Sitir (U.K.) Limited - Accounts to registrar (filleted) - small 18.2

Sitir (U.K.) Limited - Accounts to registrar (filleted) - small 18.2

SITIR (U.K.) LIMITED - Company Information

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REGISTERED NUMBER: 01805504 (England and Wales)















SITIR (U.K.) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020






SITIR (U.K.) LIMITED (REGISTERED NUMBER: 01805504)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


SITIR (U.K.) LIMITED


COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2020







DIRECTOR: M Mirabelli





REGISTERED OFFICE: Blenheim House
Camberley Road
Bulwell
Nottingham
NG6 8UW





REGISTERED NUMBER: 01805504 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Princes Court,
Royal Way
Loughborough
Leicestershire
LE11 5XR
Page 1
SITIR (U.K.) LIMITED (REGISTERED NUMBER: 01805504)


STATEMENT OF FINANCIAL POSITION
31 AUGUST 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 75,471 100,630

CURRENT ASSETS
Debtors 5 140,747 270,800
Cash at bank and in hand 212,819 99,621
353,566 370,421
CREDITORS
Amounts falling due within one year 6 225,759 235,720
NET CURRENT ASSETS 127,807 134,701
TOTAL ASSETS LESS CURRENT LIABILITIES 203,278 235,331

CREDITORS
Amounts falling due after more than one
year
7
47,770
69,432
NET ASSETS 155,508 165,899

CAPITAL AND RESERVES
Called up share capital 8 170,000 170,000
Retained earnings (14,492 ) (4,101 )
SHAREHOLDERS' FUNDS 155,508 165,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

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SITIR (U.K.) LIMITED (REGISTERED NUMBER: 01805504)


STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2020


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 May 2021 and were signed by:





M Mirabelli - Director


The notes form part of these financial statements

Page 3
SITIR (U.K.) LIMITED (REGISTERED NUMBER: 01805504)


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020

1. STATUTORY INFORMATION

Sitir (U.K.) 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 (£).


The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements cover the individual entity.

2. ACCOUNTING POLICIES

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

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Property, plant & equipment assets are held at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc 25% on reducing balance

Government grants
Government grants relating to revenue are recognised as income on a systematic basis over the period in which the related costs for which the grant is intended to compensate are recognised.

Government grants receivable for the purpose of giving immediate financial support to the entity with no future related costs are recognised as income in the period in which it becomes receivable.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


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SITIR (U.K.) LIMITED (REGISTERED NUMBER: 01805504)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
In common with many other organisations, the company's operations have been impacted by the coronavirus outbreak. The full impact of Covid-19 remains uncertain and continues to develop on a daily basis. Therefore the director is monitoring the exposure to the company's trade and is referring to government and professional advice being published so that action can be considered which may help minimise the impact of this risk. The director is confident that the company is in a position to manage the situation and possible outcomes, while working to mitigate the risk where possible. For this reason the director believes that the going concern basis is appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 6 ) .

Page 5 continued...
SITIR (U.K.) LIMITED (REGISTERED NUMBER: 01805504)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 September 2019
and 31 August 2020 397,983
DEPRECIATION
At 1 September 2019 297,353
Charge for year 25,159
At 31 August 2020 322,512
NET BOOK VALUE
At 31 August 2020 75,471
At 31 August 2019 100,630

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 122,873 188,333
Amounts owed by group undertakings - 46,203
Other debtors 17,874 36,264
140,747 270,800

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 15,034 14,332
Hire purchase contracts 6,198 6,198
Trade creditors 63,749 137,654
Amounts owed to group undertakings 65,186 -
Taxation and social security 30,628 25,444
Other creditors 44,964 52,092
225,759 235,720

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020 2019
£    £   
Bank loans 46,737 62,201
Hire purchase contracts 1,033 7,231
47,770 69,432

Page 6 continued...
SITIR (U.K.) LIMITED (REGISTERED NUMBER: 01805504)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
170,000 Ordinary £1 170,000 170,000

9. OTHER FINANCIAL COMMITMENTS

The company has commitments due as follows:

20202019
£   £   

Due in less than one year012,000

10. ULTIMATE CONTROLLING PARTY

The controlling party is Sitir S.R.L.

Sitir S.R.L. is registered in Italy. The company is controlled by M. Mirabelli, a director, who owns 90% of the issued share capital of the parent undertaking.

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