Siebec UK Limited - Accounts to registrar (filleted) - small 18.2

Siebec UK Limited - Accounts to registrar (filleted) - small 18.2

SIEBEC UK LIMITED - Company Information

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REGISTERED NUMBER: 03142535 (England and Wales)














Financial Statements

for the Year Ended 31 December 2020

for

Siebec UK Limited
Siebec UK Limited (Registered number: 03142535)






Contents of the Financial Statements
for the Year Ended 31 December 2020




Page

Balance Sheet 1

Notes to the Financial Statements 2


Siebec UK Limited (Registered number: 03142535)


Balance Sheet
31 December 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,387 1,894

CURRENT ASSETS
Stocks 245,524 248,280
Debtors 5 97,894 115,858
Cash at bank 185,059 65,623
528,477 429,761
CREDITORS
Amounts falling due within one year 6 134,535 44,432
NET CURRENT ASSETS 393,942 385,329
TOTAL ASSETS LESS CURRENT LIABILITIES 395,329 387,223

CREDITORS
Amounts falling due after more than one
year
7
(217,997
)
(217,997
)

PROVISIONS FOR LIABILITIES (264 ) -
NET ASSETS 177,068 169,226

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 176,968 169,126
SHAREHOLDERS' FUNDS 177,068 169,226

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2021 and were signed on its behalf by:





Mr N Wisbey - Director


The notes form part of these financial statements

Page 1
Siebec UK Limited (Registered number: 03142535)


Notes to the Financial Statements
for the Year Ended 31 December 2020

1. STATUTORY INFORMATION

Siebec UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03142535

Registered office: Unit 3
St Albans Business Park
St Albans Road
Stafford
Staffordshire
ST16 3DR

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


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.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the financial statements have been prepared on a going concern basis.

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

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Page 2 continued...
Siebec UK Limited (Registered number: 03142535)


Notes to the Financial Statements - continued
for the Year Ended 31 December 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2020
and 31 December 2020 11,283
DEPRECIATION
At 1 January 2020 9,389
Charge for year 507
At 31 December 2020 9,896
NET BOOK VALUE
At 31 December 2020 1,387
At 31 December 2019 1,894

Page 3 continued...
Siebec UK Limited (Registered number: 03142535)


Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 95,231 112,103
Amounts owed by participating interests - 926
Other debtors 2,663 2,829
97,894 115,858

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 7,056 13,408
Amounts owed to participating interests 87,022 -
Taxation and social security 32,654 23,013
Other creditors 7,803 8,011
134,535 44,432

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020 2019
£    £   
Amounts owed to participating interests 217,997 217,997

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

The Report of the Auditors was unqualified.

Jeremy Bostock BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited

9. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £18,415 (2019: £6,074). This financial commitment represents the total amount of payments on two leases, the first ending in 2022 and the second ending in 2023.

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Siebec SAS, which is 66% owned by Siedev SAS and 34% owned by Siebec Investissement SARL. These companies are incorporated in France.

Copies of the consolidated financial statements can be obtained from the company at 9 Rue des Platanes, 38120 Saint-Egreve, France

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