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Unaudited Financial Statements for the Year Ended 31 October 2018 |
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Seal Trade Links Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 October 2018 |
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for |
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Seal Trade Links Ltd |
Seal Trade Links Ltd (Registered number: 09164354) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Seal Trade Links Ltd |
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Company Information |
for the Year Ended 31 October 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Crosby Court |
28 George Street |
Birmingham |
B3 1QG |
Seal Trade Links Ltd (Registered number: 09164354) |
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Balance Sheet |
31 October 2018 |
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31.10.18 | 31.10.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 8 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
Seal Trade Links Ltd (Registered number: 09164354) |
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Balance Sheet - continued |
31 October 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Seal Trade Links Ltd (Registered number: 09164354) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2018 |
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1. | STATUTORY INFORMATION |
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Seal Trade Links Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover is measured at the fair value of the consideration received or receivable net of Vat and trade discounts. The |
policies adopted for the recognition of turnover are as follows |
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Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
The Company has transferred the significant risks and rewards of ownership to the buyer |
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The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor |
effective control over the goods sold; |
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The amount of revenue can be measured reliably; |
It is probable that the Company will receive the consideration due under the transaction; and |
The costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less |
any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Seal Trade Links Ltd (Registered number: 09164354) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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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. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in the other |
administrative expenses. |
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Cash and cash equivalents |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other |
short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts |
are shown within borrowings in current liabilities. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price |
including transaction costs and are subsequently carried at amortised costs using the effective interest method unless |
the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
future receipts at a discounted at a market rate of interest. |
Financial assets are classified as receivable within one year are not amortised. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently |
carried at fair value and the changes in fair value are recognised in the profit or loss, except that investments in |
equity instruments that are not publicly traded and whose fair values cannot be measured at cost less impairment. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment |
at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred |
after the initial recognition of the financial asset, the estimate future cash flows have been affected. If an asset is |
impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated |
cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event accruing after impairment was recognized, the |
impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying |
amount would have been, had the impairment not previously been recognised. |
The impairment reversal is recognised in the profit or loss. |
Seal Trade Links Ltd (Registered number: 09164354) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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2. | ACCOUNTING POLICIES - continued |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to |
another entity, or if some significant risks and rewards of ownership are retained but control of the asset has been |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement |
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after |
deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares |
that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of future payments discounted at a market |
rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised costs using the effective interest method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price |
and subsequently measured at amortised cost using the effective interest method. |
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Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial |
instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are |
re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance |
costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
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Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value |
through profit or loss. Debt instruments may be designed as being measured at fair value through profit or loss to |
eliminate or reduce an accounting mismatch or if the instrument are measured and their performance evaluated on a |
fair value basis in accordance with a documented risk management or investment strategy. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Seal Trade Links Ltd (Registered number: 09164354) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2017 |
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Disposals | ( |
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At 31 October 2018 |
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AMORTISATION |
At 1 November 2017 |
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Eliminated on disposal | ( |
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At 31 October 2018 |
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NET BOOK VALUE |
At 31 October 2018 |
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At 31 October 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 November 2017 |
and 31 October 2018 |
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DEPRECIATION |
At 1 November 2017 |
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Charge for year |
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At 31 October 2018 |
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NET BOOK VALUE |
At 31 October 2018 |
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At 31 October 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.18 | 31.10.17 |
£ | £ |
Taxation and social security |
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Other creditors |
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Seal Trade Links Ltd (Registered number: 09164354) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.10.18 | 31.10.17 |
£ | £ |
Other creditors |
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Aditya Kasana (Director) invested an additional £11,700 during the 2017/18 financial year as a director's loan, |
taking the director's loan balance to £39,818 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 November 2017 | ( |
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Deficit for the year | ( |
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At 31 October 2018 | ( |
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