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Registration number: NI669951

Siomac Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Siomac Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Siomac Ltd

(Registration number: NI669951)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

48,861

-

Investments

5

110

110

 

48,971

110

Current assets

 

Stocks

6

1,001,547

772,204

Debtors

7

357,788

175,908

Cash at bank and in hand

 

3,387

103,584

 

1,362,722

1,051,696

Creditors: Amounts falling due within one year

8

(25,758)

(7,630)

Net current assets

 

1,336,964

1,044,066

Net assets

 

1,385,935

1,044,176

Capital and reserves

 

Called up share capital

9

112

112

Retained earnings

1,385,823

1,044,064

Shareholders' funds

 

1,385,935

1,044,176

For the financial year ending 31 July 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

.........................................
Alan J Rodgers
Director

 

Siomac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
163 Steeple Road
Kells
Ballymena
BT42 3NP

These financial statements were authorised for issue by the Board on 20 October 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Siomac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. 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. 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.

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.

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.

 

Siomac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

Additions

48,861

At 31 July

48,861

There has been no valuation of investment property by an independent valuer.

5

Investments

2023
£

2022
£

Investments in subsidiaries

110

110

Subsidiaries

£

Cost or valuation

At 1 August 2022

110

Provision

Carrying amount

At 31 July 2023

110

At 31 July 2022

110

6

Stocks

2023
£

2022
£

Other inventories

1,001,547

772,204

7

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

34,951

38,681

Other debtors

 

322,837

137,227

 

357,788

175,908

 

Siomac Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

18,542

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

4,912

5,172

Accruals and deferred income

 

1,500

1,750

Other creditors

 

804

708

 

25,758

7,630

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

110

110

110

110

         

10

Related party transactions

Summary of transactions with subsidiaries

During the year the company received dividend income from and extended loans to other group companies. At the balance sheet date the company is owed £34,951 (2022: £38,681) from a group company and owes £4,912 (2022: £5,172) to another. All loans are interest free and repayable on demand.