Registered number
08791809
SIVAPALAN & CO LTD
Filleted Accounts
30 November 2023
SIVAPALAN & CO LTD
Registered number: 08791809
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 350,000 375,000
Tangible assets 4 95,944 86,326
445,944 461,326
Current assets
Debtors 5 332,599 316,951
Cash at bank and in hand 7,595 2,793
340,194 319,744
Creditors: amounts falling due within one year 6 (662,021) (614,044)
Net current liabilities (321,827) (294,300)
Total assets less current liabilities 124,117 167,026
Creditors: amounts falling due after more than one year 7 (142,101) (164,736)
Provisions for liabilities (10,844) (11,005)
Net liabilities (28,828) (8,715)
Capital and reserves
Called up share capital 1 1
Profit and loss account (28,829) (8,716)
Shareholder's funds (28,828) (8,715)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ragu Sivapalan
Director
Approved by the board on 29 August 2024
SIVAPALAN & CO LTD
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 500,000
At 30 November 2023 500,000
Amortisation
At 1 December 2022 125,000
Provided during the year 25,000
At 30 November 2023 150,000
Net book value
At 30 November 2023 350,000
At 30 November 2022 375,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 159,171 15,916 175,087
Additions 22,437 15,666 38,103
At 30 November 2023 181,608 31,582 213,190
Depreciation
At 1 December 2022 77,881 10,880 88,761
Charge for the year 25,268 3,217 28,485
At 30 November 2023 103,149 14,097 117,246
Net book value
At 30 November 2023 78,459 17,485 95,944
At 30 November 2022 81,290 5,036 86,326
5 Debtors 2023 2022
£ £
Trade debtors 249,956 242,953
Other debtors 82,643 73,998
332,599 316,951
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 45
Trade creditors 2,450 3,530
Taxation and social security costs 44,313 39,131
Other creditors 615,258 571,338
662,021 614,044
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 142,101 164,736
8 Other information
SIVAPALAN & CO LTD is a private company limited by shares and incorporated in England. Its registered office is:
168 City Road
Cardiff
CF24 3JE
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