Air-Seal Products Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03993101

Air-Seal Products Limited

Filleted Unaudited Financial Statements

31 March 2025

Air-Seal Products Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	5	2,554	3,212
Tangible assets	6	222,003	190,497
		---------	---------
		224,557	193,709

Current assets

Stocks		218,898	218,887
Debtors	7	92,105	115,883
Cash at bank and in hand		37,960	31,828
		---------	---------
		348,963	366,598

Creditors: amounts falling due within one year	8	206,435		192,883
		---------		---------
Net current assets			142,528		173,715
			---------		---------
Total assets less current liabilities			367,085		367,424

Creditors: amounts falling due after more than one year	9		1,667		11,667

Provisions

Taxation including deferred tax	9,441	2,940
	---------	---------
Net assets	355,977	352,817
	---------	---------

Air-Seal Products Limited

Statement of Financial Position (continued)

31 March 2025

	2025		2024
Note	£	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	355,877	352,717
	---------	---------
Shareholders funds	355,977	352,817
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 9 October 2025 , and are signed on behalf of the board by:

Mr A S Burnand

Director

Company registration number: 03993101

Air-Seal Products Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Old Brewery Road, Wiveliscombe, Taunton, Somerset, TA4 2PW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Trade mark registrations	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Industrial unit	-	2% straight line
Equipment	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 statement of financial position and the amount of the provision as an expense.

Financial instruments

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2024: 9 ).

5. Intangible assets

	Patents, trademarks and licences
	£

Cost
At 1 April 2024 and 31 March 2025	6,997
	-------
Amortisation
At 1 April 2024	3,785
Charge for the year	658
	-------
At 31 March 2025	4,443
	-------
Carrying amount
At 31 March 2025	2,554
	-------
At 31 March 2024	3,212
	-------

6. Tangible assets

Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
£	£	£	£	£

Cost
At 1 April 2024	176,666	59,346	51,132	26,466	313,610
Additions	766	–	52,484	374	53,624
Disposals	–	–	( 37,387)	( 8,126)	( 45,513)
	---------	--------	--------	--------	---------
At 31 March 2025	177,432	59,346	66,229	18,714	321,721
	---------	--------	--------	--------	---------
Depreciation
At 1 April 2024	15,306	49,437	37,365	21,005	123,113
Charge for the year	1,641	1,486	8,878	1,075	13,080
Disposals	–	–	( 28,515)	( 7,960)	( 36,475)
	---------	--------	--------	--------	---------
At 31 March 2025	16,947	50,923	17,728	14,120	99,718
	---------	--------	--------	--------	---------
Carrying amount
At 31 March 2025	160,485	8,423	48,501	4,594	222,003
	---------	--------	--------	--------	---------
At 31 March 2024	161,360	9,909	13,767	5,461	190,497
	---------	--------	--------	--------	---------

7. Debtors

	2025	2024
	£	£

Trade debtors	82,209	101,202
Other debtors	9,896	14,681
	--------	---------
	92,105	115,883
	--------	---------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£

Bank loans and overdrafts	24,428	10,000
Trade creditors	115,332	108,961
Corporation tax	3,504	7,444
Social security and other taxes	23,456	24,687
Other creditors	39,715	41,791
	---------	---------
	206,435	192,883
	---------	---------

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£

Bank loans and overdrafts	1,667	11,667
	-------	--------

10. Related party transactions

The company was under the control of Mr A S Burnand throughout the current and previous year. During the year a director of the company made loans to the company. The loans were repayable on demand. The balance at the end of the year was £20,173 (2024: £21,038). No interest was charged on the loans (2024: £NIL). During the year the company sold goods to the value of £6,597 and leased premises for a market rent of £4,800 to Air-Seal Installations Ltd, which is a company under common control of the directors. At the year end Air-Seal Installations owed the company £20,971 (2024: £25,760). Other than the above transactions, no other transactions with related parties were undertaken during the year such as are required to be disclosed under the FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.