REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SISU CENTRAL SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SISU CENTRAL SERVICES LIMITED |
SISU CENTRAL SERVICES LIMITED (REGISTERED NUMBER: 13612257) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
SISU CENTRAL SERVICES LIMITED (REGISTERED NUMBER: 13612257) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SISU CENTRAL SERVICES LIMITED (REGISTERED NUMBER: 13612257) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
SISU Central Services Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
Going concern |
The financial statements have been prepared on the basis that the company can continue to operate as a going concern. |
The directors are of the opinion, based on forecasts prepared and sufficient cash reserves, that the company has adequate working capital to execute its operations over the next 12 months. |
Related party exemption |
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. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
SISU CENTRAL SERVICES LIMITED (REGISTERED NUMBER: 13612257) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
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. |
Share-based payments |
Where share options are awarded to employees, the fair value of the options at the date of grant is charged |
to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting |
the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the |
cumulative amount recognised over the vesting period is based on the number of options that eventually vest. |
Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is |
not adjusted for failure to achieve a market vesting condition. |
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond |
the control of either party (such as a target based on an index) or factors which are within the control of one |
or other of the parties (such as the company keeping the scheme open or the employee maintaining any |
contributions required by the scheme). |
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the |
options, measured immediately before and after the modification, is also charged to profit or loss over the |
remaining vesting period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SISU CENTRAL SERVICES LIMITED (REGISTERED NUMBER: 13612257) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Royal House Office 2.08, 110 Station Parade, Harrogate, HG1 1EP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Royal House Office 2.08, 110 Station Parade, Harrogate, HG1 1EP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Royal House Office 2.08, 110 Station Parade, Harrogate, HG1 1EP |
Nature of business: |
% |
Class of shares: | holding |
During the year the company made an investment in Magnus Civil Engineering Ltd acquiring 60 Ordinary A, 20 Ordinary B and 20 Ordinary C shares of £1 each. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | 45,912 | - |
Tax |
Loans | 101,465 | - |
SISU CENTRAL SERVICES LIMITED (REGISTERED NUMBER: 13612257) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed to group undertakings |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
At the reporting date issued, allocated and paid up share capital: |
Ordinary A shares - 8,000 £0.10 |
Ordinary B shares - 2,000 £0.10 |
Ordinary C shares - 8,000 £0.10 |
Ordinary D shares - 2,000 £0.10 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year a director was advanced a sum of £45,912 (2022: £nil). The balance owed by the directors at the year end is £45,912 (2022: £nil). Interest of £912 (2022: £nil) has been charged on this loan at the HMRC official rate. |
9. | EQUITY SETTLED SHARE BASED PAYMENT |
On 30 May 2023, the company granted EMI options over 3,256 of its E Ordinary shares in total to three employees. One employee who had options over 465 E ordinary shares left during the year, leaving options over 2,791 E Ordinary share to two employees available to be exercised as at 31 December 2023. |
The options can be exercised by the employees until 30 May 2033, unless the company is sold. If the options are not exercised before their 10th anniversary they will lapse. They will also lapse if the employee leaves. |
The total expense recognised through the profit and loss account in the year to 31 December 2023 was £nil and the carrying amount at that date is £nil. |