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REGISTERED NUMBER: 12295534 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SIID LIMITED

SIID LIMITED (REGISTERED NUMBER: 12295534)

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


SIID LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: J A Edwards
S M Butler
P Cominone
G Rudi
S Spaccia



REGISTERED OFFICE: c/o 3a Tournament Court
Tournament Fields
Warwick
Warwickshire
CV34 6LG



REGISTERED NUMBER: 12295534 (England and Wales)



SENIOR STATUTORY AUDITOR: Alexander Bell FCA MAAT



AUDITORS: Studholme-Bell Limited
Chartered Accountants
& Statutory Auditors
Vantage House Euxton Lane
Euxton
Chorley
Lancashire
PR7 6TB

SIID LIMITED (REGISTERED NUMBER: 12295534)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,077,978

CURRENT ASSETS
Debtors 5 219,699 575,860
Cash at bank 1,377 7,563
221,076 583,423
CREDITORS
Amounts falling due within one year 6 199,356 37,783
NET CURRENT ASSETS 21,720 545,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,720

1,623,618

CREDITORS
Amounts falling due after more than one
year

7

503,266

2,090,649
NET LIABILITIES (481,546 ) (467,031 )

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 9 (482,546 ) (468,031 )
SHAREHOLDERS' FUNDS (481,546 ) (467,031 )

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 19 April 2024 and were signed on its behalf by:





S M Butler - Director


SIID LIMITED (REGISTERED NUMBER: 12295534)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Siid 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.

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.

The financial statements have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

The financial statements have been prepared on a going concern basis despite the loss for the year of £96,074 and net liabilities position of £481,546 as at 31 December 2023. The directors consider the going concern basis to be appropriate for the following reasons.

The company is a subsidiary of World Options Holdings Limited (the Group) and consequently, the ability of the company to continue as a going concern is based on the ability of the Group to continue as a going concern.

The Group has prepared financial forecasts comprising operating profit, balance sheet and cashflows covering the 18 month period from 31 December 2023. In preparing the forecasts, the directors have considered if the Group is able to continue to support the trading company, Siid Limited and have found this to be the case. The Group has indicated its intention not to seek repayment of the inter company loan as at 31 December 2023 for the foreseeable future and will continue to make available such funds as are required by the company until at least 30 June 2025.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and have, therefore, prepared the financial statements on a going concern basis.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements and estimates made by management in preparing these financial statements include:

- Amortisation.
- Depreciation.
- Financial Instruments.

SIID LIMITED (REGISTERED NUMBER: 12295534)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Income recognition
Turnover represents the invoiced value of the supply of courier services, net of value added tax, trade discounts and payments that are recharged to the parent company, World Options Limited.

The services provided to customers are invoiced on completion of the service and recognised on a daily basis.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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.

SIID LIMITED (REGISTERED NUMBER: 12295534)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.
Debt instruments such as other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; debt instruments that are payable or receivable with one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are 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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.

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

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

SIID LIMITED (REGISTERED NUMBER: 12295534)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 1,269,156
Additions 443,302
Disposals (1,712,458 )
At 31 December 2023 -
AMORTISATION
At 1 January 2023 191,178
Eliminated on disposal (191,178 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 1,077,978

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 16,639 20,613
Other debtors 11,000 401,661
Tax 132,730 -
VAT - 37,770
Deferred tax asset 59,330 110,500
Prepayments - 5,316
219,699 575,860

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 13,888 20,581
Social security and other taxes 180,930 15,877
VAT 1,038 -
Other creditors - 575
Accruals and deferred income 3,500 750
199,356 37,783

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 503,266 2,090,649

SIID LIMITED (REGISTERED NUMBER: 12295534)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

9. RESERVES
Retained
earnings
£   

At 1 January 2023 (468,031 )
Deficit for the year (14,515 )
At 31 December 2023 (482,546 )

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

The Report of the Auditors was unqualified.

Alexander Bell FCA MAAT (Senior Statutory Auditor)
for and on behalf of Studholme-Bell Limited