SITOC Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05278300 (England and Wales)

SITOC Limited

Unaudited Financial Statements for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr G M Urtel

REGISTERED OFFICE:

4 Gleneagles Court

Brighton Road

Crawley

West Sussex

RH10 6AD

REGISTERED NUMBER:

05278300 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Tangible assets

4

25,700

26,997

CURRENT ASSETS

Debtors

5

712,091

595,408

Cash at bank

24,994

64,888

737,085

660,296

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6

715,366

640,839

NET CURRENT ASSETS

21,719

19,457

TOTAL ASSETS LESS CURRENT LIABILITIES

47,419

46,454

PROVISIONS FOR LIABILITIES

4,264

4,374

NET ASSETS

43,155

42,080

CAPITAL AND RESERVES

Called up share capital

7

3

3

Retained earnings

43,152

42,077

SHAREHOLDERS' FUNDS

43,155

42,080

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 October 2020 and were signed by:

Mr G M Urtel - Director

1.	STATUTORY INFORMATION

SITOC Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Fixtures, fittings and equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 contributes to the personal pension schemes of its employees. Contributions payable to these schemes are charged to the profit and loss account in the period to which they relate.

Going concern

The director has assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. This assessment has been required in light of the significant uncertainty around the short to medium term impact of the spread of the Covid-19 virus.

At the time of approving the financial statements the director believes that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next twelve months and thus concludes that the going concern basis remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

equipment

£

COST

At 1 January 2019

221,833

Additions

7,277

At 31 December 2019

229,110

DEPRECIATION

At 1 January 2019

194,836

Charge for year

8,574

At 31 December 2019

203,410

NET BOOK VALUE

At 31 December 2019

25,700

At 31 December 2018

26,997

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

388,722

287,954

Other debtors

323,369

307,454

712,091

595,408

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

187,088

105,504

Taxation and social security

52,056

54,497

Other creditors

476,222

480,838

715,366

640,839

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

3

Ordinary

£1

3

3

8.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had outstanding operating lease commitments totalling £38,000 (2018 - £19,000).

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the company made advances to the director totalling £35,205 (2018 - £nil) and received repayments of £35,409 (2018 - £nil). At the balance sheet date the company owed the director £514 (2018 - £310). This balance is unsecured, interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

Included in debtors are loans to companies in which the director has a participating interest totalling £50,680 (2018 - £31,017). These loans are unsecured, interest free and repayable on demand.

Included in creditors are loans from companies in which the director has a participating interest totalling £195,607 (2018 - £119,015). These loans are unsecured, interest free and repayable on demand.

At the balance sheet date the company owed £30,944 (2018 - £30,944) to a person with a participating interest in a company in which the director has a participating interest. This loan is unsecured, interest free and repayable on demand.