Sipped Ltd 13421094 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Online Retailing Digita Accounts Production Advanced 6.30.9574.0 true true 13421094 2023-06-01 2024-05-31 13421094 2024-05-31 13421094 core:CurrentFinancialInstruments 2024-05-31 13421094 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 13421094 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-05-31 13421094 bus:SmallEntities 2023-06-01 2024-05-31 13421094 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 13421094 bus:FilletedAccounts 2023-06-01 2024-05-31 13421094 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 13421094 bus:RegisteredOffice 2023-06-01 2024-05-31 13421094 bus:Director1 2023-06-01 2024-05-31 13421094 bus:Director2 2023-06-01 2024-05-31 13421094 bus:Director3 2023-06-01 2024-05-31 13421094 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13421094 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-06-01 2024-05-31 13421094 countries:EnglandWales 2023-06-01 2024-05-31 13421094 2023-05-31 13421094 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-31 13421094 2022-06-01 2023-05-31 13421094 2023-05-31 13421094 core:CurrentFinancialInstruments 2023-05-31 13421094 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 13421094 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-31 13421094 2022-05-31 13421094 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 13421094

Sipped Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Sipped Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Sipped Ltd

Company Information

Directors

Mrs E L Miles

Mr P R Miles

Mr H W Piggot

Registered office

Unit 4C
Ash Business Park
Ash Lane
Tadley
Hampshire
RG26 5FL

Accountants

ASL Accountants
15 Millers Way
Houghton Regis
Dunstable
Bedfordshire
LU5 5FH

 

Sipped Ltd

(Registration number: 13421094)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

11,600

7,200

Debtors

5

96

168

Cash at bank and in hand

 

3,113

448

 

14,809

7,816

Creditors: Amounts falling due within one year

6

(25,109)

(20,705)

Net liabilities

 

(10,300)

(12,889)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(10,302)

(12,891)

Shareholders' deficit

 

(10,300)

(12,889)

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

.........................................
Mr P R Miles
Director

 

Sipped Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4C
Ash Business Park
Ash Lane
Tadley
Hampshire
RG26 5FL

These financial statements were authorised for issue by the Board on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Sipped Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Stocks

2024
£

2023
£

Other inventories

11,600

7,200

 

Sipped Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

(110)

-

Other debtors

206

168

 

96

168

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

24,500

20,000

Trade creditors

 

159

255

Accruals and deferred income

 

450

450

 

25,109

20,705

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

24,500

20,000

 

Sipped Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Related party transactions

A loan was received from Xentair International Limited, a company wholly owned and controlled by Mr and Mrs Miles.

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

20,000

20,000

Advanced

4,500

4,500

At end of period

24,500

24,500

2023

Entities with joint control or significant influence
£

Total
£

At start of period

20,000

20,000

At end of period

20,000

20,000

Terms of loans from related parties

The loan is free of interest and repayable on demand.