British Seals & Rubber Mouldings Limited - Accounts

Registered number

00951617

British Seals & Rubber Mouldings Limited

Report and Accounts

30 November 2020

British Seals & Rubber Mouldings Limited

Company Information

Directors

R D Jones

A Thurlbourn

D G Tilson (Resigned 1 November 2020)

Y Jones

G E Mazurkewicz (Appointed 15 January 2021)

Auditors

Begbies

9 Bonhill Street

LONDON

EC2A 4DJ

Registered office

BG Office

7 Brundon Lane

Sudbury

Suffolk

CO10 1XR

Registered number

00951617

British Seals & Rubber Mouldings Limited
Registered number:			00951617
Directors' Report
The directors present their report and accounts for the year ended 30 November 2020.
Directors
The following persons served as directors during the year:
	R D Jones
	A Thurlbourn
	D G Tilson (Resigned 1 November 2020)
	Y Jones
In accordance with the Articles of Association, A Thurlbourn and G E Mazurkewicz retire and offer themselves for re-election.
Directors' responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts 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 accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	prepare the accounts 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 accounts 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.

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.

Small company provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 6 October 2021 and signed on its behalf.

A Thurlbourn

Director

British Seals & Rubber Mouldings Limited

Independent auditor's report

to the members of British Seals & Rubber Mouldings Limited

Opinion

We have audited the accounts of British Seals & Rubber Mouldings Limited for the year ended 30 November 2020 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including a summary of 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).
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.
In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 30 November 2020 and of its loss 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 of 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 accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, 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.
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
●	the directors' use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or
●	the directors have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue.
Other information
The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts 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. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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 directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and
●	the directors’ report has 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 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 accounts 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; or
●	the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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 accounts

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Christopher Pexton FCA
(Senior Statutory Auditor)
for and on behalf of		9 Bonhill Street
Begbies		LONDON
Accountants and Statutory Auditors		EC2A 4DJ
6 October 2021

British Seals & Rubber Mouldings Limited
Profit and Loss Account
for the year ended 30 November 2020
						2020		2019
£							£
Turnover						2,225,999		2,523,422
Cost of sales						(1,451,058)		(1,682,813)
Gross profit						774,941		840,609
Distribution costs						(41,938)		(54,840)
Administrative expenses						(780,573)		(880,511)
Other operating income						41,188		-
Operating loss						(6,382)		(94,742)
Loss on the disposal of tangible fixed assets						(11,936)		-
Interest payable						(12,183)		(11,906)
Loss on ordinary activities before taxation						(30,501)		(106,648)
Tax on loss on ordinary activities						-		27,238
Loss for the financial year						(30,501)		(79,410)

British Seals & Rubber Mouldings Limited
Registered number:			00951617
Balance Sheet
as at 30 November 2020
Notes				2020			2019
£					£
Fixed assets
Tangible assets	3			128,434			176,164
Current assets
Stocks			200,983			485,596
Debtors	4		1,044,431			887,262
Cash at bank and in hand			360,402			76,236
			1,605,816			1,449,094
Creditors: amounts falling due within one year	5		(602,196)			(425,823)
Net current assets				1,003,620			1,023,271
Total assets less current liabilities				1,132,054			1,199,435
Creditors: amounts falling due after more than one year	6			(13,604)			(50,484)
Net assets				1,118,450			1,148,951
Capital and reserves
Called up share capital				25,000			25,000
Profit and loss account				1,093,450			1,123,951
Shareholders' funds				1,118,450			1,148,951
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
A Thurlbourn
Director
Approved by the board on 6 October 2021

British Seals & Rubber Mouldings Limited
Notes to the Accounts
for the year ended 30 November 2020
1	Accounting policies
	Basis of preparation
	The accounts 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 (as applied to small entities by section 1A of the standard).
	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:
	Plant and machinery			10% and 33.33% straight line basis
	Motor vehicles			25% reducing balance basis
	Fixtures and Fittings			20% and 25% straight line basis
	Leasehold improvements			Length of lease
	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.
	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.
	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.
	Government Grants
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in "other operating income" within profit and loss in the same period as the related expenditure. The company has not benefited from any other forms of government assistance.
1	Accounting policies (continued)
	Leased assets
	Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit as incurred Assets held under finance and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.
2	Employees					2020		2019
Number							Number
	Average number of persons employed by the company					13		14
3	Tangible fixed assets
		Fixtures and Fittings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 December 2019	209,964		458,058		37,485		705,507
	Additions	1,295		16,500		-		17,795
	Disposals	-		-		(37,485)		(37,485)
	At 30 November 2020	211,259		474,558		-		685,817
	Depreciation
	At 1 December 2019	165,395		341,947		22,001		529,343
	Charge for the year	31,249		18,792		3,548		53,589
	On disposals	-		-		(25,549)		(25,549)
	At 30 November 2020	196,644		360,739		-		557,383
	Net book value
	At 30 November 2020	14,615		113,819		-		128,434
	At 30 November 2019	44,569		116,111		15,484		176,164
4	Debtors					2020		2019
£							£
	Trade debtors					573,107		432,164
	Amounts owed by group undertakings					404,924		375,782
	Associated Undertakings					35,000		35,000
	Related Company					8,587		12,669
	Prepayments					22,813		31,647
						1,044,431		887,262
5	Creditors: amounts falling due within one year					2020		2019
£							£
	Debtor finance received (secured)					-		51,408
	Lease Purchase (Secured)					48,004		51,126
	Trade creditors					327,834		147,228
	Amounts owed to group undertakings					39,609		29,013
	Other taxes and social security costs					33,236		10,256
	Accruals					153,513		136,792
						602,196		425,823
6	Creditors: amounts falling due after one year					2020		2019
£							£
	Lease Purchase (Secured)					13,604		50,484
7	Pension commitments
	The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions made to the scheme and amounted to £11,270 (2019 : £13,722).
8	Contingent liabilities
	The company takes part in a group financial facility with the HSBC. This involves cross guarantees with all companies within the British Gaskets Group. A contingent liability therefore exists for the bank borrowings of the whole group. Total group indebtedness at the Balance Sheet date amounted to £Nil.
9	Related party transactions
	The company, as a wholly owned subsidiary, has taken advantage of the exemption contained in Financial Reporting Standard 102 Section 1A - small entities and has not disclosed details of transactions or balances with entities which form part of the group.
10	Controlling party
	The company is a wholly owned subsidiary of British Gaskets Limited whose registered office and principal place of business is 7 Brundon Lane, Sudbury, Suffolk
	The ultimate controlling party is R D Jones.
11	Other information
	British Seals & Rubber Mouldings Limited is a private company limited by shares and incorporated in England. Its registered office is:
	BG Office
	7 Brundon Lane
	Sudbury
	Suffolk
	CO10 1XR