Sismatico (U K) Limited 03290789 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the manufacture of conveyor systems Digita Accounts Production Advanced 6.30.9574.0 true 03290789 2022-04-01 2023-03-31 03290789 2023-03-31 03290789 bus:OrdinaryShareClass1 2023-03-31 03290789 core:CapitalRedemptionReserve 2023-03-31 03290789 core:RetainedEarningsAccumulatedLosses 2023-03-31 03290789 core:ShareCapital 2023-03-31 03290789 core:CurrentFinancialInstruments 2023-03-31 03290789 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03290789 core:Non-currentFinancialInstruments 2023-03-31 03290789 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03290789 core:FurnitureFittingsToolsEquipment 2023-03-31 03290789 core:LandBuildings 2023-03-31 03290789 core:MotorVehicles 2023-03-31 03290789 core:OtherPropertyPlantEquipment 2023-03-31 03290789 bus:SmallEntities 2022-04-01 2023-03-31 03290789 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03290789 bus:FullAccounts 2022-04-01 2023-03-31 03290789 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03290789 bus:RegisteredOffice 2022-04-01 2023-03-31 03290789 bus:Director3 2022-04-01 2023-03-31 03290789 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03290789 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03290789 core:Buildings 2022-04-01 2023-03-31 03290789 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 03290789 core:LandBuildings 2022-04-01 2023-03-31 03290789 core:MotorVehicles 2022-04-01 2023-03-31 03290789 core:OfficeEquipment 2022-04-01 2023-03-31 03290789 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 03290789 core:PlantMachinery 2022-04-01 2023-03-31 03290789 countries:England 2022-04-01 2023-03-31 03290789 2022-03-31 03290789 core:FurnitureFittingsToolsEquipment 2022-03-31 03290789 core:LandBuildings 2022-03-31 03290789 core:MotorVehicles 2022-03-31 03290789 core:OtherPropertyPlantEquipment 2022-03-31 03290789 2021-04-01 2022-03-31 03290789 2022-03-31 03290789 bus:OrdinaryShareClass1 2022-03-31 03290789 core:CapitalRedemptionReserve 2022-03-31 03290789 core:RetainedEarningsAccumulatedLosses 2022-03-31 03290789 core:ShareCapital 2022-03-31 03290789 core:CurrentFinancialInstruments 2022-03-31 03290789 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03290789 core:Non-currentFinancialInstruments 2022-03-31 03290789 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 03290789 core:FurnitureFittingsToolsEquipment 2022-03-31 03290789 core:LandBuildings 2022-03-31 03290789 core:MotorVehicles 2022-03-31 03290789 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03290789

Sismatico (U K) Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Sismatico (U K) Limited

(Registration number: 03290789)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,459,117

1,427,276

Current assets

 

Stocks

360,851

1,179,103

Debtors

5

539,262

786,543

Cash at bank and in hand

 

1,159,559

632,078

 

2,059,672

2,597,724

Creditors: Amounts falling due within one year

6

(855,237)

(1,633,046)

Net current assets

 

1,204,435

964,678

Total assets less current liabilities

 

2,663,552

2,391,954

Creditors: Amounts falling due after more than one year

6

(531,318)

(545,223)

Provisions for liabilities

(39,238)

(37,079)

Net assets

 

2,092,996

1,809,652

Capital and reserves

 

Called up share capital

7

65

65

Capital redemption reserve

65

65

Retained earnings

2,092,866

1,809,522

Shareholders' funds

 

2,092,996

1,809,652

For the financial year ending 31 March 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.

 

Sismatico (U K) Limited

(Registration number: 03290789)
Balance Sheet as at 31 March 2023

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


Mr M Marriott
Director

   
 

Sismatico (U K) Limited

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

1

General information

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

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registration number: 03290789

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.

Contract revenue recognition

Turnover is only recognised on a construction contract where the outcome can be estimated reliably. Turnover and costs are recognised by reference to the stage of completion of contract activity at the year end date. This is normally measured by the directors assessment of work performed to date.

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 and deferred 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 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.

 

Sismatico (U K) Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

over 50 years

Office equipment

20% per annum on written down value

Motor vehicles

25% per annum on written down value

Plant and machinery

20% per annum on written down value

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 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.

 

Sismatico (U K) Limited

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

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 17 (2022 - 20).

 

Sismatico (U K) Limited

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

4

Tangible assets

Freehold property
£

Office equipment
£

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 April 2022

1,439,306

71,001

239,316

249,515

1,999,138

Additions

8,939

2,444

122,057

19,993

153,433

Disposals

-

-

(96,527)

-

(96,527)

At 31 March 2023

1,448,245

73,445

264,846

269,508

2,056,044

Depreciation

At 1 April 2022

201,936

43,629

159,012

167,285

571,862

Charge for the year

40,524

5,813

28,019

17,958

92,314

Eliminated on disposal

-

-

(67,249)

-

(67,249)

At 31 March 2023

242,460

49,442

119,782

185,243

596,927

Carrying amount

At 31 March 2023

1,205,785

24,003

145,064

84,265

1,459,117

At 31 March 2022

1,237,370

27,372

80,304

82,230

1,427,276

5

Debtors

2023
£

2022
£

Trade debtors

483,282

714,371

Prepayments

55,980

49,323

Other debtors

-

22,849

 

539,262

786,543

 

Sismatico (U K) Limited

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

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

17,358

21,856

Trade creditors

 

198,641

501,937

Social security and other taxes

 

171,255

108,379

Other creditors

 

467,983

1,000,874

 

855,237

1,633,046

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

531,318

545,223

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

65

65

65

65

         
 

Sismatico (U K) Limited

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

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,358

21,856

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

531,318

545,223

Creditors include bank borrowings repayable by instalments of £450,498 (2022 - £451,223) due after more than five years.

The bank borrowings are secured on the assets of the company together with a personal guarantee from the directors limited to £30,000.