Apaseal Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 01601877 (England and Wales)

Financial Statements

for the Year Ended 31 December 2022

for

Apaseal Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Formon

M P Parkinson

A Quincey

R C Steward

SECRETARY:

M P Parkinson

REGISTERED OFFICE:

Unita 4a Park Lane Business Park

Park Lane

Kirkby in Ashfield

Nottinghamshire

NG17 9GU

BUSINESS ADDRESS:

29 Brunel Way

Thetford

Norfolk

IP24 1HP

REGISTERED NUMBER:

01601877 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

CURRENT ASSETS

Debtors

5

2,723,422

2,816,741

Cash at bank

146,676

8,090

2,870,098

2,824,831

CREDITORS

Amounts falling due within one year

6

944,128

960,626

NET CURRENT ASSETS

1,925,970

1,864,205

TOTAL ASSETS LESS CURRENT LIABILITIES

1,925,970

1,864,205

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

1,915,970

1,854,205

1,925,970

1,864,205

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 13 July 2023 and were signed on its behalf by:

M P Parkinson - Director

1.	STATUTORY INFORMATION

Apaseal 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of trading assets - these involve judgements as to the extent to which provisions are required to account for the risk of irrecoverability.

Turnover

Turnover represents the total invoice 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 of the goods 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on cost

Motor vehicles

-

20% on cost

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

If there is an indication that there has been significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Defined contribution pension 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2022

and 31 December 2022

73,443

25,417

12,212

111,072

DEPRECIATION

At 1 January 2022

and 31 December 2022

73,443

25,417

12,212

111,072

NET BOOK VALUE

At 31 December 2022

-

-

-

-

At 31 December 2021

-

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

652,957

556,477

Amounts owed by group undertakings

2,065,165

2,253,266

Other debtors

5,300

6,998

2,723,422

2,816,741

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

225,435

272,140

Trade creditors

33,929

24,384

Amounts owed to group undertakings

472,333

472,333

Taxation and social security

110,909

103,752

Other creditors

101,522

88,017

944,128

960,626

The amounts received under an invoice discount agreement are secured on the book debts of the company.

The company's bank also holds as security an inter-company guarantee with other Pang 2005 group companies and a debenture over all assets of the company.

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Newman LLB BFP FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

8.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Pang (2005) Limited, a company incorporated in England and Wales. The ultimate parent undertaking is Tyre Valve Specialists Holdings Limited, a company also incorporated in England and Wales.

Tyre Valve Specialists Holdings Limited prepares the only consolidated accounts in the group that incorporate the results of Apaseal Limited. Consolidated accounts for this company are available from Companies House. The registered office of Tyre Valve Specialists Holdings Limited is that of Apaseal Limited.

9.	CONTINGENT ASSETS AND LIABILITIES

The company is a member of a VAT group and as such has contingent liabilities for VAT in respect of other members. At the statement of financial position date the potential liability amounted to £37,085 (2021 - £45,442).

The company has given an unlimited joint and several guarantee on the bank borrowings of certain fellow group undertakings. At the statement of financial position date these borrowings amounted to £318,392 (2021 - £331,161).