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REGISTERED NUMBER: 02765706 (England and Wales)






























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SAMMIC LIMITED

SAMMIC LIMITED (REGISTERED NUMBER: 02765706)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SAMMIC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Senor FJ Goenaga Aseginolaza
Senor JM Pena Neira
Senor JJ Marquina Iriarte


SECRETARY: Senor JM Pena Neira


REGISTERED OFFICE: Granville Hall
Granville Road
Leicester
Leicestershire
LE1 7RU


REGISTERED NUMBER: 02765706 (England and Wales)


SENIOR STATUTORY AUDITOR: Mr P Bott FCA


AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU


BANKERS: National Westminster Bank PLC
1 Granby Street
Leicester
Leicestershire
LE1 9GT

SAMMIC LIMITED (REGISTERED NUMBER: 02765706)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,724 9,162

CURRENT ASSETS
Stocks 411,435 398,171
Debtors 5 661,586 669,263
Cash at bank and in hand 1,121,002 1,282,640
2,194,023 2,350,074
CREDITORS
Amounts falling due within one year 6 1,028,058 858,197
NET CURRENT ASSETS 1,165,965 1,491,877
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,178,689

1,501,039

PROVISIONS FOR LIABILITIES 23,937 18,067
NET ASSETS 1,154,752 1,482,972

CAPITAL AND RESERVES
Called up share capital 125,500 125,500
Retained earnings 1,029,252 1,357,472
SHAREHOLDERS' FUNDS 1,154,752 1,482,972

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 10 April 2024 and were signed on its behalf by:





Senor JM Pena Neira - Director


SAMMIC LIMITED (REGISTERED NUMBER: 02765706)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Sammic 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Revenue comprises the fair value for the sale of goods excluding value added tax and represents net invoice value less rebates, returns and settlement discounts.
The company supplies products to customers from its warehouse, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost and 15% on cost

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

Taxation
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

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.

SAMMIC LIMITED (REGISTERED NUMBER: 02765706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 50,082
Additions 8,019
Disposals (824 )
At 31 December 2023 57,277
DEPRECIATION
At 1 January 2023 40,920
Charge for year 4,457
Eliminated on disposal (824 )
At 31 December 2023 44,553
NET BOOK VALUE
At 31 December 2023 12,724
At 31 December 2022 9,162

SAMMIC LIMITED (REGISTERED NUMBER: 02765706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 638,275 646,000
Other debtors 23,311 23,263
661,586 669,263

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 154,794 174,260
Amounts owed to group undertakings 530,411 417,125
Taxation and social security 290,083 220,816
Other creditors 52,770 45,996
1,028,058 858,197

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 61,293 36,569
Between one and five years 119,526 103,500
180,819 140,069

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr P Bott FCA (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants

9. ULTIMATE CONTROLLING PARTY

The company's parent company and controlling party is Sammic SL, incorporated in Spain. Copies of the group accounts which include the company are available from C/Basarte 1, 20720 Azkoitia (Gipuzkoa), Spain.

The company's ultimate parent company is Igarpe Trading SL, incorporated in Spain.