Siphonix Worldwide Limited 07359553 false 2022-08-28 2023-08-27 2023-08-27 The principal activity of the company is management services for rain water solutions Digita Accounts Production Advanced 6.30.9574.0 true true 07359553 2022-08-28 2023-08-27 07359553 2023-08-27 07359553 bus:OrdinaryShareClass1 2023-08-27 07359553 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-27 07359553 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-27 07359553 core:CurrentFinancialInstruments 2023-08-27 07359553 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-27 07359553 core:Non-currentFinancialInstruments 2023-08-27 07359553 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-27 07359553 core:FurnitureFittingsToolsEquipment 2023-08-27 07359553 core:MotorVehicles 2023-08-27 07359553 1 2023-08-27 07359553 bus:SmallEntities 2022-08-28 2023-08-27 07359553 bus:AuditExemptWithAccountantsReport 2022-08-28 2023-08-27 07359553 bus:FullAccounts 2022-08-28 2023-08-27 07359553 bus:SmallCompaniesRegimeForAccounts 2022-08-28 2023-08-27 07359553 bus:RegisteredOffice 2022-08-28 2023-08-27 07359553 bus:Director2 2022-08-28 2023-08-27 07359553 bus:OrdinaryShareClass1 2022-08-28 2023-08-27 07359553 bus:PrivateLimitedCompanyLtd 2022-08-28 2023-08-27 07359553 core:FurnitureFittings 2022-08-28 2023-08-27 07359553 core:FurnitureFittingsToolsEquipment 2022-08-28 2023-08-27 07359553 core:MotorVehicles 2022-08-28 2023-08-27 07359553 countries:EnglandWales 2022-08-28 2023-08-27 07359553 1 2022-08-28 2023-08-27 07359553 2022-08-27 07359553 core:FurnitureFittingsToolsEquipment 2022-08-27 07359553 core:MotorVehicles 2022-08-27 07359553 1 2022-08-27 07359553 2021-08-28 2022-08-27 07359553 2022-08-27 07359553 bus:OrdinaryShareClass1 2022-08-27 07359553 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-08-27 07359553 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-08-27 07359553 core:CurrentFinancialInstruments 2022-08-27 07359553 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-27 07359553 core:Non-currentFinancialInstruments 2022-08-27 07359553 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-27 07359553 core:FurnitureFittingsToolsEquipment 2022-08-27 07359553 core:MotorVehicles 2022-08-27 07359553 1 2022-08-27 07359553 1 2021-08-28 2022-08-27 07359553 1 2021-08-27 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07359553

Siphonix Worldwide Limited

Unaudited Filleted Financial Statements

for the Year Ended 27 August 2023

 

Siphonix Worldwide Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Siphonix Worldwide Limited

(Registration number: 07359553)
Balance Sheet as at 27 August 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

295,700

 

65,084

Current assets

   

 

Stocks

40,001

 

100,000

 

Debtors

5

995,694

 

924,628

 

Cash at bank and in hand

 

77,045

 

126,586

 

 

1,112,740

 

1,151,214

 

Creditors: Amounts falling due within one year

6

(795,189)

 

(799,714)

 

Net current assets

   

317,551

 

351,500

Total assets less current liabilities

   

613,251

 

416,584

Creditors: Amounts falling due after more than one year

6

 

(335,309)

 

(269,424)

Provisions for liabilities

 

(44,000)

 

(7,000)

Net assets

   

233,942

 

140,160

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

233,842

 

140,060

 

Shareholders' funds

   

233,942

 

140,160

 

Siphonix Worldwide Limited

(Registration number: 07359553)
Balance Sheet as at 27 August 2023

For the financial year ending 27 August 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
M Richmond
Director

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 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:
York House
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PE

These financial statements were authorised for issue by the Board on 15 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

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 value added tax, returns, rebates and discounts.

The company recognises revenue in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably. The company uses the valuation of work done at the end of each month as the turnover to be recognised that month.

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2023

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Furniture, fittings and equipment

10% straight line basis

Motor vehicles

25% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2023

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.

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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 8).

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 28 August 2022

35,982

90,733

126,715

Additions

7,592

283,390

290,982

Disposals

-

(90,733)

(90,733)

At 27 August 2023

43,574

283,390

326,964

Depreciation

At 28 August 2022

16,265

45,366

61,631

Charge for the year

3,704

11,296

15,000

Eliminated on disposal

-

(45,367)

(45,367)

At 27 August 2023

19,969

11,295

31,264

Carrying amount

At 27 August 2023

23,605

272,095

295,700

At 27 August 2022

19,717

45,367

65,084

5

Debtors

Current

2023
£

2022
£

Trade debtors

791,442

672,862

Prepayments

4,162

1,603

Other debtors

200,090

250,163

 

995,694

924,628

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

146,367

88,575

Trade creditors

 

393,016

615,793

Taxation and social security

 

242,992

89,226

Accruals and deferred income

 

8,424

4,625

Other creditors

 

4,390

1,495

 

795,189

799,714

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £58,249 (2022 - £8,890).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

335,309

269,424

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £199,545 (2022 - £45,543).

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

135,763

223,881

Hire purchase contracts

199,546

45,543

335,309

269,424

2023
£

2022
£

Current loans and borrowings

Bank borrowings

88,118

79,686

Hire purchase contracts

58,249

8,889

146,367

88,575

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £142,683 (2022 - £173,238).

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2023

10

Related party transactions

Summary of transactions with key management

2023

At 28 August 2022
£

Advances to director
£

Repayments by director
£

At 27 August 2023
£

Amounts owed from

118,917

229,310

(200,000)

148,227

         
       

 

2022

At 28 August 2021
£

Advances to director
£

Repayments by director
£

At 27 August 2022
£

Amounts owed from

192,873

126,044

(200,000)

118,917