Sinon Technology UK Limited - Period Ending 2016-05-31

Registration number: 06278303

Sinon Technology UK Limited
 
  (formerly D Mack Limited)
 
  Abbreviated Accounts
 
  31 May 2016
 

Sinon Technology UK Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 3

Sinon Technology UK Limited
(Registration number: 06278303)
Abbreviated Balance Sheet at 31 May 2016

		Note			31 May 2016 £			31 May 2015 £
Fixed assets
Intangible fixed assets		2			8,955			8,955
Tangible fixed assets		2			2,436,141			2,573,916
					2,445,096			2,582,871
Current assets
Stocks					449,637			1,500,168
Debtors					190,381			590,057
Cash at bank and in hand					22,538			1,010,683
					662,556			3,100,908
Creditors: Amounts falling due within one year		3			(3,969,661)			(3,057,896)
Net current (liabilities)/assets					(3,307,105)			43,012
Total assets less current liabilities					(862,009)			2,625,883
Creditors: Amounts falling due after more than one year		3			(4,582,831)			(3,642,438)
Provisions for liabilities					(7,030)			(7,030)
Net liabilities					(5,451,870)			(1,023,585)
Capital and reserves
Called up share capital		4			1,001			1,001
Share premium account					1,049,499			1,049,499
Profit and loss account					(6,502,370)			(2,074,085)
Shareholders' deficit					(5,451,870)			(1,023,585)

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

Sinon Technology UK Limited
(Registration number: 06278303)
Abbreviated Balance Sheet at 31 May 2016
......... continued

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board on 23 February 2017 and signed on its behalf by:

.........................................
R Cormack
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

Sinon Technology UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

The company has net liabilities at 31 May 2016 and meets its day to day working capital requirements through the support of its directors, shareholders and the bank. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.However, should the company not have the support of its directors, shareholders and the bank and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.
 

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Patents	Not amortised as net realisable value is not materially different to cost

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	Not depreciated
Plant and machinery	25% reducing balance and 10 years straight line
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Office equipment	3 years straight line

Research and development

Research and development expenditure is written off as incurred.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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Sinon Technology UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Comparatives

Various items within the statutory profit and loss account have been reclassified between cost of sales, administration expenses and other operating income to reflect more accurately the nature of the business.
 

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Sinon Technology UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2015		8,955			3,068,604			3,077,559
Additions		-			95,966			95,966
Disposals		-			(151,116)			(151,116)
At 31 May 2016		8,955			3,013,454			3,022,409
Depreciation
At 1 June 2015		-			494,688			494,688
Charge for the year		-			139,417			139,417
Eliminated on disposals		-			(56,792)			(56,792)
At 31 May 2016		-			577,313			577,313
Net book value
At 31 May 2016		8,955			2,436,141			2,445,096
At 31 May 2015		8,955			2,573,916			2,582,871

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		31 May 2016 £			31 May 2015 £
Amounts falling due within one year		1,198,046			930,374

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Sinon Technology UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

4	Share capital

	Allotted, called up and fully paid shares
	31 May 2016 31 May 2015   No. £ No. £           Ordinary A of £0.001 597,999 598 597,999 598 Ordinary B of £0.001 300,000 300 300,000 300 Ordinary C of £0.000001 700,000 1 700,000 1 Ordinary D of £0.001 2 - 2 - Ordinary E of £0.001 101,999 102 101,999 102   1,700,000 1,001 1,700,000 1,001

5

Control

The company is controlled by the directors who own 64.8% of the called up share capital.

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