REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Siv Fire Protection Ltd |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Siv Fire Protection Ltd |
Siv Fire Protection Ltd (Registered number: 07139451) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Siv Fire Protection Ltd |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Siv Fire Protection Ltd (Registered number: 07139451) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of installation of fire protection and insulation. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
THE ONGOING RUSSIA-UKRAINE CONFLICT |
The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither SIV Fire Protection Ltd nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes. |
BREXIT |
The Company need to continue to assess the nature and extent of risks and uncertainties arising from Brexit. The UK and EU are still within negotiations as to how the future trading relationship will operate after the transition period has ended. The conclusion of those discussions and subsequent agreements may impact on the future performance and position of the business including its solvency, liquidity and going concern. As such, appropriate disclosures should be given as part of the reporting requirements within the Strategic Report/Directors' Report. |
IMPACT ON COVID-19 AND GOING CONCERN |
We draw your attention to note 14 of the financial statements, which describes the Company's assessment of the COVID-19 impact on its ability to continue as a going concern. The Company have explained that the events arising from the COVID-19 outbreak do not impact its use of the going concern basis of preparation nor do they cast significant doubt about the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. |
CORONA VIRUS (COVID-19) |
The spread of coronavirus (COVID-19) is having a disrupting effect on global markets, staffing, supply chains, and general business operations. Whilst the outbreak was initially focussed in China, it has spread across a significant number of countries worldwide. |
As such, the Company should assess the nature and extent of risks and uncertainties arising from the coronavirus. In doing so, the Company should consider what disclosures should be included within the Directors' Report, where relevant. |
It is important to remember that the disclosures needed in the Directors' Report are likely to change over time as new information comes to light. |
Siv Fire Protection Ltd (Registered number: 07139451) |
Report of the Directors |
for the Year Ended 31 January 2024 |
CLIMATE CHANGES AND ENVIRONMENTAL RISKS AND RESPONSIBILITIES |
Due to the nature of the entity's operational activities there's no exposure to significant environmental risks. |
Despite the fact that our organisation is offering property fire protection and safety services, we are always considering the environmental sustainability. Future business performance will be impacted by our ability to effectively manage the transition to a low carbon economy balancing commercial decisions with the environmental responsibility, agreeing business-wide decarbonisation priorities and managing changes in customer preferences. |
This includes management of the increasing costs associated with sustainable materials, recycling carbon pricing and further technological, policy and regulatory interventions. |
We are operating in a world and a sector with high pressure from carbon-conscious customers, government bodies and regulators to operate in a more environmentally conscious manner. To respond to the circular economy, waste reduction and low carbon products and use of a recycled parts and related components. |
The Board acknowledges that environmental protection is one of the company's business responsibilities. It aims for a continuous improvement in the company's environmental performance and to comply with all relevant regulations. |
Also, the Board does not consider that this line of business has a large adverse impact upon the environment. As a result, the company does not manage its business by reference to any environmental key performance indicators. The company seeks to maintain a high proportion of its records electronically and of the paper it does use, over 80% of its paper consumption is recycled through the use of recycling bags. |
SIV Fire Protection Limited aims to be aware at all times of its social and ethical impact on the environment, climate changes and society in general. To this end, SIV Fire Protection Limited will continue to review ways it can reduce its carbon footprint and impact on the environment and work in a sustainable manner and in any other ways that might affect climate changes. The company will treat all employees and stakeholders fairly and ethically, and the company will look to source and partake in Socially Responsible Investments. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Siv Fire Protection Ltd (Registered number: 07139451) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Siv Fire Protection Ltd (Registered number: 07139451) |
Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Siv Fire Protection Ltd (Registered number: 07139451) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Siv Fire Protection Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Siv Fire Protection Ltd (Registered number: 07139451) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Debtors |
Short term debtors are measured at a 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 costs determined using the effective interest method, less any impairments losses for bad and doubtful debts. |
Provisions |
Provisions (ie./ liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Siv Fire Protection Ltd (Registered number: 07139451) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 204,415 | 204,415 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary shares | £1.00 | 100 | 100 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 January 2024 | ( |
) |
10. | RELATED PARTY DISCLOSURES |
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 the entities related parties. |
11. | EVENTS AFTER THE REPORTING PERIOD |
There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note. |
The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither SIV Fire Protection Ltd nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes. |
Siv Fire Protection Ltd (Registered number: 07139451) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
12. | GOING CONCERN CONSIDERATION |
The Company's management does not see a severe impact of COVID-19 outbreak to its activity. The Company tested the financial impact on the following areas of financial statements that can be affected: |
- Breach of trade contracts |
- Revenue |
- Cost of sales |
- Expenditure |
- Inventories fair value measurements |
- Debt repayment |
13. | IMPAIRMENT OF FIXED ASSETS |
At each reporting period end date, the company reviews the carrying amounts of its tangible and |
intangible assets to determine whether there is any indication that those assets have suffered an |
impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in |
order to determine the extent of the impairment loss (if any). Where it is not possible to estimate |
the recoverable amount of an individual asset. the company estimates the recoverable amount of |
the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing. |
value in use, the estimated future cash flows are discounted to their present value using a pre-tax |
discount rate that reflects current market assessments of the time value of money and the risks |
specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its |
carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its |
recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the |
relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss |
have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of |
the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, |
but so that the increased carrying amount does not exceed the carrying amount that would have |
been determined had no impairment loss been recognised for the |
asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised |
immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
14. | CLIMATE CHANGES AND ENVIRONMENTAL RISKS AND RESPONSIBILITIES |
Due to the nature of the entity's operational activities there's no exposure to significant environmental risks. |
Despite the fact that our organisation offering fire protection and safety services, we are always considering the environmental sustainability. Future business performance will be impacted by our ability to effectively manage the transition to a low carbon economy balancing commercial decisions with the environmental responsibility, agreeing business-wide decarbonisation priorities, and managing changes in customer preferences. |
This includes management of the increasing costs associated with sustainable materials, recycling carbon pricing and further technological, policy and regulatory interventions. |
We are operating in a world and a sector with high pressure from carbon-conscious customers, government bodies and regulators to operate in a more environmentally conscious manner. To respond to the circular economy, waste reduction and low carbon products and use of a recycled parts and related components. |