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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.