REGISTERED NUMBER: 01191770 (England and Wales)

SEMINAR COMPONENTS (U.K.) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Phillipart

S R P Hale

P J Lempriere

SECRETARY:

P J Lempriere

REGISTERED OFFICE:

Bruce Road

Fforestfach

Swansea

SA5 4HS

REGISTERED NUMBER:

01191770 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

BANKERS:

Lloyds TSB

PO Box 66

802 Oxford Street

Swansea

SA1 3AF

FIXED ASSETS

Tangible assets

4

1,395,094

1,234,591

CURRENT ASSETS

Stocks

654,703

851,071

Debtors

5

1,354,344

1,104,855

Cash at bank and in hand

1,334,845

1,233,101

3,343,892

3,189,027

CREDITORS

Amounts falling due within one year

6

2,266,591

2,094,458

NET CURRENT ASSETS

1,077,301

1,094,569

TOTAL ASSETS LESS CURRENT LIABILITIES

2,472,395

2,329,160

CREDITORS

Amounts falling due after more than one year

7

(735,551

)

(618,415

)

PROVISIONS FOR LIABILITIES

9

(420,316

)

(378,800

)

NET ASSETS

1,316,528

1,331,945

CAPITAL AND RESERVES

Called up share capital

57,100

57,100

Share premium

13,350

13,350

Retained earnings

1,246,078

1,261,495

SHAREHOLDERS' FUNDS

1,316,528

1,331,945

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 8 December 2025 and were signed on its behalf by:

S R P Hale - Director

1.	STATUTORY INFORMATION

Seminar Components (U.K.) 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. Manufacturing sales are recognised on despatch of goods.

Stocks

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

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, amounts due to and from related parties.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount recognised in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

R&D tax credits are recognised on an accruals basis.

Patents

The costs incurred in obtaining and maintaining patents are written off to the profit and loss account.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Warranty provisions

The company provides warranties at the time of sale to purchasers of its products. The company includes a provision for warranties in the financial statements and the movement year on year is debited/ credited to the profit and loss account. Once warranties expire, the provision is released to the profit and loss account.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Grants receivable

Capital grants received are credited to the profit and loss account over the useful working life of the assets. Revenue grants are credited to the profit and loss account on an accruals basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 93 (2024 - 94 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

4,523,416

Additions

503,510

At 31 March 2025

5,026,926

DEPRECIATION

At 1 April 2024

3,288,825

Charge for year

343,007

At 31 March 2025

3,631,832

NET BOOK VALUE

At 31 March 2025

1,395,094

At 31 March 2024

1,234,591

The Net Book Value of assets on hire purchase is £550,388 (2024: £502,842).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

767,327

1,087,840

Amounts owed by group undertakings

570,780

-

Other debtors

16,237

17,015

1,354,344

1,104,855

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

227,910

183,617

Hire purchase contracts

234,529

171,210

Trade creditors

548,150

485,626

Amounts owed to group undertakings

769,045

762,801

Taxation and social security

360,951

377,139

Other creditors

126,006

114,065

2,266,591

2,094,458

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

419,291

377,320

Hire purchase contracts

316,260

241,095

735,551

618,415

8.	SECURED DEBTS

Lloyds Bank PLC holds an all moneys guarantee from the company for the liabilities of Seminar Components Holdings Limited to the Bank along with an unlimited debenture dated 26.11.1985.

Hire purchase liabilities are secured against the assets in which they relate.

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

248,434

200,007

Other timing differences

(2,813

)

(2,861

)

Other provisions

174,695

181,654

420,316

378,800

Deferred

tax

£

Balance at 1 April 2024

197,146

Charge to Income Statement during year

48,475

Balance at 31 March 2025

245,621

Other provisions represent

2025

2024

£

£

Warranty provision

174,695

181,654

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

The Report of the Auditors was unqualified.

Henry Lloyd Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Seminar Components Holdings Limited.

The ultimate controlling party is S R P Hale.