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Registration number: 09811289

Martin Siddy Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Martin Siddy Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Martin Siddy Ltd

Company Information

Directors

Mr Martin Brian Siddy

Mrs Siobhan Siddy

Registered office

102 Fulham Palace Road
London
W6 9PL

Accountants

Michaelides Warner & Co Limited
102 Fulham Palace Road
London
W6 9PL

 

Martin Siddy Ltd

(Registration number: 09811289)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

449

674

Current assets

 

Debtors

5

526,367

507,000

Cash at bank and in hand

 

63

1,200

 

526,430

508,200

Creditors: Amounts falling due within one year

6

(329,901)

(298,795)

Net current assets

 

196,529

209,405

Total assets less current liabilities

 

196,978

210,079

Creditors: Amounts falling due after more than one year

6

(40,359)

(50,000)

Net assets

 

156,619

160,079

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

156,618

160,078

Shareholders' funds

 

156,619

160,079

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Martin Siddy Ltd

(Registration number: 09811289)
Balance Sheet as at 28 February 2022

Approved and authorised by the Board on 13 September 2022 and signed on its behalf by:
 

.........................................
Mr Martin Brian Siddy
Director

 

Martin Siddy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
102 Fulham Palace Road
London
W6 9PL
England

2

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.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

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

25% Straight Line

 

Martin Siddy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Martin Siddy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Recognition and measurement
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like investments, trade and other debtors and creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are
measured, initially and subsequently, at the undiscounted amount of the cash or cash consideration expected
to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Martin Siddy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2021

899

899

At 28 February 2022

899

899

Depreciation

At 1 March 2021

225

225

Charge for the year

225

225

At 28 February 2022

450

450

Carrying amount

At 28 February 2022

449

449

At 28 February 2021

674

674

5

Debtors

Current

2022
£

2021
£

Other debtors

526,367

507,000

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10,090

-

Trade creditors

 

60

90

Accruals and deferred income

 

2,800

3,000

Other creditors

 

316,951

295,705

 

329,901

298,795

 

Martin Siddy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Share of £0.01 each

100

1

100

1

         

8

Related party transactions

Transactions with directors

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr Martin Brian Siddy

Amounts due to/(from) the Director

97,181

(671)

7,544

104,054

         
       

Mrs Siobhan Siddy

Amount due to/(from) the Director

97,181

(5,092)

11,965

104,054

         
       

 

2021

At 1 March 2020
£

Advances to director
£

Repayments by director
£

At 28 February 2021
£

Mr Martin Brian Siddy

Amounts due to/(from) the Director

90,659

(1,470)

7,992

97,181

         
       

Mrs Siobhan Siddy

Amount due to/(from) the Director

90,659

(4,248)

10,771

97,181