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Registration number: 00582078

L Sealey & Son Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

L Sealey & Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

L Sealey & Son Limited

Company Information

Directors

N L Sealey

S D Simpson

Company secretary

N L Sealey

Registered office

Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

L Sealey & Son Limited

(Registration number: 00582078)
Balance Sheet
30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

48,286

58,159

Other financial assets

5

15,073

29,578

 

63,359

87,737

Current assets

 

Stocks

6

31,035

25,535

Debtors

7

36,241

44,061

 

67,276

69,596

Creditors: Amounts falling due within one year

8

(407,370)

(372,127)

Net current liabilities

 

(340,094)

(302,531)

Total assets less current liabilities

 

(276,735)

(214,794)

Creditors: Amounts falling due after more than one year

8

(73,195)

(93,805)

Net liabilities

 

(349,930)

(308,599)

Capital and reserves

 

Called up share capital

3,214

3,214

Retained earnings

(353,144)

(311,813)

Shareholders' deficit

 

(349,930)

(308,599)

 

L Sealey & Son Limited

(Registration number: 00582078)
Balance Sheet
30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 25 April 2025 and signed on its behalf by:
 

.........................................
N L Sealey
Company secretary and director

 

L Sealey & Son Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

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.

Going concern

Although shareholders funds show a negative balance at the year end, the accounts are prepared on a going concern basis in the light of the continued support of the directors and the company's bankers.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

L Sealey & Son Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

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

Improvements

10% per annum reducing balance

Plant and machinery

25% per annum reducing balance

Motor vehicles

25% per annum reducing balance

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.

Stocks

Stock is valued at the lower of cost and net realisable value. Net realisable value is based on
selling price less anticipated costs to completion and selling costs.

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.

 

L Sealey & Son Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

L Sealey & Son Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Dairy Herd
 £

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

129,017

22,704

98,761

114,658

365,140

Disposals

-

(3,286)

-

-

(3,286)

At 30 April 2024

129,017

19,418

98,761

114,658

361,854

Depreciation

At 1 May 2023

113,844

-

94,113

99,024

306,981

Charge for the year

1,518

-

1,160

3,909

6,587

At 30 April 2024

115,362

-

95,273

102,933

313,568

Carrying amount

At 30 April 2024

13,655

19,418

3,488

11,725

48,286

At 30 April 2023

15,173

22,704

4,648

15,634

58,159

Included within the net book value of land and buildings above is £13,655 (2023 - £15,173) in respect of freehold land and buildings.
 

 

L Sealey & Son Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

368

29,210

29,578

Disposals

-

(14,505)

(14,505)

At 30 April 2024

368

14,705

15,073

Impairment

Carrying amount

At 30 April 2024

368

14,705

15,073

6

Stocks

2024
£

2023
£

Other inventories

31,035

25,535

7

Debtors

2024
£

2023
£

Trade debtors

6,750

7,520

Other debtors

29,162

36,164

Prepayments

329

377

36,241

44,061

 

L Sealey & Son Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

347,149

344,218

Trade creditors

 

38,022

1,881

Accruals and deferred income

 

2,699

6,528

Other creditors

 

19,500

19,500

 

407,370

372,127

Creditors: amounts falling due after more than one year

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

73,195

93,805

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

343,816

340,885

Other borrowings

3,333

3,333

347,149

344,218