Sivade Limited - Period Ending 2017-03-31

Registration number: 09512882

Sivade Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Sivade Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 9

Sivade Limited

Company Information

 

Directors

Mr D Sibley Mr S Sibley Mrs V Padfield

Registered office

Severn House Hazell Drive Newport South Wales NP10 8FY

Accountants

HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sivade Limited
for the Year Ended 31 March 2017

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 March 2017, as set out on pages 3 to 9, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

14 August 2017

Page 2

Sivade Limited

(Registration number: 09512882)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	41,004	29,570
Current assets
Cash at bank and in hand		6,216	92
Creditors: Amounts falling due within one year	4	(47,070)	(29,512)
Net current liabilities		(40,854)	(29,420)
Net assets		150	150
Capital and reserves
Called up share capital	5	150	150
Total equity		150	150

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 3

Sivade Limited

(Registration number: 09512882)
Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 August 2017 and signed on its behalf by:
 

.........................................

Mr D Sibley

Director

.........................................

Mr S Sibley

Director

.........................................

Mrs V Padfield

Director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

Sivade Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Total £
At 1 April 2016	150	150
At 31 March 2017	150	150

 

	Share capital £	Total £
New share capital subscribed	150	150
At 31 March 2016	150	150

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

Sivade Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company registration number is: 09512882

The company is a private company limited by share capital incorporated in Wales.

The address of its registered office is:
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

The principal place of business is:
33 Nant-y-Fron
Tonyrefail
Porth
Rhondda Cynon Taff
CF39 8HZ

These financial statements were authorised for issue by the Board on 14 August 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class	Depreciation method and rate
Freehold land and buildings	Not depreciated, which is a departure from FRS 102 1A small entities

Page 6

Sivade Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 April 2016	29,570	29,570
Additions	11,434	11,434
At 31 March 2017	41,004	41,004
Depreciation
Carrying amount
At 31 March 2017	41,004	41,004
At 31 March 2016	29,570	29,570

Included within the net book value of land and buildings above is £41,004 (2016 - £29,570) in respect of freehold land and buildings. The directors believe that the land and buildings are stated at fair value.
 

Page 7

Sivade Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		97	79
Other creditors		46,973	29,433
		47,070	29,512

5	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	150	150	150	150

6	Related party transactions

Key management personnel

Directors

Summary of transactions with key management

Mr D Sibey - Director and shareholder
During the year, Mr D Sibey made interest free, unsecured, repayable on demand loans to Sivade Limited totalling £12,044 (2016 - £9,578).

Mr S Sibey - Director and shareholder
During the year, Mr S Sibey made interest free, unsecured, repayable on demand loans to Sivade Limited totalling £11,970 (2016 - £9,553).

Mrs V Padfield - Director and shareholder
During the year, Mrs V Padfield made interest free, unsecured, repayable on demand loans to Sivade Limited totalling £11,920 (2016 - £9,503).

 

Page 8

Sivade Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Summary of transactions with entities with joint control or significant interest

Associated companies
 Desiva Investments Ltd - Common directors and shareholders
During the year, Desiva Investments Limited made interest free unsecured repayable on demand loans to Sivade Limited. At the balance sheet date the amount owed to Desiva Investments Limited was £319 (2016 - £319)

DT Techincal Solutions Limited - Common shareholders
During the year, DT Techincal Solutions Limited made interest free unsecured repayable on demand loans to Sivade Limited. At the balance sheet date the amount owed to DT Techincal Solutions Limited was £10,000 (2016 - £nil)

 

7	Parent and ultimate parent undertaking

There is no ultimate controlling party. Day to day operating decisions are made by the directors, Mr D Sibley, Mr S Sibley and Mrs V Padfield, who together hold the entire issued share capital of the company.

8	Transition to FRS 102

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 April 2015.

The transition to FRS 102 Section 1A small entities has resulted in no changes to the accounting policies to those used previously. There were also no restatements or remeasurements required to the profit and loss account or the balance sheet for the previous or current accounting period

Page 9