BrightAccountsProduction v1.0.0 v1.0.0 2024-12-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the distribution of automotive maintenance products. 4 June 2026 04402855 2025-11-30 04402855 2024-11-30 04402855 2023-11-30 04402855 2024-12-01 2025-11-30 04402855 2023-12-01 2024-11-30 04402855 uk-bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 04402855 uk-curr:PoundSterling 2024-12-01 2025-11-30 04402855 uk-bus:AbridgedAccounts 2024-12-01 2025-11-30 04402855 uk-core:ShareCapital 2025-11-30 04402855 uk-core:ShareCapital 2024-11-30 04402855 uk-core:RetainedEarningsAccumulatedLosses 2025-11-30 04402855 uk-core:RetainedEarningsAccumulatedLosses 2024-11-30 04402855 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2025-11-30 04402855 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-11-30 04402855 uk-bus:FRS102 2024-12-01 2025-11-30 04402855 uk-core:PlantMachinery 2024-12-01 2025-11-30 04402855 uk-core:MotorVehicles 2024-12-01 2025-11-30 04402855 uk-core:ParentEntities 2024-12-01 2025-11-30 04402855 2024-12-01 2025-11-30 04402855 uk-bus:CompanySecretaryDirector1 2024-12-01 2025-11-30 04402855 uk-bus:Director2 2024-12-01 2025-11-30 04402855 uk-bus:AuditExempt-NoAccountantsReport 2024-12-01 2025-11-30 xbrli:pure iso4217:GBP xbrli:shares

Company Registration Number: 04402855

Apaseal (NI) Limited

Abridged Unaudited Financial Statements

for the financial year ended 30 November 2025

Apaseal (NI) Limited

Company Registration Number: 04402855

ABRIDGED STATEMENT OF FINANCIAL POSITION

as at 30 November 2025

|  |  | 2025 |  | 2024
|  | Notes | £ |  | £
Non-Current Assets

Property, plant and equipment |  | 5 | 29,306 |  | 31,067
|  |  | ───────── |  | ─────────
Current Assets

Inventories |  |  | 725,736 |  | 708,881
Receivables |  |  | 295,407 |  | 255,600
Cash and cash equivalents |  |  | 95,646 |  | 28,126
|  |  | ───────── |  | ─────────
|  |  | 1,116,789 |  | 992,607
|  |  | ───────── |  | ─────────
Payables: amounts falling due within one year |  |  | (913,166) |  | (819,726)
|  |  | ───────── |  | ─────────
Net Current Assets |  |  | 203,623 |  | 172,881
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 232,929 |  | 203,948
Payables:

amounts falling due after more than one year |  |  | (702) |  | (7,702)
Provisions for liabilities |  |  | 4,682 |  | 4,779
|  |  | ───────── |  | ─────────
Net Assets |  |  | 236,909 |  | 201,025
|  |  | ═════════ |  | ═════════
Equity

Called up share capital |  |  | 10,000 |  | 10,000
Retained earnings |  |  | 226,909 |  | 191,025
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 236,909 |  | 201,025
|  |  | ═════════ |  | ═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.

The company has taken advantage of the exemption under section 444 not to file the Abridged Income Statement and Directors' Report.

For the financial year ended 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 4 June 2026 and signed on its behalf by

Con Culhane |  |  | Andrew Culhane
Director |  |  | Director

Apaseal (NI) Limited

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

for the financial year ended 30 November 2025

1. | General Information
| Apaseal (NI) Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 04402855. The registered office of the company is 27 Old Gloucester Street, London, WC1N 3AX, United Kingdom. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the financial year ended 30 November 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Revenue
| Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue comprises the fair value of consideration received and receivable exclusive of value added tax and after discounts and rebates. Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from the provision of services is recognised in the accounting period in which the services are rendered and the outcome of the contract can be estimated reliably. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.
| Property, plant and equipment and depreciation
| (i) Cost: Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes prime cost, overheads and interest incurred in financing the construction of tangible fixed assets. Capitalisation of interest ceases when the asset is brought into use. The difference between depreciation based on the deemed cost charged in the Income Statement and the asset’s original cost is transferred from revaluation reserve to retained earnings. Equipment and fixtures and fittings are stated at cost less accumulated depreciation and accumulated impairment losses. (ii) Depreciation: The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
|  | Plant and machinery | - | 20% Straight Line
|  | Motor vehicles | - | 15% Straight Line
| The company’s policy is to review the remaining useful economic lives and residual values of tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic life and residual value. Fully depreciated property, plant & equipment are retained in the cost of property, plant & equipment and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the Income Statement.
| (iii) Impairments: Assets not carried at fair value are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. Value in use is defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset’s continued use. The pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current market risk free rate and the risks inherent in the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Income Statement, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in Income Statement.
| Leasing and hire purchases
| Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
| Inventories
| Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
| Trade and other receivables
| Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Cash and cash equivalents
| Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Statement of Financial Position bank overdrafts are shown within Payables.
| Borrowing costs
| Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
| Provisions
| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
| Trade and other payables
| Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Related parties
| For the purposes of these financial statements a party is considered to be related to the company if:
| - | the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
| - | the company and the party are subject to common control;
| - | the party is an associate of the company or forms part of a joint venture with the company;
| - | the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
| - | the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
| - | the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company. The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.
| Employee benefits
| The company provides a range of benefits to employees, including annual bonus, paid holiday arrangements and defined contribution pension plans. (i) Short term benefits: Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. (ii) Annual bonus plans: The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made. (iii) Defined contribution pension: The Company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the company pays contributions to privately administered pension plans on a contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
| Foreign currencies
| Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.

3. | Significant accounting judgements and key sources of estimation uncertainty
| The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: (a) Establishing useful economic lives for depreciation purposes of plant and equipment: Long-lived assets, consisting primarily of plant and equipment, comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies. (b) Inventory provisioning: The company is involved in the sale of automotive products and has mechanical parts closing stock at the year end. It is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the stage of completion, the estimated realisable value and the estimated costs to completion. The level of provision required is reviewed on an on-going basis. (c) Providing for doubtful debts: The company makes an estimate of the recoverable value of trade and other debtors. The company uses estimates based on historical experience in determining the level of debts, which the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis.

4. | Employees
| The average monthly number of employees, including directors, during the financial year was 9, (2024 - 9).
|  | 2025 | 2024
|  | Number | Number
| Administration | 3 | 3
| Sales Representatives | 2 | 2
| Service Engineers | 3 | 3
| Storeman | 1 | 1
|  | ───────── | ─────────
|  | 9 | 9
|  | ═════════ | ═════════

5. | Property, plant and equipment
|  | Plant and | Motor | Total
|  | machinery | vehicles |
|  | £ | £ | £
| Cost or Valuation
| At 1 December 2024 | 28,059 | 126,614 | 154,673
| Additions | 9,325 | - | 9,325
|  | ───────── | ───────── | ─────────
| At 30 November 2025 | 37,384 | 126,614 | 163,998
|  | ───────── | ───────── | ─────────
| Depreciation
| At 1 December 2024 | 28,046 | 95,560 | 123,606
| Charge for the financial year | 1,399 | 9,687 | 11,086
|  | ───────── | ───────── | ─────────
| At 30 November 2025 | 29,445 | 105,247 | 134,692
|  | ───────── | ───────── | ─────────
| Carrying amount
| At 30 November 2025 | 7,939 | 21,367 | 29,306
|  | ═════════ | ═════════ | ═════════
| At 30 November 2024 | 13 | 31,054 | 31,067
|  | ═════════ | ═════════ | ═════════

5.1. | Property, plant and equipment continued
| Included above are assets held under finance leases or hire purchase contracts as follows:
|  | 2025 |  | 2024 |
|  | Carrying | Depreciation | Carrying | Depreciation
|  | amount | charge | amount | charge
|  | £ | £ | £ | £
| Motor vehicles | 19,657 | 5,361 | 29,293 | 7,926
|  | ═════════ | ═════════ | ═════════ | ═════════

6. | Capital commitments
| The company had no material capital commitments at the financial year-ended 30 November 2025.

7. | Parent company
| The company regards Greycot Holdings Limited as its parent company.

8. | Events After the End of the Reporting Period
| There have been no significant events affecting the company since the financial year-end.