Company registration number 07812375 (England and Wales)
SIGMA ELECTRICAL EXPORT UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SIGMA ELECTRICAL EXPORT UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SIGMA ELECTRICAL EXPORT UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
814
2,126
Current assets
Stocks
2,003
2,003
Debtors
4
152,577
71,281
Cash at bank and in hand
29,175
110,875
183,755
184,159
Creditors: amounts falling due within one year
5
(43)
(2,815)
Net current assets
183,712
181,344
Net assets
184,526
183,470
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
249,000
249,000
Profit and loss reserves
(65,474)
(66,530)
Total equity
184,526
183,470

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Mr D Eager
Director
Company registration number 07812375 (England and Wales)
SIGMA ELECTRICAL EXPORT UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Sigma Electrical Export UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Prospect House, 1 Prospect Place, Pride Park, Derby, DE24 8HG. The company registration number is 07812375.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% SL
IT Equipment
20% SL
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

SIGMA ELECTRICAL EXPORT UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
6,562
Depreciation and impairment
At 1 January 2023
4,436
Depreciation charged in the year
1,312
At 31 December 2023
5,748
Carrying amount
At 31 December 2023
814
At 31 December 2022
2,126
SIGMA ELECTRICAL EXPORT UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
91,743
44,884
Corporation tax recoverable
-
0
1,923
Other debtors
60,834
24,474
152,577
71,281
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
43
432
Taxation and social security
-
0
133
Other creditors
-
0
2,250
43
2,815
6
Prior period adjustment

In the financial statements for the year ended 31st December 2018, an error occurred related to the recognition of share premium. The issue arose because shares were issued on 5th December 2018, but the share premium was incorrectly recorded in the director’s current account rather than being accounted for separately as share premium.

 

To rectify this, we have made a prior year adjustment in the current financial statements. The share premium has now been correctly recognised and reclassified.

Changes to the balance sheet
As previously reported
Adjustment at 1 Jan 2022
Adjustment at 31 Dec 2022
As restated at 31 Dec 2022
£
£
£
£
Creditors due after one year
Other creditors
(249,000)
249,000
-
-
0
Capital and reserves
Share premium
-
249,000
-
249,000
Total equity
(65,530)
249,000
-
183,470
SIGMA ELECTRICAL EXPORT UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Prior period adjustment
(Continued)
- 5 -
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Share premium not recognised
249,000
249,000
Equity as previously reported
10,987
(65,530)
Equity as adjusted
259,987
183,470
Analysis of the effect upon equity
Share premium
249,000
249,000
2023-12-312023-01-01false01 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr C J WaltersMr A RamazanovMr D Eagerfalsefalse078123752023-01-012023-12-31078123752023-12-31078123752022-12-3107812375core:OtherPropertyPlantEquipment2023-12-3107812375core:OtherPropertyPlantEquipment2022-12-3107812375core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107812375core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107812375core:CurrentFinancialInstruments2023-12-3107812375core:CurrentFinancialInstruments2022-12-3107812375core:ShareCapital2023-12-3107812375core:ShareCapital2022-12-3107812375core:SharePremium2023-12-3107812375core:SharePremium2022-12-3107812375core:RetainedEarningsAccumulatedLosses2023-12-3107812375core:RetainedEarningsAccumulatedLosses2022-12-3107812375bus:Director32023-01-012023-12-3107812375core:FurnitureFittings2023-01-012023-12-3107812375core:ComputerEquipment2023-01-012023-12-31078123752022-01-012022-12-3107812375core:OtherPropertyPlantEquipment2022-12-3107812375core:OtherPropertyPlantEquipment2023-01-012023-12-3107812375core:WithinOneYear2023-12-3107812375core:WithinOneYear2022-12-3107812375bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107812375bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107812375bus:FRS1022023-01-012023-12-3107812375bus:AuditExemptWithAccountantsReport2023-01-012023-12-3107812375bus:Director12023-01-012023-12-3107812375bus:Director22023-01-012023-12-3107812375bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP