Registered number
09612211
Siky Limited
Filleted Accounts
31 May 2024
Siky Limited
Registered number: 09612211
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,400,000 -
Tangible assets 4 1,203,208 312,707
2,603,208 312,707
Current assets
Stocks 267,265 91,630
Debtors 5 1,000,841 574,123
Investments held as current assets 6 - 343,309
Cash at bank and in hand 541,091 575,248
1,809,197 1,584,310
Creditors: amounts falling due within one year 7 (3,056,998) (913,185)
Net current (liabilities)/assets (1,247,801) 671,125
Total assets less current liabilities 1,355,407 983,832
Creditors: amounts falling due after more than one year 8 (211,002) (260,542)
Net assets 1,144,405 723,290
Capital and reserves
Called up share capital 102 102
Profit and loss account 1,144,303 723,188
Shareholders' funds 1,144,405 723,290
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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.
M I Ali
Director
Approved by the board on 23 September 2024
Siky Limited
Notes to the Accounts
for the year ended 31 May 2024
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 44 15
3 Intangible fixed assets £
Goodwill:
Cost
Additions 1,400,000
At 31 May 2024 1,400,000
Amortisation
At 31 May 2024 -
Net book value
At 31 May 2024 1,400,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 53,355 198,190 249,180 500,725
Additions - 1,019,175 - 1,019,175
Disposals - - (103,333) (103,333)
At 31 May 2024 53,355 1,217,365 145,847 1,416,567
Depreciation
At 1 June 2023 39,439 112,147 36,432 188,018
Charge for the year 2,783 17,209 26,016 46,008
On disposals - - (20,667) (20,667)
At 31 May 2024 42,222 129,356 41,781 213,359
Net book value
At 31 May 2024 11,133 1,088,009 104,066 1,203,208
At 31 May 2023 13,916 86,043 212,748 312,707
5 Debtors 2024 2023
£ £
Trade debtors 891,783 433,035
Other debtors 109,058 141,088
1,000,841 574,123
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments - 343,309
7 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 11,499 21,645
Trade creditors 1,541,591 543,442
Corporation tax 99,517 76,255
Other taxes and social security costs 10,000 10,017
Other creditors 1,394,391 261,826
3,056,998 913,185
8 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 33,826 109,042
Amounts owed to group undertakings and undertakings in which the company has a participating interest 177,176 151,500
211,002 260,542
9 Other information
Siky Limited is a private company limited by shares and incorporated in England. Its registered office is:
Parkview Pharmacy
125 Fitzwilliam Street
Huddersfield
HD1 5PS
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