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2024-07-31
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No description of principal activities is disclosed
2023-08-01
Sage Accounts Production 23.0 - FRS102_2023
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NI669951
1
2023-08-01
2024-07-31
Company registration number:
NI669951
Siomac Ltd
Unaudited filleted financial statements
31 July 2024
Siomac Ltd
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Siomac Ltd
Directors and other information
|
|
|
|
Directors |
Mr Alan Rodgers |
|
|
Mrs Brigie Rodgers |
|
|
|
|
|
|
|
Company number |
NI669951 |
|
|
|
|
|
|
|
Registered office |
162 Steeple Road |
|
|
Kells |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT42 3NP |
|
|
|
|
|
|
|
Business address |
162 Steeple Road |
|
|
Kells |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT42 3NP |
|
|
|
|
|
|
|
Accountants |
Potter Finnegan Limited |
|
|
Unit 25 The Courtyard Businss Park |
|
|
190 Galgorm Road |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT42 1HL |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Bank of Ireland |
|
|
5th Floor |
|
|
1 Donegall Square South |
|
|
Belfast |
|
|
BT1 5LR |
|
|
|
Siomac Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Siomac Ltd
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Siomac Ltd for the year ended 31 July 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Siomac Ltd, as a body, in accordance with the terms of our engagement letter dated 13 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Siomac Ltd and state those matters that we have agreed to state to the board of directors of Siomac Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Siomac Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Siomac Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Siomac Ltd. You consider that Siomac Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Siomac Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Potter Finnegan Limited
Chartered Accountants
Unit 25 The Courtyard Businss Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
10 April 2025
Siomac Ltd
Balance sheet
31 July 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
4 |
71,861 |
|
|
|
48,861 |
|
|
Investments |
|
5 |
129,110 |
|
|
|
110 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
200,971 |
|
|
|
48,971 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
6 |
1,663,976 |
|
|
|
1,001,547 |
|
|
Debtors |
|
7 |
70,530 |
|
|
|
357,790 |
|
|
Cash at bank and in hand |
|
|
886,118 |
|
|
|
3,387 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
2,620,624 |
|
|
|
1,362,724 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
36,312) |
|
|
|
(
25,759) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
2,584,312 |
|
|
|
1,336,965 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
2,785,283 |
|
|
|
1,385,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
2,785,283 |
|
|
|
1,385,936 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
9 |
|
|
112 |
|
|
|
112 |
Profit and loss account |
|
|
|
|
2,785,171 |
|
|
|
1,385,824 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
2,785,283 |
|
|
|
1,385,936 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 July 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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
10 April 2025
, and are signed on behalf of the board by:
Mr Alan Rodgers
Mrs Brigie Rodgers
Director
Director
Company registration number:
NI669951
Siomac Ltd
Notes to the financial statements
Year ended 31 July 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Siomac Ltd, 162 Steeple Road, Kells, Ballymena, Co Antrim, BT42 3NP.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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.
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 stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 August 2023 |
48,861 |
- |
48,861 |
|
|
|
|
|
Additions |
- |
24,167 |
24,167 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 July 2024 |
48,861 |
24,167 |
73,028 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 August 2023 |
- |
- |
- |
|
|
|
|
|
Charge for the year |
- |
1,167 |
1,167 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 July 2024 |
- |
1,167 |
1,167 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 July 2024 |
48,861 |
23,000 |
71,861 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 July 2023 |
48,861 |
- |
48,861 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
5.
Investments
|
|
Shares in group undertakings and participating interests |
Other investments other than loans |
Total |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 August 2023 |
110 |
- |
110 |
|
|
|
|
Additions |
- |
129,000 |
129,000 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 July 2024 |
110 |
129,000 |
129,110 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 August 2023 and 31 July 2024 |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 July 2024 |
110 |
129,000 |
129,110 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 July 2023 |
110 |
- |
110 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
6.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Finished goods and goods for resale |
|
1,663,976 |
1,001,547 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
37,629 |
34,951 |
|
Other debtors |
|
32,901 |
322,839 |
|
|
|
_______ |
_______ |
|
|
|
70,530 |
357,790 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
29,585 |
18,542 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
4,912 |
4,912 |
|
Other creditors |
|
1,815 |
2,305 |
|
|
|
_______ |
_______ |
|
|
|
36,312 |
25,759 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
112 |
|
112 |
|
112 |
|
112 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Loan to subsidiary company
|
- |
- |
37,629
|
34,951
|
|
Loan from subsidiary company
|
- |
- |
4,912
|
4,912
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
During the year the company had a loan to a subsidiary company. The loan is interest free and repayable on demand. This is included in debtors. During the year the company had a loan from a subsidiary company. The loan is interest free and repayable on demand. This is included in creditors.
11.
Controlling party
The company is controlled by the directors.