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Registration number: 03108270

Sibco (Europe) Limited

Financial Statements

for the Year Ended 31 December 2023

 

Sibco (Europe) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Sibco (Europe) Limited

(Registration number: 03108270)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

90,044

141,223

Investments

5

-

1

 

90,044

141,224

Current assets

 

Stocks

148,244

100,011

Debtors

6

4,384,005

3,216,117

Cash at bank and in hand

 

3,395,610

3,961,374

 

7,927,859

7,277,502

Creditors: Amounts falling due within one year

7

(1,463,852)

(1,241,724)

Net current assets

 

6,464,007

6,035,778

Net assets

 

6,554,051

6,177,002

Capital and reserves

 

Called up share capital

683

683

Capital redemption reserve

317

317

Retained earnings

6,553,051

6,176,002

Shareholders' funds

 

6,554,051

6,177,002

 

Sibco (Europe) Limited

(Registration number: 03108270)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr A E Siblani
Director

 

Sibco (Europe) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Spedding Road
Fenton Industrial Estate
Stoke On Trent
Staffordshire
ST4 2ST

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Audit report
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 6 September 2024 was Mr Ian William Biddington, who signed for and on behalf of Alextra Audit Limited.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Sibco (Europe) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

between 20% and 35% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance, 25% straight line and lease term

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Sibco (Europe) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Lease income is recognised in profit and loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the term on the same basis as the lease income.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Sibco (Europe) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic Financial Assets
Basic financial assets which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs 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.

Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Other Financial Liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

 

Sibco (Europe) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 11).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

58,418

9,400

1,410,451

1,478,269

Additions

9,811

-

68,590

78,401

Disposals

-

-

(1,077,739)

(1,077,739)

At 31 December 2023

68,229

9,400

401,302

478,931

Depreciation

At 1 January 2023

43,765

4,663

1,288,618

1,337,046

Charge for the year

6,317

1,184

59,806

67,307

Eliminated on disposal

-

-

(1,015,466)

(1,015,466)

At 31 December 2023

50,082

5,847

332,958

388,887

Carrying amount

At 31 December 2023

18,147

3,553

68,344

90,044

At 31 December 2022

14,653

4,737

121,833

141,223

 

Sibco (Europe) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

-

1

Subsidiaries

£

Cost or valuation

At 1 January 2023

1

Disposals

(1)

At 31 December 2023

-

Provision

Carrying amount

At 31 December 2023

-

At 31 December 2022

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

E3D Technology Limited

Unit A Spedding Road, Fenton Industrial Estate, Stoke-On-Trent, United Kingdom, ST4 2ST

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

E3D Technology Limited

The principal activity of E3D Technology Limited is that of a dormant company.

 

Sibco (Europe) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

3,543,030

2,549,109

Amounts owed by group undertakings

9

685,719

592,131

Prepayments

 

155,256

74,877

 

4,384,005

3,216,117


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

883,498

989,721

Amounts owed to group undertakings

9

44,800

-

Taxation and social security

 

184,699

176,661

Accruals and deferred income

 

329,096

53,526

Other creditors

 

21,759

21,816

 

1,463,852

1,241,724

There is a fixed and floating charge over all of the company's assets with Barclays PLC dated 28 March 2017.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £43,489 (2022 - £95,465).

9

Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption from disclosure of intra-group transactions in accordance with FRS102 paragraph 33.1A