Sirco Controls Limited - Accounts to registrar (filleted) - small 18.2

SIRCO CONTROLS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTORS:

D. Singer

P E Yeomanson

P Counsell

SECRETARY:

P E Yeomanson

REGISTERED OFFICE:

Charter House

103-105 Leigh Road

Leigh on Sea

Essex

SS9 1JL

REGISTERED NUMBER:

00672489 (England and Wales)

ACCOUNTANTS:

Clouders

Chartered Certified Accountants

Charter House

103-105 Leigh Road

Leigh-on-Sea

Essex

SS9 1JL

FIXED ASSETS

Tangible assets

4

33,601

8,912

CURRENT ASSETS

Stocks

172,433

177,107

Debtors

5

83,695

76,894

Cash at bank and in hand

394,614

315,054

650,742

569,055

CREDITORS

Amounts falling due within one year

6

83,397

33,713

NET CURRENT ASSETS

567,345

535,342

TOTAL ASSETS LESS CURRENT LIABILITIES

600,946

544,254

PROVISIONS FOR LIABILITIES

6,169

-

NET ASSETS

594,777

544,254

CAPITAL AND RESERVES

Called up share capital

30,872

30,872

Retained earnings

563,905

513,382

SHAREHOLDERS' FUNDS

594,777

544,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 Board of Directors and authorised for issue on 4th October 2022 and were signed on its behalf by:

P E Yeomanson - Director

1.	STATUTORY INFORMATION

Sirco Controls 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.

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.

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost is determined as follows:

Raw materials

-

on a first in first outbasis

Work in progress and finished goods

-

selling price (restricted to percentage completed) less the profit contenttherein as compiled from the company's cost analysis.

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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Operating leases

Rentals paid under operating leases are charged to profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined-contribution money purchase pension scheme. The assets of the scheme are held separately from those of the company, in an independently-administered fund. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3.

EMPLOYEES

The average number of employees during the year was 9 (2021 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st March 2021

268,534

196,107

12,388

477,029

Additions

21,285

6,029

483

27,797

At 28th February 2022

289,819

202,136

12,871

504,826

DEPRECIATION

At 1st March 2021

267,514

190,189

10,414

468,117

Charge for year

700

1,792

616

3,108

At 28th February 2022

268,214

191,981

11,030

471,225

NET BOOK VALUE

At 28th February 2022

21,605

10,155

1,841

33,601

At 28th February 2021

1,020

5,918

1,974

8,912

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

67,815

61,749

Other debtors

15,880

15,145

83,695

76,894

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

17,690

21,166

Taxation and social security

5,143

-

Other creditors

60,564

12,547

83,397

33,713

7.	OTHER FINANCIAL COMMITMENTS

As at 28th February 2022, the company had other financial commitments of £69,849, comprising operating lease obligations extending up to 2024.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28th February 2022 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Clouders

Chartered Certified Accountants

Charter House

103-105 Leigh Road

Leigh-on-Sea

Essex

SS9 1JL

11th October 2022