Company Registration No. 12484009 (England and Wales)
SICHERN HARDWARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
SICHERN HARDWARE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
79,090
71,101
Current assets
Stocks
1,350,766
1,371,922
Debtors
4
246,130
207,413
Cash at bank and in hand
147,444
28,123
1,744,340
1,607,458
Creditors: amounts falling due within one year
5
(2,043,379)
(1,663,717)
Net current liabilities
(299,039)
(56,259)
Net (liabilities)/assets
(219,949)
14,842
Capital and reserves
Called up share capital
6
400,000
400,000
Profit and loss reserves
(619,949)
(385,158)
Total equity
(219,949)
14,842
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 12 November 2023
Mr Dinesh Patel
Director
Company registration number 12484009 (England and Wales)
SICHERN HARDWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Sichern Hardware Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stanburn House, 69 Old Church Lane, Stanmore, Middlesex, HA7 2RP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in existence for the foreseeable future. The validity of this assumption is dependent upon the availability of the financial support from the director. The director has agreed to provide sufficient financial support to enable the company to meet its liabilities as they fall due. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of the assets to their recoverable amount and provide for any further liabilities that may arise.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SICHERN HARDWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents 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.
1.7
Financial instruments
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 cost 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 discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
6
SICHERN HARDWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
41,653
36,564
1,917
23,101
103,235
Additions
4,378
208
25,761
30,347
At 28 February 2023
41,653
40,942
2,125
48,862
133,582
Depreciation and impairment
At 1 March 2022
13,206
10,924
424
7,580
32,134
Depreciation charged in the year
7,112
6,688
404
8,154
22,358
At 28 February 2023
20,318
17,612
828
15,734
54,492
Carrying amount
At 28 February 2023
21,335
23,330
1,297
33,128
79,090
At 28 February 2022
28,447
25,640
1,493
15,521
71,101
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
236,224
200,938
Other debtors
9,906
6,475
246,130
207,413
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
242,164
180,666
Taxation and social security
44,759
26,517
Other creditors
1,756,456
1,456,534
2,043,379
1,663,717
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary share of £1 each
200,000
200,000
200,000
200,000
B Ordinary share of £1 each
200,000
200,000
200,000
200,000
400,000
400,000
400,000
400,000
SICHERN HARDWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
7
Directors' transactions
As at balance sheet date, the company owed £874,940 (2022- £724,940) to the directors as an interest free loan repayable on demand.