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Registration number: 07359553

Siphonix Worldwide Limited

Unaudited Filleted Financial Statements

for the Year Ended 27 August 2024

 

Siphonix Worldwide Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Siphonix Worldwide Limited

(Registration number: 07359553)
Balance Sheet as at 27 August 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

267,610

 

295,700

Current assets

   

 

Stocks

17,116

 

40,001

 

Debtors

5

734,121

 

995,694

 

Cash at bank and in hand

 

70,697

 

77,045

 

 

821,934

 

1,112,740

 

Creditors: Amounts falling due within one year

6

(678,556)

 

(795,189)

 

Net current assets

   

143,378

 

317,551

Total assets less current liabilities

   

410,988

 

613,251

Creditors: Amounts falling due after more than one year

6

 

(235,650)

 

(335,309)

Provisions for liabilities

 

(43,000)

 

(44,000)

Net assets

   

132,338

 

233,942

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

132,238

 

233,842

 

Shareholders' funds

   

132,338

 

233,942

 

Siphonix Worldwide Limited

(Registration number: 07359553)
Balance Sheet as at 27 August 2024

For the financial year ending 27 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
M Richmond
Director

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
York House
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PE

These financial statements were authorised for issue by the Board on 23 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably. The company uses the valuation of work done at the end of each month as the turnover to be recognised that month.

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10% straight line basis

Motor vehicles

25% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 9).

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 28 August 2023

43,574

283,390

326,964

Additions

992

60,660

61,652

At 27 August 2024

44,566

344,050

388,616

Depreciation

At 28 August 2023

19,969

11,295

31,264

Charge for the year

3,729

86,013

89,742

At 27 August 2024

23,698

97,308

121,006

Carrying amount

At 27 August 2024

20,868

246,742

267,610

At 27 August 2023

23,605

272,095

295,700

5

Debtors

Current

2024
£

2023
£

Trade debtors

484,353

791,442

Prepayments

1,374

4,162

Other debtors

248,394

200,090

 

734,121

995,694

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

138,476

146,367

Trade creditors

 

308,695

393,016

Taxation and social security

 

182,670

242,992

Accruals and deferred income

 

45,185

8,424

Other creditors

 

3,530

4,390

 

678,556

795,189

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £41,036 (2023 - £58,249).

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

235,650

335,309

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £197,328 (2023 - £199,546).

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

38,322

135,763

Hire purchase contracts

197,328

199,546

235,650

335,309

Current loans and borrowings

2024
£

2023
£

Bank borrowings

97,441

88,118

Hire purchase contracts

41,035

58,249

138,476

146,367

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £109,111 (2023 - £142,683).

 

Siphonix Worldwide Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 August 2024

10

Related party transactions

Summary of transactions with key management

2024

At 28 August 2023
£

Advances to director
£

Repayments by director
£

At 27 August 2024
£

M Richmond

Amounts owed from

148,227

244,344

(201,153)

191,418

2023

At 28 August 2022
£

Advances to director
£

Repayments by director
£

At 27 August 2023
£

M Richmond

Amounts owed from

118,917

229,310

(200,000)

148,227