Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.142022-12-01falseNo description of principal activity14truetrue 07433883 2022-12-01 2023-11-30 07433883 2021-12-01 2022-11-30 07433883 2023-11-30 07433883 2022-11-30 07433883 c:Director1 2022-12-01 2023-11-30 07433883 d:OfficeEquipment 2022-12-01 2023-11-30 07433883 d:OfficeEquipment 2023-11-30 07433883 d:OfficeEquipment 2022-11-30 07433883 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07433883 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 07433883 d:OtherPropertyPlantEquipment 2023-11-30 07433883 d:OtherPropertyPlantEquipment 2022-11-30 07433883 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07433883 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07433883 d:ComputerSoftware 2023-11-30 07433883 d:ComputerSoftware 2022-11-30 07433883 d:OtherResidualIntangibleAssets 2022-12-01 2023-11-30 07433883 d:CurrentFinancialInstruments 2023-11-30 07433883 d:CurrentFinancialInstruments 2022-11-30 07433883 d:Non-currentFinancialInstruments 2023-11-30 07433883 d:Non-currentFinancialInstruments 2022-11-30 07433883 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 07433883 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 07433883 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 07433883 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 07433883 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 07433883 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 07433883 d:ShareCapital 2023-11-30 07433883 d:ShareCapital 2022-11-30 07433883 d:RetainedEarningsAccumulatedLosses 2023-11-30 07433883 d:RetainedEarningsAccumulatedLosses 2022-11-30 07433883 c:OrdinaryShareClass1 2022-12-01 2023-11-30 07433883 c:OrdinaryShareClass1 2023-11-30 07433883 c:OrdinaryShareClass1 2022-11-30 07433883 c:FRS102 2022-12-01 2023-11-30 07433883 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 07433883 c:FullAccounts 2022-12-01 2023-11-30 07433883 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07433883 2 2022-12-01 2023-11-30 07433883 7 2022-12-01 2023-11-30 07433883 d:ComputerSoftware d:OwnedIntangibleAssets 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 07433883












SIKADA LTD
(FORMERLY SALT-WATER SANDALS UK LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

 

SIKADA LTD

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 10



 
REGISTERED NUMBER:07433883
SIKADA LTD

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
18,540
56,260

Tangible assets
 5 
25,525
52,713

  
44,065
108,973

Current assets
  

Stocks
 6 
328,454
388,366

Debtors
  
415,863
701,454

Cash at bank and in hand
  
392,119
260,388

  
1,136,436
1,350,208

Creditors: amounts falling due within one year
 7 
(260,226)
(300,879)

Net current assets
  
 
 
876,210
 
 
1,049,329

Total assets less current liabilities
  
920,275
1,158,302

Creditors: amounts falling due after more than one year
 8 
(364,000)
(546,000)

  

Net assets
  
556,275
612,302


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
556,175
612,202

Total equity
  
556,275
612,302


Page 1


 
REGISTERED NUMBER:07433883
SIKADA LTD
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by sole director: 




R J R Laine
Director

Date: 28 March 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 

SIKADA LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Sikada Ltd is a private company limited by shares registered in England and Wales. The address of its registered office is G05 Regent Studios, 1 Thane Villas, London, N7 7PH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, she continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 

SIKADA LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
5
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 

SIKADA LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Website development
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.


2.11

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 5

 

SIKADA LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 6

 

SIKADA LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Share capital

Ordinary shares are classified as equity.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.15

Current taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 14).

Page 7

 

SIKADA LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 December 2022
188,598



At 30 November 2023

188,598



Amortisation


At 1 December 2022
132,338


Charge for the year
37,720



At 30 November 2023

170,058



Net book value



At 30 November 2023
18,540



At 30 November 2022
56,260



Page 8

 

SIKADA LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Office equipment
Website development
Total

£
£
£



Cost


At 1 December 2022
35,865
113,998
149,863


Additions
1,761
-
1,761



At 30 November 2023

37,626
113,998
151,624



Depreciation


At 1 December 2022
32,922
64,228
97,150


Charge for the year
1,707
27,242
28,949



At 30 November 2023

34,629
91,470
126,099



Net book value



At 30 November 2023
2,997
22,528
25,525



At 30 November 2022
2,943
49,770
52,713


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
328,454
388,366



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
182,000
182,000

Trade creditors
35,565
43,056

Corporation tax
15,937
9,313

Other taxation and social security
7,506
11,516

Other creditors
11,418
43,642

Accruals and deferred income
7,800
11,352

260,226
300,879


Page 9

 

SIKADA LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
364,000
546,000


The director provided a personal guarantee of £91,000 against the bank loan of £910,000 received in 2021.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
182,000
182,000

Amounts falling due 1-5 years

Bank loans
364,000
546,000



546,000
728,000



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


 
Page 10