REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SIGVARIS BRITAIN LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SIGVARIS BRITAIN LIMITED |
SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989) |
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 |
SIGVARIS BRITAIN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Arcadia House |
Maritime Walk - Ocean Village |
Southampton |
Hampshire |
SO14 3TL |
BANKERS: |
105 High Street |
Winchester |
Hampshire |
SO23 9AH |
SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
( |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 | ( |
( |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Sigvaris Britain Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on a going concern basis and this is supported by forecasts prepared by the Directors, with continuing profitability expected. In the event it is required, the company's ultimate parent company has confirmed in a signed letter of support that they will provide the company with the resources to continue trading for a period of no less than 12 months from the signing of these financial statements. |
Significant judgements and estimates |
The most significant estimate and judgement in these accounts relates to the valuation and recognition of a provision for dilapidation which will become payable when the company vacates its premises at the end of the lease term. The directors consider it appropriate to provide for these costs as there is a contractual obligation to return the property to its original state upon departure and the estimated cost of this work can be reliably estimated by reference to the alterations made when the company took on the property. The directors have used previous estimates made by third party surveyors and their own past experience in determining the level of the provision held. |
Turnover |
Turnover is the amount derived from the sale of compression hosiery during the year and is stated after trade discounts, other sales taxes and net of Value Added Tax. |
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. Revenue from the sales of compression hosiery is recognised when goods are dispatched. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Leasehold Improvements | - straight line over the term of the lease |
Fixtures & fittings | - straight line over 1, 3, 6 or 8 years |
Computer & office equipment | - straight line over 1 or 3 years |
Stocks |
Stocks are valued on a first in, first out basis at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989) |
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 debtors and creditors, and loans from related parties. 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 the Statement of Comprehensive Income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
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. |
Operating leases |
Rentals paid under operating leases are charged to the Statement of Comprehensive Income as incurred. |
Interest |
Interest receivable or payable is credited or charged to the Statement of Comprehensive Income in the financial year to which it relates. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Leasehold | & office | Computer |
Improvements | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Trading stocks of finished goods |
There is no material difference between the replacement cost of stocks and the amounts stated above. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 6,454 | 6,092 |
Other provisions | 72,000 | 60,000 |
Deferred | Dilapidations |
tax |
£ | £ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified. |
The audit report was signed on 18 March 2024 by |
on behalf of |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The directors did not receive any dividends during the current or previous period. |
Total remuneration paid to directors for services to the company was £Nil (2022: £55,634) |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
Sigvaris Holding AG, a company incorporated in Switzerland, is the holder of the company's 862,500 shares. |
Sigvaris Holding AG is the parent of the smallest group for which financial statements are drawn up of which Sigvaris Britain Limited is a member. The registered office of Sigvaris Holding AG is Sandgrube 29, 9050 Appenzell. |