| REGISTERED NUMBER: |
| RAFSEAL LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| REGISTERED NUMBER: |
| RAFSEAL LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| RAFSEAL LIMITED (REGISTERED NUMBER: 00417897) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| RAFSEAL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Elfed House |
| Oak Tree Court |
| Cardiff Gate Business Park |
| CARDIFF |
| County of Cardiff |
| CF23 8RS |
| RAFSEAL LIMITED (REGISTERED NUMBER: 00417897) |
| BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| as restated |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Non-distributable reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| RAFSEAL LIMITED (REGISTERED NUMBER: 00417897) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2024 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| RAFSEAL LIMITED (REGISTERED NUMBER: 00417897) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Rafseal Limited is a |
| The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound. |
| The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There have been no material departures from Financial Reporting Standard 102 1A. |
| Turnover |
| Turnover represents amounts invoiced during the year in respect of sales of gasket and sealing products, exclusive of Value Added Tax. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold property - 4% on reducing balance |
| Plant and machinery - 10% on reducing balance |
| Freehold property within tangible fixed assets are stated at fair value. Gains are recognised in the profit and loss account. |
| Stocks |
| Stocks are valued at the lower of cost and the estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. |
| Current tax |
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| RAFSEAL LIMITED (REGISTERED NUMBER: 00417897) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments |
| Investments are included at fair value. Gains are recognised in the profit and loss statement. Deferred tax is provided on these gains at the rate expected to apply when the asset is sold. |
| Employee benefits |
| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| Non-derivative financial instruments |
| Basic financial instruments are recognised at amortised cost. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Land and | Plant and |
| Property | machinery | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2023 |
| and 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Cost or valuation at 31 October 2024 is represented by: |
| Land and | Plant and |
| Property | machinery | Totals |
| £ | £ | £ |
| Valuation in 2024 | 350,000 | - | 350,000 |
| Cost | - | 185,517 | 185,517 |
| 350,000 | 185,517 | 535,517 |
| If the freehold property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Cost | 254,713 | 254,713 |
| Aggregate depreciation | 146,632 | 146,632 |
| Value of land in freehold land and buildings | 350,000 | 350,000 |
| The freehold property was valued at fair value in October 2024 by the directors who do not have formal valuation qualifications. In valuing the property the directors have considered sales prices of comparable properties in the same area. |
| RAFSEAL LIMITED (REGISTERED NUMBER: 00417897) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Investments (neither listed nor unlisted) were as follows: |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Investment bonds | 492,194 | 462,332 |
| Revaluation | 82,673 | 22,660 |
| Additions | 8,921 | 7,202 |
| 583,788 | 492,194 |
| Cost or valuation at 31 October 2024 is represented by: |
| Investment |
| bonds |
| £ |
| Valuation in 2024 | 583,788 |
| Valuation as per investment valuation report. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Trade debtors |
| Prepayments and Accrued Income |
| Social security and other |
| taxes | - | 9,721 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 482 | 849 |
| Accrued expenses |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | as restated |
| £ | £ |
| Ordinary Shares | £1 | 42,000 | 42,000 |