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REGISTERED NUMBER: 05254832 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

SIPS.UK Ltd

SIPS.UK Ltd (Registered number: 05254832)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SIPS.UK Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N J Palmer
Mrs T J Palmer





REGISTERED OFFICE: Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW





REGISTERED NUMBER: 05254832 (England and Wales)





ACCOUNTANTS: Willsons
Chartered Accountants
Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW

SIPS.UK Ltd (Registered number: 05254832)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 225,124 359,462

CURRENT ASSETS
Stocks 181,746 116,343
Debtors 5 154,257 202,051
Cash at bank 143,137 35,288
479,140 353,682
CREDITORS
Amounts falling due within one year 6 369,689 327,744
NET CURRENT ASSETS 109,451 25,938
TOTAL ASSETS LESS CURRENT
LIABILITIES

334,575

385,400

CREDITORS
Amounts falling due after more than one year 7 (184,090 ) (272,703 )

PROVISIONS FOR LIABILITIES (51,643 ) (74,106 )
NET ASSETS 98,842 38,591

CAPITAL AND RESERVES
Called up share capital 63 63
Capital redemption reserve 36 36
Retained earnings 98,743 38,492
SHAREHOLDERS' FUNDS 98,842 38,591

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SIPS.UK Ltd (Registered number: 05254832)

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





N J Palmer - Director


SIPS.UK Ltd (Registered number: 05254832)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

SIPS.UK Ltd 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.

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 the total invoice value, excluding value added tax, of sales made during the period.
Turnover is recognised on delivery of the goods or on completion of the service to the customer.
When the outcome of work can be estimated reliably, turnover from the work done is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to percentage of job completed.Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SIPS.UK Ltd (Registered number: 05254832)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 781,862 13,487 141,657 21,992 958,998
Additions 10,293 2,495 - - 12,788
Disposals - - (120,157 ) - (120,157 )
At 31 December 2023 792,155 15,982 21,500 21,992 851,629
DEPRECIATION
At 1 January 2023 506,397 9,525 62,525 21,089 599,536
Charge for year 66,544 901 10,000 549 77,994
Eliminated on disposal - - (51,025 ) - (51,025 )
At 31 December 2023 572,941 10,426 21,500 21,638 626,505
NET BOOK VALUE
At 31 December 2023 219,214 5,556 - 354 225,124
At 31 December 2022 275,465 3,962 79,132 903 359,462

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 95,019 146,441
Amounts recoverable on
contracts 46,747 41,524
Other debtors 700 -
Directors' current accounts 5,383 -
Tax - 100
Prepayments 6,408 13,986
154,257 202,051

SIPS.UK Ltd (Registered number: 05254832)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 20,685
Other loans 88,613 79,572
Trade creditors 111,613 119,759
Corporation Tax 37,948 -
Social security and other taxes 10,338 6,942
VAT 46,917 1,951
Credit card 773 797
Other creditors 7,404 7,896
Pension liability 1,345 1,260
Directors' current accounts - 17,197
Accruals 11,130 38,835
Deferred income 53,608 32,850
369,689 327,744

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Other loans - 2-5 years 184,090 272,703

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 188,384 3,276
Between one and five years 305,961 4,914
494,345 8,190

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft - 20,685

SIPS.UK Ltd (Registered number: 05254832)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
N J Palmer
Balance outstanding at start of year - -
Amounts advanced 5,383 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,383 -