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REGISTERED NUMBER: 10242553 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

SIS Global Seating Limited

SIS Global Seating Limited (Registered number: 10242553)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SIS Global Seating Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P D Williams
Mrs M L Williams





REGISTERED OFFICE: 11 Kings Hill Industrial Estate
Bude
Cornwall
EX23 8QN





REGISTERED NUMBER: 10242553 (England and Wales)





ACCOUNTANTS: A C Mole
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

SIS Global Seating Limited (Registered number: 10242553)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 71,647 65,252
Tangible assets 5 23,494 20,117
95,141 85,369

CURRENT ASSETS
Stocks 6 125,323 77,026
Debtors 7 399,997 284,981
Cash at bank 431,419 375,681
956,739 737,688
CREDITORS
Amounts falling due within one year 8 847,564 664,660
NET CURRENT ASSETS 109,175 73,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

204,316

158,397

PROVISIONS FOR LIABILITIES 9 5,874 3,822
NET ASSETS 198,442 154,575

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 198,342 154,475
198,442 154,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:



P D Williams - Director



Mrs M L Williams - Director


SIS Global Seating Limited (Registered number: 10242553)

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

1. STATUTORY INFORMATION

SIS Global Seating Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company had net liabilities. The company is therefore reliant on continued financial support from its parent company, Zoeftig Limited. The company has confirmed that it will continue to provide this support, and the financial statements have therefore been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Where contracts for services span a number of accounting periods turnover is recognised based on the services delivered by the balance sheet date. Services which are in progress at the year end are included in contract work in progress in stock. Deposits received in advance are included within creditors.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Development costs are being amortised evenly over their estimated useful life of nil years.

The company capitalises development costs where there is a clearly defined project, the project revenues are expected to exceed total development costs and the recognition criteria of FRS102 (section 1A) are met. Such costs are amortised over the life of the project, being 3 years. Amortisation starts once product sales commence. Development costs which do not meet these criteria are written off to the profit and loss as incurred.

Development costs are initially measured at cost and subsequently measured at amortised cost.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Fixed assets are initially recorded at cost, and subsequently measured at cost less accumulated depreciation.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SIS Global Seating Limited (Registered number: 10242553)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price. Such assets are subsequently carried at amortised cost.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. Any impairment losses are recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. Trade and other creditors are measured at amortised cost using the effective interest method. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022 65,253
Additions 6,395
At 31 March 2023 71,648
AMORTISATION
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 71,647
At 31 March 2022 65,252

SIS Global Seating Limited (Registered number: 10242553)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 72,723
Additions 17,071
Disposals (110 )
At 31 March 2023 89,684
DEPRECIATION
At 1 April 2022 52,606
Charge for year 13,657
Eliminated on disposal (73 )
At 31 March 2023 66,190
NET BOOK VALUE
At 31 March 2023 23,494
At 31 March 2022 20,117

6. STOCKS
2023 2022
£    £   
Work-in-progress 125,323 77,026

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 311,407 143,633
Amounts owed by group undertakings 4,050 4,050
Other debtors 61,086 63,871
Tax 2,129 -
VAT - 53,280
Prepayments 21,325 20,147
399,997 284,981

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 146,837 139,708
Amounts owed to group undertakings 247,662 300,588
Social security and other taxes 4,911 -
VAT 7,979 -
Other creditors 15 -
Customer deposits 293,403 201,008
Accrued expenses 146,757 23,356
847,564 664,660

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 5,874 3,822

SIS Global Seating Limited (Registered number: 10242553)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 3,822
Provided during year 2,052
Balance at 31 March 2023 5,874

Deferred tax is in respect of timing differences caused by accelerated capital allowances. A deferred tax asset is separately recognised in respect of brought forward trading losses.

10. RELATED PARTY DISCLOSURES

The company has not entered into any transactions with related parties other than under normal market conditions, in the current or preceding year.

11. PARENT COMPANY

The ultimate parent company is PNM Management Limited. The parent company's registered office is
Cobar Chase, The Street, Luckington, Wiltshire, England, SN14 6NP
The ultimate controlling party is the directors.