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Registered number: 03429729


SIGMATEK EUROPE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

 
SIGMATEK EUROPE LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 7


 
SIGMATEK EUROPE LIMITED
REGISTERED NUMBER:03429729

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,971
22,910

Investments
 5 
221,303
221,303

  
250,274
244,213

Current assets
  

Debtors: amounts falling due within one year
 6 
963,781
1,022,710

Cash at bank and in hand
  
371,089
261,546

  
1,334,870
1,284,256

Creditors: amounts falling due within one year
 7 
(5,750,342)
(5,165,455)

Net current liabilities
  
 
 
(4,415,472)
 
 
(3,881,199)

  

Net liabilities
  
(4,165,198)
(3,636,986)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(4,165,398)
(3,637,186)

  
(4,165,198)
(3,636,986)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2023.




C Cooper
J M Johansson
Director
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
SIGMATEK EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

SigmaTEK Europe Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England. The address of the registered office is 10/11 Amber Business Village, Amber Close, Amington, Tamworth, Staffordshire, B77 4RP which is also the address of its principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the accounts on a going concern basis. The directors consider this to be appropriate as they have received assurances from other companies within the group to the effect that they will continue to make funds available to the company for the forseeable future and will continue to meet the company's obligations as and when they fall due. If for any reason this does not continue to be the case, then the going concern basis may not be appropriate.

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
SIGMATEK EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both reducing balance and straight line methods.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Office equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 3

 
SIGMATEK EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2021 - 16).

Page 4

 
SIGMATEK EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost 


At 1 January 2022
20,909
56,752
77,661


Additions
-
15,124
15,124



At 31 December 2022

20,909
71,876
92,785



Depreciation


At 1 January 2022
20,418
34,333
54,751


Charge for the year on owned assets
123
8,940
9,063



At 31 December 2022

20,541
43,273
63,814



Net book value



At 31 December 2022
368
28,603
28,971



At 31 December 2021
491
22,419
22,910


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 January 2022
221,303



At 31 December 2022
221,303




Page 5

 
SIGMATEK EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£


Trade debtors
780,771
973,158

Amounts owed by group undertakings
130,129
5,479

Other debtors
44,073
44,073

Prepayments and accrued income
8,808
-

963,781
1,022,710



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
67,528
3,315,871

Amounts owed to group undertakings
453,655
428,512

Other taxation and social security
242,589
256,643

Other creditors
4,416,459
17,350

Accruals and deferred income
570,111
1,147,079

5,750,342
5,165,455



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £78,973 (2021: £64,070). Contributions totalling £4,618 (2021: £5,887) were payable to the fund at the balance sheet date and are included in creditors.


9.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
26,480
26,480

Later than 1 year and not later than 5 years
39,974
66,454

66,454
92,934

Page 6

 
SIGMATEK EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Parent undertaking

The immediate parent is SigmaTEK Systems LLC, incorporated in the USA, the ultimate parent is Sandvik AB, incorporated in Sweden.
The company has taken advantage of the exemption conferred by section 1A of FRS102 to not disclose transactions with SigmaTEK Systems LLC or other wholly owned subsidiaries within the group.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 17 October 2023 by Christopher Barlow BFP FCA FCCA (Senior statutory auditor) on behalf of MHA.

 
Page 7