REGISTERED NUMBER: 02696624 (England and Wales)

TOPSEAL SYSTEMS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Chialton

J R Gill

I E Moffatt

REGISTERED OFFICE:

Giants Hall Farm

Willow Road

Beech Hill

Wigan

Lancashire

WN6 8RY

REGISTERED NUMBER:

02696624 (England and Wales)

SENIOR STATUTORY AUDITOR:

Martin Garry BA (Hons), FCA

AUDITORS:

McDade Roberts Accountants Limited

Chartered Accountants &Statutory Auditor

316 Blackpool Road

Fulwood

Preston

Lancashire

PR2 3AE

BANKERS:

Handelsbanken

Unit 5

Beecham Court

Wigan

Lancashire

WN3 6PR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,876

6,248

4,876

6,248

CURRENT ASSETS

Stocks

134,153

115,361

Debtors

6

113,384

1,000,857

Cash at bank and in hand

258,393

192,386

505,930

1,308,604

CREDITORS

Amounts falling due within one year

7

168,651

119,008

NET CURRENT ASSETS

337,279

1,189,596

TOTAL ASSETS LESS CURRENT LIABILITIES

342,155

1,195,844

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

342,055

1,195,744

SHAREHOLDERS' FUNDS

342,155

1,195,844

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

M S Chialton - Director

1.	STATUTORY INFORMATION

Topseal Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal place of business is Unit 4, Saltergate Business Park, Burnley Bank Road, Harrogate, North Yorkshire, HG3 2BX.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The directors are of the opinion that the company will continue its business for the foreseeable future.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the preparation of the financial statements, the directors have made judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.

Critical accounting judgements an key sources of estimation uncertainty

In the process of of applying the company's accounting policies a critical accounting judgement has been made to recognise provisions for liabilities. Details are provided in the notes to the accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover also includes the income receivable by the company from the sale of Installation Guarantee Protection to customers. This protection guarantees the customer for up to 25 years from the date of installation for any defects proven from the fault of installation or fixing procedures. If certain conditions are met, the company is obliged to repair the defect free of charge to the customers.

Goodwill

The goodwill acquired on a business acquisition has been fully written off as there is no ongoing business and therefore no ongoing value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

25% on cost

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Tangible fixed assets are initially recognised at cost. After initial recognition, tangible assets are included at cost less any accumulated depreciation.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account in the period to which they relate.

Provision for liabilities

Provisions for the expected costs of maintenance under guarantees are charged against profits when products have been invoiced. The effect of the time value of money is not considered material and therefore provisions are not discounted.

Where necessary specific provisions are provided for based on if the directors consider there to be a present obligation as a result of a past event and where a transfer of economic benefits is probable to settle the obligation. Provisions are measured at the best estimate of the amount required to settle the obligation at the reporting date.

Financial instruments

Financial assets and 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 entity after deducting all of its financial liabilities.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value net of transaction costs, and are measured subsequently reference to the repayment terms.

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 effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

40,000

AMORTISATION

At 1 April 2024

and 31 March 2025

40,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

25,763

211,486

237,249

DEPRECIATION

At 1 April 2024

25,763

205,238

231,001

Charge for year

-

1,372

1,372

At 31 March 2025

25,763

206,610

232,373

NET BOOK VALUE

At 31 March 2025

-

4,876

4,876

At 31 March 2024

-

6,248

6,248

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

97,890

124,571

Amounts owed by group undertakings

-

862,764

Other debtors

15,494

13,522

113,384

1,000,857

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

129,668

66,555

Taxation and social security

22,426

38,963

Other creditors

16,557

13,490

168,651

119,008

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

43,880

49,778

Between one and five years

67,725

106,425

111,605

156,203

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 April 2024

1,195,744

Profit for the year

9,075

Dividends

(862,764

)

At 31 March 2025

342,055

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Garry BA (Hons), FCA (Senior Statutory Auditor)

for and on behalf of McDade Roberts Accountants Limited

12.	RELATED PARTY DISCLOSURES

J R Gill, director, is also a director and shareholder of Polymer Proofing Limited. I E Moffat, director, is also a director and shareholder of Polymer Proofing Limited. During the year the company had the following transactions with Polymer Proofing Limited:

2025

2024

£

£

Purchases of goods and services (net)

-

597

Amounts owed at year end within trade creditors

-

-

Sales of goods and services (net)

155

950

Amounts included within trade debtors

186

1,140

Amount receivable in intercompany account

-

-

13.	ULTIMATE CONTROLLING PARTY

As at the date of signing these accounts, the ultimate controlling party of the company is M S Chialton and V Chialton, by way of their shareholdings in the parent company, Giants Hall Holdings Limited, a company registered in United Kingdom.

The smallest and largest group in which the company's results are consolidated is that headed by Giants Hall Holdings Limited. Group consolidated financial statements can be obtained from the registered address of Giants Halls Holdings Limited, which is Giants Hall Farm, Willow Road, Beech Hill, Wigan, WN6 8RY.