Seals & Components Limited Small abridged accounts

SEALS AND COMPONENTS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Seals & Components Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 2561992

Seals & Components Limited

Unaudited Abridged Financial Statements

31 March 2017

B.S.S. & CO. (ACCOUNTANCY SERVICES) LTD

Chartered Certified Accountants

75 Aston Street

Shifnal

Shropshire

TF11 8DU

Seals & Components Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

Seals & Components Limited

Director's Report

Year ended 31 March 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Director

The director who served the company during the year was as follows:

Mr K A Brazier

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 28 June 2017 and signed on behalf of the board by:

Mr K A Brazier
Director

Registered office:

Village Road

Norton

Nr Shifnal

Shropshire

TF11 9ED

Seals & Components Limited

Statement of Income and Retained Earnings

Year ended 31 March 2017

	2017	2016
Note	£	£
Gross profit	105,701	98,418

Administrative expenses	63,644	69,204
	---------	--------
Operating profit	42,057	29,214

Other interest receivable and similar income		2	37
Interest payable and similar expenses		372	–
		---------	--------
Profit before taxation	5	41,687	29,251

Tax on profit	9,073	6,815
	--------	--------
Profit for the financial year and total comprehensive income	32,614	22,436
	--------	--------

Dividends paid and payable	( 24,800)	( 34,760)

Retained earnings at the start of the year	58,184	70,508
	--------	--------
Retained earnings at the end of the year	65,998	58,184
	--------	--------

All the activities of the company are from continuing operations.

Seals & Components Limited

Abridged Statement of Financial Position

31 March 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	6	3,581	4,044

Current assets

Stocks	60,096	56,096
Debtors	71,443	40,496
Cash at bank and in hand	6,171	3,624
	---------	---------
	137,710	100,216

Creditors: amounts falling due within one year	75,196	46,023
	---------	---------
Net current assets	62,514	54,193
	--------	--------
Total assets less current liabilities	66,095	58,237

Provisions	95	51
	--------	--------
Net assets	66,000	58,186
	--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	65,998	58,184
	--------	--------
Members funds	66,000	58,186
	--------	--------

These abridged financial statements have been prepared 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'.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Seals & Components Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 28 June 2017 , and are signed on behalf of the board by:

Mr K A Brazier
Director

Company registration number: 2561992

Seals & Components Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Village Road, Norton, Nr Shifnal, TF11 9ED, Shropshire.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Disclosure exemptions

No cash flow statement has been presented for the company.

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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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	-	20% reducing balance
Computer equipment & furniture	-	20% straight line
Motor vehicles	-	20% reducing balance

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 stock to its present location and condition.

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 abridged 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 2 (2016: 2).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	1,216	1,417
	-------	-------

6. Tangible assets

	£
Cost
At 1 April 2016	51,793
Additions	753
	--------
At 31 March 2017	52,546
	--------
Depreciation
At 1 April 2016	47,749
Charge for the year	1,216
	--------
At 31 March 2017	48,965
	--------
Carrying amount
At 31 March 2017	3,581
	--------
At 31 March 2016	4,044
	--------

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	3,592	3,592
Later than 1 year and not later than 5 years	3,592	7,184
	-------	--------
	7,184	10,776
	-------	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr K A Brazier	( 47)	299	252
	----	----	----

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr K A Brazier	–	( 47)	( 47)
	----	----	----

9. Related party transactions

During the year the company made payments of £Nil (2016: £nil) for administration services to its parent company B & B (Norton) Limited. During the year dividends totalling £24,800 (2016: £34,760) were paid to the parent company, B & B (Norton) Limited.

10. Controlling party

The company is controlled by B & B (Norton) Limited, a company incorporated in England, which owns 100% of the issued share capital of Seals & Components Limited . Monies outstanding to this company at the balance sheet date amounted to £Nil (2016: £Nil).

11. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.