Registered number
02021239
(England and Wales)
SinterCast Limited
Filleted Accounts
31 December 2023
SinterCast Limited
Registered number: 02021239
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors 4 703,081 497,463
Cash at bank and in hand 56,013 100,120
759,094 597,583
Creditors: amounts falling due within one year 5 (258,982) (214,809)
Net current assets 500,112 382,774
Net assets 500,112 382,774
Capital and reserves
Called up share capital 3,159,094 3,159,094
Profit and loss account (2,658,982) (2,776,320)
Shareholder's funds 500,112 382,774
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr S Dawson
Director
Approved by the board and authorised for issue on 11 September 2024
SinterCast Limited
Notes to the Financial Statements
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services to the parent company under the terms of a Management Services Agreement. Under the terms of this agreement, the employment costs and overheads of the company are recharged to the parent company at cost plus a mark-up percentage calculated at rates comparable to similar transactions at arm's length with a third party customer.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Martin N Jones FCA
Firm: Kingly Jones LLP
Date of audit report: 16 September 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings 700,240 487,643
Other debtors 2,682 1,527
Prepayments and accrued income 159 8,293
703,081 497,463
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 173 147
Taxation and social security costs 25,154 20,720
Other creditors 1,673 1,700
Accruals and deferred income 231,982 192,242
258,982 214,809
6 Share options reserve 2023 2022
£ £
At 1 January 2023 - 286,775
Transferred to profit and loss account - (286,775)
At 31 December 2023 - -
7 Related party transactions
The company has taken advantage of the exemption in FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, from the requirement to disclose transactions with its parent company on the grounds that SinterCast Limited is a wholly owned subsidiary of SinterCast AB (publ). There are no other related party transactions to report.
8 Controlling party
The immediate and ultimate parent company is SinterCast AB (publ), a company registered in Sweden, Company registration no. 556233-6494. The registered office of SinterCast AB (publ) is Kungsgatan 2, SE-641 30, Katrineholm, Sweden. SinterCast AB (publ) prepares group financial statements and copies can be obtained from Box 10203, SE-100 55, Stockholm, Sweden.
9 Other information
SinterCast Limited is a private company limited by shares and incorporated in England. Its registered office is:
Kingswick House
Kingswick Drive
Ascot
Berkshire
SL5 7BH
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