Silverfin false 30/11/2022 01/12/2021 30/11/2022 Mr L Piper 20/11/2013 Mr A I C Sangster 20/11/2013 29 November 2023 The principal activity of the Company during the financial year was the development of building projects. 08783157 2022-11-30 08783157 bus:Director1 2022-11-30 08783157 bus:Director2 2022-11-30 08783157 2021-11-30 08783157 core:CurrentFinancialInstruments 2022-11-30 08783157 core:CurrentFinancialInstruments 2021-11-30 08783157 core:Non-currentFinancialInstruments 2022-11-30 08783157 core:Non-currentFinancialInstruments 2021-11-30 08783157 core:ShareCapital 2022-11-30 08783157 core:ShareCapital 2021-11-30 08783157 core:RetainedEarningsAccumulatedLosses 2022-11-30 08783157 core:RetainedEarningsAccumulatedLosses 2021-11-30 08783157 core:Goodwill 2021-11-30 08783157 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-11-30 08783157 core:Goodwill 2022-11-30 08783157 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 08783157 core:LandBuildings 2021-11-30 08783157 core:PlantMachinery 2021-11-30 08783157 core:Vehicles 2021-11-30 08783157 core:OfficeEquipment 2021-11-30 08783157 core:LandBuildings 2022-11-30 08783157 core:PlantMachinery 2022-11-30 08783157 core:Vehicles 2022-11-30 08783157 core:OfficeEquipment 2022-11-30 08783157 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2022-11-30 08783157 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2021-11-30 08783157 core:CurrentFinancialInstruments 11 2022-11-30 08783157 core:CurrentFinancialInstruments 11 2021-11-30 08783157 core:CurrentFinancialInstruments 1 2022-11-30 08783157 core:CurrentFinancialInstruments 1 2021-11-30 08783157 core:CurrentFinancialInstruments 2 2022-11-30 08783157 core:CurrentFinancialInstruments 2 2021-11-30 08783157 bus:OrdinaryShareClass1 2022-11-30 08783157 2021-12-01 2022-11-30 08783157 bus:FullAccounts 2021-12-01 2022-11-30 08783157 bus:SmallEntities 2021-12-01 2022-11-30 08783157 bus:AuditExemptWithAccountantsReport 2021-12-01 2022-11-30 08783157 bus:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 08783157 bus:Director1 2021-12-01 2022-11-30 08783157 bus:Director2 2021-12-01 2022-11-30 08783157 core:Goodwill core:TopRangeValue 2021-12-01 2022-11-30 08783157 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2021-12-01 2022-11-30 08783157 core:Goodwill 2021-12-01 2022-11-30 08783157 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-01 2022-11-30 08783157 core:LandBuildings core:TopRangeValue 2021-12-01 2022-11-30 08783157 core:PlantMachinery 2021-12-01 2022-11-30 08783157 core:Vehicles 2021-12-01 2022-11-30 08783157 core:OfficeEquipment 2021-12-01 2022-11-30 08783157 2020-12-01 2021-11-30 08783157 core:LandBuildings 2021-12-01 2022-11-30 08783157 core:Non-currentFinancialInstruments 2021-12-01 2022-11-30 08783157 bus:OrdinaryShareClass1 2021-12-01 2022-11-30 08783157 bus:OrdinaryShareClass1 2020-12-01 2021-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08783157 (England and Wales)

CIS (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2022
Pages for filing with the registrar

CIS (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2022

Contents

CIS (UK) LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2022
CIS (UK) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2022
DIRECTORS Mr L Piper
Mr A I C Sangster
SECRETARY Mr A I C Sangster
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 08783157 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
CIS (UK) LIMITED

BALANCE SHEET

As at 30 November 2022
CIS (UK) LIMITED

BALANCE SHEET (continued)

As at 30 November 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 673,937 725,464
Tangible assets 4 100,590 99,717
774,527 825,181
Current assets
Debtors 5 21,994 83,354
Cash at bank and in hand 8,114 69,088
30,108 152,442
Creditors: amounts falling due within one year 6 ( 1,414,387) ( 1,489,522)
Net current liabilities (1,384,279) (1,337,080)
Total assets less current liabilities (609,752) (511,899)
Creditors: amounts falling due after more than one year 7 ( 17,500) ( 24,500)
Net liabilities ( 627,252) ( 536,399)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 627,352 ) ( 536,499 )
Total shareholders' deficit ( 627,252) ( 536,399)

For the financial year ending 30 November 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of CIS (UK) Limited (registered number: 08783157) were approved and authorised for issue by the Board of Directors on 29 November 2023. They were signed on its behalf by:

Mr A I C Sangster
Director
CIS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2022
CIS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CIS (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Plot 12, Aerohub Business Park Street, Mawgan Porth, Newquay, TR8 4JZ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £627,252. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company, although no guarantees are in place. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Development costs 50 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Research and development

Development expenditure is written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 2

3. Intangible assets

Goodwill Development costs Total
£ £ £
Cost
At 01 December 2021 400,000 575,346 975,346
At 30 November 2022 400,000 575,346 975,346
Accumulated amortisation
At 01 December 2021 200,000 49,882 249,882
Charge for the financial year 40,000 11,527 51,527
At 30 November 2022 240,000 61,409 301,409
Net book value
At 30 November 2022 160,000 513,937 673,937
At 30 November 2021 200,000 525,464 725,464

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 December 2021 79,945 11,122 56,205 32,017 179,289
Additions 0 9,000 0 0 9,000
At 30 November 2022 79,945 20,122 56,205 32,017 188,289
Accumulated depreciation
At 01 December 2021 6,050 6,712 41,369 25,441 79,572
Charge for the financial year 1,615 2,232 2,967 1,313 8,127
At 30 November 2022 7,665 8,944 44,336 26,754 87,699
Net book value
At 30 November 2022 72,280 11,178 11,869 5,263 100,590
At 30 November 2021 73,895 4,410 14,836 6,576 99,717

5. Debtors

2022 2021
£ £
Trade debtors 0 64,573
Amounts owed by connected companies 704 704
CIS suffered 200 200
Other debtors 21,090 17,877
21,994 83,354

6. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 7,000 7,000
Trade creditors 6,230 51,735
Amounts owed to connected companies 69,735 50,535
CIS withheld 6,018 3,140
Other taxation and social security 51,977 78,866
Obligations under finance leases and hire purchase contracts 0 5,556
Other creditors 1,273,427 1,292,690
1,414,387 1,489,522

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 17,500 24,500

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2022 2021
£ £
Amounts due to a director of the company 990,972 990,972
Amounts due to a director of the company 269,932 279,016

The balance's of the above loans are interest free and repayable on demand.