Company No: 00292564 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	770,328		904,207
Investments	4	12,497		12,497
		782,825		916,704
Current assets
Stocks		1,137,558		818,145
Debtors	5	1,043,418		1,473,469
Cash at bank and in hand		1,211,372		1,151,362
		3,392,348		3,442,976
Creditors: amounts falling due within one year	6	( 1,166,468)		( 975,964)
Net current assets		2,225,880		2,467,012
Total assets less current liabilities		3,008,705		3,383,716
Creditors: amounts falling due after more than one year	7	( 803,330)		( 1,068,807)
Provision for liabilities		( 94,950)		( 151,570)
Net assets		2,110,425		2,163,339
Capital and reserves
Called-up share capital	8	2,052		2,052
Share premium account		81,961		81,957
Other reserves		( 81,961 )		( 81,957 )
Profit and loss account		2,108,373		2,161,287
Total shareholders' funds		2,110,425		2,163,339

For the financial year ending 30 June 2025 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Singer Instrument Company Limited (registered number: 00292564) were approved and authorised for issue by the Board of Directors on 06 January 2026. They were signed on its behalf by:

Dr H Saunders-Singer Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Singer Instrument Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Roadwater, Watchet, Somerset, TA23 0RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

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

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

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Leasehold improvements	5 years straight line
Plant and machinery	20 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	57		65

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£		£
Cost
At 01 July 2024	720,837		322,277		828,421		15,632		332,571		2,219,738
Additions	0		0		0		0		7,072		7,072
Disposals	0		0		( 5,379)		( 4,549)		( 21,958)		( 31,886)
At 30 June 2025	720,837		322,277		823,042		11,083		317,685		2,194,924
Accumulated depreciation
At 01 July 2024	250,334		191,936		665,811		12,319		195,131		1,315,531
Charge for the financial year	14,417		64,455		31,971		626		20,928		132,397
Disposals	0		0		( 2,625)		( 3,740)		( 16,967)		( 23,332)
At 30 June 2025	264,751		256,391		695,157		9,205		199,092		1,424,596
Net book value
At 30 June 2025	456,086		65,886		127,885		1,878		118,593		770,328
At 30 June 2024	470,503		130,341		162,610		3,313		137,440		904,207

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 July 2024	12,497
At 30 June 2025	12,497
Carrying value at 30 June 2025	12,497
Carrying value at 30 June 2024	12,497

5. Debtors

	2025		2024
	£		£
Trade debtors	533,999		917,234
Amounts owed by Group undertakings	21,001		21,226
Prepayments and accrued income	336,025		142,515
VAT recoverable	47,366		56,965
Corporation tax	100,026		134,713
Other debtors	5,001		200,816
	1,043,418		1,473,469

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	264,792		259,370
Trade creditors	406,751		217,406
Amounts owed to related parties	3,377		0
Amounts owed to directors	1,036		988
Accruals and deferred income	347,004		322,676
Other taxation and social security	39,860		43,381
Other creditors	103,648		132,143
	1,166,468		975,964

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	803,330		1,068,807

The long-term loans are secured by fixed charges and debentures over assets of the company.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000,000 Ordinary shares of £ 0.001 each	1,000		1,000
500,000 Ordinary-A shares of £ 0.001 each	500		500
500,000 Ordinary-B shares of £ 0.001 each	500		500
51,573 Ordinary-C shares of £ 0.001 each	52		52
	2,052		2,052

9. Financial commitments

Commitments

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

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	47,096		87,464

10. Employee share ownership plan

The Employee share ownership plan (ESOP) was established in December 2018 to provide for the future obligations of the company for shares awarded under the Singer Instrument Company Share Incentive Plan Scheme which is conditionally awarded to employees rather than being held under option arrangements.
Under the scheme the trustee, Singer Instrument Company SIP Limited, purchases the company's ordinary shares in the open market using a facility guaranteed by Singer Instrument Company Limited which meets the net financing costs. At 30 June 2025, 51,573 (2024 - 51,573) shares held by the ESOP are under option to employees or have been conditionally gifted to them. Some of the shares are not named as they relate to leavers, but are still held as they could be used for future awards.