ACCOUNTS - Final Accounts

Registered number: 10661365

SIFT (BUSINESS) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

SIFT (BUSINESS) LIMITED

REGISTERED NUMBER:10661365

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	101		69,292
		101		69,292
Creditors: amounts falling due within one year	6	-		(68,949)
Net current assets			101		343
Total assets less current liabilities			101		343

Net assets			101		343

Capital and reserves
Called up share capital	7	100	100
Profit and loss account	8	1	243
		101	343

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.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

T Dunkerley

Director

Date: 23 September 2025

The notes on pages 2 to 5 form part of these financial statements.

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SIFT (BUSINESS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Sift (Business) Limited is a company limited by shares incorporated in England and Wales. The registered office is Floor 2, Charlotte Place, Queen Charlotte Street, Bristol, BS1 4EX.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The trading activities of this company were hived into the parent company on 1 January 2024. This is due to the strategic reset of the activities of the group.

The directors have ceased trading activities in this company and therefore the financial statements have been prepared on a basis other than going concern.

2.3

GROUP REORGANISATION (HIVE UP OF TRADE)

As explained above, the company ceased trading on 1 January 2024 when its trade was hived up to its parent company. The consideration for the transfer was less than the book value of the related assets and liabilities. However, rather than record a loss on the transaction, and to reflect the substance of the group reorganisation, the company has presented the difference as a dividend to the parent company.

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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SIFT (BUSINESS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

There were no significant judgments in applying accounting policies or key sources of estimation uncertainty.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2023: 6).

DEBTORS

					2024	2023
					£	£


Trade debtors	-	29,837
Amounts owed by group undertakings	101	12,500
Prepayments and accrued income	-	26,955
	101	69,292

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SIFT (BUSINESS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2024	2023
		£	£

Trade creditors	-	25,898
Amounts owed to group undertakings	-	100
Accruals and deferred income	-	42,951
	-	68,949

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SIFT (BUSINESS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	SHARE CAPITAL
		2024	2023
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100 (2023: 100) Ordinary shares of £1.00 each	100	100

RESERVES

Profit and loss account

Includes all current period retained profits and losses.

9.	RELATED PARTY TRANSACTIONS
	As a wholly owned subsiary of Sift Limited, a company incorporated in England and Wales, the company is able to take advantage of the exemption under the terms of FRS102 from disclosing related party transactions with wholly owned entities that are part of the group.

10.	CONTROLLING PARTY

The immediate parent company is Sift Media Limited, a company incorporated in England and Wales. The ultimate parent company is Sift Limited, a company incorporated in England and Wales.
There is no ultimate controlling party.

11.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to Note 2.2 to the financial statements which explains that due to the hive up of the trading activities into Sift Limited, the parent company, on 1 January 2024, the company no longer trades. Accordingly, the financial statements have been prepared on a basis other than going concern . Our opinion is not modified in respect of this matter.

The audit report was signed on 29 September 2025 by Stuart Crisp BSc FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Audit Limited.

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