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COMPANY REGISTRATION NUMBER: 01984250
S. I. Pumps Limited
Filleted Unaudited Financial Statements
31 March 2024
S. I. Pumps Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
275,789
189,374
Investments
6
20,107
---------
---------
295,896
189,374
Current assets
Stocks
521,238
487,477
Debtors
7
1,635,552
1,549,735
Cash at bank and in hand
1,006,179
1,339,468
------------
------------
3,162,969
3,376,680
Creditors: amounts falling due within one year
8
1,006,624
1,468,878
------------
------------
Net current assets
2,156,345
1,907,802
------------
------------
Total assets less current liabilities
2,452,241
2,097,176
Provisions
Taxation including deferred tax
62,940
33,344
------------
------------
Net assets
2,389,301
2,063,832
------------
------------
Capital and reserves
Called up share capital
9
1,250
1,250
Profit and loss account
2,388,051
2,062,582
------------
------------
Shareholders funds
2,389,301
2,063,832
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
S. I. Pumps Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr S Blake
Director
Company registration number: 01984250
S. I. Pumps Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The place of business of the company is Unit 5, Curtis Yard, North Hinksey Lane, Botley, Oxford, OX2 0LX .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2023: 34 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
63,714
129,453
323,851
517,018
Additions
4,910
3,580
162,073
170,563
Disposals
( 82,948)
( 82,948)
--------
---------
---------
---------
At 31 March 2024
68,624
133,033
402,976
604,633
--------
---------
---------
---------
Depreciation
At 1 April 2023
28,784
95,068
203,792
327,644
Charge for the year
5,535
5,994
54,886
66,415
Disposals
( 65,215)
( 65,215)
--------
---------
---------
---------
At 31 March 2024
34,319
101,062
193,463
328,844
--------
---------
---------
---------
Carrying amount
At 31 March 2024
34,305
31,971
209,513
275,789
--------
---------
---------
---------
At 31 March 2023
34,930
34,385
120,059
189,374
--------
---------
---------
---------
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 April 2023
2
2
Additions
20,105
20,105
----
--------
--------
At 31 March 2024
2
20,105
20,107
----
--------
--------
Impairment
At 1 April 2023 and 31 March 2024
----
--------
--------
Carrying amount
At 31 March 2024
2
20,105
20,107
----
--------
--------
At 31 March 2023
2
2
----
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
1,052,361
1,012,098
Other debtors
583,191
537,637
------------
------------
1,635,552
1,549,735
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
320,683
397,057
Corporation tax
105,181
126,686
Social security and other taxes
92,878
105,147
Other creditors
487,882
839,988
------------
------------
1,006,624
1,468,878
------------
------------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
ordinary shares of £ 1 each
1,250
1,250
1,250
1,250
-------
-------
-------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
23,167
12,415
Later than 1 year and not later than 5 years
38,148
--------
--------
61,315
12,415
--------
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Blake
( 87,452)
71,549
( 15,903)
Mr A Blake
( 52,880)
73,350
20,470
---------
---------
----
--------
( 140,332)
144,899
4,567
---------
---------
----
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Blake
74,000
( 161,452)
( 87,452)
Mr A Blake
( 380)
12,500
( 65,000)
( 52,880)
----
--------
---------
---------
( 380)
86,500
( 226,452)
( 140,332)
----
--------
---------
---------
12. Related party transactions
Included within other creditors is a balance of £300 (2023: £550) due to the parent company, Sterling SI Pumps Holdings Ltd. The loan is interest free and there is no fixed date of repayment. Included within other debtors is a balance of £451,350 (2023: £451,100) owed by SI Investments (Oxford) Ltd, the ultimate parent company. The loan is interest free and there is no fixed date of repayment.
13. Controlling party
SI Investments (Oxford) Limited is the ultimate parent company, incorporated in England .