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Registered number: 01223374










SIG MANUFACTURING LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SIG MANUFACTURING LIMITED
 

COMPANY INFORMATION


Directors
Ian Jackson 
Andrew Watkins 




Registered number
01223374



Registered office
Adsetts House
16 Europa View

Sheffield Business Park

Sheffield

S9 1XH





 
SIG MANUFACTURING LIMITED
 

CONTENTS



Page
Directors' Report
1
Profit and Loss Account
2
Balance Sheet
3 - 4
Notes to the Financial statements
5 - 9


 
SIG MANUFACTURING LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the Financial statements for the year ended 31 December 2023.

Principal activity

The Company did not trade in the year and is dormant. 
The Directors present their report and the Financial statements for the year ended 31 December 2023. 

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' Report and the Financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare Financial statements for each financial year. Under that law the Directors have elected to prepare the Financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the Financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these Financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the Financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the Financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The Directors who served during the year were:

Ian Jackson 
Andrew Watkins 

This report was approved by the board on 5 September 2024 and signed on its behalf.
 





Andrew Watkins
Director

Page 1

 
SIG MANUFACTURING LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.

Page 2

 
SIG MANUFACTURING LIMITED
REGISTERED NUMBER:01223374

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Investments
 3 
2,837
2,837

  
2,837
2,837

Current assets
  

Debtors
 4 
16,398
16,398

  
16,398
16,398

Creditors: amounts falling due within one year
 5 
(8,555)
(8,555)

Net current assets
  
7,843
7,843

Total assets less current liabilities
  
10,680
10,680

  

  

Net assets
  
10,680
10,680


Capital and reserves
  

Called up share capital 
 6 
26,800
26,800

Share premium account
  
31
31

Retained losses
  
(16,151)
(16,151)

  
10,680
10,680




For the year ended 31 December 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
These accounts have been prepared in accordance with the provisions applicable to companies which would be entitled to the small companies' regime but for being a member of an ineligible group. 
The Company was entitled to exemption from preparing a strategic report, in accordance with 414B Companies Act 2006. 

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of Financial statements.

The Financial statements were approved and authorised for issue by the Board and were signed on its behalf on 5 September 2024.



Andrew Watkins
Director

Page 3

 
SIG MANUFACTURING LIMITED
REGISTERED NUMBER:01223374

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The notes on pages 4 to 9 form part of these Financial statements.

Page 4

 
SIG MANUFACTURING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 

Basis of preparation of Financial statements

The Company is a private company and is incorporated and domiciled in the UK. The address of the
registered office is Adsetts House, 16 Europa View, Sheffield Business Park, Sheffield, South Yorkshire, S9 1XH.
The Financial statements are presented in pounds sterling, the Company's functional currency.
Consolidated financial statements have not been prepared, as the Company is an indirectly wholly owned subsidiary undertaking of SIG plc, a company registered in England and Wales, which prepares Consolidated financial statements.
The Financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
The preparation of Financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. 
The Company is a dormant Company, as defined by the Companies Act 2006, and has therefore elected to retain its accounting policies for reported assets, liabilities and equity at the date of transition (in accordance with paragraph 35.10 of FRS 102) until there is a change in those balances or the company undertakes any new transactions. 

 

Investments

Investments are stated at cost less provision for impairment.
At each balance sheet date, the Company reviews the carrying amounts of its investments 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 to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash generating units, or otherwise they are allocated to the smallest group of cash generating units for which a reasonable and consistent allocation basis can be identified.
An asset with an indefinite useful life is tested for impairment at least annually and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal 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.


 

Page 5

 
SIG MANUFACTURING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

Investments (continued)
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.
Financial instruments
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. 
The classification at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Companies business model for managing them. Financial assets are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
The Company's financial assets are all measured at amortised cost. The Company’s financial assets include amounts due from fellow subsidiary undertakings and amounts due from the ultimate parent Company.
Impairment of financial assets
The Company assesses, on a forward looking basis, the expected credit losses associated with Amounts owed by group undertakings. The impairment methodology applied depends on the ability to repay amounts repayable on demand and whether there has been any significant change in credit risk. The amount of expected credit losses is updated at each reporting date to reflect any changes.





 

Page 6

 
SIG MANUFACTURING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

Financial liabilities
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.


2.


Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described above, the Directors are required to make judgements (other than those including estimates) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Directors consider that there are no critical judgements in applying the Company's accounting policies which may have a significant risk of causing a material adjustment to the carrying values of assets and liabilities recognised by the Company within the next financial year.
Key sources of estimation uncertainty
The directors consider that there are no key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that may have a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next financial year.

Page 7

 
SIG MANUFACTURING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
2,837



At 31 December 2023
2,837





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Dane Weller Holdings Limited
Dormant
Ordinary
100%
SIG Dormant Company Number Eight Limited
Dormant
Ordinary & Preference
100%
SIG Dormant Company Number Six Limited
Dormant
Ordinary
100%

As at 31 December 2021, the following were indirect subsidiary undertakings of the Company:
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The registered office of the subsidiaries within this note (direct and indirect) is Adsetts House, 16 Europa View, Sheffield Business Park, Sheffield, S91XH.

Page 8

 
SIG MANUFACTURING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£000
£000

Amounts due from fellow subsidiary undertakings
48
48

Amounts due from the ultimate parent Company
16,350
16,350

16,398
16,398


Amounts due from the ultimate parent Company and fellow subsidiary undertakings are short term, have a nil interest rate, and are repayable on demand.


5.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Amounts owed to fellow subsidiary undertakings
8,555
8,555

8,555
8,555


Amounts owed to fellow subsidiary undertakings are repayable on demand, have a nil interest rate and are measured at amortised cost.


6.


Share capital

2023
2022
£000
£000
Authorised, allotted, called up and fully paid



26,800,000 (2020: 26,800,000) Ordinary shares of £1.00 each
26,800
26,800



7.


Controlling party

The Company's immediate parent undertaking is Leaderflush + Shapland Holdings Limited, a company registered in England and Wales. The Company's ultimate parent Company and ultimate controlling party is SIG plc, which is also registered in England and Wales.
The only Group in which the Financial statements of the Company are consolidated is that headed by SIG plc, the ultimate parent Company. The Consolidated financial statements are available to the public and may be obtained from Adsetts House, 16 Europa View, Sheffield Business Park, Sheffield, S91XH, or via the company website www.sigplc.com.
As a direct subsidiary of SIG plc, the Company has taken advantage of the exemption in IAS 24 Related Party Disclosures not to disclose transactions with other wholly owned members of the Group headed by SIG plc. 

Page 9