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Registration number: 13421094

Sipped Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Sipped Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Sipped Ltd

Company Information

Directors

Mrs E L Miles

Mr P R Miles

Mr H W Piggot

Registered office

Unit 4C
Ash Business Park
Ash Lane
Tadley
Hampshire
RG26 5FL

Accountants

ASL Accountants
15 Millers Way
Houghton Regis
Dunstable
Bedfordshire
LU5 5FH

 

Sipped Ltd

(Registration number: 13421094)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

7,200

9,400

Debtors

5

168

1,290

Cash at bank and in hand

 

448

1,400

 

7,816

12,090

Creditors: Amounts falling due within one year

6

(20,705)

(13,981)

Net liabilities

 

(12,889)

(1,891)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(12,891)

(1,893)

Shareholders' deficit

 

(12,889)

(1,891)

For the financial year ending 31 May 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
Mr P R Miles
Director

 

Sipped Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Unit 4C
Ash Business Park
Ash Lane
Tadley
Hampshire
RG26 5FL

These financial statements were authorised for issue by the Board on 23 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Sipped Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

4

Stocks

2023
£

2022
£

Other inventories

7,200

9,400

5

Debtors

Current

2023
£

2022
£

Other debtors

168

1,290

 

Sipped Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

20,000

-

Trade creditors

 

255

3,305

Accruals and deferred income

 

450

450

Other creditors

 

-

10,226

 

20,705

13,981

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

20,000

-

 

Sipped Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Related party transactions

A loan was received from Xentair International Limited, a company wholly owned and controlled by Mr and Mrs Miles.

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

Repaid

20,000

20,000

At end of period

20,000

20,000

Terms of loans from related parties

The loan is free of interest and repayable on demand.