19 31/12/2023 2023-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 07693421 2023-01-01 2023-12-31 07693421 2023-12-31 07693421 2022-12-31 07693421 2022-01-01 2022-12-31 07693421 2022-12-31 07693421 2021-12-31 07693421 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 07693421 core:PlantMachinery 2023-01-01 2023-12-31 07693421 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07693421 core:MotorVehicles 2023-01-01 2023-12-31 07693421 bus:Director1 2023-01-01 2023-12-31 07693421 bus:Director2 2023-01-01 2023-12-31 07693421 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 07693421 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 07693421 core:PlantMachinery 2022-12-31 07693421 core:FurnitureFittingsToolsEquipment 2022-12-31 07693421 core:MotorVehicles 2022-12-31 07693421 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 07693421 core:PlantMachinery 2023-12-31 07693421 core:FurnitureFittingsToolsEquipment 2023-12-31 07693421 core:MotorVehicles 2023-12-31 07693421 core:WithinOneYear 2023-12-31 07693421 core:WithinOneYear 2022-12-31 07693421 core:AfterOneYear 2023-12-31 07693421 core:AfterOneYear 2022-12-31 07693421 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 07693421 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07693421 core:ShareCapital 2023-12-31 07693421 core:ShareCapital 2022-12-31 07693421 core:RevaluationReserve 2023-12-31 07693421 core:RevaluationReserve 2022-12-31 07693421 core:RetainedEarningsAccumulatedLosses 2023-12-31 07693421 core:RetainedEarningsAccumulatedLosses 2022-12-31 07693421 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 07693421 core:PlantMachinery 2022-12-31 07693421 core:FurnitureFittingsToolsEquipment 2022-12-31 07693421 core:MotorVehicles 2022-12-31 07693421 bus:Director1 2022-12-31 07693421 bus:Director1 2023-12-31 07693421 bus:Director2 2022-12-31 07693421 bus:Director2 2023-12-31 07693421 bus:Director1 2021-12-31 07693421 bus:Director1 2022-12-31 07693421 bus:Director2 2021-12-31 07693421 bus:Director2 2022-12-31 07693421 bus:Director1 2022-01-01 2022-12-31 07693421 bus:Director2 2022-01-01 2022-12-31 07693421 bus:SmallEntities 2023-01-01 2023-12-31 07693421 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07693421 bus:FullAccounts 2023-01-01 2023-12-31 07693421 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07693421 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07693421 core:WithinOneYear 2023-01-01 2023-12-31 07693421 core:AfterOneYear 2023-01-01 2023-12-31 07693421 2 2023-01-01 2023-12-31
Company registration number: 07693421
Supersips Limited
Unaudited filleted financial statements
31 December 2023
Supersips Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3,680,659 3,207,561
_______ _______
3,680,659 3,207,561
Current assets
Stocks 1,395,000 1,173,851
Debtors 6 323,569 741,834
Cash at bank and in hand 6,361 146,324
_______ _______
1,724,930 2,062,009
Creditors: amounts falling due
within one year 7 ( 888,043) ( 1,154,871)
_______ _______
Net current assets 836,887 907,138
_______ _______
Total assets less current liabilities 4,517,546 4,114,699
Creditors: amounts falling due
after more than one year 8 ( 1,141,194) ( 846,605)
Provisions for liabilities ( 337,125) ( 369,267)
_______ _______
Net assets 3,039,227 2,898,827
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 1,201,358 1,095,926
Profit and loss account 1,837,769 1,802,801
_______ _______
Shareholders funds 3,039,227 2,898,827
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
Mr L S Crossley
Director
Company registration number: 07693421
Supersips Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cherry Gate Farm, Norwich Road, Mendlesham, Stowmarket, IP14 5NE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors believe that the company will have adequate resources to meet its liabilities as they fall due and so to operate as a going concern for a period of at least twelve months from the date of these financial statements. The Directors therefore consider it appropriate to continue to adopt the going concern basis in the preparation of these accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 % straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 22 ).
5. Tangible assets
Freehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost or valuation
At 1 January 2023 2,601,861 218,000 903,066 19,532 59,246 3,801,705
Additions 180,476 - 326,028 2,271 328,488 837,263
Disposals - ( 218,000) ( 141,500) - - ( 359,500)
Revaluation ( 32,337) - - - - ( 32,337)
_______ _______ _______ _______ _______ _______
At 31 December 2023 2,750,000 - 1,087,594 21,803 387,734 4,247,131
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2023 - 192,233 365,415 12,911 23,586 594,145
Charge for the year - - 90,097 1,633 72,830 164,560
Disposals - ( 192,233) - - - ( 192,233)
_______ _______ _______ _______ _______ _______
At 31 December 2023 - - 455,512 14,544 96,416 566,472
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 2,750,000 - 632,082 7,259 291,318 3,680,659
_______ _______ _______ _______ _______ _______
At 31 December 2022 2,601,861 25,767 537,651 6,621 35,660 3,207,560
_______ _______ _______ _______ _______ _______
The company's freehold property was revalued at the Balance Sheet date by Messrs Fenn Wright of Ipswich.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 December 2023
Aggregate cost 1,429,343 1,429,343
Aggregate depreciation - -
_______ _______
Carrying amount 1,429,343 1,429,343
_______ _______
At 31 December 2022
Aggregate cost 1,248,865 1,248,865
Aggregate depreciation - -
_______ _______
Carrying amount 1,248,865 1,248,865
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 103,748 435,516
Other debtors 219,821 306,318
_______ _______
323,569 741,834
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 170,133 82,030
Trade creditors 167,046 544,696
Corporation tax 8,906 -
Social security and other taxes 147,465 220,399
Other creditors 394,493 307,746
_______ _______
888,043 1,154,871
_______ _______
Other creditors includes the sum of £186,849 (last year £43,259) which relates to the liability under the finance lease agreements which are secured on the assets to which they relates.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 712,307 795,240
Other creditors 428,887 51,365
_______ _______
1,141,194 846,605
_______ _______
Other creditors the sum of £393,887 (last year £51,365) relates to finance lease agreements which are secured by the related assets.
Included within creditors: amounts falling due after more than one year is an amount of £ 541,628 (2022 £ 588,243 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Charge on assets
Lloyds Bank PLC hold a fixed and floating charge over the assets of the company.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr L S Crossley 118,284 ( 84,145) 34,139
Miss C G Crossley ( 4,302) - ( 4,302)
_______ _______ _______
113,982 ( 84,145) 29,837
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr L S Crossley 114,785 3,500 118,285
Miss C G Crossley ( 302) ( 4,000) ( 4,302)
_______ _______ _______
114,483 ( 500) 113,983
_______ _______ _______
The loans from the directors are interest free. Although there is no fixed date for repayment, the loan from Ms Crossley is classified as repayable within twelve months, The loan to Mr L S Crossley is repayable on demand and bears interest at 3% per annum.
11. Controlling party
The company is controlled by Miss C G Crossley .