Sibar Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10225970 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Sibar Associates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S R Newton

SECRETARY:

S R Newton

REGISTERED OFFICE:

Reedham House

31 King Street West

Manchester

Greater Manchester

M3 2PJ

REGISTERED NUMBER:

10225970 (England and Wales)

ACCOUNTANTS:

Freedman Frankl & Taylor

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

FIXED ASSETS

Tangible assets

3

6,473

5,583

Investments

4

106,531

55,277

113,004

60,860

CURRENT ASSETS

Debtors

5

77,628

41,646

Cash at bank

37,943

4,187

115,571

45,833

CREDITORS

Amounts falling due within one year

6

126,710

30,060

NET CURRENT (LIABILITIES)/ASSETS

(11,139

)

15,773

TOTAL ASSETS LESS CURRENT LIABILITIES

101,865

76,633

CREDITORS

Amounts falling due after more than one year

7

(45,000

)

-

PROVISIONS FOR LIABILITIES

(4,318

)

-

NET ASSETS

52,547

76,633

CAPITAL AND RESERVES

Called up share capital

8

2

2

Revaluation reserve

9

13,166

-

Retained earnings

39,379

76,631

SHAREHOLDERS' FUNDS

52,547

76,633

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 June 2021 and were signed by:

S R Newton - Director

1.	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 as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

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.

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.

Fixed asset investments

Other fixed asset investments are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in statement of comprehensive income.

Government grants

Government grants are credited to the profit and loss account as the related expenditure is incurred.

Going concern

The company's financial statements for the year ended 31st December 2020 have been prepared on a going concern basis as after making appropriate enquiries the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

5,583

-

5,583

Additions

308

1,615

1,923

At 31 December 2020

5,891

1,615

7,506

DEPRECIATION

Charge for year

838

195

1,033

At 31 December 2020

838

195

1,033

NET BOOK VALUE

At 31 December 2020

5,053

1,420

6,473

At 31 December 2019

5,583

-

5,583

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2020

55,277

Additions

35,000

Revaluations

16,254

At 31 December 2020

106,531

NET BOOK VALUE

At 31 December 2020

106,531

At 31 December 2019

55,277

Cost or valuation at 31 December 2020 is represented by:

Other

investments

£

Valuation in 2020

16,254

Cost

90,277

106,531

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

90,277

55,277

Fixed asset investments were valued on an open market basis on 31 December 2020 by McInroy & Wood .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

21,528

41,644

Other debtors

56,100

2

77,628

41,646

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

5,000

-

Taxation and social security

40,270

28,560

Other creditors

81,440

1,500

126,710

30,060

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

45,000

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary

£1

2

2

9.

RESERVES

Revaluation

reserve

£

Unrealised gain on investments

16,254

Deferred taxation

(3,088

)

At 31 December 2020

13,166

10.	RELATED PARTY DISCLOSURES

Included within other creditors is the director's current account balance of £21,440. There are no fixed repayment term and no interest is chargeable to the company in respect of this balance.

Included within other debtors is a loan amounting to £56,100 due from a company in which the director of the company is also a director and shareholder. There are no fixed repayment terms and interest at 4% per annum will be chargeable by the company in respect of this balance.