Company registration number 01940708 (England and Wales)
SOLSEAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
SOLSEAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
SOLSEAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
as restated
Notes
£
£
FIXED ASSETS
Tangible assets
5
43,378
70,691
CURRENT ASSETS
Stocks
1,476,082
405,733
Debtors
6
1,370,807
1,148,230
Cash at bank and in hand
493,073
1,107,487
3,339,962
2,661,450
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(2,557,636)
(2,166,369)
NET CURRENT ASSETS
782,326
495,081
TOTAL ASSETS LESS CURRENT LIABILITIES
825,704
565,772
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
8
-
(10,081)
PROVISIONS FOR LIABILITIES
(10,755)
-
NET ASSETS
814,949
555,691
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss reserves
814,849
555,591
TOTAL EQUITY
814,949
555,691

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

SOLSEAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 August 2026 and are signed on its behalf by:
N A H Jones
Director
Company registration number 01940708 (England and Wales)
SOLSEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
ACCOUNTING POLICIES
Company information

Solseal Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 16A Norman Way, Severn Bridge Industrial Estate, Portskewett, CALDICOT, NP26 5PT.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

1.2
Turnover

The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of work done in the financial period, exclusive of Value Added Tax.

1.3
Intangible fixed assets - goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over it's useful life. Where a reliable estimate of the useful life of goodwill or intangible asset cannot be made, the life is presumed not to exceed ten years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

SOLSEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
over the term of the lease
Machinery and equipment
20% straight line
Office equipment
20% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SOLSEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
ACCOUNTING POLICIES
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Leases
As lessee

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

1.10

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

1.11

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

SOLSEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions

Provisions are included against bad debts and against short shelf-life stock. These provisions require management's best estimate of the costs that will be incurred based on contractual agreements and historical experience, current knowledge of the trading difficulties of customers and review of stock movements following the period end.

Useful economic life of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

3
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0

All staff are employed by S&D Sealants Limited, which is the parent company. The costs of 15 employees (2024: 15) have been recharged to Solseal Limited based on this company having benefitted from their work. The wages costs recharged to Solseal Limited are shown in the table above.

SOLSEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
745,406
Amortisation and impairment
At 1 January 2025 and 31 December 2025
745,406
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
5
TANGIBLE FIXED ASSETS
Leasehold land and buildings
Machinery and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
96,950
49,794
123,458
775
270,977
Disposals
(38,373)
(8,899)
-
0
-
0
(47,272)
At 31 December 2025
58,577
40,895
123,458
775
223,705
Depreciation and impairment
At 1 January 2025
90,407
23,576
85,980
323
200,286
Depreciation charged in the year
4,073
8,178
15,040
194
27,485
Eliminated in respect of disposals
(38,373)
(9,071)
-
0
-
0
(47,444)
At 31 December 2025
56,107
22,683
101,020
517
180,327
Carrying amount
At 31 December 2025
2,470
18,212
22,438
258
43,378
At 31 December 2024
6,543
26,218
37,478
452
70,691
SOLSEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
6
DEBTORS
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
313,019
349,528
Amounts owed by group undertakings
494,901
678,439
Other debtors
562,887
16,855
1,370,807
1,044,822
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
103,408
Total debtors
1,370,807
1,148,230
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
£
£
Bank loans
14,193
128,766
Trade creditors
2,147,717
1,758,509
Taxation and social security
-
0
44,945
Other creditors
395,726
234,149
2,557,636
2,166,369

Included within the above are secured creditors amounting to £14,193 (2024: £128,766). These balances are secured over the assets of the company.

8
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
2024
£
£
Bank loans and overdrafts
-
0
10,081

Included within the above are secured creditors amounting to £Nil (2024: £10,081). These balances are secured over the assets of the company.

SOLSEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
9
AUDIT REPORT INFORMATION

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Senior Statutory Auditor:
Simon Tee
Statutory Auditor:
Kilsby & Williams LLP
Date of audit report:
5 August 2026
10
OPERATING LEASE COMMITMENTS
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Within 1 year
49,280
27,000
Years 2-5
43,205
33,750
Total commitments
92,485
60,750
11
RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions between wholly owned members of the same group.

12
CONTROLLING PARTY

In the opinion of the directors the ultimate parent company is S & D Sealants Limited, a company registered in England and Wales.

The company was under the control of Mr N A H Jones throughout the current and previous period by virtue of his interest in the ultimate parent company, S & D Sealants Limited.

13
PRIOR PERIOD ADJUSTMENT

Carriage income that was previously disclosed as a reduction to cost of sales has been reclassified to income. There is no impact on net profit.

SOLSEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
PRIOR PERIOD ADJUSTMENT
(Continued)
- 10 -
CHANGES TO THE BALANCE SHEET
As previously reported
Adjustment
As restated at 31 Dec 2024
£
£
£
Net assets
555,691
-
555,691
Capital and reserves
Total equity
555,691
-
555,691
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2024
£
£
£
Turnover
8,765,463
114,131
8,879,594
Cost of sales
(7,908,276)
(114,131)
(8,022,407)
Loss for the financial period
(385,417)
-
(385,417)
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