Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 2025-05-02 2025-05-08 true true true 16 true true true true true true 2024-01-01 false No description of principal activity 17 true false 01610309 2024-12-31 01610309 2024-01-01 2024-12-31 01610309 2023-01-01 2023-12-31 01610309 2023-12-31 01610309 2023-01-01 01610309 10 2024-01-01 2024-12-31 01610309 10 2023-01-01 2023-12-31 01610309 d:Director1 2024-01-01 2024-12-31 01610309 e:Buildings 2024-12-31 01610309 e:Buildings 2023-12-31 01610309 e:PlantMachinery 2024-01-01 2024-12-31 01610309 e:PlantMachinery 2024-12-31 01610309 e:PlantMachinery 2023-12-31 01610309 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01610309 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01610309 e:FurnitureFittings 2024-01-01 2024-12-31 01610309 e:FurnitureFittings 2024-12-31 01610309 e:FurnitureFittings 2023-12-31 01610309 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01610309 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01610309 e:ComputerEquipment 2024-01-01 2024-12-31 01610309 e:ComputerEquipment 2024-12-31 01610309 e:ComputerEquipment 2023-12-31 01610309 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01610309 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01610309 e:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 01610309 e:OtherPropertyPlantEquipment 2024-12-31 01610309 e:OtherPropertyPlantEquipment 2023-12-31 01610309 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01610309 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01610309 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01610309 e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01610309 e:CurrentFinancialInstruments 2024-12-31 01610309 e:CurrentFinancialInstruments 2023-12-31 01610309 e:Non-currentFinancialInstruments 2024-12-31 01610309 e:Non-currentFinancialInstruments 2023-12-31 01610309 e:Non-currentFinancialInstruments 3 2024-12-31 01610309 e:Non-currentFinancialInstruments 3 2023-12-31 01610309 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 01610309 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01610309 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 01610309 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 01610309 e:ShareCapital 2024-12-31 01610309 e:ShareCapital 2023-12-31 01610309 e:SharePremium 2024-01-01 2024-12-31 01610309 e:SharePremium 2024-12-31 01610309 e:SharePremium 2023-12-31 01610309 e:OtherMiscellaneousReserve 2024-12-31 01610309 e:OtherMiscellaneousReserve 2023-12-31 01610309 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01610309 e:RetainedEarningsAccumulatedLosses 2024-12-31 01610309 e:RetainedEarningsAccumulatedLosses 2023-12-31 01610309 d:OrdinaryShareClass1 2024-01-01 2024-12-31 01610309 d:OrdinaryShareClass1 2024-12-31 01610309 d:OrdinaryShareClass1 2023-12-31 01610309 d:FRS101 2024-01-01 2024-12-31 01610309 d:Audited 2024-01-01 2024-12-31 01610309 d:FullAccounts 2024-01-01 2024-12-31 01610309 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01610309 e:Subsidiary1 2024-01-01 2024-12-31 01610309 e:Subsidiary1 1 2024-01-01 2024-12-31 01610309 e:Subsidiary2 2024-01-01 2024-12-31 01610309 e:Subsidiary2 1 2024-01-01 2024-12-31 01610309 e:Subsidiary3 2024-01-01 2024-12-31 01610309 e:Subsidiary3 1 2024-01-01 2024-12-31 01610309 e:Subsidiary4 2024-01-01 2024-12-31 01610309 e:Subsidiary4 1 2024-01-01 2024-12-31 01610309 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01610309 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01610309 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01610309 2 2024-01-01 2024-12-31 01610309 6 2024-01-01 2024-12-31 01610309 e:CurrentFinancialInstruments 7 2024-12-31 01610309 e:CurrentFinancialInstruments 7 2023-12-31 01610309 e:Buildings e:Right-of-useAssets 2024-01-01 2024-12-31 01610309 e:Buildings e:Right-of-useAssets 2023-01-01 2023-12-31 01610309 e:PlantMachinery e:Right-of-useAssets 2024-01-01 2024-12-31 01610309 e:PlantMachinery e:Right-of-useAssets 2023-01-01 2023-12-31 01610309 e:Right-of-useAssets 2024-01-01 2024-12-31 01610309 e:Right-of-useAssets 2023-01-01 2023-12-31 01610309 f:PoundSterling 2024-01-01 2024-12-31 01610309 g:SouthAfrica 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01610309 ACTION-SEALTITE LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
ACTION-SEALTITE LIMITED REGISTERED NUMBER: 01610309 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 448,418 |  | 529,730
Investments | 6 |  | 681,687 |  | 668,097
|  |  | 1,130,105 |  | 1,197,827
Current assets |  |  |  |  |
Stocks | 7 | 667,127 |  | 643,502 |
Debtors: amounts falling due within one year | 8 | 698,298 |  | 706,585 |
Cash at bank and in hand | 9 | 153,221 |  | 347,382 |
|  | 1,518,646 |  | 1,697,469 |
Creditors: amounts falling due within one year | 10 | (993,502) |  | (1,068,207) |
Net current assets |  |  | 525,144 |  | 629,262
Total assets less current liabilities |  |  | 1,655,249 |  | 1,827,089
Creditors: amounts falling due after more than one year | 11 |  | (304,361) |  | (431,907)
|  |  | 1,350,888 |  | 1,395,182
Provisions for liabilities |  |  |  |  |
Deferred taxation | 12 | (2,821) |  | (2,273) |
|  |  | (2,821) |  | (2,273)
Net assets |  |  | 1,348,067 |  | 1,392,909
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 1,000 |  | 1,000
Share premium account | 15 |  | 14,850 |  | 14,850
Capital contribution reserve | 15 |  | 150 |  | 150
Profit and loss account | 15 |  | 1,332,067 |  | 1,376,909
|  |  | 1,348,067 |  | 1,392,909
Page 1
ACTION-SEALTITE LIMITED REGISTERED NUMBER: 01610309 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P Robinson
Director
Date: 2 May 2025
The notes on pages 3 to 17 form part of these financial statements. Page 2
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Action-Sealtite Limited is a private limited company incorporated and domiciled in the United Kingdom. The address of the registered office is Office 2.3 Design Hub Coventry University Technology Park, Puma Way, Coventry, CV1 2TT. The principal activity of the Company in the year under review was that of the distribution and manufacture of industrial hose couplings and ancillary goods. The Company's trading address is Unit 14 Moorbrook, Southmead Industrial Park, Didcot, OX11 7HP. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The financial statements are rounded to the nearest whole pound sterling. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers ∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraph 73(e) of IAS 16 Property, Plant and Equipment; ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2024 and these financial statements may be obtained from the Registrar of Companies. Page 3
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. The financial statements contain information about Action-Sealtite Limited as an individual company and do not contain consolidated financial information as the parent of the Group. The Company and its subsidiary undertakings are included by full consolidation in the consolidated in the consolidated financial statements of its parent, Flowmax Limited, a company registered in England and Wales. Flowmax Limited prepares consolidated financial statements in accordance with UK adopted International Accounting Standards. Copies are available to the public and may be obtained from the Registrar of Companies.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods or services have transferred to the customer and the customer has control of these. The Company's activities are described in detail below. Sale of goods The Company manufactures and distributes industrial hose couplings and ancillary goods. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and etiher the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied. The Company offcers discounts on some of its sales of goods. These do not constitute variable consideration and are offered at the time of invoicing. The value of up-front payments recieved in respect of sales of goods are immaterial to the financial statements. A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. Page 4
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Leases
The Company as a lessee The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: ∙fixed lease payments (including in-substance fixed payments), less any lease incentives; The lease liability is included in 'Creditors' on the Balance Sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are included in the 'Tangible Fixed Assets' line in the Balance Sheet. The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.11. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 5
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan 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 payment obligations. The contributions are recognised as an expense in profit or loss 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.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 6
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 20% on cost
|  |  |  | Computer equipment | - | 33.3% on cost
|  |  |  | Plant & machinery | - | 20% on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.16 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Page 7
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future and judgements in applying the Company's accounting policies. The resulting accounting estimates will, by definition, seldom equal the actual results. The following estimates and assumptions have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year. Provision for doubtful debts Management provides for doubtful debts on the perceived risk profile and payment history of the debtor. Provision for slow moving, damaged and obsolete stock There is a provision to write stock down to the lower of cost and net realisable value. Management have made estimates of the selling price and direct costs to sell on certain stock items. The write down is included in the operating profit note. Impairment of investments The Company assesses at each reporting period, whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. The reduction is an impairment loss. An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised immediately in profit or loss. Leases IFRS 16 requires the Company to account for its leases as right-of-use assets over the life of the lease agreement. The present value of the lease liability on inception requires management to assess various factors including the discount rate and the life of the lease and the extent to which any options to extend or break the lease are exercised. These factors have a resulting impact in determining the present value of the lease liability on inception. Page 8
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 662,430 | 654,988
| Social security costs | 72,551 | 65,102
| Cost of defined contribution scheme | 18,886 | 20,552
|  | 753,867 | 740,642
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Sales and administration | 12 | 13
|  | Directors | 4 | 4
|  |  | 16 | 17
Page 9
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Computer equipment | Right-of-use assets | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 16,375 | 18,269 | 85,972 | 1,031,499 | 1,152,115
| Additions | - | - | 9,756 | 32,724 | 42,480
| Disposals | - | - | - | (472,287) | (472,287)
| At 31 December 2024 | 16,375 | 18,269 | 95,728 | 591,936 | 722,308
| Depreciation |  |  |  |  |
| At 1 January 2024 | 16,251 | 15,175 | 69,581 | 521,378 | 622,385
| Charge for the year on owned assets | 124 | 1,198 | 11,750 | - | 13,072
| Charge for the year on right-of-use assets | - | - | - | 127,068 | 127,068
| Disposals | - | - | - | (488,635) | (488,635)
| At 31 December 2024 | 16,375 | 16,373 | 81,331 | 159,811 | 273,890
| Net book value |  |  |  |  |
| At 31 December 2024 | - | 1,896 | 14,397 | 432,125 | 448,418
| At 31 December 2023 | 124 | 3,094 | 16,391 | 510,121 | 529,730
| The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:
|  | 2024 | 2023
|  | £ | £
| Tangible fixed assets owned | 16,293 | 19,609
| Right-of-use tangible fixed assets | 432,125 | 510,121
|  | 448,418 | 529,730
Page 10
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 5.Tangible fixed assets (continued)
| Information about right-of-use assets is summarised below:
| Net book value
|  |  |  | 2024 | 2023
|  |  |  | £ | £
| Property | 382,371 | 451,637
| Motor Vehicles | 50,220 | 58,484
|  | 432,125 | 510,121
| Depreciation charge for the year ended
|  |  |  | 2024 | 2023
|  |  |  | £ | £
| Property | 99,744 | 82,190
| Motor Vehicles | 27,324 | 15,557
|  | 127,068 | 97,747
| Total cash outflows in respect of IFRS 16 leases was £172,476 (2023: £56,359).
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 668,097
| Additions | 13,590
| At 31 December 2024 | 681,687
| Net book value |
| At 31 December 2024 | 681,687
| At 31 December 2023 | 668,097
Page 11
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Biopharma Dynamics Limited | Ordinary | 80%
| ASL Europe B.V. | Ordinary | 100%
| Buckley Industrial Limited | Ordinary | 100%
| Midatech Sp. z o.o. | Ordinary | 75%
Page 12
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 667,127 | 643,502
| Inventories above include a provision of £132,976 (2023: £58,576) for slow moving and obsolete stock.
8. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 389,283 | 543,558
| Amounts owed by group undertakings | 137,210 | 80,000
| Other debtors | 108,029 | 32,313
| Prepayments and accrued income | 63,776 | 50,714
|  | 698,298 | 706,585
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
9. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 153,221 | 347,382
Page 13
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Contract liabilities | 17,809 | 90,778
| Trade creditors | 339,994 | 455,322
| Amounts owed to group undertakings | 77,512 | 161,402
| Corporation tax | 43,189 | 35,706
| Other taxation and social security | 17,548 | 15,873
| Lease liabilities | 145,263 | 105,747
| Other creditors | 269,836 | 105,286
| Accruals and deferred income | 82,351 | 98,093
|  | 993,502 | 1,068,207
| Included in amounts payable to group undertakings is a loan of £77,512 (2023: £142,279) that is unsecured, interest bearing at a rate of Lloyds base rate plus 1.75% and payable by 31 December 2024. Other amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Lease liabilities | 304,361 | 431,907
|  | 304,361 | 431,907
12. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (2,273) | (1,123)
| Charged to the profit or loss | (548) | (1,150)
| At end of year | (2,821) | (2,273)
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ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (2,821) | (2,273)
13. | Leases
| Company as a lessee
| The Company leases its principal place of trading. The periodic rent is fixed over the lease term. The Company also leases a number of vehicles which comprise only fixed payments over the lease term.
| Lease liabilities are due as follows:
|  |  |  | 2024 | 2023
|  |  |  | £ | £
| Not later than one year | 145,263 | 105,747
| Between one year and five years | 304,361 | 431,907
|  | 449,624 | 537,654
| The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:
|  |  |  | 2024 | 2023
|  |  |  | £ | £
| Expenses relating to short-term leases | 41 | 25,862
| Finance lease charges payable | 32,637 | 11,808
14. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2023 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
| Ordinary shares carry voting and distribution rights.
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ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Reserves
Share premium account The share premium reserve includes all amounts paid in excess of the nominal value of Ordinary shares issued. Capital contribution The capital contribution reserve represents amounts contributed to the Company by shareholders. Profit and loss account The profit and loss account is the Company's accumulated retained profits and losses as at the year end.
16. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,886 (2023: £20,552). Contributions totalling £3,301 (2023: £Nil) were payable to the fund at the balance sheet date. Page 16
ACTION-SEALTITE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Related party transactions
| During the year ended 31 December 2024, the Company undertook the following transactions with group companies.
|  | 2024 | 2023
|  | £ | £
| Purchases from group companies | 91,486 | 125,989
| Sales to group companies | 879,299 | 659,212
| Recharges to group companies | 8,737 | 68,065
| At the year end the Company owed £77,512 (2023: £161,402) to group companies. At the year end the Company was owed £97,916 (2023: £80,000) from group companies. During the year ended 31 December 2024, the Company received dividends of £292,000 (2023: £940,000) from Biopharma Dynamics Limited and dividends of £Nil (2023: £320,000) from Buckley Industrial Limited. At 31 December 2023, £Nil was due receivable from Biopharma Dynamics Limited (2023: £80,000). During the year ended 31 December 2023, the Company declared dividends to the following shareholders: Flowmax Limited - £456,300 (2023: £1,193,400) P Robinson - £50,700 (2023: £132,000). At 31 December 2024, £nil remained payable in respect of dividends (2023: £100,000).
18. | Controlling party
The Company is a subsidiary undertaking of Flowmax Limited, incorporated in England and Wales. The Directors regard Flowmax Limited as the smallest group and SA Bias Industries (Pty) Limited, a company registered in South Africa,as the largest group within which the subsidiary belongs and for which group accounts are prepared. Flowmax Limited's registered office is Office 2.3 Design Hub Coventry University Technology Park, Puma Way, Coventry, CV1 2TT. Copies of the Flowmax Limited group accounts are available from the Registrar of Companies.
19. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 8 May 2025 by James Pitt BA BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.
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