Sealtite Sealants Limited 31/01/2019 iXBRL

Sealtite Sealants Limited 31/01/2019 iXBRL

SEALTITE SEALANTS LIMITED - Company Information

Print Friendly Version

31/01/2019 2019-01-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-02-01 Sage Accounts Production 18.30 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 02339282 2018-02-01 2019-01-31 02339282 2019-01-31 02339282 2018-01-31 02339282 2017-02-01 2018-01-31 02339282 2018-01-31 02339282 2017-01-31 02339282 core:LandBuildings core:OwnedOrFreeholdAssets 2018-02-01 2019-01-31 02339282 core:PlantMachinery 2018-02-01 2019-01-31 02339282 core:FurnitureFittingsToolsEquipment 2018-02-01 2019-01-31 02339282 core:MotorVehicles 2018-02-01 2019-01-31 02339282 core:OnerousContractsExcludingVacantProperties 2018-02-01 2019-01-31 02339282 bus:RegisteredOffice 2018-02-01 2019-01-31 02339282 bus:LeadAgentIfApplicable 2018-02-01 2019-01-31 02339282 bus:Director1 2018-02-01 2019-01-31 02339282 bus:Director2 2018-02-01 2019-01-31 02339282 bus:Director3 2018-02-01 2019-01-31 02339282 bus:Director4 2018-02-01 2019-01-31 02339282 bus:Director5 2018-02-01 2019-01-31 02339282 bus:CompanySecretary1 2018-02-01 2019-01-31 02339282 core:LandBuildings core:OwnedOrFreeholdAssets 2018-01-31 02339282 core:PlantMachinery 2018-01-31 02339282 core:FurnitureFittingsToolsEquipment 2018-01-31 02339282 core:MotorVehicles 2018-01-31 02339282 core:LandBuildings core:OwnedOrFreeholdAssets 2019-01-31 02339282 core:PlantMachinery 2019-01-31 02339282 core:FurnitureFittingsToolsEquipment 2019-01-31 02339282 core:MotorVehicles 2019-01-31 02339282 core:WithinOneYear 2019-01-31 02339282 core:WithinOneYear 2018-01-31 02339282 core:AfterOneYear 2019-01-31 02339282 core:AfterOneYear 2018-01-31 02339282 core:ShareCapital 2019-01-31 02339282 core:ShareCapital 2018-01-31 02339282 core:RetainedEarningsAccumulatedLosses 2019-01-31 02339282 core:RetainedEarningsAccumulatedLosses 2018-01-31 02339282 core:LandBuildings core:OwnedOrFreeholdAssets 2018-01-31 02339282 core:PlantMachinery 2018-01-31 02339282 core:FurnitureFittingsToolsEquipment 2018-01-31 02339282 core:MotorVehicles 2018-01-31 02339282 bus:Director1 2018-01-31 02339282 bus:Director1 2019-01-31 02339282 bus:Director2 2018-01-31 02339282 bus:Director2 2019-01-31 02339282 bus:Director3 2018-01-31 02339282 bus:Director3 2019-01-31 02339282 bus:Director4 2018-01-31 02339282 bus:Director4 2019-01-31 02339282 bus:Director5 2018-01-31 02339282 bus:Director5 2019-01-31 02339282 bus:Director1 2017-01-31 02339282 bus:Director1 2018-01-31 02339282 bus:Director2 2017-01-31 02339282 bus:Director2 2018-01-31 02339282 bus:Director3 2017-01-31 02339282 bus:Director3 2018-01-31 02339282 bus:Director4 2017-01-31 02339282 bus:Director4 2018-01-31 02339282 bus:Director5 2017-01-31 02339282 bus:Director5 2018-01-31 02339282 bus:Director1 2017-02-01 2018-01-31 02339282 bus:Director2 2017-02-01 2018-01-31 02339282 bus:Director3 2017-02-01 2018-01-31 02339282 bus:Director4 2017-02-01 2018-01-31 02339282 bus:Director5 2017-02-01 2018-01-31 02339282 bus:SmallEntities 2018-02-01 2019-01-31 02339282 bus:AuditExemptWithAccountantsReport 2018-02-01 2019-01-31 02339282 bus:FullAccounts 2018-02-01 2019-01-31 02339282 bus:SmallCompaniesRegimeForAccounts 2018-02-01 2019-01-31 02339282 bus:PrivateLimitedCompanyLtd 2018-02-01 2019-01-31 02339282 core:ComputerEquipment 2018-02-01 2019-01-31 02339282 core:ComputerEquipment 2018-01-31 02339282 core:ComputerEquipment 2019-01-31
Company registration number: 02339282
Sealtite Sealants Limited
Unaudited filleted financial statements
31 January 2019
Sealtite Sealants Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Sealtite Sealants Limited
Directors and other information
Directors Mr M Daly
Mr G Daly
Mr J Daly
Mrs Sarah Daly
Mrs Sue Reeves
Secretary Mr G Daly
Company number 02339282
Registered office 9 Palmers Avenue
Grays
Essex
RM17 5TX
Business address Unit 3, Christy Court,
Christy Way, Southfields Business Park
Basildon
Essex
SS15 6TL
Accountants Cooper & Co
9 Palmers Avenue
Grays
Essex
RM17 5TX
Bankers Barclays Bank plc
63-65 High Street
Rayleigh
Essex
Sealtite Sealants Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Sealtite Sealants Limited
Year ended 31 January 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sealtite Sealants Limited for the year ended 31 January 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Sealtite Sealants Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Sealtite Sealants Limited and state those matters that we have agreed to state to the board of directors of Sealtite Sealants Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sealtite Sealants Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Sealtite Sealants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sealtite Sealants Limited. You consider that Sealtite Sealants Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sealtite Sealants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Cooper & Co
Chartered Certified Accountants
9 Palmers Avenue
Grays
Essex
RM17 5TX
10 October 2019
Sealtite Sealants Limited
Statement of financial position
31 January 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 601,683 692,894
_______ _______
601,683 692,894
Current assets
Stocks 14,840 16,240
Debtors 6 - 5,707
Cash at bank and in hand 334,984 172,132
_______ _______
349,824 194,079
Creditors: amounts falling due
within one year 7 ( 204,769) ( 172,645)
_______ _______
Net current assets 145,055 21,434
_______ _______
Total assets less current liabilities 746,738 714,328
Creditors: amounts falling due
after more than one year 8 ( 149,552) ( 161,839)
Provisions for liabilities ( 9,535) ( 1,148)
_______ _______
Net assets 587,651 551,341
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 587,551 551,241
_______ _______
Shareholders funds 587,651 551,341
_______ _______
For the year ending 31 January 2019 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with 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.
These financial statements were approved by the board of directors and authorised for issue on 10 October 2019 , and are signed on behalf of the board by:
Mr M Daly
Director
Company registration number: 02339282
Sealtite Sealants Limited
Notes to the financial statements
Year ended 31 January 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 9 Palmers Avenue, Grays, Essex, RM17 5TX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 2 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 12 (2018: 12 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 February 2018 330,777 3,833 8,146 504,253 7,679 854,688
Additions - - 1,219 95,173 - 96,392
Disposals - - - ( 188,633) - ( 188,633)
_______ _______ _______ _______ _______ _______
At 31 January 2019 330,777 3,833 9,365 410,793 7,679 762,447
_______ _______ _______ _______ _______ _______
Depreciation
At 1 February 2018 23,145 2,389 6,317 123,578 6,366 161,795
Charge for the year 6,616 289 688 46,883 1,313 55,789
Disposals - - - ( 56,820) - ( 56,820)
_______ _______ _______ _______ _______ _______
At 31 January 2019 29,761 2,678 7,005 113,641 7,679 160,764
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 January 2019 301,016 1,155 2,360 297,152 - 601,683
_______ _______ _______ _______ _______ _______
At 31 January 2018 307,632 1,444 1,829 380,675 1,313 692,893
_______ _______ _______ _______ _______ _______
6. Debtors
2019 2018
£ £
Other debtors - 5,707
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 12,358 12,298
Trade creditors 44,749 55,223
Corporation tax 62,209 56,289
Social security and other taxes 24,158 16,813
Other creditors 61,295 32,022
_______ _______
204,769 172,645
_______ _______
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 149,552 161,839
_______ _______
Barclays Bank plc hold a commercial mortgage over the company's business premises at Unit 3, Christy Court, Christy Way, Basildon, as registered at Companies House, together with a further fixed and floating charge over the assets of the business.
Included within creditors: amounts falling due after more than one year is an amount of £ 97,895 (2018 £ 110,645 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M Daly ( 2,592) ( 6,491) ( 9,083)
Mr G Daly ( 2,592) ( 6,491) ( 9,083)
Mr J Daly ( 2,592) ( 6,491) ( 9,083)
Mrs Sarah Daly ( 2,592) ( 6,491) ( 9,083)
Mrs Sue Reeves ( 2,592) ( 6,491) ( 9,083)
_______ _______ _______
( 12,960) ( 32,455) ( 45,415)
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M Daly ( 35) ( 2,557) ( 2,592)
Mr G Daly ( 35) ( 2,557) ( 2,592)
Mr J Daly ( 35) ( 2,557) ( 2,592)
Mrs Sarah Daly ( 35) ( 2,557) ( 2,592)
Mrs Sue Reeves ( 35) ( 2,557) ( 2,592)
_______ _______ _______
( 175) ( 12,785) ( 12,960)
_______ _______ _______