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REGISTERED NUMBER: 03471319 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

SYCAMORE (UK) LIMITED

SYCAMORE (UK) LIMITED (REGISTERED NUMBER: 03471319)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

SYCAMORE (UK) LIMITED

COMPANY INFORMATION
for the year ended 30 November 2023







DIRECTORS: U Pfeffer
N F Dibbo





SECRETARY: N J Dibbo





REGISTERED OFFICE: The Cleaning Centre
Bath Road
Maidenhead
Berkshire
SL6 3QR





REGISTERED NUMBER: 03471319 (England and Wales)





ACCOUNTANTS: Cameron Baum Hollander Limited
88 Crawford Street
London
W1H 2EJ

SYCAMORE (UK) LIMITED (REGISTERED NUMBER: 03471319)

ABRIDGED BALANCE SHEET
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 21,623 6,467
Property, plant and equipment 5 151,529 118,301
Investments 6 88 88
173,240 124,856

CURRENT ASSETS
Inventories 873,931 884,128
Debtors 1,196,238 1,350,315
Cash at bank 13,139 11,481
2,083,308 2,245,924
CREDITORS
Amounts falling due within one year 1,102,641 1,125,192
NET CURRENT ASSETS 980,667 1,120,732
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,153,907

1,245,588

CREDITORS
Amounts falling due after more than one
year

(23,253

)

(7,552

)

PROVISIONS FOR LIABILITIES (31,420 ) (23,935 )
NET ASSETS 1,099,234 1,214,101

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,099,134 1,214,001
SHAREHOLDERS' FUNDS 1,099,234 1,214,101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SYCAMORE (UK) LIMITED (REGISTERED NUMBER: 03471319)

ABRIDGED BALANCE SHEET - continued
30 November 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 29 August 2024 and were signed on its behalf by:





N F Dibbo - Director


SYCAMORE (UK) LIMITED (REGISTERED NUMBER: 03471319)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2023

1. STATUTORY INFORMATION

Sycamore (UK) 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 are prepared in UK Pound Sterling, which is the functional currency of the company.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised on production of invoices. 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.

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.

Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised to write off the the cost of assets less their residual values over their useful lives, using the straight line method.

The company's policy is to review the remaining useful economic lives and residual values of property, plant and equipment on an on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic life and residual value.

Fully depreciated property, plant and equipment are retained in the cost of property, plant and equipment and related accumulated depreciation until they are removed from service. In case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal is charged or credited to the profit and loss account.

Assets not carried at fair value are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying value exceeds its recoverable amount.

The recoverable amount is the higher of an asset's air value less cost to sell and its value in use. Value in use is defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's continued use. The pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current market risk free rate and risks inherent in the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).

If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to the recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter, any excess is recognised in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.

SYCAMORE (UK) LIMITED (REGISTERED NUMBER: 03471319)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Fixed asset investments in subsidiaries and associates have been measured at cost less provision for impairment in value.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

Short term benefits including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made.

The company operates a defined contribution pension scheme. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

For defined contribution plans, the company pays contributions to privately administered pension plans on a contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

SYCAMORE (UK) LIMITED (REGISTERED NUMBER: 03471319)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash on hand, demand deposits and other short-term highly liquid investments with original maturities of 3 months or less. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.

Borrowings
Borrowings are recognised initially at the transaction price (present value of cash payable to the bank, including transaction costs). Borrowings are subsequently stated at amortised cost. Interest expense is recognised on the basis of the effective interest method and is included in finance costs.

Borrowings are classified as current liabilities unless the company has a right to defer settlement of the liability for at least 12 months after the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022 10,320
Additions 20,550
At 30 November 2023 30,870
AMORTISATION
At 1 December 2022 3,853
Amortisation for year 5,394
At 30 November 2023 9,247
NET BOOK VALUE

At 30 November 2023 21,623
At 30 November 2022 6,467

5. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 December 2022 455,474
Additions 102,451
At 30 November 2023 557,925
DEPRECIATION
At 1 December 2022 337,173
Charge for year 69,223
At 30 November 2023 406,396
NET BOOK VALUE
At 30 November 2023 151,529
At 30 November 2022 118,301


SYCAMORE (UK) LIMITED (REGISTERED NUMBER: 03471319)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 December 2022
and 30 November 2023 88
NET BOOK VALUE
At 30 November 2023 88
At 30 November 2022 88

7. RELATED PARTY DISCLOSURES

Supplies of all Big Wipes and private label products are sourced via Sycamore Israel (1994) Limited, a company incorporated in Israel, in which Mr Pfeffer has a controlling interest. The amount owed to Sycamore Israel at 30 November 2023 was £495,756 (2022: £324,244).
The company wholly owns Sycamore Europe (Big Wipes) Limited, a company incorporated in Ireland.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Sycamore Israel (1994) Limited, by virtue of their 51% shareholding in the company.

9. CONSOLIDATION

The company and its subsidiary undertaking comprise a small group. The company has therefore taken the advantage of the exemption provided by section 399 of the Companies Act 2006 not to prepare group accounts. The financial statements therefore presents information about the company as an individual undertaking and not about its group.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SYCAMORE (UK) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sycamore (UK) Limited for the year ended 30 November 2023 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Sycamore (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sycamore (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Sycamore (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sycamore (UK) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sycamore (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sycamore (UK) Limited. You consider that Sycamore (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sycamore (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cameron Baum Hollander Limited
88 Crawford Street
London
W1H 2EJ


29 August 2024