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No description of principal activity
2016-01-01
Sage Accounts Production Advanced 2017 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
02590921
2016-01-01
2016-12-31
02590921
2016-12-31
02590921
2015-12-31
02590921
2015-01-01
2015-12-31
02590921
2015-12-31
02590921
bus:LeadAgentIfApplicable
2016-01-01
2016-12-31
02590921
bus:Director1
2016-01-01
2016-12-31
02590921
core:WithinOneYear
2016-12-31
02590921
core:WithinOneYear
2015-12-31
02590921
core:ShareCapital
2016-12-31
02590921
core:ShareCapital
2015-12-31
02590921
core:RetainedEarningsAccumulatedLosses
2016-12-31
02590921
core:RetainedEarningsAccumulatedLosses
2015-12-31
02590921
bus:FRS102
2016-01-01
2016-12-31
02590921
bus:AuditExemptWithAccountantsReport
2016-01-01
2016-12-31
02590921
bus:AbridgedAccounts
2016-01-01
2016-12-31
02590921
bus:SmallCompaniesRegimeForAccounts
2016-01-01
2016-12-31
02590921
bus:PrivateLimitedCompanyLtd
2016-01-01
2016-12-31
02590921
core:PlantMachinery
2016-01-01
2016-12-31
02590921
core:NetGoodwill
2016-01-01
2016-12-31
Statement of Consent to Prepare Abridged Financial Statements
|
|
All of the members of Siveco UK Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
02590921
Filleted Unaudited Abridged Financial Statements
|
|
Abridged Financial Statements
|
|
Year ended 31 December 2016
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
|
1
|
|
|
Abridged statement of financial position
|
2
|
|
|
Notes to the abridged financial statements
|
4
|
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Siveco UK Ltd
|
|
Year ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Siveco UK Ltd for the year ended 31 December 2016, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Siveco UK Ltd in accordance with the terms of our engagement letter dated 22 February 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Siveco UK Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Siveco UK Ltd and its director for our work or for this report.
It is your duty to ensure that Siveco UK Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Siveco UK Ltd. You consider that Siveco UK Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Siveco UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
COUNSELLS
Chartered accountant
Smithbrook Kilns
Cranleigh
Surrey
United Kingdom
GU6 8JJ
10 April 2017
Abridged Statement of Financial Position
|
|
31 December 2016
Fixed assets
Tangible assets
|
6
|
|
695
|
1,624
|
|
|
|
|
|
Current assets
Debtors
|
48,633
|
|
64,399
|
Cash at bank and in hand
|
41,980
|
|
51,032
|
|
--------
|
|
---------
|
|
90,613
|
|
115,431
|
|
|
|
|
Creditors: amounts falling due within one year
|
599,749
|
|
553,046
|
|
---------
|
|
---------
|
Net current liabilities
|
|
509,136
|
437,615
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
(
508,441)
|
(
435,991)
|
|
|
---------
|
---------
|
Net liabilities
|
|
(
508,441)
|
(
435,991)
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
170,000
|
170,000
|
Profit and loss account
|
|
(
678,441)
|
(
605,991)
|
|
|
---------
|
---------
|
Members deficit
|
|
(
508,441)
|
(
435,991)
|
|
|
---------
|
---------
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
Abridged Statement of Financial Position (continued)
|
|
31 December 2016
These abridged financial statements were approved by the
board of directors
and authorised for issue on
10 April 2017
, and are signed on behalf of the board by:
Company registration number:
02590921
Notes to the Abridged Financial Statements
|
|
Year ended 31 December 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Counsells, Smithbrook Kilns, Cranleigh, Surrey, GU6 8JJ.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Exceptional items
Exceptional items are disclosed separately in the abridged financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. It has been the policy of the holding company Siveco Group S.A. to take all responsibility for any exchange differences arising on translation of the group indebtedness at the year end. At the year end the Siveco Group S.A. have reviewed this policy and decided that the loss should now be dealt with in this company. The amount written off to loss on exchange will include amounts relating to earlier years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
Fully amortised
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
20% to 50%
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to
1
(2015:
2
).
5.
Intangible assets
|
£
|
Cost
|
|
At 1 January 2016 and 31 December 2016
|
30,000
|
|
--------
|
Amortisation
|
|
At 1 January 2016 and 31 December 2016
|
30,000
|
|
--------
|
Carrying amount
|
|
At 31 December 2016
|
–
|
|
--------
|
|
|
6.
Tangible assets
|
£
|
Cost
|
|
At 1 January 2016
|
19,942
|
Additions
|
108
|
|
--------
|
At 31 December 2016
|
20,050
|
|
--------
|
Depreciation
|
|
At 1 January 2016
|
18,318
|
Charge for the year
|
1,037
|
|
--------
|
At 31 December 2016
|
19,355
|
|
--------
|
Carrying amount
|
|
At 31 December 2016
|
695
|
|
--------
|
At 31 December 2015
|
1,624
|
|
--------
|
|
|
7.
Related party transactions
The company is a wholly owned subsidiary of Siveco Group S.A.. During the year
Siveco UK Ltd
. purchased goods and services from Siveco Group S.A. to the value of £46,433 (2015: £47,795). During the year Siveco UK Ltd
. sold goods and services to Siveco Group S.A. to the value of £7,490 (2015: £12,072).
8.
Controlling party
The company is controlled by Siveco Group S.A..
9.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.