Advanced Seals And Gaskets Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03265619 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Advanced Seals And Gaskets Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R P Breakwell

P Baliana

C Jones

SECRETARY:

R P Breakwell

REGISTERED OFFICE:

Polymer Works

Hope Street

Dudley

West Midlands

DY2 8RS

REGISTERED NUMBER:

03265619 (England and Wales)

ACCOUNTANTS:

Pride Accountants

Polymer Court

Hope Street

Dudley

West Midlands

DY2 8RS

FIXED ASSETS

Intangible assets

4

48,000

-

Tangible assets

5

564,897

190,872

612,897

190,872

CURRENT ASSETS

Stocks

757,933

629,195

Debtors

6

1,991,825

2,412,851

Cash at bank and in hand

1,840,137

1,623,773

4,589,895

4,665,819

CREDITORS

Amounts falling due within one year

7

1,053,832

811,272

NET CURRENT ASSETS

3,536,063

3,854,547

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,148,960

4,045,419

CREDITORS

Amounts falling due after more than one
year

8

(1,596

)

(4,075

)

PROVISIONS FOR LIABILITIES

10

(132,244

)

(34,203

)

NET ASSETS

4,015,120

4,007,141

CAPITAL AND RESERVES

Called up share capital

11

2

Retained earnings

4,015,118

4,007,139

SHAREHOLDERS' FUNDS

4,015,120

4,007,141

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

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.

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 17 December 2025 and were signed on its behalf by:

R P Breakwell - Director

P Baliana - Director

C Jones - Director

1.	STATUTORY INFORMATION

Advanced Seals And Gaskets 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

33% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2024 - 42 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

60,000

At 31 March 2025

60,000

AMORTISATION

Charge for year

12,000

At 31 March 2025

12,000

NET BOOK VALUE

At 31 March 2025

48,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Office

machinery

fittings

vehicles

equipment

Totals

£

COST

At 1 April 2024

769,150

7,902

136,361

6,914

920,327

Additions

574,495

-

574,495

Disposals

-

(38,450

)

-

(38,450

)

At 31 March 2025

1,343,645

7,902

97,911

6,914

1,456,372

DEPRECIATION

At 1 April 2024

657,884

6,562

58,127

6,882

729,455

Charge for year

171,443

334

16,518

9

188,304

Eliminated on disposal

-

(26,284

)

-

(26,284

)

At 31 March 2025

829,327

6,896

48,361

6,891

891,475

NET BOOK VALUE

At 31 March 2025

514,318

1,006

49,550

23

564,897

At 31 March 2024

111,266

1,340

78,234

32

190,872

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade debtors

1,014,054

903,459

Amounts due from associated

companies

910,000

1,464,307

Debtors & prepayments

67,771

45,085

1,991,825

2,412,851

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Bank loans and overdrafts

-

537

Hire purchase contracts

2,479

Trade creditors

570,050

254,788

Taxation and social security

443,208

517,769

Other creditors

38,095

35,699

1,053,832

811,272

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.25

31.3.24

£

Hire purchase contracts

1,596

4,075

9.	SECURED DEBTS

HSBC Invoice Finance (UK) Ltd hold a fixed charge dated 3 April 2008.

HSBC Bank Plc hold a debenture dated 3 April 2008 and unlimited composite guarantee given by the company and Advanced Seals And Gaskets Holdings Limited (the holding company) to secure all mutual liabilities.

10.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

Deferred tax

132,244

34,203

Deferred

tax

£

Balance at 1 April 2024

34,203

Provided during year

98,041

Balance at 31 March 2025

132,244

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

2

Ordinary

£1

2

12.	RELATED PARTY DISCLOSURES

The company has funded a loan to its ultimate holding company, ASG Polymers Limited. The balance on the loan included in debtors at the year end was £910,000 (2024 - £1,464,307).

13.	ULTIMATE CONTROLLING PARTY

The company is under the control of its ultimate holding company, ASG Polymers Limited (company number 13216295).