ACCOUNTS - Final Accounts preparation

Registered number: 11335112 (England and Wales)

SIBLY UK LIMITED

UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020


SIBLY UK LIMITED

COMPANY INFORMATION

Director	M K Alkadi


Registered number	11335112


Registered office	New Penderel House
	4th Floor
	283 - 288 High Holborn
	London
	United Kingdom
	WC1V 7HP


Accountants	ZEDRA Corporate Reporting Services (UK) Limited
	(formerly F&L Corporate Reporting Services Limited)


SIBLY UK LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 5


SIBLY UK LIMITED REGISTERED NUMBER:11335112

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	3	60,627		23,064
Cash at bank and in hand		20,884		24,776
		81,511		47,840
Creditors: amounts falling due within one year	4	(35,500)		(14,447)
Net current assets			46,011		33,393
Total assets less current liabilities			46,011		33,393

Net assets			46,011		33,393

Page 1


SIBLY UK LIMITED REGISTERED NUMBER:11335112

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2020

	2020	2019
Note	£	£

Capital and reserves
Called up share capital		1	1
Other reserves	5	127,621	127,621
Profit and loss account		(81,611)	(94,229)
		46,011	33,393

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M K Alkadi

Director

Date: 14 September 2021

The notes on pages 3 to 5 form part of these financial statements.

Page 2


SIBLY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The director has decided to cease the trading activities of the Company and intends to voluntarily dissolve the Company. These financial statements are not prepared on a going concern basis.

1.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

1.3

Turnover

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

Rendering of services

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the intercompany service agreement;

∙the costs incurred under the intercompany service agreement can be measured reliably.

1.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3


SIBLY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.Accounting policies (continued)

1.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

1.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

1.9

Creditors

Short term creditors are measured at the transaction price.

Page 4


SIBLY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Employees

The average monthly number of employees, including directors, during the year was 7 (2019 - 5).

Debtors

					2020	2019
					£	£


Amounts owed by group undertakings	38,490	-
Other debtors	3,055	948
Deferred taxation	19,082	22,116
	60,627	23,064

4.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	16,690	1,519
Other taxation and social security	6,750	4,294
Accruals and deferred income	12,060	8,634
	35,500	14,447

5.	Capital contribution reserve

The capital contribution reserve represents amounts received from the parent company to support the Company's activities.

6.	Controlling party

Sibly, Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 44 Tehama, San Francisco, CA, 94105, USA.

7.	Post balance sheet events

The director has decided to cease the trading activities of the Company and intends to voluntarily dissolve the Company. All employees were terminated in June 2021. These financial statements are not prepared on a going concern basis. This was a non-adjusting event.
There were no adjusting or other non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

Page 5