REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
SIS Global Seating Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
VAT |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 7,979 | - |
Other creditors |
Customer deposits |
Accrued expenses |
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 |
Provided during year |
Balance at 31 March 2023 |
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. |