Company registration number 06786849 (England and Wales)
SIAMP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SIAMP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
SIAMP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
152,344
271,199
Current assets
Stocks
945,586
980,043
Debtors
4
830,197
742,641
Cash at bank and in hand
483,294
473,516
2,259,077
2,196,200
Creditors: amounts falling due within one year
5
(1,457,758)
(1,376,065)
Net current assets
801,319
820,135
Total assets less current liabilities
953,663
1,091,334
Creditors: amounts falling due after more than one year
6
(13,723)
(60,575)
Provisions for liabilities
-
0
(16,478)
Net assets
939,940
1,014,281
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
249,000
249,000
Profit and loss reserves
689,940
764,281
Total equity
939,940
1,014,281

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

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

The financial statements were approved by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
Mr A Shires
Director
Company registration number 06786849 (England and Wales)
SIAMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Siamp Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7, S:Park Business Park, Hamilton Road, Stockport, SK1 2AE.

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 a mounts 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.

1.2
Going concern

In assessing the going concern position of the company the directors have considered the company’s cashflows, liquidity and business activities as well as undertaking discussions with the wider group true management.

The directors have made enquiries of its supply chain and are satisfied that its key supplier will be able to deliver the goods required by the company as product demand increases over the remainder of 202 5.

The directors have prepared conservative flexed forecasts covering a period of at least twelve months from the date of approval of these financial statements and are satisfied that the company will be able to meet any financial obligations as they fall due.

The company’s ultimate parent company, Siamp-Cedap, have offered to extend support, if needed, to the company.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

SIAMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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:

Fixtures and fittings
5 years straight line
Computers
2 years straight line
Motor vehicles
4 years straight line

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.

1.5
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).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based upon the cost of purchase on a first in, first out basis and includes an attributable cost of delivery.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SIAMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
Derivatives

The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SIAMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

In a sale and leaseback transaction if the transaction is a financing operation and results in a finance lease arrangement, then no sale is recognised, the transferred asset is still recognised within tangible fixed assets and a financial liability is recognised equal to the transfer proceeds.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SIAMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 12 (2023: 13).

3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
242,165
58,931
213,774
514,870
Additions
23,827
2,891
28,333
55,051
Disposals
(6,185)
-
0
(172,773)
(178,958)
At 31 December 2024
259,807
61,822
69,334
390,963
Depreciation and impairment
At 1 January 2024
99,377
54,103
90,191
243,671
Depreciation charged in the year
59,071
4,690
27,097
90,858
Eliminated in respect of disposals
(2,863)
-
0
(93,047)
(95,910)
At 31 December 2024
155,585
58,793
24,241
238,619
Carrying amount
At 31 December 2024
104,222
3,029
45,093
152,344
At 31 December 2023
142,788
4,828
123,583
271,199
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
803,881
735,683
Prepayments and accrued income
23,458
6,958
827,339
742,641
Deferred tax asset
2,858
-
0
830,197
742,641
SIAMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
26,259
45,447
Trade creditors
286,183
355,296
Amounts owed to group undertakings
500,000
250,000
Corporation tax
88,562
74,591
Other taxation and social security
207,831
223,739
Other creditors
338,423
417,992
Accruals and deferred income
10,500
9,000
1,457,758
1,376,065

Obligations under finance leases are secured on the assets to which the agreements relate.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
13,723
60,575

Obligations under finance leases are secured on the assets to which the agreements relate.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Angela Harrison BA FCA
Statutory Auditor:
JS. Audit Limited
Date of audit report:
27 August 2025
SIAMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
553,220
727,167
9
Related party transactions

Included within trade creditors, in the creditors: amounts falling due within one year note to the financial statements, are amounts due to group undertakings of £217,022 (202 3: £236,975). These are settled within normal commercial terms.

The company has taken advantage of the exemption granted by paragraph 33.1A of FRS102 from disclosing related party transactions with group undertakings.

10
Parent company

The ultimate parent company is Siamp-Cedap, a company incorporated in Monte Carlo. The immediate holding company is Lydie S.A., a company incorporated in Luxembourg. Lydie S.A. is the smallest group of companies into which the company's results are consolidated and the financial statements are available to the public. Copies of the consolidated financial statements of Lydie S.A. may be obtained from the company's registered office at 41, Avenue de la Gare, L-164, Luxembourg.

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