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Registration number: 11014042

Sirius Open Source Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Sirius Open Source Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Sirius Open Source Ltd

Company Information

Director

Mark Anthony Taylor

Registered office

80-83 Long Lane
London
EC1A 9ET

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Sirius Open Source Ltd

(Registration number: 11014042)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,534

18,202

Current assets

 

Debtors

5

482,944

480,711

Cash at bank and in hand

 

-

166

 

482,944

480,877

Creditors: Amounts falling due within one year

6

(341,243)

(398,478)

Net current assets

 

141,701

82,399

Net assets

 

150,235

100,601

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

150,234

100,600

Shareholders' funds

 

150,235

100,601

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2024
 

.........................................
Mark Anthony Taylor
Director

 

Sirius Open Source Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
80-83 Long Lane
London
EC1A 9ET
United Kingdom

These financial statements were authorised for issue by the director on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.The director expects the company to continue to demonstrate growth over a period and achieve profits in the future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Sirius Open Source Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Course development

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Sirius Open Source Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2022 - 7).

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 November 2022

5,546

21,568

35,852

62,966

Disposals

-

(21,568)

-

(21,568)

At 31 October 2023

5,546

-

35,852

41,398

Depreciation

At 1 November 2022

3,858

14,744

26,162

44,764

Charge for the year

422

1,706

2,422

4,550

Eliminated on disposal

-

(16,450)

-

(16,450)

At 31 October 2023

4,280

-

28,584

32,864

Carrying amount

At 31 October 2023

1,266

-

7,268

8,534

At 31 October 2022

1,688

6,824

9,690

18,202

 

Sirius Open Source Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

69,680

86,125

Other debtors

413,264

394,586

 

482,944

480,711

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

21,417

14,710

Trade creditors

 

37,501

83,030

Taxation and social security

 

213,267

283,941

Accruals and deferred income

 

58,687

6,250

Other creditors

 

10,371

10,547

 

341,243

398,478

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

Sirius Open Source Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

21,417

2,504

Other borrowings

-

12,206

21,417

14,710

9

Related party transactions

Transactions with the director

Summary of transactions with parent

Sirius Open Source Limited is the wholly owned subsidiary of Sirius Corporation Limited. Mark Taylor is a director and 100% shareholder of Sirius Corporation Limited.
 

Summary of transactions with other related parties

Sirius Open Source Inc is incorporated and registered in USA. Mark Taylor is a director of Sirius Open Source Inc.
 

Loans to related parties

2023

Parent
£

Other related parties
£

Total
£

At start of period

76,997

260,855

337,852

Advanced

1,200

10,000

11,200

Expenses recognised as bad debt

(4,305)

-

(4,305)

At end of period

73,892

270,855

344,747

2022

Parent
£

Other related parties
£

Total
£

At start of period

75,797

230,855

306,652

Advanced

1,200

30,000

31,200

At end of period

76,997

260,855

337,852

 

Sirius Open Source Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

10

Parent and ultimate parent undertaking

The company's immediate parent is Sirius Corporation Limited, incorporated in England.