The Sigma Financial Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07299903 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

FOR

THE SIGMA FINANCIAL GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G E Gilburd

M J Harfield

SECRETARY:

Industrial & Commercial Consultancy Ltd

REGISTERED OFFICE:

Grosvenor House

Prospect Hill

Redditch

Worcestershire

B97 4DL

REGISTERED NUMBER:

07299903 (England and Wales)

SENIOR STATUTORY AUDITOR:

T P Curtis

INDEPENDENT AUDITORS:

Barrow LLP

Jackson House

Station Road

Chingford

London

E4 7BU

BANKERS:

Natwest Bank

Chesterfield

Leicester Customer Service Centre

11 Western Boulevard

Bede Island

LE2 7EJ

FIXED ASSETS

Investments

4

2,775,002

2,775,000

CURRENT ASSETS

Debtors

5

137,310

34,214

Cash at bank

58

3,065

137,368

37,279

CREDITORS

Amounts falling due within one year

6

(150,004

)

(49,913

)

NET CURRENT LIABILITIES

(12,636

)

(12,634

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,762,366

2,762,366

CAPITAL AND RESERVES

Called up share capital

8

3,835,611

3,835,611

Share premium

9

2,872,748

2,872,748

Retained earnings

9

(3,945,993

)

(3,945,993

)

SHAREHOLDERS' FUNDS

2,762,366

2,762,366

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 11 July 2019 and were signed on its behalf by:

G E Gilburd - Director

1.	STATUTORY INFORMATION

The Sigma Financial Group Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Some of the items within these financial statements have been reclassified to improve the comparability, reliability and

relevance of the financial statements.

Turnover

Turnover represents the value, net of value added tax and discounts, of work carried out in respect of services provided to

group companies. It is recognised in line with the provision of the service.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the

instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a

financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of

interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal

business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present

value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are

measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If

there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a

carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not

previously been recognised

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Investments

Fixed asset investments are stated at cost less provision for any diminution in value.

Impairment

At each reporting date, tangible fixed assets and investments are assessed to determine whether there is an indication that

the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is

an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net

realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying

amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and

loss.

Going concern

The Sigma Financial Group Limited's wholly owned subsidiary Clanchatton Birmingham Limited, which is the main trading

company of the group, achieved operating profit of £623,660 and returned to profitability by achieving profit before tax of

£94,876 for the year to 30 April 2019. In considering the appropriateness of the going concern basis for the preparation of

these financial statements, the directors have considered the working capital requirements of the company for the short,

medium and longer term. They have reviewed the cash flow forecasts and considered the future funding requirements which

show that the company may require further financing to support near term trading performance. Based on the continued

support from the company's immediate parent undertaking, the directors have formed a judgement that the business has

access to adequate resources to continue in operation for the foreseeable future. For this reason, the Directors continue to

adopt the going concern basis in preparing the financial statements.

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2018

2,775,000

Additions

2

At 30 April 2019

2,775,002

NET BOOK VALUE

At 30 April 2019

2,775,002

At 30 April 2018

2,775,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Sigma Financial Limited

Registered office: Grosvenor House, Prospect Hill, Redditch, Worcestershire, B97 4DL

Nature of business: Dormant

%

Class of shares:

holding

1 Ordinary share A

100.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

(19,169

)

(19,169

)

Sigma Red Limited

Registered office: Grosvenor House, Prospect Hill, Redditch, Worcestershire, B97 4DL

Nature of business: Dormant

%

Class of shares:

holding

1 Ordinary share A

100.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

(8,913,029

)

(8,913,029

)

Recodebt Limited

Registered office: Grosvenor House, Prospect Hill, Redditch, Worcestershire, B97 4DL

Nature of business: Holding company

%

Class of shares:

holding

1,000 Ordinary shares class A

100.00

3 Ordinary shares class B

100.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

94,863

94,863

Clanchatton Birmingham Limited

Registered office: Grosvenor House, Prospect Hill, Redditch, Worcestershire, B97 4DL

Nature of business: Provision of credit management services

%

Class of shares:

holding

2,775,100 Ordinary shares A

100.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

1,220,426

1,125,550

Profit/(loss) for the year

94,876

(406,953

)

The investments include carrying value of £2,775,000 for Clanchatton Birmingham Limited. After the application of the equity

method, the company determines whether it is necessary to impair the investments in the wholly owned subsidiary. As

explained in the Directors' report the investment is not impaired.

Commercial Credit Services Limited

Registered office: Grosvenor House, Prospect Hill, Redditch, Worcestershire, B97 4DL

Nature of business: Dormant

%

Class of shares:

holding

2,635 Ordinary shares A

100.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

100

100

Advanced Tracing Services Limited

Registered office: Grosvenor House, Prospect Hill, Redditch, Worcestershire, B97 4DL

Nature of business: Dormant

%

Class of shares:

holding

5 Ordinary shares A

100.00

30.4.19

30.4.18

£

£

Aggregate capital and reserves

5

5

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Other debtors

148

-

Prepayments and accrued income

137,162

34,214

137,310

34,214

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

126,348

39,004

Amounts owed to group undertakings

23,654

10,647

Other creditors

2

6

Accruals and deferred income

-

256

150,004

49,913

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.4.19

30.4.18

£

£

Within one year

613,965

329,860

Between one and five years

1,253,512

989,579

1,867,477

1,319,439

The operating lease commitments relating to the company for the year was borne by Clanchatton Birmingham Limited

(2018: Clanchatton Birmingham Limited), a fellow group company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

239,333

Ordinary A

£1

239,333

239,333

3,596,278

Ordinary B

£1

3,596,278

3,596,278

3,835,611

3,835,611

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 May 2018

(3,945,993

)

2,872,748

(1,073,245

)

Profit for the year

-

-

-

At 30 April 2019

(3,945,993

)

2,872,748

(1,073,245

)

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

T P Curtis (Senior Statutory Auditor)

for and on behalf of Barrow LLP

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Sanclare (UK) Limited.

The ultimate controlling party is Digicall Holdings (Pty) Ltd.

The immediate parent undertaking is Sanclare (UK) Limited.

Sanclare (UK) Limited is the parent undertaking of the largest and smallest group of undertakings to consolidate these

financial statement at 30 April 2019. The consolidated financial statements of Sanclare (UK) Limited are available from:

Grosvenor House

Prospect Hill

Redditch

Worcestershire

B97 4DL