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Company registration number: 02570138

Clear-Seal Limited

Filleted Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

Clear-Seal Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Clear-Seal Limited

(Registration number: 02570138)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Current assets

 

Stocks

5

1,048

1,048

Debtors

6

11,267

3,071

Cash at bank and in hand

 

7,960

3,980

 

20,275

8,099

Creditors: Amounts falling due within one year

7

(958,310)

(807,414)

Net liabilities

 

(938,035)

(799,315)

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(939,035)

(800,315)

Total equity

 

(938,035)

(799,315)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 


P James
Director

   
 

Clear-Seal Limited

Notes to the Financial Statements
for the Year Ended 30 September 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:
Clear - Seal Limited
Unit 5 Phoenix Industrial Estate
Avenue Close
Aston
Birmingham
B7 4NU
England

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are presented in Sterling (£).

Going concern

The company is controlled by J & K Aquatics Limited, which undertook, on acquisition, a restructuring of the company's debt to reduce finance costs, a move to more suitable premises, cut costs and an overhaul of the company's logistical operations.

J & K Aquatics Limited is providing the funding as needed and will continue to do so whilst the company requires funding. J & K Aquatics Limited, the company's immediate parent, accounts for the majority of the company's turnover. The directors are confident that this funding can be provided.

On this basis the directors believe that the accounts should be prepared on a going concern basis.

Turnover recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Turnover is recognised when goods are despatched.

Government grants

Government grants are recognised at fair value when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants related to expenses are treated as other income in the profit and loss account.

 

Clear-Seal Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

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

Fixtures and fittings

15% straight line

Plant and machinery

25% straight line

Amortisation

Goodwill has now been fully amortised.

Asset class

Amortisation method and rate

Goodwill

Fully amortised

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Clear-Seal Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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

The contributions are recognised as an expense in the profit and loss account 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 company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 13 (2023 - 11).

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 October 2023

16,882

120,071

136,953

At 30 September 2024

16,882

120,071

136,953

Depreciation

At 1 October 2023

16,882

120,071

136,953

At 30 September 2024

16,882

120,071

136,953

Carrying amount

At 30 September 2024

-

-

-

 

Clear-Seal Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Other stocks

1,048

1,048

6

Debtors

2024
£

2023
£

Other debtors

140

48

Prepayments

11,127

3,023

11,267

3,071

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

8,533

11,265

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

919,325

779,164

Taxation and social security

25,640

12,377

Accruals and deferred income

3,833

3,708

Other creditors

979

900

958,310

807,414

8

Related party transactions

Summary of transactions with parent

The company has taken advantage of not disclosing transactions with wholly owned companies within the group.
 

 

Clear-Seal Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

9

Parent and ultimate parent undertaking

The company's immediate parent is J & K Aquatics Limited, incorporated in England and Wales.

 The ultimate parent is Timehaste Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Timehaste Limited. These financial statements are available upon request from Companies House.

 

10

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 June 2025 was Joseph Doggrell BSc (Hons) FCA, who signed for and on behalf of Albert Goodman LLP.