Acorah Software Products - Accounts Production 14.6.300 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 10577654 Mr Constantin Neagu Mrs Alina Dragnea iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10577654 2023-01-31 10577654 2024-01-31 10577654 2023-02-01 2024-01-31 10577654 frs-core:CurrentFinancialInstruments 2024-01-31 10577654 frs-core:Non-currentFinancialInstruments 2024-01-31 10577654 frs-core:BetweenOneFiveYears 2024-01-31 10577654 frs-core:ComputerEquipment 2024-01-31 10577654 frs-core:ComputerEquipment 2023-02-01 2024-01-31 10577654 frs-core:ComputerEquipment 2023-01-31 10577654 frs-core:MotorVehicles 2024-01-31 10577654 frs-core:MotorVehicles 2023-02-01 2024-01-31 10577654 frs-core:MotorVehicles 2023-01-31 10577654 frs-core:OtherResidualIntangibleAssets 2024-01-31 10577654 frs-core:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 10577654 frs-core:OtherResidualIntangibleAssets 2023-01-31 10577654 frs-core:PlantMachinery 2024-01-31 10577654 frs-core:PlantMachinery 2023-02-01 2024-01-31 10577654 frs-core:PlantMachinery 2023-01-31 10577654 frs-core:WithinOneYear 2024-01-31 10577654 frs-core:ShareCapital 2024-01-31 10577654 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 10577654 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 10577654 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 10577654 frs-bus:SmallEntities 2023-02-01 2024-01-31 10577654 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 10577654 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 10577654 frs-bus:Director1 2023-02-01 2024-01-31 10577654 frs-bus:Director2 2023-02-01 2024-01-31 10577654 frs-core:CurrentFinancialInstruments 1 2024-01-31 10577654 frs-core:CurrentFinancialInstruments 2 2024-01-31 10577654 frs-countries:EnglandWales 2023-02-01 2024-01-31 10577654 2022-01-31 10577654 2023-01-31 10577654 2022-02-01 2023-01-31 10577654 frs-core:CurrentFinancialInstruments 2023-01-31 10577654 frs-core:Non-currentFinancialInstruments 2023-01-31 10577654 frs-core:BetweenOneFiveYears 2023-01-31 10577654 frs-core:WithinOneYear 2023-01-31 10577654 frs-core:ShareCapital 2023-01-31 10577654 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 10577654 frs-core:CurrentFinancialInstruments 1 2023-01-31 10577654 frs-core:CurrentFinancialInstruments 2 2023-01-31
Registered number: 10577654
Sips Specialists Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
TaxAssist Accountants Luton - Dunstable
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10577654
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,000 -
Tangible Assets 5 73,248 52,323
81,248 52,323
CURRENT ASSETS
Stocks 6 67,758 73,845
Debtors 7 513,975 234,953
Cash at bank and in hand 195,671 248,560
777,404 557,358
Creditors: Amounts Falling Due Within One Year 8 (239,692 ) (141,522 )
NET CURRENT ASSETS (LIABILITIES) 537,712 415,836
TOTAL ASSETS LESS CURRENT LIABILITIES 618,960 468,159
Creditors: Amounts Falling Due After More Than One Year 9 (110,294 ) (96,858 )
NET ASSETS 508,666 371,301
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 508,566 371,201
SHAREHOLDERS' FUNDS 508,666 371,301
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For the year ending 31 January 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Constantin Neagu
Director
23/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Sips Specialists Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10577654 . The registered office is 1a Hewlett Road, Luton, LU3 2RP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight Line
Motor Vehicles 25% Reducing Balance
Computer Equipment 33.3% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Other
£
Cost
As at 1 February 2023 -
Additions 10,000
As at 31 January 2024 10,000
Amortisation
As at 1 February 2023 -
Provided during the period 2,000
As at 31 January 2024 2,000
Net Book Value
As at 31 January 2024 8,000
As at 1 February 2023 -
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5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 647 109,479 7,927 118,053
Additions 941 45,950 4,067 50,958
Disposals - - (3,830 ) (3,830 )
As at 31 January 2024 1,588 155,429 8,164 165,181
Depreciation
As at 1 February 2023 486 59,256 5,988 65,730
Provided during the period 397 26,645 1,659 28,701
Disposals - - (2,498 ) (2,498 )
As at 31 January 2024 883 85,901 5,149 91,933
Net Book Value
As at 31 January 2024 705 69,528 3,015 73,248
As at 1 February 2023 161 50,223 1,939 52,323
6. Stocks
2024 2023
£ £
Work in progress 67,758 73,845
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 104,137 115,548
Prepayments and accrued income 943 889
VAT Receivable 882 18,516
Other debtors (2) 408,000 100,000
Other taxes and social security 13 -
513,975 234,953
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,200 7,200
Trade creditors 73,296 45,613
Corporation tax 81,829 60,883
Other taxes and social security - 765
Other creditors 20,899 4,420
Dividend payable 37,000 -
...CONTINUED
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CIS Control 12,896 16,819
Accruals and deferred income 5,699 5,183
Directors' loan accounts 873 639
239,692 141,522
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 86,177 62,830
Bank loans 24,117 34,028
110,294 96,858
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,200 7,200
Later than one year and not later than five years 86,177 62,830
93,377 70,030
93,377 70,030
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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