Registration number:
Siltint Industries Limited
for the Year Ended 30 September 2017
Chartered Accountant
35 Stockdale Drive
Whittle Hall
Warrington
Cheshire
WA5 3RU
Siltint Industries Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Siltint Industries Limited
Company Information
Directors |
Mr A G Biggs Mrs Z Biggs |
Company secretary |
Mrs Z Biggs |
Registered office |
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Accountants |
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Page 1 |
Siltint Industries Limited
(Registration number: 01908760)
Abridged Balance Sheet as at 30 September 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
- |
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Profit and loss account |
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( |
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Total equity |
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For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Page 2 |
Siltint Industries Limited
(Registration number: 01908760)
Abridged Balance Sheet as at 30 September 2017
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr A G Biggs
Director
.........................................
Mrs Z Biggs
Director
Page 3 |
Siltint Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged 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 abridged 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
Over 50 years |
Plant & machinery |
8% - 20% straight line |
Page 4 |
Siltint Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intellectual property |
10 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
Siltint Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 6 |
Siltint Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Total |
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Cost or valuation |
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At 1 October 2016 |
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At 30 September 2017 |
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Amortisation |
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At 1 October 2016 |
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Amortisation charge |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Revalued assets for the year ended 30 September 2017 |
Revalued assets for the year ended 30 September 2016 |
Page 7 |
Siltint Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
Tangible assets |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Additions |
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At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
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Charge for the year |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Included within the net book value of land and buildings above is £797,179 (2016 - £799,434) in respect of freehold land and buildings.
Investments |
Cost or valuation |
Provision |
Carrying amount |
At 30 September 2017 |
Stocks |
2017 |
2016 |
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Other inventories |
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Creditors: amounts falling due within one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £172,976 (2016 - £153,344).
Creditors: amounts falling due after more than one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £422,224 (2016 - £480,456).
Page 8 |
Siltint Industries Limited
Notes to the Abridged Financial Statements for the Year Ended 30 September 2017
Creditors include bank loans repayable by instalments of £139,357 (2016 - £148,984) due after more than five years.
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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104,500 |
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104,500 |
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- |
- |
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50,000 |
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- |
- |
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243,751 |
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On 27th September 2017 the company passed a resolution under ss 641 to 644 of the Companies Act 2006 to reduce its authorised capital and to reclassify that in issue of £398,251. The issued share capital and Other Reserves being in fact a Share Premium account were reduced by eliminating the deficit on profit and loss account.
Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £
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5,000 |
- |
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Related party transactions |
Dividends paid to directors |
2017 |
2016 |
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Mrs Z Biggs |
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Ordinary shares |
2,500 |
- |
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Mr A G Biggs |
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Ordinary shares |
2,500 |
- |
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Other transactions with directors |
The directors have made advances on loan account to the company of £224,958 included in other creditor (2016 £274,072) which are secured by a charge over the company's assets. The ranking of these charges is governed by a deed of priority between the company's lenders. During the year the directors received £5,640 in interest (2016 £ - )
Page 9 |