REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
FOR |
SIGMA COMMERCIAL PRODUCTS LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
FOR |
SIGMA COMMERCIAL PRODUCTS LIMITED |
SIGMA COMMERCIAL PRODUCTS LIMITED (REGISTERED NUMBER: 05649406) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 | to | 6 |
SIGMA COMMERCIAL PRODUCTS LIMITED (REGISTERED NUMBER: 05649406) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 30.6.23 |
Notes | $ | $ |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SIGMA COMMERCIAL PRODUCTS LIMITED (REGISTERED NUMBER: 05649406) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Sigma Commercial Products Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the US Dollar ($). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Judgements |
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 set out in the policies below. |
Key sources of estimation uncertainty |
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: |
Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods. |
SIGMA COMMERCIAL PRODUCTS LIMITED (REGISTERED NUMBER: 05649406) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
GOING CONCERN |
The Company continued to make losses during the financial period with the company making a loss after tax of $622,593, prior to exceptional items. A decision was made by the directors of Sigma ASL Limited, a fellow subsidiary undertaking to write down a intercompany balance of $16,421,252 between the companies. As a result of the impairment of the intercompany balance the company's reserves went from a deficit at 30th June 2023 of $15,931,746 to a deficit of $133,087 at 31 December 2023 as a result of providing for this balance in full. |
In December 2023 the parent undertaking, SAL Group Limited was acquired by Sigma Manufacturing Solutions (USA) LLC (SMU). SMU is a wholly owned subsidiary of Sigma Corporation a company registered in the USA. |
SMU have invested heavily in the group to allow them to continue to meet their obligations as they fall due and have provided assurances of their continued support to the group, accordingly the directors consider that the group is a going concern and accordingly, the financial statements have been prepared on a going concern basis. |
REVENUE RECOGNITION |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SIGMA COMMERCIAL PRODUCTS LIMITED (REGISTERED NUMBER: 05649406) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
CORPORATION TAX |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
SIGMA COMMERCIAL PRODUCTS LIMITED (REGISTERED NUMBER: 05649406) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
$ |
COST |
At 1 July 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 July 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.23 |
$ | $ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.23 |
$ | $ |
Bank loans and overdrafts |
Trade creditors |
VAT | 38,271 | 71,041 |
Accruals and deferred income |
SIGMA COMMERCIAL PRODUCTS LIMITED (REGISTERED NUMBER: 05649406) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 30.6.23 |
$ | $ |
Amounts owed to group undertakings |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
In forming our opinion, we have considered the adequacy of the disclosures concerning the company's ability to continue as a going concern in note 3 of these financial statements. The company has provided for inter-company creditor balances in the period resulting in a large credit to the profit and loss account. Note 3 of the financial statements outlines the directors' expectations for the rest of 2024 and beyond, which indicate that the company will continue to trade for the foreseeable future in line with the director's forecasts and projections and expected continued support of the company's shareholders. Our opinion is not modified in this respect. |
for and on behalf of |
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 wholly owned subsidiaries within the group. |
11. | POST BALANCE SHEET EVENTS |
There were no material events up to the date of approval of the financial statements by the Board. |
12. | ULTIMATE PARENT UNDERTAKING |
The ultimate parent undertaking is Sigma Corporation USA, a company registered in the USA. The registered office of the ultimate parent undertaking is 700 Goldman Drive, Cream Ridge, NJ 08514. A copy of the consolidated financial statements can be obtained from the registered office. |
During 2023 the company's parent undertaking SAL Group Limited , was acquired by Sigma Manufacturing Solutions (USA) LLC, which is a subsidiary of Sigma Corporation. |