Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mr A M Achilles 11/12/2008 Mrs J Achilles 11/12/2008 Mrs C W Willsher 01/07/2013 Mr P G Willsher 11/12/2008 17 April 2025 The principal activity if the Company during the financial year was that of window fabrication and installation. 06770863 2024-12-31 06770863 bus:Director1 2024-12-31 06770863 bus:Director2 2024-12-31 06770863 bus:Director3 2024-12-31 06770863 bus:Director4 2024-12-31 06770863 2023-12-31 06770863 core:CurrentFinancialInstruments 2024-12-31 06770863 core:CurrentFinancialInstruments 2023-12-31 06770863 core:Non-currentFinancialInstruments 2024-12-31 06770863 core:Non-currentFinancialInstruments 2023-12-31 06770863 core:ShareCapital 2024-12-31 06770863 core:ShareCapital 2023-12-31 06770863 core:RetainedEarningsAccumulatedLosses 2024-12-31 06770863 core:RetainedEarningsAccumulatedLosses 2023-12-31 06770863 core:Goodwill 2023-12-31 06770863 core:Goodwill 2024-12-31 06770863 core:PlantMachinery 2023-12-31 06770863 core:Vehicles 2023-12-31 06770863 core:PlantMachinery 2024-12-31 06770863 core:Vehicles 2024-12-31 06770863 bus:OrdinaryShareClass1 2024-12-31 06770863 bus:OrdinaryShareClass2 2024-12-31 06770863 bus:OrdinaryShareClass3 2024-12-31 06770863 bus:OrdinaryShareClass4 2024-12-31 06770863 2024-01-01 2024-12-31 06770863 bus:FilletedAccounts 2024-01-01 2024-12-31 06770863 bus:SmallEntities 2024-01-01 2024-12-31 06770863 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 06770863 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06770863 bus:Director1 2024-01-01 2024-12-31 06770863 bus:Director2 2024-01-01 2024-12-31 06770863 bus:Director3 2024-01-01 2024-12-31 06770863 bus:Director4 2024-01-01 2024-12-31 06770863 core:Goodwill core:TopRangeValue 2024-01-01 2024-12-31 06770863 core:PlantMachinery 2024-01-01 2024-12-31 06770863 core:Vehicles 2024-01-01 2024-12-31 06770863 2023-01-01 2023-12-31 06770863 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 06770863 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 06770863 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06770863 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 06770863 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 06770863 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 06770863 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 06770863 bus:OrdinaryShareClass4 2024-01-01 2024-12-31 06770863 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06770863 (England and Wales)

INTERSEAL (SW) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

INTERSEAL (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

INTERSEAL (SW) LIMITED

BALANCE SHEET

As at 31 December 2024
INTERSEAL (SW) LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 74,079 74,708
74,079 74,708
Current assets
Stocks 5,475 5,000
Debtors 5 39,411 148,906
Cash at bank and in hand 1,049,807 873,290
1,094,693 1,027,196
Creditors: amounts falling due within one year 6 ( 471,738) ( 437,443)
Net current assets 622,955 589,753
Total assets less current liabilities 697,034 664,461
Creditors: amounts falling due after more than one year 7 ( 54,516) ( 141,730)
Provision for liabilities ( 18,334) ( 18,528)
Net assets 624,184 504,203
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 624,084 504,103
Total shareholders' funds 624,184 504,203

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Interseal (SW) Limited (registered number: 06770863) were approved and authorised for issue by the Board of Directors on 17 April 2025. They were signed on its behalf by:

Mr P G Willsher
Director
INTERSEAL (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
INTERSEAL (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Interseal (SW) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3GW, United Kingdom. The principal place of business is 8 Alder Court, Newnham Industrial Estate, Plymouth, PL7 4JH.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 17

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 190,000 190,000
At 31 December 2024 190,000 190,000
Accumulated amortisation
At 01 January 2024 190,000 190,000
At 31 December 2024 190,000 190,000
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 January 2024 61,341 105,335 166,676
Additions 0 31,695 31,695
Disposals 0 ( 25,345) ( 25,345)
At 31 December 2024 61,341 111,685 173,026
Accumulated depreciation
At 01 January 2024 59,570 32,398 91,968
Charge for the financial year 442 16,833 17,275
Disposals 0 ( 10,296) ( 10,296)
At 31 December 2024 60,012 38,935 98,947
Net book value
At 31 December 2024 1,329 72,750 74,079
At 31 December 2023 1,771 72,937 74,708

5. Debtors

2024 2023
£ £
Trade debtors 37,411 117,985
Other debtors 2,000 30,921
39,411 148,906

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 79,714 73,201
Trade creditors 95,155 93,336
Taxation and social security 168,246 146,336
Obligations under finance leases and hire purchase contracts 13,456 15,890
Other creditors 115,167 108,680
471,738 437,443

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 23,785 104,248
Obligations under finance leases and hire purchase contracts (secured) 30,731 37,482
54,516 141,730

The company has two loans, one has no security attached to it and the other is secured against a charge on a property held by the director's personally.

The hire purchase loans are secured against the asset to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
25 Ordinary A shares of £ 1.00 each 25 25
25 Ordinary B shares of £ 1.00 each 25 25
25 Ordinary C shares of £ 1.00 each 25 25
25 Ordinary D shares of £ 1.00 each 25 25
100 100