Nicholsons Sealing Technologies Limited - Accounts

Registered number

00188150

Nicholsons Sealing Technologies Limited

Report and Financial Statements

31 March 2022

Nicholsons Sealing Technologies Limited
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Statement of directors' responsibilities	3
Strategic report	4
Independent auditor's report	5-7
Income statement	8
Statement of financial position	9
Statement of changes in equity	10
Statement of cash flows	11
Notes to the financial statements	12-18

Nicholsons Sealing Technologies Limited

Company Information

Directors

N P Green

E C Green

Auditors

Laverick Walton & Co.

B3 Kingfisher House

Kingsway, Team Valley

Gateshead

Tyne & Wear

NE11 0JQ

Bankers

Barclays Bank plc

Registered office

Amos Drive

Greencroft Industrial Park

Stanley

Co Durham

DH9 7YE

Registered number

00188150

Nicholsons Sealing Technologies Limited
Registered number:				00188150
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2022.
Principal activities
The company's principal activity during the year continued to be the manufacture of specialist sealing products for automotive and aerospace industries.
Research and development
The company undertakes research and development on an ongoing basis to improve its current range of products, and to develop new products and procedures, mainly within, but not limited to the automotive and aerospace sectors.
Dividends
The directors recommend a final dividend of £1.423 (2021:£1.221) per share
Directors
The following persons served as directors during the year:
	N P Green
	E C Green
Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board on 7 December 2022 and signed on its behalf.

Mr N P Green

Director

Nicholsons Sealing Technologies Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Nicholsons Sealing Technologies Limited
Strategic Report
Review of the business
Due to the Covid-19 global pandemic, as with many other companies in the aerospace sector, company turnover and profitability decreased. As the pandemic has started to ease in the latter part of 2021/22, business is slowly returning. Turnover has increased by 7% from last year, and profit on ordinary activities before taxation has slightly increased. The directors have identified, and set out below, the key performance indicators:
Key performance indicators	2022	2021
£		£
Gross profit	4,873,149	4,100,837
Profit for the financial year	988,220	845,780
Net assets	5,729,087	5,725,867
Future developments
The directors consider that FY 2022/23 will see further improvements on FY 2021/22, however the return to pre Covid-19 pandemic levels of turnover and profitablility may take some years . The main risks and uncertainties that the directors believe may affect the company in the future are listed below.
Principal risks and uncertainties
The performance of the company is subject to a number of risks, including the current covid-19 pandemic and it's impact on the aerospace sector, supply chain, customer pricing agreements and demand, global market conditions, competition and globalisation, process capability, availability of qualified staff, loss of major key customers, health and safety, environmental, cyber security and quality issues, critical equipment and site continuity. These risks are regularly reviewed by the board of directors and appropriate processes have been put in place to monitor and mitigate risks where possible.
This report was approved by the board on 7 December 2022 and signed by its order.
Mr N P Green
Director

Nicholsons Sealing Technologies Limited

Independent auditor's report

to the member of Nicholsons Sealing Technologies Limited

Opinion

We have audited the financial statements of Nicholsons Sealing Technologies Limited (the 'company') for the year ended 31 March 2022 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
●	give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the financial statements are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant identified that directly affect the financial statements include financial reporting legislation (including related companies' legislation), distributable profits legislation, and taxation legislation. The company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Health and Safety, Employment Law and Data Protection regulations, recognising the nature of the company's activities. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:

•making enquiries of directors and management as to where they consider there to be susceptibility to fraud and whether they have any knowledge or suspicion of fraud; •obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; •assessing the design effectiveness of the controls in place to prevent and detect fraud; •assessing the risk of management override, including identifying and testing journal entries;

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr K M Thomson
(Senior Statutory Auditor)		B3 Kingfisher House
for and on behalf of		Kingsway, Team Valley
Laverick Walton & Co.		Gateshead
Statutory Auditor		Tyne & Wear
7 December 2022		NE11 0JQ

Nicholsons Sealing Technologies Limited
Income Statement
for the year ended 31 March 2022
Notes						2022		2021
£							£
Turnover				3		9,889,850		9,241,454
Cost of sales						(5,016,701)		(5,140,617)
Gross profit						4,873,149		4,100,837
Distribution costs						(199,518)		(145,012)
Administrative expenses						(3,569,097)		(3,533,649)
Other operating income						-		679,150
Operating profit				4		1,104,534		1,101,326
Profit on ordinary activities before taxation						1,104,534		1,101,326
Tax on profit on ordinary activities				7		(116,314)		(255,546)
Profit for the financial year						988,220		845,780

Nicholsons Sealing Technologies Limited
Statement of Financial Position
as at 31 March 2022
Notes				2022			2021
£					£
Fixed assets
Tangible assets	8			2,419,866			2,914,140
Investments	9			1,872,215			1,872,215
				4,292,081			4,786,355
Current assets
Stocks	10		2,546,114			2,626,272
Debtors	11		2,643,662			2,074,479
Cash at bank and in hand			1,696,174			2,022,777
			6,885,950			6,723,528
Creditors: amounts falling due within one year	12		(5,174,923)			(5,404,452)
Net current assets				1,711,027			1,319,076
Total assets less current liabilities				6,003,108			6,105,431
Provisions for liabilities
Deferred taxation	13			(274,021)			(379,564)
Net assets				5,729,087			5,725,867
Capital and reserves
Called up share capital	14			691,958			691,958
Share premium	15			855,633			855,633
Other reserves	16			73,411			73,411
Profit and loss account	17			4,108,085			4,104,865
Total equity				5,729,087			5,725,867
Mr N P Green
Director
Approved by the board on 7 December 2022

Nicholsons Sealing Technologies Limited
Statement of Changes in Equity
for the year ended 31 March 2022
Share			Share		Other		Profit		Total
capital			premium		reserves		and loss
account
£			£		£		£		£
At 1 April 2020		691,958		855,633		73,411		4,104,085		5,725,087
Profit for the financial year		-		-		-		845,780		845,780
Dividends		-		-		-		(845,000)		(845,000)
At 31 March 2021		691,958		855,633		73,411		4,104,865		5,725,867
At 1 April 2021		691,958		855,633		73,411		4,104,865		5,725,867
Profit for the financial year		-		-		-		988,220		988,220
Dividends		-		-		-		(985,000)		(985,000)
At 31 March 2022		691,958		855,633		73,411		4,108,085		5,729,087

Nicholsons Sealing Technologies Limited
Statement of Cash Flows
for the year ended 31 March 2022
Notes			2022		2021
£				£
Operating activities
Profit for the financial year			988,220		845,780
Adjustments for:
Tax on profit on ordinary activities			116,314		255,546
Depreciation			573,262		977,353
Decrease/(increase) in stocks			80,158		(86,050)
(Increase)/decrease in debtors			(569,183)		2,160,416
Increase/(decrease) in creditors			60,328		(5,882,215)
			1,249,099		(1,729,170)
Corporation tax paid			(511,714)		(299,582)
Cash generated by/(used in) operating activities			737,385		(2,028,752)
Investing activities
Payments to acquire tangible fixed assets			(130,704)		(89,401)
Proceeds from sale of tangible fixed assets			51,716		2,854,570
Cash (used in)/generated by investing activities			(78,988)		2,765,169
Financing activities
Equity dividends paid			(985,000)		(845,000)
Cash used in financing activities			(985,000)		(845,000)
Net cash used
Cash generated by/(used in) operating activities			737,385		(2,028,752)
Cash (used in)/generated by investing activities			(78,988)		2,765,169
Cash used in financing activities			(985,000)		(845,000)
Net cash used			(326,603)		(108,583)
Cash and cash equivalents at 1 April			2,022,777		2,131,360
Cash and cash equivalents at 31 March			1,696,174		2,022,777
Cash and cash equivalents comprise:
Cash at bank			1,696,174		2,022,777

Nicholsons Sealing Technologies Limited
Notes to the Accounts
for the year ended 31 March 2022
1	Summary of significant accounting policies
	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
	Consolidated accounts for the company and its subsidiary, Nicholsons Aircraft Seals Limited, have not been prepared as the company's accounts are already consolidated along with its parent company, Nicholsons Group Limited, and this company is therefore exempt from preparing consolidated accounts in accordance with section 400 of the Companies Act 2006.
	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Buildings			over 15 years on a straight line basis
	Plant and machinery			10% and 15% per annum on a straight line basis
	Computer equipment			over 5 years straight line basis
	Motor vehicles			25% per annum on a reducing balance basis

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.
2	Critical accounting estimates and judgements
	The company makes certain estimates and assumptions concerning the future. The resulting accounting estimates, by definition, will not always be the same as the actual results. Estimates and judgements are continually evaluated and are based on managements' historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year include fixed assets (note 8), stocks (note 10), prepayments (note 11) and accruals (note 12).
3	Analysis of turnover					2022		2021
£							£
	Sale of goods					9,889,850		9,241,454
	By geographical market:
	UK					4,358,090		4,620,293
	Europe					1,164,217		1,286,099
	North America					3,068,364		2,287,605
	Rest of world					1,299,179		1,047,457
						9,889,850		9,241,454
4	Operating profit					2022		2021
£							£
	This is stated after charging:
	Depreciation of owned fixed assets					573,262		977,353
	Research and development expenditure					151,508		201,139
	Auditors' remuneration for audit services					12,100		11,500
	Key management personnel compensation (including directors' emoluments)					106,711		107,294
	Carrying amount of stock sold					2,163,558		1,822,179
5	Directors' emoluments					2022		2021
£							£
	Company contributions to defined contribution pension plans					11,091		14,051
	Number of directors to whom retirement benefits accrued:					2022		2021
Number							Number
	Defined contribution plans					2		2
6	Staff costs					2022		2021
£							£
	Wages and salaries					2,501,369		2,731,660
	Social security costs					212,908		241,442
	Other pension costs					113,621		120,687
						2,827,898		3,093,789
						-		-
	Average number of employees during the year					Number	Number
	Administration					9		9
	Development					16		16
	Distribution					15		15
	Manufacturing					58		55
						98		95
7	Taxation					2022		2021
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					218,369		289,857
	Adjustments in respect of previous periods					3,488		699
						221,857		290,556
	Deferred tax:
	Origination and reversal of timing differences					(105,543)		(35,010)
	Tax on profit on ordinary activities					116,314		255,546
	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2022		2021
£							£
	Profit on ordinary activities before tax					1,104,534		1,101,326
	Standard rate of corporation tax in the UK					19%		19%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					209,861		209,252
	Effects of:
	Capital allowances for period in excess of depreciation					45,930		130,286
	R&D enhanced expenditure					(37,422)		(49,681)
	Adjustments to tax charge in respect of previous periods					3,488		699
	Current tax charge for period					221,857		290,556
	Factors that may affect future tax charges
	The UK Government has announced an increase to Mainstream Corporation Tax Rates from 1st April 2023. The rate will increase from 19% to 25%. This will increase future tax charges for the company.
8	Tangible fixed assets
				Land and buildings		Plant and machinery		Total
				At cost		At cost
£					£		£
	Cost or valuation
	At 1 April 2021			236,045		8,146,603		8,382,648
	Additions			-		130,704		130,704
	Disposals			(51,716)		-		(51,716)
	At 31 March 2022			184,329		8,277,307		8,461,636
	Depreciation
	At 1 April 2021			49,940		5,418,568		5,468,508
	Charge for the year			12,288		560,974		573,262
	At 31 March 2022			62,228		5,979,542		6,041,770
	Carrying amount
	At 31 March 2022			122,101		2,297,765		2,419,866
	At 31 March 2021			186,105		2,728,035		2,914,140
9	Investments
Investments in
subsidiary
undertakings
£
	Cost
	At 1 April 2021							1,872,215
	At 31 March 2022							1,872,215
	The company holds 20% or more of the share capital of the following companies:
Capital and							Profit (loss)
	Company	Shares held				reserves	for the year
		Class		%	£		£
	Nicholsons Aircraft Seals Ltd	Ordinary		100		1,872,215		-
10	Stocks					2022		2021
£							£
	Raw materials and consumables					917,444		691,471
	Work in progress					408,845		352,586
	Finished goods and goods for resale					1,219,825		1,582,215
						2,546,114		2,626,272
11	Debtors					2022		2021
£							£
	Trade debtors					2,440,828		1,934,604
	Other debtors					45,711		-
	Prepayments and accrued income					157,123		139,875
						2,643,662		2,074,479
12	Creditors: amounts falling due within one year					2022		2021
£							£
	Trade creditors					923,039		398,980
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					4,025,559		4,483,963
	Corporation tax					-		289,857
	Other taxes and social security costs					106,138		118,082
	Accruals and deferred income					120,187		113,570
						5,174,923		5,404,452
13	Deferred taxation					2022		2021
£							£
	Accelerated capital allowances					274,021		379,564
						2022		2021
£							£
	At 1 April					379,564		414,574
	Credited to the profit and loss account					(105,543)		(35,010)
	At 31 March					274,021		379,564
14	Share capital	Nominal		2022		2022		2021
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		691,958		691,958		691,958
15	Share premium					2022		2021
£							£
	At 1 April					855,633		855,633
	At 31 March					855,633		855,633
16	Other reserves					2022		2021
	Capital redemption reserve					£	£
	At 1 April					73,411		73,411
	At 31 March					73,411		73,411
17	Profit and loss account					2022		2021
£							£
	At 1 April					4,104,865		4,104,085
	Profit for the financial year					988,220		845,780
	Dividends					(985,000)		(845,000)
	At 31 March					4,108,085		4,104,865
18	Dividends					2022		2021
£							£
	Dividends on ordinary shares (note 17)					985,000		845,000
19	Government grants
	The full amount of grant received in the sum of £Nil (2021:£679,150) was released to other income during the year.
20	Controlling party
	The company is controlled by its ultimate parent undertaking, Nicholsons Group Limited.
21	Presentation currency
	The financial statements are presented in Sterling.
22	Legal form of entity and country of incorporation
	Nicholsons Sealing Technologies Limited is a private company limited by shares and incorporated in England.
23	Principal place of business
	The address of the company's principal place of business and registered office is:
	Amos Drive
	Greencroft Industrial Park
	Stanley
	Co Durham
	DH9 7YE