Company registration number 03536175 (England and Wales)
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
84,458
4,958
Investments
4
800,117
800,117
884,575
805,075
Current assets
Debtors
5
10,533,651
8,946,365
Cash at bank and in hand
27,654
11,182
10,561,305
8,957,547
Creditors: amounts falling due within one year
6
(106,319)
(112,455)
Net current assets
10,454,986
8,845,092
Total assets less current liabilities
11,339,561
9,650,167
Creditors: amounts falling due after more than one year
7
(5,371,081)
(3,903,089)
Provisions for liabilities
(9,735)
12,433
Net assets
5,958,745
5,759,511
Capital and reserves
Called up share capital
50,002
50,002
Profit and loss reserves
5,908,743
5,709,509
Total equity
5,958,745
5,759,511
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr W M Boswell
Mr B Cufley
Director
Director
Company registration number 03536175 (England and Wales)
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Sirius Manufacturing Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Chariot Way, Glebe Farm Industrial Estate, Rugby, England, CV21 1DA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Sirius Manufacturing Group Limited is a wholly owned subsidiary of Sirius A Corporation Limited and the results of Sirius Manufacturing Group Limited are included in the consolidated financial statements of Sirius A Corporation Limited which are available from the Registrar of companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Computers
15% reducing balance
Motor vehicles
25% reducing balance
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
11
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
808,404
6,179
31,500
846,083
Additions
4,021
102,300
106,321
At 30 November 2023
808,404
10,200
133,800
952,404
Depreciation and impairment
At 1 December 2022
808,404
5,751
26,970
841,125
Depreciation charged in the year
114
26,707
26,821
At 30 November 2023
808,404
5,865
53,677
867,946
Carrying amount
At 30 November 2023
4,335
80,123
84,458
At 30 November 2022
428
4,530
4,958
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
800,117
800,117
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,760
28,102
Corporation tax recoverable
15,755
Other debtors
125,420
11,501
170,935
39,603
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
10,362,716
8,906,762
Total debtors
10,533,651
8,946,365
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
Obligations under finance leases
8
18,673
Trade creditors
19,332
4,959
Corporation tax
15,755
Other taxation and social security
42,011
35,338
Other creditors
6,865
13,053
Accruals and deferred income
3,683
9,105
106,319
112,455
The obligations under finance lease are secured against the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
125,000
Obligations under finance leases
8
65,084
Amounts owed to group undertakings
5,305,997
3,778,089
5,371,081
3,903,089
The obligations under finance lease are secured against the assets to which they relate.
8
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
24,417
In two to five years
72,031
96,448
Less: future finance charges
(12,691)
83,757
The company uses finance lease and hire purchase contracts to acquire plant and machinery. These leases have fixed payment terms, terms of renewal and some assets have purchase options.
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Hession C.A.
Statutory Auditor:
BK Plus Audit Limited
Date of audit report:
30 August 2024
10
Events after the reporting date
On 19 July 2024 the company changed its name from DSM Group Limited to Sirius Manufacturing Group Limited.
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Name of related party
Nature of relationship
Entities over which the entity has control, joint control or significant influence
Subsidiaries
Entities over which the entity has control, joint control or significant influence
Subsidiaries
Description of
Income
Payments
transaction
2023
2022
2023
2022
£
£
£
£
Entities over which the entity has control, joint control or significant influence
Recharged expenses
13,299
Entities over which the entity has control, joint control or significant influence
Management recharges
6,000
209,268
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Entities over which the entity has control, joint control or significant influence
26,267
373,137
467,119
Other information
SIRIUS MANUFACTURING GROUP LIMITED
FORMERLY KNOWN AS DSM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
11
Related party transactions
(Continued)
- 9 -
The company has taken advantage of the exemption available under FRS 102 section 33.1A from disclosing transactions with other wholly owned members of the group.
12
Parent company
The company's ultimate parent company at the balance sheet date was Sirius A Corporation Limited, a company incorporated in England and Wales.
The registered office of Sirius A Corporation Limited is Unit 2 Chariot Way, Glebe Farm Industrial Estate, Rugby, CV21 1 DA.
There is no overall ultimate controlling party,
2023-11-302022-12-01false30 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr W M BoswellMr B CufleyMr D MillarMrs S M Millarfalsefalse035361752022-12-012023-11-30035361752023-11-30035361752022-11-3003536175core:PlantMachinery2023-11-3003536175core:ComputerEquipment2023-11-3003536175core:MotorVehicles2023-11-3003536175core:PlantMachinery2022-11-3003536175core:ComputerEquipment2022-11-3003536175core:MotorVehicles2022-11-3003536175core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3003536175core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3003536175core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3003536175core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3003536175core:CurrentFinancialInstruments2023-11-3003536175core:CurrentFinancialInstruments2022-11-3003536175core:Non-currentFinancialInstruments2023-11-3003536175core:Non-currentFinancialInstruments2022-11-3003536175core:ShareCapital2023-11-3003536175core:ShareCapital2022-11-3003536175core:RetainedEarningsAccumulatedLosses2023-11-3003536175core:RetainedEarningsAccumulatedLosses2022-11-3003536175bus:Director12022-12-012023-11-3003536175bus:Director22022-12-012023-11-3003536175core:PlantMachinery2022-12-012023-11-3003536175core:ComputerEquipment2022-12-012023-11-3003536175core:MotorVehicles2022-12-012023-11-30035361752021-12-012022-11-3003536175core:PlantMachinery2022-11-3003536175core:ComputerEquipment2022-11-3003536175core:MotorVehicles2022-11-30035361752022-11-3003536175core:WithinOneYear2023-11-3003536175core:WithinOneYear2022-11-3003536175core:BetweenTwoFiveYears2023-11-3003536175core:BetweenTwoFiveYears2022-11-3003536175core:AllSubsidiariescore:ExpensesReimbursed2022-12-012023-11-3003536175core:AllSubsidiariescore:ManagementRechargesServices2022-12-012023-11-3003536175core:AllSubsidiariescore:ExpensesReimbursed2021-12-012022-11-3003536175core:AllSubsidiariescore:ManagementRechargesServices2021-12-012022-11-3003536175bus:PrivateLimitedCompanyLtd2022-12-012023-11-3003536175bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3003536175bus:FRS1022022-12-012023-11-3003536175bus:Audited2022-12-012023-11-3003536175bus:Director32022-12-012023-11-3003536175bus:Director42022-12-012023-11-3003536175bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP