Company registration number 15420135 (England and Wales)
SYKES GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
SYKES GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SYKES GROUP LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
98,988
Investments
4
1,100
100,088
Current assets
Cash at bank and in hand
250
Creditors: amounts falling due within one year
5
(81,642)
Net current liabilities
(81,392)
Net assets
18,696
Capital and reserves
Called up share capital
6
1,100
Revaluation reserve
11,229
Profit and loss reserves
6,367
Total equity
18,696

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
Mr S A Sykes
Director
Company registration number 15420135 (England and Wales)
SYKES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Sykes Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mintsfeet Industrial Estate, Mintsfeet Road, Kendal, LA9 6LU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line
Computers
25% Straight line
Motor vehicles
10% Reducing balance
Heritage vehicles
Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

SYKES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SYKES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
1
3
Tangible fixed assets
Plant and machinery etc
Heritage vehicles
Total
£
£
£
Cost or valuation
At 17 January 2024
-
0
-
0
-
0
Additions
79,621
18,771
98,392
Revaluation
-
0
11,229
11,229
At 31 October 2024
79,621
30,000
109,621
Depreciation and impairment
At 17 January 2024
-
0
-
0
-
0
Depreciation charged in the period
10,633
-
0
10,633
At 31 October 2024
10,633
-
0
10,633
Carrying amount
At 31 October 2024
68,988
30,000
98,988

Heritage Vehicles with a carrying value of £18,771 were revalued by the director at the year end on the basis of market value. The valuation is based on the director’s knowledge of recent market transactions for similar vehicles, conducted on arm’s length terms.

 

 

 

4
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
1,100
SYKES GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 17 January 2024
-
Additions
1,100
At 31 October 2024
1,100
Carrying amount
At 31 October 2024
1,100
5
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
81,392
Other creditors
250
81,642
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1,100
1,100
2024-10-312024-01-17falsefalsefalse29 May 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMr S A Sykes2025-05-29154201352024-01-172024-10-31154201352024-10-3115420135core:OtherPropertyPlantEquipment2024-10-3115420135core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-10-3115420135core:CurrentFinancialInstrumentscore:WithinOneYear2024-10-3115420135core:CurrentFinancialInstruments2024-10-3115420135core:ShareCapital2024-10-3115420135core:RevaluationReserve2024-10-3115420135core:RetainedEarningsAccumulatedLosses2024-10-3115420135bus:Director12024-01-172024-10-3115420135core:PlantMachinery2024-01-172024-10-3115420135core:FurnitureFittings2024-01-172024-10-3115420135core:ComputerEquipment2024-01-172024-10-3115420135core:MotorVehicles2024-01-172024-10-3115420135core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-01-172024-10-3115420135core:OtherPropertyPlantEquipment2024-01-1615420135core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-01-16154201352024-01-1615420135core:OtherPropertyPlantEquipment2024-01-172024-10-3115420135bus:PrivateLimitedCompanyLtd2024-01-172024-10-3115420135bus:SmallCompaniesRegimeForAccounts2024-01-172024-10-3115420135bus:FRS1022024-01-172024-10-3115420135bus:AuditExemptWithAccountantsReport2024-01-172024-10-3115420135bus:FullAccounts2024-01-172024-10-31xbrli:purexbrli:sharesiso4217:GBP