation

At 1 January 2024

545,597

83,020

1,169,094

1,797,711

Charge for the year

36,466

24,418

123,928

184,812

Eliminated on disposal

-

(17,872)

(134,762)

(152,634)

At 31 December 2024

582,063

89,566

1,158,260

1,829,889

Carrying amount

At 31 December 2024

919,524

23,866

1,157,015

2,100,405

At 31 December 2023

953,148

56,407

663,989

1,673,544

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.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

883,765

725,985

Work in progress

-

10,017

Finished goods and goods for resale

128,632

186,198

1,012,397

922,200

 

Sealock Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,255,515

1,095,190

Amounts owed by group undertaking

10

61,652

81,276

Other debtors

 

3,752

2,270

Prepayments

 

120,293

393,103

Income tax asset

2,612

-

 

1,443,824

1,571,839

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

700

-

Trade creditors

 

527,466

622,626

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

202,306

1,029,071

Taxation and social security

 

154,345

216,716

Accruals and deferred income

 

101,866

106,801

Other creditors

 

8,070

6,674

 

994,753

1,981,888

 

Sealock Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Deferred tax and other provisions

Warranties
£

Deferred tax
£

Total
£

At 1 January 2024

6,926

132,409

139,335

Increase (decrease) in provisions

363

122,614

122,977

At 31 December 2024

7,289

255,023

262,312

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

64,873

58,978

Later than one year and not later than five years

195,001

208,774

Later than five years

3,845,675

3,885,475

4,105,549

4,153,227

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 £64,658 (2023 - £60,293).

10

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

11

Parent and ultimate parent undertaking

The parent of the smallest group in which these financial statements are consolidated is Follmann Chemie GmbH, incorporated in Germany.

The address of Follmann Chemie GmbH is:
Heinrich-Follman-Straße 1
32423 Minden
Germany

12

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

700

-