REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2017 |
for |
Action Seals Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2017 |
for |
Action Seals Ltd |
Action Seals Ltd (Registered number: 00750570) |
Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Action Seals Ltd |
Company Information |
for the Year Ended 31 March 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
68 Argyle Street |
Birkenhead |
CH41 6AF |
Action Seals Ltd (Registered number: 00750570) |
Abridged Balance Sheet |
31 March 2017 |
31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Action Seals Ltd (Registered number: 00750570) |
Abridged Balance Sheet - continued |
31 March 2017 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on |
Action Seals Ltd (Registered number: 00750570) |
Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
1. | STATUTORY INFORMATION |
Action Seals Ltd is a |
registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Changes in accounting policies |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with |
FRS102 Section 1A for small entities. The date of transition is 1 April 2016. |
The transition to FRS 102 Section 1A for small entities has resulted no changes in accounting policies to those |
used previously. |
Turnover |
Income is recognised on an accruals basis according to delivery of the goods supplied exclusive of VAT. |
Tangible fixed assets |
Fixtures, fittings & office equipment | - |
Computer equipment | - |
Fixed assets are reviewed on a regular basis. Any amendments to the estimated economic life of the assets is |
reflected in the depreciation charge. |
Stocks |
Stocks is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Cost is determined on a first in first out basis, and includes all direct costs incurred. Net realisable value is based |
on estimated selling price allowing for all further costs of completion and disposal. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, and |
directors' loans. |
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted |
amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss in recognised in the |
Statement of Income and Retained Earnings. |
Action Seals Ltd (Registered number: 00750570) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting estimates and areas of judgement |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, |
including expectations of future events that are believed to be reasonable under the circumstances. The company |
makes estimates and assumptions concerning the future. |
The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. |
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying |
amounts of assets and liabilities within the next financial year are discussed below; |
When an asset is purchased it is categorised into an asset class, the depreciation policy of each class estimates the |
economic life of all assets within the class. |
The depreciation policy of each asset class is determined by management and reviewed regularly for |
appropriateness. The depreciation policy adopted is based on historical experience as well as considering the |
future events which may impact the useful economic life of all assets within each class, such as changes in |
market demands. |
In addition FRS 102 requires an entity to assess at each reporting date whether there is any indication that assets |
within a class may be impaired i.e. the recoverable amount of the asset is less than the carrying amount. If any |
such indication exists, management are required to estimate the recoverable amount of the individual assets |
concerned. |
Management judgement is applied to determine if revenue and costs should be recognised in the current period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
DEPRECIATION |
At 1 April 2016 |
Charge for year |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
Action Seals Ltd (Registered number: 00750570) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
31 March 2016: |
31.3.17 | 31.3.16 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
6. | RELATED PARTY DISCLOSURES |
At the year end, the company owed the directors, £28,241 (2016 - £7,374). Interest has been charged to the |
company in respect of these loans which are repayable on demand and classified in creditors due within one year. |
As at the year end the parent company, Beachbreeze Limited, owed Action Seals Ltd £273,959 (2016 - |
£273,959). |
Dividends paid to Beachbreeze Limited during the year totalled £80,000 (2016 - £72,000). |
The company is also deemed to be related to the Goodway Executive Retirement Fund, as Action Seals Ltd is |
now the sponsoring employer. |