Registered Number 00750570

ACTION SEALS LTD

Abbreviated Accounts

31 March 2014

ACTION SEALS LTD Registered Number 00750570

Abbreviated Balance Sheet as at 31 March 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 5,659 3,923
5,659 3,923
Current assets
Stocks 206,498 199,810
Debtors 438,613 433,914
Cash at bank and in hand 25,629 14,441
670,740 648,165
Creditors: amounts falling due within one year (86,389) (96,293)
Net current assets (liabilities) 584,351 551,872
Total assets less current liabilities 590,010 555,795
Provisions for liabilities (360) (473)
Total net assets (liabilities) 589,650 555,322
Capital and reserves
Called up share capital 3 20,000 20,000
Profit and loss account 569,650 535,322
Shareholders' funds 589,650 555,322
  • For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 23 June 2014

And signed on their behalf by:
S J Quail, Director

ACTION SEALS LTD Registered Number 00750570

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Income is recognised on an accruals basis according to delivery of the service or goods supplied.

Tangible assets depreciation policy
Fixtures, fittings and office equipment - 10% on cost
Computer equipment - 33% on cost
Fixed assets are reviewed on a regular basis. Any amendments to the estimated economic life of the assets is reflected in the depreciation charge.

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2Tangible fixed assets
£
Cost
At 1 April 2013 15,158
Additions 2,868
Disposals -
Revaluations -
Transfers -
At 31 March 2014 18,026
Depreciation
At 1 April 2013 11,235
Charge for the year 1,132
On disposals -
At 31 March 2014 12,367
Net book values
At 31 March 2014 5,659
At 31 March 2013 3,923
3Called Up Share Capital
Allotted, called up and fully paid:
2014
£
2013
£
20,000 Ordinary shares of £1 each 20,000 20,000

Ultimate parent company
The company is a wholly owned subsidiary of Beachbreeze Limited.

4Transactions with directors

Name of director receiving advance or credit: S J Quail
Description of the transaction: Advance
Balance at 1 April 2013: -
Advances or credits made: £ 35,061
Advances or credits repaid: £ 25,840
Balance at 31 March 2014: £ 9,221

As at 31 March 2013 the director, S J Quail, had a credit balance of £12,749. During the year he was advanced £47,810 in numerous and varying transactions, non of which were material in nature.
£25,840 was repaid, leaving a balance of £9,221 due to the company at the year end.
This advance is interest free with no formal repayment schedule.