Registered number
02803295
Sicor International Limited
Filleted Accounts
31 December 2024
Sicor International Limited
Registered number: 02803295
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 694,689 731,216
Investments 5 5,000 5,000
699,689 736,216
Current assets
Stocks 2,147,151 1,821,488
Debtors 6 941,882 2,116,891
Cash at bank and in hand 1,267,046 578,390
4,356,079 4,516,769
Creditors: amounts falling due within one year 7 (286,337) (598,699)
Net current assets 4,069,742 3,918,070
Total assets less current liabilities 4,769,431 4,654,286
Creditors: amounts falling due after more than one year 8 (75,395) (90,064)
Provisions for liabilities (33,223) (32,935)
Net assets 4,660,813 4,531,287
Capital and reserves
Called up share capital 10 500,000 500,000
Profit and loss account 4,160,813 4,031,287
Shareholders' funds 4,660,813 4,531,287
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - Small entities and the option not to file the profit and loss account has been taken.
Signed on behalf of the board of directors
Mr T Eeles
Director
Approved by the board on 09 May 2025
Sicor International Limited
Notes to the Accounts
for the year ended 31 December 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).
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 20 to 30 years
Leasehold land and buildings over the lease term
Fixtures, fittings, tools and equipment Between 5 and 10 years
Motor vehicles over 6 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
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.
At each balance sheet date stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its expected selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,377 (2023: £16,471). Contributions totalling £4,498 (2023: £3,891) were payable to the fund at the balance sheet date and are included in creditors.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Mr Pete Cattermole FCA, Senior Statutory Auditor
Firm: Xeinadin Audit Limited
Chartered Accountants and Statutory Auditors
Date of audit report: 09 May 2025
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 984,578 398,004 157,374 1,539,956
Additions 1,533 6,472 33,975 41,980
Disposals - - (22,545) (22,545)
At 31 December 2024 986,111 404,476 168,804 1,559,391
Depreciation
At 1 January 2024 412,444 345,743 50,553 808,740
Charge for the year 32,020 18,364 28,123 78,507
On disposals - - (22,545) (22,545)
At 31 December 2024 444,464 364,107 56,131 864,702
Net book value
At 31 December 2024 541,647 40,369 112,673 694,689
At 31 December 2023 572,134 52,261 106,821 731,216
Included within the cost of land and buildings is £207,418 (2023 £207,418) relating to land which is non-depreciable. The remaining balance comprises £773,286 (2023 £771,753) of freehold buildings depreciated on a straight line basis and £5,407 (2023 £5,407) of fully depreciated leasehold improvements.
5 Investments
Other
investments
£
Cost
At 1 January 2024 5,000
At 31 December 2024 5,000
6 Debtors 2024 2023
£ £
Trade debtors 838,133 2,045,254
Amounts owed by group undertakings - 1,556
Prepayments and accrued income 65,738 67,344
Other debtors 38,011 2,737
941,882 2,116,891
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 14,000 13,500
Trade creditors 138,252 61,907
Amounts owed to group undertakings 8,310 -
Taxation and social security costs 88,643 490,746
Accruals 22,229 18,251
Other creditors 14,903 14,295
286,337 598,699
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 75,395 90,064
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 89,395 103,564
The bank holds a legal charge over the company's assets as security.
With respect to the above loans, £4,760 (2023 £33,320) is repayable by instalments, which falls due after 5 years.
10 Share Capital 2024 2023
£ £
Allotted, called up and fully paid
500,000 (2023 - 500,000) Ordinary shares of £1 each 500,000 500,000
11 Post Balance Sheet Events
On 23 April 2025 the directors approved an interim dividend distribution of £700,000
12 Other financial commitments
At 31 December 2024, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
2024 2023
£ £
Not later than 1 year 68,193 60,034
Later than 1 year and not later than 5 years 227,134 194,805
Later than 5 years 172,903 186,562
468,230 441,401
13 Related party transactions
The company has taken exemption under Section 33.1A of FRS102 from disclosing related party transactions between two or more 100% members of the same group.
14 Subsidiary
Details of the company's subsidiary at 31 December 2024 are as follows:-
Name of undertaking Corda Nets Limited
Registered Office Unit 5, Gore Business Park, Bridport, DT6 3UX
Class of Shares held Ordinary
% shares held direct 100%
15 Group accounts exemption
The Company is exempt from the requirement to prepare group accounts as the group that it heads is subject to the small companies regime.
16 Controlling party
The ultimate controlling party is considered to be Sicor Sociedade Industrial de Cordoaria SA, whose registered address is Rua 13 De Malo, No 1533 Distrito, Cortegaca, Portugal, by virtue of its 100% (2023 - 100%) direct and indirect shareholding in the company.
17 Other information
Sicor International Limited, registered number 02803295, is a private company limited by shares and incorporated in England. Its registered office is:
c/o 75 Mutley Plain
Plymouth
Devon
PL4 6JJ
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