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Registration number: 5560477

Sirtec Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Sirtec Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Sirtec Limited

Company Information for the Year Ended 30 November 2021

Director

G Violentis

Registered office

Trident House
105 Derby Road
Liverpool
L20 8LZ

Accountants

Whitnalls
Chartered Certified Accountants
Trident House
105 Derby Road
Liverpool
L20 8LZ

 

Sirtec Limited

(Registration number: 5560477)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed Assets

 

Tangible Assets

3

6,932

8,502

Current assets

 

Stocks

4

1,000

500

Debtors

5

-

2,586

Cash at bank and in hand

 

28,271

9,691

 

29,271

12,777

Creditors: Amounts falling due within one year

6

(52,335)

(45,021)

Net current liabilities

 

(23,064)

(32,244)

Net liabilities

 

(16,132)

(23,742)

Capital and Reserves

 

Called up share capital

8

1

1

Retained Earnings

(16,133)

(23,743)

Shareholders' deficit

 

(16,132)

(23,742)

For the financial year ending 30 November 2021 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 August 2022
 

.........................................

G Violentis

Director

 

Sirtec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

15% reducing balance

Fixtures and fittings

10% reducing balance

 

Sirtec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 6 (2020 - 5).

 

Sirtec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

3

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2020

55,000

5,580

21,609

82,189

At 30 November 2021

55,000

5,580

21,609

82,189

Depreciation

At 1 December 2020

55,000

4,224

14,463

73,687

Charge for the year

-

136

1,434

1,570

At 30 November 2021

55,000

4,360

15,897

75,257

Carrying amount

At 30 November 2021

-

1,220

5,712

6,932

At 30 November 2020

-

1,356

7,146

8,502

Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of long leasehold land and buildings.
 

4

Stocks

2021
£

2020
£

Other inventories

1,000

500

5

Debtors

Current

2021
£

2020
£

Other debtors

-

2,586

 

Sirtec Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

7

41,759

37,278

Taxation and social security

 

7,065

5,806

Accruals and deferred income

 

3,495

1,920

Other creditors

 

16

17

 

52,335

45,021

7

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Other borrowings

41,759

37,278

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1