DLI Seals Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01436831 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

DLI SEALS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M R Purdy

G Purdy

D Jackson

S W Banks

SECRETARY:

M R Purdy

REGISTERED OFFICE:

Units A-D

Trimdon Grange Industrial Estate

Trimdon Grange

Co. Durham

TS29 6EW

REGISTERED NUMBER:

01436831 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Tangible assets

4

202,885

217,401

CURRENT ASSETS

Stocks

364,615

392,510

Debtors

5

303,060

188,187

Cash in hand

140

870

667,815

581,567

CREDITORS

Amounts falling due within one year

6

176,418

153,256

NET CURRENT ASSETS

491,397

428,311

TOTAL ASSETS LESS CURRENT LIABILITIES

694,282

645,712

CREDITORS

Amounts falling due after more than one year

7

(1,232

)

(4,691

)

PROVISIONS FOR LIABILITIES

(2,874

)

(3,852

)

NET ASSETS

690,176

637,169

CAPITAL AND RESERVES

Called up share capital

9

85,859

85,859

Retained earnings

604,317

551,310

SHAREHOLDERS' FUNDS

690,176

637,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 9 April 2019 and were signed on its behalf by:

M R Purdy - Director

1.	STATUTORY INFORMATION

DLI Seals 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" 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.

Tangible fixed assets

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

life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long Leasehold - 0.8% on Cost

Plant and machinery - 7 years straight line and 13 years straight line for tooling

Fixtures and fittings - 14.3% on reducing balance

Stocks

Stock is stated at the lower of cost and net realisable value.

Cost of raw materials and goods for resale is the purchase cost on a first in, first out basis. Cost of work in

progress and finished goods is the cost of direct materials and labour plus attributable overheads based on a

normal level of activity.

Net realisable value is based on estimating selling price less further costs to be incurred to completion and

disposal.

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.

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.

Foreign exchange

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction.

Monetary assets and liabilities in foreign currencies are translated at the rate of exchange ruling at the balance

sheet date. Where exchange differences result from the translation of foreign currency borrowings raised to

acquire foreign assets they are taken to reserves and offset against the differences arising from the translation of

those assets. All other exchange rate differences are dealt with through the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

Leasehold

etc

Totals

£

£

£

COST

At 1 January 2018

and 31 December 2018

240,825

279,262

520,087

DEPRECIATION

At 1 January 2018

53,346

249,340

302,686

Charge for year

1,926

12,590

14,516

At 31 December 2018

55,272

261,930

317,202

NET BOOK VALUE

At 31 December 2018

185,553

17,332

202,885

At 31 December 2017

187,479

29,922

217,401

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2018

and 31 December 2018

10,086

DEPRECIATION

At 1 January 2018

961

Charge for year

4,637

At 31 December 2018

5,598

NET BOOK VALUE

At 31 December 2018

4,488

At 31 December 2017

9,125

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

231,506

173,742

Other debtors

71,554

14,445

303,060

188,187

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

34,683

31,962

Hire purchase contracts

3,459

3,251

Trade creditors

113,743

71,699

Taxation and social security

17,515

3,801

Other creditors

7,018

42,543

176,418

153,256

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

1,232

4,691

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

34,683

31,962

Hire purchase contracts

4,691

7,942

Purdy Engineering Limited

-

34,257

39,374

74,161

The bank overdraft is secured by way of a fixed floating charge over the company's assets.

The amount due to Purdy Engineering Limited, a major shareholder in D L I Seals Limited, is secured on the

company's assets after the bank's first charge, on these assets.

The HP creditor is secured on the assets to which it relates.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

85,859

Ordinary

£1

85,859

85,859

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2018 and

31 December 2017:

2018

2017

£

£

M R Purdy

Balance outstanding at start of year

193

-

Amounts advanced

847

4,091

Amounts repaid

-

(3,898

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,040

193

G Purdy

Balance outstanding at start of year

2,633

2,865

Amounts advanced

323

4,104

Amounts repaid

-

(4,336

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,956

2,633