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Company Registration No. 12742279 (England and Wales)
SIP SPACES LTD Unaudited accounts for the year ended 31 July 2023
SIP SPACES LTD Unaudited accounts Contents
Page
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SIP SPACES LTD Company Information for the year ended 31 July 2023
Director
Lewis Mackenzie
Company Number
12742279 (England and Wales)
Registered Office
21 WOODLANDS AVENUE CORBY NORTHAMPTONSHIRE NN17 1JH ENGLAND
Accountants
Donna Urquhart - ITStorm Ltd Oak House 5 Medlicott Close CORBY Northants NN18 9NF
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SIP SPACES LTD Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
6,932 
9,295 
Current assets
Debtors
16,464 
84,690 
Cash at bank and in hand
24,675 
18,537 
41,139 
103,227 
Creditors: amounts falling due within one year
(50,961)
(95,042)
Net current (liabilities)/assets
(9,822)
8,185 
Total assets less current liabilities
(2,890)
17,480 
Provisions for liabilities
Deferred tax
(1,753)
(1,753)
Net (liabilities)/assets
(4,643)
15,727 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
(4,645)
15,725 
Shareholders' funds
(4,643)
15,727 
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 July 2024 and were signed on its behalf by
Lewis Mackenzie Director Company Registration No. 12742279
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SIP SPACES LTD Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
SIP SPACES LTD is a private company, limited by shares, registered in England and Wales, registration number 12742279. The registered office is 21 WOODLANDS AVENUE, CORBY, NORTHAMPTONSHIRE, NN17 1JH, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% of net book value.
Computer equipment
33% of net book value.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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SIP SPACES LTD Notes to the Accounts for the year ended 31 July 2023
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2022
15,616 
1,138 
16,754 
At 31 July 2023
15,616 
1,138 
16,754 
Depreciation
At 1 August 2022
6,832 
627 
7,459 
Charge for the year
2,195 
168 
2,363 
At 31 July 2023
9,027 
795 
9,822 
Net book value
At 31 July 2023
6,589 
343 
6,932 
At 31 July 2022
8,784 
511 
9,295 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
14,267 
82,493 
Other debtors
2,197 
2,197 
16,464 
84,690 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
44,120 
36,021 
Trade creditors
- 
6,140 
Taxes and social security
15,407 
16,247 
Loans from directors
(8,566)
36,634 
50,961 
95,042 
7
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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