Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activity2023-01-01false4045truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10509532 2023-01-01 2023-12-31 10509532 2022-01-01 2022-12-31 10509532 2023-12-31 10509532 2022-12-31 10509532 c:Director1 2023-01-01 2023-12-31 10509532 d:MotorVehicles 2023-01-01 2023-12-31 10509532 d:MotorVehicles 2023-12-31 10509532 d:MotorVehicles 2022-12-31 10509532 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10509532 d:FurnitureFittings 2023-01-01 2023-12-31 10509532 d:FurnitureFittings 2023-12-31 10509532 d:FurnitureFittings 2022-12-31 10509532 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10509532 d:OfficeEquipment 2023-01-01 2023-12-31 10509532 d:OfficeEquipment 2023-12-31 10509532 d:OfficeEquipment 2022-12-31 10509532 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10509532 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10509532 d:CurrentFinancialInstruments 2023-12-31 10509532 d:CurrentFinancialInstruments 2022-12-31 10509532 d:Non-currentFinancialInstruments 2023-12-31 10509532 d:Non-currentFinancialInstruments 2022-12-31 10509532 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10509532 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10509532 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10509532 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10509532 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 10509532 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 10509532 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 10509532 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 10509532 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 10509532 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 10509532 d:ShareCapital 2023-12-31 10509532 d:ShareCapital 2022-12-31 10509532 d:RetainedEarningsAccumulatedLosses 2023-12-31 10509532 d:RetainedEarningsAccumulatedLosses 2022-12-31 10509532 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10509532 c:OrdinaryShareClass1 2023-12-31 10509532 c:OrdinaryShareClass1 2022-12-31 10509532 c:FRS102 2023-01-01 2023-12-31 10509532 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10509532 c:FullAccounts 2023-01-01 2023-12-31 10509532 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10509532 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10509532 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10509532 d:RetirementBenefitObligationsDeferredTax 2023-12-31 10509532 d:RetirementBenefitObligationsDeferredTax 2022-12-31 10509532 2 2023-01-01 2023-12-31 10509532 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 10509532 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 10509532 d:LeasedAssetsHeldAsLessee 2023-12-31 10509532 d:LeasedAssetsHeldAsLessee 2022-12-31 10509532 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10509532









SIAMAIS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SIAMAIS LIMITED
REGISTERED NUMBER: 10509532

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
80,514
148,846

  
80,514
148,846

Current assets
  

Stocks
  
28,261
29,149

Debtors: amounts falling due within one year
 5 
527,991
634,244

Cash at bank and in hand
  
134,322
59,132

  
690,574
722,525

Creditors: amounts falling due within one year
 6 
(441,667)
(521,466)

Net current assets
  
 
 
248,907
 
 
201,059

Total assets less current liabilities
  
329,421
349,905

Creditors: amounts falling due after more than one year
 7 
(30,093)
(35,649)

Provisions for liabilities
  

Deferred tax
 9 
(19,135)
(27,407)

  
 
 
(19,135)
 
 
(27,407)

Net assets
  
280,193
286,849


Capital and reserves
  

Called up share capital 
 10 
100,000
100,000

Profit and loss account
  
180,193
186,849

  
280,193
286,849


Page 1

 
SIAMAIS LIMITED
REGISTERED NUMBER: 10509532
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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.

The director acknowledges his 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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.




Nishil Nathwani
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

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

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 10509532.  The Company's registered office is 21 Wainwright Street, Aston, Birmingham, England, B6 5TH.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Cash Flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

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

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

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

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
straight-line
Fixtures, fittings and equipment
-
20%
straight-line
Computer and office equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

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

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 7

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

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

3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2022 - 45).


4.


Tangible fixed assets





Motor vehicles
Fixtures, fittings and equipment
Computer and office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
88,850
488,395
27,707
604,952


Additions
-
7,151
-
7,151



At 31 December 2023

88,850
495,546
27,707
612,103



Depreciation


At 1 January 2023
71,080
374,528
10,498
456,106


Charge for the year on owned assets
17,770
51,055
6,658
75,483



At 31 December 2023

88,850
425,583
17,156
531,589



Net book value



At 31 December 2023
-
69,963
10,551
80,514



At 31 December 2022
17,770
113,867
17,209
148,846

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
-
17,770

-
17,770

Page 9

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

5.


Debtors

2023
2022
£
£


Trade debtors
28,360
17,936

Other debtors
460,240
575,140

Prepayments and accrued income
39,391
41,168

527,991
634,244



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,556
5,556

Trade creditors
40,755
50,553

Corporation tax
22,677
10,123

Other taxation and social security
66,470
56,787

Obligations under finance lease and hire purchase contracts
-
37,929

Other creditors
147,269
186,994

Accruals and deferred income
158,940
173,524

441,667
521,466


Page 10

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

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
30,093
35,649

30,093
35,649


The following liabilities were secured:

2023
2022
£
£



Net obligations under finance leases and hire purchase contracts
-
37,929

-
37,929

Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured upon the asset to which they relate.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
7,870
13,426

7,870
13,426

In Nov 2020 the company took out a Bounce Back Loan. The loan was initially over a 6 year period but was extended to a 10 year period with the first year interest and repayment free. The loan is then repayable in instalments over the remaining 9 years with interest charged at 2.5%.

Page 11

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

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,556
5,556


5,556
5,556

Amounts falling due 1-2 years

Bank loans
5,556
5,556


5,556
5,556

Amounts falling due 2-5 years

Bank loans
16,667
16,667


16,667
16,667

Amounts falling due after more than 5 years

Bank loans
7,870
13,426

7,870
13,426

35,649
41,205



9.


Deferred taxation




2023


£






At beginning of year
(27,407)


Charged to profit or loss
8,272



At end of year
(19,135)

Page 12

 
SIAMAIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(19,285)
(27,499)

Pension surplus
150
92

(19,135)
(27,407)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund . Contributions totalling £5,513 (2022 - £5,184) were payable to the fund at the balance sheet date and are included in creditors.


12.Other financial commitments

The company has total commitments at the balance sheet date of £20,505 (2022 - £1,755).


13.


Related party transactions

During the year the company received a loan from the director.  The balance outstanding and due to the director at 31 December 2023 was £22,540 (2022 - £520). 
During the year the company received a loan from a close family relation of the director of £Nil (2022 - £139,200) and made repayments of £86,500 (2022 - £Nil). The balance outstanding as at 31 December 2023 was £52,700 (2022 - £139,200). 
During the year the company made loans to companies under common control and the balance outstanding from these companies as at 31 December 2023 was £460,240 (2022 - £575,140).  The company also received loans from companies under common control and the balance outstanding and due to these companies was £59,515 (2022 - £37,025).
Loans are interest free and repayable on demand.

 
Page 13