Sioen UK Limited 1871440 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the sale of thermal flotation suits Digita Accounts Production Advanced 6.30.9574.0 true true 1871440 2023-01-01 2023-12-31 1871440 2023-12-31 1871440 bus:OrdinaryShareClass1 2023-12-31 1871440 bus:PreferenceShareClass1 2023-12-31 1871440 core:RetainedEarningsAccumulatedLosses 2023-12-31 1871440 core:ShareCapital 2023-12-31 1871440 core:CurrentFinancialInstruments 2023-12-31 1871440 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 1871440 bus:SmallEntities 2023-01-01 2023-12-31 1871440 bus:Audited 2023-01-01 2023-12-31 1871440 bus:FullAccounts 2023-01-01 2023-12-31 1871440 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 1871440 bus:RegisteredOffice 2023-01-01 2023-12-31 1871440 bus:Director5 2023-01-01 2023-12-31 1871440 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 1871440 bus:PreferenceShareClass1 2023-01-01 2023-12-31 1871440 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 1871440 1 2023-01-01 2023-12-31 1871440 countries:England 2023-01-01 2023-12-31 1871440 2022-01-01 2022-12-31 1871440 2022-12-31 1871440 bus:OrdinaryShareClass1 2022-12-31 1871440 bus:PreferenceShareClass1 2022-12-31 1871440 core:RetainedEarningsAccumulatedLosses 2022-12-31 1871440 core:ShareCapital 2022-12-31 1871440 core:CurrentFinancialInstruments 2022-12-31 1871440 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 1871440

Sioen UK Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Sioen UK Limited

(Registration number: 1871440)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

1,680,263

2,122,247

Cash at bank and in hand

 

244,114

235,940

 

1,924,377

2,358,187

Creditors: Amounts falling due within one year

5

(745,973)

(735,649)

Net assets

 

1,178,404

1,622,538

Capital and reserves

 

Called up share capital

6

160,000

160,000

Retained earnings

1,018,404

1,462,538

Shareholders' funds

 

1,178,404

1,622,538

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 5 September 2024 and signed on its behalf by:
 


Mrs M D A Sioen
Director

   
 

Sioen UK 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.

The address of its registered office is:
c/o James Dewhurst Ltd
Altham Lane
Altham
Accrington
Lancashire
BB5 5YA

Registration number: 1871440

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 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

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.

The accounts are shown in GBP and are rounded to the nearest pound.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 5 September 2024 was John Heeney BA FCA, who signed for and on behalf of RNS Chartered Accountants.

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 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.

Government grants

Government grants are recognised in the profit and loss account so that the income is matched with the costs to which they relate.

 

Sioen UK Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sioen UK Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company during the year was 9 (2022 - 9).

4

Debtors

2023
£

2022
£

Trade debtors

1,399,356

1,773,747

Amounts owed by group undertakings

273,647

348,500

Prepayments

1,966

-

Other debtors

5,294

-

 

1,680,263

2,122,247

5

Creditors

2023
£

2022
£

Due within one year

Trade creditors

50,384

57,339

Social security and other taxes

419,836

549,181

Other creditors

275,753

129,129

745,973

735,649

 

Sioen UK Limited

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

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

130,000

130,000

130,000

130,000

8% non-cumulative preference shares of £1 each

30,000

30,000

30,000

30,000

 

160,000

160,000

160,000

160,000

7

Parent and ultimate parent undertaking

The company's immediate parent is Sioen Industries n.v., incorporated in Belgium.

 The ultimate parent is Sihold n.v., incorporated in Belgium.

 The most senior parent entity producing publicly available financial statements is Sihold n.v.. These financial statements are available upon request from Fabriekstraat 23, B-8850, Ardooie, Belgium.