REGISTERED NUMBER: 00750570 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Action Seals Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Quail

Mrs L C Quail

A E Quail

SECRETARY:

S J Quail

REGISTERED OFFICE:

Westfield Road

Wallasey

Merseyside

CH44 7JA

REGISTERED NUMBER:

00750570 (England and Wales)

ACCOUNTANTS:

McEwan Wallace Limited

68 Argyle Street

Birkenhead

CH41 6AF

FIXED ASSETS

Tangible assets

4

5,079

7,785

CURRENT ASSETS

Stocks

272,738

228,738

Debtors

423,651

383,128

Cash at bank and in hand

6,173

12,861

702,562

624,727

CREDITORS

Amounts falling due within one year

127,258

65,959

NET CURRENT ASSETS

575,304

558,768

TOTAL ASSETS LESS CURRENT LIABILITIES

580,383

566,553

PROVISIONS FOR LIABILITIES

875

1,385

NET ASSETS

579,508

565,168

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

559,508

545,168

SHAREHOLDERS' FUNDS

579,508

565,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 3 August 2017 and were signed on its behalf by:

S J Quail - Director

1.	STATUTORY INFORMATION

Action Seals Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

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

Fixtures, fittings & 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.

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.

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 7 (2016 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

24,148

DEPRECIATION

At 1 April 2016

16,363

Charge for year

2,706

At 31 March 2017

19,069

NET BOOK VALUE

At 31 March 2017

5,079

At 31 March 2016

7,785

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

£

£

S J Quail

Balance outstanding at start of year

704

44

Amounts advanced

-

32,040

Amounts repaid

(704

)

(31,380

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

704

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.