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Filleted

Registration number: 12429544

Siarp Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Siarp Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Siarp Limited

Company Information

Directors

Mr J O Thomas

Mrs R L Thomas

Registered office

7 Penybanc
Tanerdy
Carmarthen
SA31 2HA

Accountants

LHP Accountants Ltd
Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Siarp Limited

(Registration number: 12429544)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

11,702

7,914

Current assets

 

Debtors

6

117,632

64,399

Cash at bank and in hand

 

121,970

140,728

 

239,602

205,127

Creditors: Amounts falling due within one year

7

(72,794)

(56,435)

Net current assets

 

166,808

148,692

Net assets

 

178,510

156,606

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

178,410

156,506

Total equity

 

178,510

156,606

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................
Mr J O Thomas
Director

.........................................
Mrs R L Thomas
Director

 
     
 

Siarp Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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:
7 Penybanc
Tanerdy
Carmarthen
SA31 2HA

These financial statements were authorised for issue by the Board on 19 August 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.

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.

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.

 

Siarp Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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

Computer Equipment

25% Straight Line

Office Equipment

25% Straight Line

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.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Siarp Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

4,728

2,805

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

5,186

8,068

13,254

Additions

6,251

2,265

8,516

At 31 January 2024

11,437

10,333

21,770

Depreciation

At 1 February 2023

2,427

2,913

5,340

Charge for the year

2,385

2,343

4,728

At 31 January 2024

4,812

5,256

10,068

Carrying amount

At 31 January 2024

6,625

5,077

11,702

At 31 January 2023

2,759

5,155

7,914

 

Siarp Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

31,165

16,893

Provision for impairment of debtors

 

(4,135)

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

90,042

42,831

Prepayments

 

560

-

Other debtors

 

-

4,675

 

117,632

64,399

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

9,847

2,504

Taxation and social security

 

10,229

7,096

Other related parties

 

38,775

30,955

Corporation tax liability

 

6,606

10,453

Other creditors

 

7,337

5,427

 

72,794

56,435

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Siarp Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

9

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr J O Thomas

Interest free loan repayable on demand

(30,955)

11,568

-

(19,388)

         
       

Mrs R L Thomas

Interest free loan repayable on demand

-

-

(19,387)

(19,387)

         
       

 

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Mr J O Thomas

Interest free loan repayable on demand

(25,745)

(5,211)

(30,955)

       
     

 

Summary of transactions with other related parties

Beckford Properties Ltd is a related party to the company by virtue of being owner-managed businesses of both Mr J & Mrs R Thomas. As at the balance sheet date, the company was owed £90,042 (2023: £42,831) from Beckford Properties Ltd.

These transactions have occurred in the ordinary course of business and at an arms length basis.