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Company registration number: 08300921
SIB Group Ltd
Unaudited filleted financial statements
30 June 2023
SIB Group Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SIB Group Ltd
Directors and other information
Directors Mr R Buist
Mr M Morris (Appointed 12 September 2022)
Company number 08300921
Registered office Unit 51 Britannia Way
Britannia Enterprise Park
Lichfield
Staffordshire
WS14 9UY
Accountants Windsors Rybridge Ltd
9 Castle Court (2)
Castlegate Way
Dudley
West Midlands
DY1 4RH
SIB Group Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 296,001 257,334
Investments 5 100,000 100,000
_______ _______
396,001 357,334
Current assets
Debtors 6 7,865 3,302
Cash at bank and in hand 20,620 42,023
_______ _______
28,485 45,325
Creditors: amounts falling due
within one year 7 ( 27,495) ( 45,910)
_______ _______
Net current assets/(liabilities) 990 ( 585)
_______ _______
Total assets less current liabilities 396,991 356,749
Creditors: amounts falling due
after more than one year 8 ( 125,543) ( 144,531)
_______ _______
Net assets 271,448 212,218
_______ _______
Capital and reserves
Called up share capital 864 199
Profit and loss account 270,584 212,019
_______ _______
Shareholder funds 271,448 212,218
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
Mr R Buist
Director
Company registration number: 08300921
SIB Group Ltd
Statement of changes in equity
Year ended 30 June 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2021 199 207,690 207,889
Profit for the year 29,829 29,829
_______ _______ _______
Total comprehensive income for the year - 29,829 29,829
Dividends paid and payable ( 25,500) ( 25,500)
_______ _______ _______
Total investments by and distributions to owners - ( 25,500) ( 25,500)
_______ _______ _______
At 30 June 2022 and 1 July 2022 199 212,019 212,218
Profit for the year 84,065 84,065
_______ _______ _______
Total comprehensive income for the year - 84,065 84,065
Issue of shares 665 665
Dividends paid and payable ( 25,500) ( 25,500)
_______ _______ _______
Total investments by and distributions to owners 665 ( 25,500) ( 24,835)
_______ _______ _______
At 30 June 2023 864 270,584 271,448
_______ _______ _______
SIB Group Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 51 Britannia Way, Britannia Enterprise Park, Lichfield, Staffordshire, WS14 9UY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 0 %
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Tangible assets
Freehold property Motor vehicles Total
£ £ £
Cost
At 1 July 2022 257,334 - 257,334
Additions - 40,000 40,000
_______ _______ _______
At 30 June 2023 257,334 40,000 297,334
_______ _______ _______
Depreciation
At 1 July 2022 - - -
Charge for the year - 1,333 1,333
_______ _______ _______
At 30 June 2023 - 1,333 1,333
_______ _______ _______
Carrying amount
At 30 June 2023 257,334 38,667 296,001
_______ _______ _______
At 30 June 2022 257,334 - 257,334
_______ _______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 July 2022 and 30 June 2023 100,000 100,000
_______ _______
Impairment
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 100,000 100,000
_______ _______
At 30 June 2022 100,000 100,000
_______ _______
6. Debtors
2023 2022
£ £
Amounts owed by group undertakings - 2,502
Other debtors 7,865 800
_______ _______
7,865 3,302
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans 19,821 20,764
Trade creditors - 9,600
Accruals 1,645 1,645
Corporation tax - 13,806
Obligations under hire purchase agreements 6,006 -
Director loan accounts 23 95
_______ _______
27,495 45,910
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 104,022 144,531
Obligations under hire purchase agreements 21,521 -
_______ _______
125,543 144,531
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 34,904 (2022 £ 64,094 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors due after more than 5 years relate to a mortgage with Barclays, which is repayable by instalments over 15 years, with interest charged at 8.15%.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R Buist ( 95) 25,572 ( 25,500) ( 23)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R Buist ( 167) 25,572 ( 25,500) ( 95)
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Studrock Industrial Boilers Ltd 24,000 54,000 - 2,502
_______ _______ _______ _______
The company holds a shareholding in Studrock Industrial Boilers Ltd, a company registered in England. During the year SIB Group Ltd charged £24,000 in rent (2022: £24,000 rent and £30,000 administration charges) to Studrock Industrial Boilers Ltd. At the balance sheet date an amount of £0 was owed to SIB Group Ltd by Studrock Industrial Boilers Ltd (2022: £2,502).
11. Controlling party
The ultimate controlling party is Mr R Buist , being the majority shareholder and director of the company.